TORONTO and SEATTLE — POSaBIT Systems Corporation, a leading provider of payments infrastructure in the cannabis industry, today announced its financial results for the three and twelve months ended December 31, 2024.
“After a turbulent 2023 for the cannabis industry at large, POSaBIT’s main focus in 2024 was solidifying the health of the company for the present and the future. There were few, if any, winners in our industry over the past two years, but we are proud of how deftly we’ve placed POSaBIT in a position to thrive in the long run,” said Ryan Hamlin, co-founder and CEO of POSaBIT.
Hamlin continued, “Adjusted gross profit dollars increased 19% year over year, OpEx is down significantly, and our cash situation is relatively unchanged. Our Point-of-Sale business – with its steady monthly revenue and future payments revenue potential – continues to grow rapidly and has gained an incredible reputation across the cannabis industry. Through our world-class products, POSaBIT remains focused on consistent and responsible growth.”
Recent Operational Highlights
- POSaBIT continues to dominate its home market of Washington State, with its Point of Sale now in over 70% of all dispensaries and processing over 85% of all sales.
- Since the beta launch of POSaBIT’s eCommerce/Menu in Q3 of 2024, nearly 100 dispensaries have adopted the eComm platform.
- Quarter over quarter adjusted revenue, adjusted gross profit and adjusted EBITDA remains stable, a trend that is expected to continue throughout 2025.
- POSaBIT continues to focus on operational efficiencies to ensure POSaBIT remains cash flow positive in 2025.
Balance Sheet
As of December 31, 2024, the Company had cash and cash equivalents of $1 million compared to $1.5 million as of December 31, 2023. This slight reduction in cash is due to paying off aged accounts payables as well as a cash settlement for an outstanding lawsuit.
Financial Reports
Full details of the financial and operating results are described in the Company’s consolidated financial statements for the three and twelve month periods ended December 31, 2024 with accompanying notes. The consolidated financial statements and additional information about POSaBIT are available on the Company’s website and on SEDAR+.
Non-IFRS Measures
Adjusted Revenue, Adjusted Gross Profit and Adjusted EBITDA are non-IFRS measures used by management that do not have any prescribed meaning by IFRS and may not be comparable to similar measures presented by other companies. The Company defines Adjusted Revenue as gross revenue, minus license support revenue, plus actual licensing cash received as part of POSaBIT’s licensing deals. The Company defines Adjusted Gross Profit as Adjusted Revenue less company cost of goods sold. The Company defines Adjusted EBITDA as net income or loss generated for the period as reported, before interest, taxes, depreciation and amortization and further adjusted in accordance with the reconciliation table set out in this press release. The Company believes these non-IFRS measures are useful metrics to evaluate its core operating performance and uses these measures to provide shareholders and others with supplemental measures of its operating performance. The Company also believes that securities analysts, investors and other interested parties, frequently use these non-IFRS measures in the evaluation of companies, many of which present similar metrics when reporting their results. We caution readers that Adjusted Revenue, Adjusted Gross Profit and Adjusted EBITDA are not substitutes for gross revenue, gross profit or profit/loss, respectively.
ABOUT POSABIT
POSaBIT (CSE: PBIT, OTC: POSAF) is a FinTech working exclusively within the cannabis industry. The company provides a Point-of-Sale solution and is a leading cashless payment provider for cannabis retailers.
