Marijuana Fintech Co. POSaBIT Reports 67% YoY Drop In Q1 Revenue, Renews Focus On Sustainable Profitability And Growth
Portfolio Pulse from Jelena Martinovic
POSaBIT Systems Corporation reported a 67% year-over-year drop in Q1 revenue to $33.8 million. Despite market challenges, the company is focusing on long-term profitability through licensing contracts, increased gross profit margins, and a re-factored cost structure. Shares traded 8.34% higher after the market close.
June 14, 2024 | 1:13 pm
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POSaBIT Systems Corporation reported a significant 67% YoY drop in Q1 revenue but is focusing on long-term profitability through licensing contracts, increased gross profit margins, and a re-factored cost structure. Shares traded 8.34% higher after the market close.
Despite a significant drop in revenue, the company's focus on long-term profitability and recent operational highlights have positively influenced investor sentiment, as evidenced by the 8.34% increase in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100