POSAF - Marijuana Fintech Co. POSaBIT Reports 67% YoY Drop In Q1 Revenue Renews Focus On Sustainable Profitability And Growth | Benzinga
Cannabis-focused provider of payments infrastructure POSaBIT Systems Corporation (CSE:PBIT) (OTC:POSAF) reported its financial results on Thursday for the three months ended March 31, 2024. The company reported a 67% year-over-year drop in revenue to $33.8 million in the first quarter.
Ryan Hamlin, co-founder and CEO of POSaBIT, said the company faced "market challenges" with its payments business at the end of 2023 and in early 2024.
However, Hamlin added the struggles are "now behind us and POSaBIT is poised for long-term profitability and growth through our recurring inflow of cash from our licensing contracts, increased Adjusted Gross Profit margins and a re-factored cost structure pushing us to profitability."
See also: POSaBIT’s 2023 Revenue ...