Cannabis-focused financial technology company POSaBIT Systems Corporation (CSE:PBIT) (OTCQX:POSAF) reported Thursday that its total revenue increased by 327% year-over-year, hitting roughly $3.06 million in the fourth quarter of 2020.
Total revenue amounted to $7.82 million in 2020, representing an annual increase of 127%.
“2020 was the year we proved the viability and growth potential of our company,” POSaBIT’s CEO and co-founder Ryan Hamlin said.
Apart from doubling its revenue and merchant base on a year-over-year basis, the company boosted operating margins and achieved its second consecutive positive adjusted EBITDA quarter, Hamlin added.
Q4 2020 Highlights
- Total processing volume spiked 411% year-over-year.
- The gross profit margin amounted to $796,742 compared to a negative gross profit margin of $18,483 in the corresponding quarter of 2019.
Full-Year 2020 Highlights
- Total processing volume increased 155%.
- The gross profit margin amounted to approximately $1.74 million, representing a 485% growth compared to 2019.
In February, the company raised some $2 million by completing a strategic investment private placement of units.
Shortly after, POSaBIT teamed up with an online ordering and menu platform for cannabis retailers, I Heart Jane.
The company expects to generate between $14.5 million and $16 million in revenue in 2021.
It also plans to launch operations in Canada and add up to 8 new states fully supported with POSaBIT Payments and POSaBIT Point of Sale. POSaBIT currently operates in 14 states.
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Photo by Esteban Lopez on Unsplash
