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POSABIT Reports Third Quarter 2021 Financial Results Delivers Record Revenue of $ 6.3 Million , up 173 % Increases Guidance for Full Year 2021 Revenue to $ 19.0 to $ 20.5 Million Announces 2022 Full Year Revenue Guidance of $ 36 to $ 39.5 Million TORONTO & SEATTLE -- ( BUSINESS WIRE ) -- November 30 , 2021 -- POSABIT Systems Corporation ( CSE : PBIT , OTC : POSAF ) , the leading provider of payments infrastructure in the cannabis industry , today announced its financial results for the three months ended September 30 , 2021 . “ Our momentum continued in the third quarter with record high revenue of $ 6.3 million , which was up 173 % year - over - year and 29 % sequentially , " said Ryan Hamlin , CEO and Co - founder of POSABIT . " Based on this strong performance and our visibility into year end , we are once again raising our guidance for full year 2021 revenue to a range of $ 19 million to $ 20.5 million . At the mid - point , this represents an expectation for full - year 2021 growth of more than 158 % and will continue our track record of doubling revenue every year since 2017. " Hamlin continued , “ We are very confident high growth will continue , and remain on track to double head count to meet accelerated demand in the market . We also continue to invest in new product offerings , such as ‘ POSaBIT Kiosk , ' and ' POSABIT Cash Advance ' that complement our best - in - class payments and point of sale offering and are partnering with industry leaders to increase digital payment penetration and enter new markets . We now have an established presence in 15 states in the U.S. and are pursing expansion opportunities in several more . Existing store locations are also a key growth lever for our business as retailers grow their own businesses and customers increasingly embrace cashless payment alternatives . Considering our record backlog , coupled with a rapidly growing cannabis market and multiple growth levers in our business reinforces our optimism for continued rapid growth in the fourth quarter and new year ahead . " Third Quarter 2021 Financial Highlights • • Transactional sales volume for Card Services totaled $ 106 million , up 151 % compared with $ 42.2 million in the third quarter of 2020 . Total revenue was $ 6.3 million , up 173 % compared with $ 2.3 million in the third quarter of 2020. Revenue growth was driven by merchant same store sale growth , increased customer penetration and onboarding of new merchants . Gross profit , inclusive of one - time adjustments of $ ( 211 ) thousand , increased 148 % year over year to $ 1.429 million , or 22 % of revenue , compared with $ 576 thousand , or 25 % of revenue in the third quarter of 2020. After adjusting for one - time items , Gross Profit would have been $ 1.640 million , or 25 % of revenue . Gross margins were negatively impacted by one - time promotional pricing incentives in Q3 . Gross profit for the nine months ended September 30 , 2021 , was $ 4.28 million , or 29 % of revenue , after adjusting for one - time items , gross profit would have been $ 4.49 million , or 30 % of revenue .