POSaBIT Systems Corporation (CSE:PBIT) (OTC:POSAF) reported Tuesday its financial results for the three months ended June 30, 2024. The provider of payments and point-of-sale infrastructure in the cannabis industry disclosed revenue of $4.26 million, down 69% from the same period in 2023. Quarter-over-quarter, revenue improved 13% from $3.7 million.
"We are pleased to report adjusted EBITDA profitability and positive free cash flow in the second quarter marked by significant achievements across all key metrics," stated Ryan Hamlin, co-founder and CEO of POSaBIT. "During the second quarter, POSaBIT increased revenue and gross margins, while decreasing overall operating expenses. POSaBIT increased cash on hand by ~$200K in the second quarter. Additionally, we launched two new products in the market with our POSaBIT Pay Apple and Android application as well as our newly redesigned eCommerce Menu for our Point-of-Sale customers. Both of these ...
