Delivers Record Revenue of $6.3 Million, up 173%
Increases Guidance for Full Year 2021 Revenue to $19.0 to $20.5 Million
Announces 2022 Full Year Revenue Guidance of $36 to $39.5 Million
POSaBIT Systems Corporation (CSE:PBIT, OTC:POSAF), the leading provider of payments infrastructure in the cannabis industry, today announced its financial results for the three months ended September 30, 2021.
“Our momentum continued in the third quarter with record high revenue of $6.3 million, which was up 173% year-over-year and 29% sequentially,” said Ryan Hamlin, CEO and Co-founder of POSaBIT. “Based on this strong performance and our visibility into year end, we are once again raising our guidance for full year 2021 revenue to a range of $19 million to $20.5 million. At the mid-point, this represents an expectation for full-year 2021 growth of more than 158% and will continue our track record of doubling revenue every year since 2017.”
Hamlin continued, “We are very confident high growth will continue, and remain on track to double head count to meet accelerated demand in the market. We also continue to invest in new product offerings, such as ‘POSaBIT Kiosk,’ and ‘POSaBIT Cash Advance’ that complement our best-in-class payments and point of sale offering and are partnering with industry leaders to increase digital payment penetration and enter new markets. We now have an established presence in 15 states in the U.S. and are pursing expansion opportunities in several more. Existing store locations are also a key growth lever for our business as retailers grow their own businesses and customers increasingly embrace cashless payment alternatives. Considering our record backlog, coupled with a rapidly growing cannabis market and multiple growth levers in our business reinforces our optimism for continued rapid growth in the fourth quarter and new year ahead.”