POSaBIT reports 79% growth in Q1 revenue

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POSaBIT reports 79% growth in Q1 revenue

The total revenue for Q1 of 2022 was $6.4 million, up 79% compared to $3.5 million in the first quarter of 2021, according to POSaBIT Systems Corporation. Gross profit was $1.5 million, or 24% of revenue, up 70% on a dollar basis compared to $900,000, or 25.4% of revenue in the first quarter of 2021.

Net loss was 470,000 inclusive of a $1.6 million non-cash change in fair value of derivative liabilities in the first quarter of 2021, compared to a net loss of 514,000 inclusive of a 322,000 non-cash change in fair value of derivative liabilities in the first quarter of 2021.

Ryan Hamlin, CEO and co-founder of POSaBIT, stated We continued to add new merchants during the first quarter, primarily higher volume stores, which, when coupled with the anticipated same-store growth from our existing store footprint, reinforces our optimism for another year of exponential growth in 2022. We are reaffirming our full-year 2022 revenue guidance of between $37 and $40 million, which represents growth of more than 80% at the midpoint compared to 2021, based on our current visibility. As of March 31, 2022, the company had cash of approximately $3.2 million, compared to about $4.4 million as of December 31, 2021.