POSaBIT Systems Corporation (OTCQB:POSAF) (CSE:PBIT), released its financial results for the three and 12-months ended December 31, 2021.
Full Year 2021 Financial Highlights
-
Net loss was $(10.6) million, inclusive of a $(9.7) million, non-cash change in fair value of derivative liabilities, compared with a net loss of $(1.3) million, inclusive of a $(78,000) non-cash change in fair value of derivative liabilities in 2020.
-
Adjusted EBITDA was $(1.2) million, or (6%) of revenue, compared with $(558,000), or (7%) of revenue, in 2020
-
Total revenue was $21.3 million, up 172% compared with $7.8 million in 2020
-
Gross profit was $5.8 million, or 27.0% of revenue, up 232% on a dollar basis compared with $1.7 million, or 22.2% of revenue in 2020
-
Adjusted net loss was $(0.8) million, which excludes a $(9.7) million, non-cash change in fair value of derivative liabilities, compared with an Adjusted net loss of $(1.2) million, which excludes a $(78,000) non-cash change in fair value of derivative liabilities in 2020.
-
Transactional sales for Card Services totaled $362 million, up 174% compared with $132 million in 2020
Q4 2021 Financial Highlights
-
Net loss was $(2.3) million, inclusive of a $(519,000) non-cash change in the fair value of derivative liabilities, compared with a loss of $(116,000), inclusive of a $(78,000) non-cash change in the fair value of derivative liabilities in the fourth quarter of 2020.
-
Adjusted EBITDA was $(1.1) million, or (17%) of revenue, compared with $134,000, or 4% of revenue, in the fourth quarter of 2020
-
Total revenue was $6.4 million, up 110% compared with $3.1 million in the fourth quarter of 2020
-
Gross profit was $1.5 million, or 23.0% of revenue, up 86% on a dollar basis compared with $797,000, or 26.1% of revenue in the fourth quarter of 2020
-
Adjusted net loss was $(1.8) million, which excludes a $(519,000) non-cash change in fair value of derivative liabilities, compared with an Adjusted net loss of $(38,000), which excludes a $(78,000) non-cash change in fair value of derivative liabilities in the fourth quarter of 2020.
-
Transactional sales for Card Services totaled $102.6 million, up 96% compared with $52.4 million in the fourth quarter of 2020
“We exited 2021 with record revenue and accelerating momentum towards another year of growth and expansion,” stated Ryan Hamlin, CEO and co-founder of POSaBIT. “We exceeded the high end of our revenue guidance with $21.3 million in annual revenue and extended our record of doubling revenue each year since 2017. Transactional sales volume increased by more than 174% in 2021, a strong indication of our expanding geographic footprint as well as the accelerating adoption of electronic payment solutions across the industry. We have grown our business with limited investment delivering exponential growth and positive adjusted EBITDA in four of the last six quarters. Increasingly, cannabis merchants are gravitating towards electronic payment solutions for increased security and convenience for their customers, and our open platform gives merchants choice on how they want to build their processing infrastructure. In addition, there are a number of emerging opportunities in the cannabis market that we are eager to explore and further develop our business.”
As of December 31, 2021, the company had cash of approximately $4.4 million compared to approximately $1.0 million as of December 31, 2020.
Photo: Courtesy of Sharon McCutcheon on Unsplash
Related News
POSaBIT Enters Two New Markets, Texas And Georgia
POSaBIT Launches Point Of Sale For Cannabis Retailers In West Virginia
