POSaBIT Systems' Q1 revenue falls 25%, gross profit rises 29%
POSaBIT Systems' Q1 revenue falls 25%, gross profit rises 29%
Overview
US cannabis payment tech firm's Q1 revenue fell 25% yr/yr, gross profit rose 29%
Company posted Q1 adjusted EBITDA of about $1 mln
Cash on hand increased 42% from prior quarter to $2.5 mln
Outlook
Company says regulatory changes in U.S. cannabis sector could create long-term opportunities
POSaBIT sees potential for broader credit card processing capabilities in cannabis retail
Company remains focused on disciplined execution and strategic growth opportunities
Result Drivers
PRODUCT TRACTION - Co said its new Brand software platform continued to gain traction in the market
OPERATIONAL EXECUTION - Co attributed Q1 performance to continued execution of its long-term strategy and disciplined focus on profitability
Company press release: ID:nBw4fCTbJa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Adjusted EBITDA |
| $1 mln |
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)