Latest news with #payments
National Post
13 hours ago
- Business
- National Post
POSaBIT Reports First Quarter 2025 Financial Results
Article content Article content TORONTO & SEATTLE — POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) (the 'Company' or 'POSaBIT'), a leading provider of payments infrastructure in the cannabis industry, today announced its financial results for the three months ended March 31, 2025. Article content 'As highlighted during our recent annual earnings call, POSaBIT delivered another steady quarter, with consistent adjusted gross margin dollars and flat adjusted EBITDA as compared to the previous quarter — reinforcing the Company's long-term financial stability,' said Ryan Hamlin, co-founder and CEO of POSaBIT. 'We remain committed to operating efficiently while continuing to innovate, and we're seeing strong growth across our expanding product portfolio.' Article content Hamlin added, 'Our Point of Sale system continues to lead the industry, and Q1 marked our busiest quarter ever for POS sales and implementations. We also saw stronger-than-expected demand for our newer eCommerce and Menu products, with momentum expected to continue into Q2. While overall revenue was down slightly due to our ongoing payment processing migration, our adjusted gross profit margin of 65% was the highest in the company's 10-year history. We're encouraged by the progress we've made. We have executed our cost reduction plans, remain profitable and cash flow positive, and have a focused leadership team driving toward a bright future.' Article content The Point of Sale product continues to experience significant growth, particularly in Washington State, driven by its dependable recurring revenue model Adjusted Revenue, Adjusted Gross Profit, and Adjusted EBITDA remained steady quarter over quarter, with this consistency expected to continue through 2025 The Company finalized the settlement of its last outstanding legal matter, paving the way for reduced legal expenses for the remainder of 2025. The Company completed migration of several cost generating activities to our payments partner resulting in additional costs savings in 2025 and beyond Article content As of March 31, 2025, the Company had cash and cash equivalents of $736 thousand compared to $999 thousand as of December 31, 2024. This slight reduction in cash is due to paying off existing legal settlement obligations as well as annual non-executive level salary adjustments. Article content The following table reconciles Revenue, as reported to Adjusted Revenue for March 31, 2025 vs. March 31, 2024 as reported. Article content in US Dollars March 31, 2025 March 31, 2024 Revenue as reported $ 2,842,703 $ 3,704,713 Add: Cash receipts from licensing contracts $ 1,350,000 $ 1,162,500 Deduct: Licensing support revenue $ (386,250 ) $ (386,250 ) Adjusted Revenue $ 3,806,453 $ 4,480,963 Article content The following table reconciles Gross Margin, as reported to Adjusted Gross Profit for March 31, 2025 vs. March 31, 2024 as reported. Article content i n US Dollars March 31, 2025 March 31, 2024 Gross Margin as reported $ 1,515,553 $ 1,489,804 Add: Cash Receipts from Licensing contracts $ 1,350,000 $ 1,162,500 Deduct: Licensing Support Revenue as reported $ (386,250 ) $ (386,250 ) Adjusted Gross Profit $ 2,479,303 $ 2,266,054 Adjusted Gross Profit Margin 65 % 51 % Article content The following table reconciles Loss, as reported to Adjusted EBITDA for March 31, 2025 vs. March 31, 2024 as reported. Article content in US Dollars March 31, 2025 March 31, 2024 EBITDA $ (833,301 ) $ (1,207,238 ) Deduct: Licensing support revenue, as reported $ (386,250 ) $ (386,250 ) Deduct: Licensing revenue interest income, as reported $ (174,416 ) $ (249,272 ) Add: Cash receipts from licensing agreement, as reported $ 1,350,000 $ 1,162,500 Adjusted EBITDA $ (43,967 ) $ (680,260 ) Article content Conference Call Information Date: May 30, 2025 Time: 4:30 PM Eastern Time Toll Free: 888-506-0062 International: 973-528-0011 Participant Access Code: 181006 Webcast URL: Article content Conference Call Replay Information: The replay will be available approximately 1 hour after the completion of the live event. Article content Financial Reports Article content Full details of the financial and operating results are described in the Company's consolidated financial statements for the three months ended March 31, 2025 with accompanying notes. The consolidated financial statements and additional information about POSaBIT are available on the Company's website at or on SEDAR+ at Article content Adjusted Revenue, Adjusted Gross Profit (and Adjusted Gross Profit Margin) 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, and Adjusted Gross Profit Margin as a percentage of Adjusted Gross Profit as compared to Adjusted Revenue. 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 Gross Profit Margin) and Adjusted EBITDA are not substitutes for gross revenue, gross profit or profit/loss, respectively. Article content This press release contains forward-looking statements, including statements regarding our business strategy, product development, timing of product development, events and courses of action. Article content Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as 'anticipate,' 'objective,' 'may,' 'will,' 'might,' 'should,' 'could,' 'can,' 'intend,' 'expect,' 'believe,' 'estimate,' 'predict,' 'potential,' 'plan,' 'is designed to' or similar expressions suggesting future outcomes or the negative thereof or similar variations. Forward-looking statements may include, among other things, statements about: our expectations regarding annual cost reductions; our expectations regarding Adjusted Revenue, Adjusted Gross Profit, and Adjusted EBITDA over 2025; our future customer concentration; our anticipated cash needs and our estimates regarding our capital requirements; our ability to anticipate the future needs of our customers; our plans for future products and enhancements of existing products; our future growth strategy and growth rate; our future intellectual property; and our anticipated trends and challenges in the markets in which we operate. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which POSaBIT will operate in the future, including the demand for our products, anticipated costs and ability to achieve goals. Although we believe that the assumptions underlying these statements are reasonable, they may prove to be incorrect. Given these risks, uncertainties and assumptions, you should not unduly rely on these forward-looking statements. Article content Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to, business, economic and capital market conditions; the ability to manage our operating expenses, which may adversely affect our financial condition; our ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; market conditions and the demand and pricing for our products; our relationships with our customers, distributors and business partners; our ability to successfully define, design and release new products in a timely manner that meet our customers' needs; our ability to attract, retain and motivate qualified personnel; competition in our industry; our ability to maintain technological leadership; our ability to manage risks inherent in foreign operations; the impact of technology changes on our products and industry; our failure to develop new and innovative products; our ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect our business; our ability to manage working capital; and our dependence on key personnel. POSaBIT is an early-stage company; it may not achieve profitability; and it may not actually achieve its plans, projections, or expectations. Article content Important factors that could cause actual results to differ materially from POSaBIT's expectations include consumer sentiment towards POSaBIT's products, litigation, global economic climate, loss of key employees and consultants, additional funding requirements, changes in laws, technology failures, competition, and failure of counterparties to perform their contractual obligations. Article content Neither we nor any of our representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release. Neither we nor any of our representatives shall have any liability whatsoever, under contract, tort, trust or otherwise resulting from the use of the information in this news release or for omissions from the information in this news release. Article content Article content Article content Article content Article content Contacts Article content Investor Relations: investors@ Article content Article content Article content
Finextra
17 hours ago
- Business
- Finextra
Visa makes AI-driven commerce push in Asia Pacific
The future of commerce in Asia Pacific is on display at the Visa Asia Pacific Media Showcase, where the company announced a suite of product innovations and strategic partnerships to enable a new era of commerce for the region. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Jack Forestell, Visa's Chief Product and Strategy Officer said, 'Combining the strength of our global network with our leadership in payment innovation here in Asia Pacific, we are bringing new products and solutions that will transform commerce and deliver trust and security to AI-enabled payments across the region.' The Visa Asia Pacific media showcase highlighted how AI-enabled digital commerce will significantly change the way consumers across the region discover and purchase products and services. In the near future, AI agents will browse, select, purchase, and manage transactions on behalf of users, making trust in payments more important than ever. Visa's new AI-enabled solutions offer regional partners including AI platforms, fintechs, banks, and merchants a seamless way to connect to the Visa network to deliver secure, frictionless payment experiences. Headlining today's announcement, the company introduced Visa Intelligent Commerce, a new initiative that opens Visa's payments network to developers and engineers building the first generation of AI-powered commerce in Asia Pacific. Visa Intelligent Commerce: A New Era for Asia Pacific Visa Intelligent Commerce brings a suite of integrated APIs and a commercial partner program to AI platforms, enabling developers to deploy Visa's AI commerce capabilities securely and at scale. Visa announced today that it is in explorations with Ant International, Grab and Tencent to grow AI commerce by enabling a secure and seamless checkout experience. Ant International is a leading global digital payment, digitisation, and financial technology provider. Grab is Southeast Asia's leading super app offering ride-hailing, food delivery, digital payments, and financial services across eight markets. Tencent is a multinational technology leader that develops a wide range of digital products and services, including Weixin/WeChat, China's super app. Over the past 25 years, Visa's global network has handled 3.3 trillion transactions. Today, Visa is advancing its infrastructure, standards, and capabilities to power AI-driven commerce, opening new opportunities for consumers across Asia Pacific. Soon, AI agents integrated into familiar platforms will be able to transact using Visa's 4.8 billion credentials at millions of merchant locations worldwide. T.R. Ramachandran, Head of Products and Solutions, Asia Pacific, Visa, said, 'As global commerce continues to evolve rapidly, Visa remains at the forefront of delivering innovations that will enable the future of commerce across Asia Pacific.' 'We believe AI agents will play a growing role in commerce, from handling routine purchases such as ordering food, to more complex purchases such as securing event tickets or making travel reservations,' added Ramachandran. 'By combining AI capabilities with Visa's trusted payment infrastructure, we are enabling a seamless, secure, and more enjoyable experience for consumers, merchants, and businesses alike.' New Products and Capabilities for Asia Pacific Visa continues to expand its product portfolio with solutions designed to support the evolving payment needs of consumers and businesses across Asia Pacific. Stablecoins: Visa has been facilitating cryptocurrency transactions for over five years and is now expanding its offering to include stablecoin backed cards, settlement, and programmable money. On and off-ramps via stablecoin-backed cards allow consumers to use their Visa credentials to buy stablecoins with fiat currency and pay with stablecoin across Visa-accepting merchant locations. In Asia Pacific, Visa is partnering with DCS Singapore, DTC Pay and StraitsX on stablecoin-backed cards that support conversion through regulated infrastructure. Enabling seven-day-a-week settlement for stablecoins: Visa has settled more than $225 million to date in stablecoin volume that has been settled through Visa across participating clients. In Asia Pacific, Visa is working with StraitsX for stablecoin settlement. Through the Visa Tokenized Asset Platform (VTAP), Visa provides a platform for our partners to issue and manage fiat-backed tokens, offering interconnectivity to public and private blockchains, enabling programmable financing, trading of tokenized assets and facilitating cross-border money movement. Visa is looking to expand the availability of VTAP to more partners later this year and into 2026. Flex Credential: Visa's Flex Credential, a next-generation card that allows users to toggle between debit, credit, and reward points, continues to gain traction in Asia Pacific. Visa first launched Flex in partnership with Sumitomo Mitsui Banking Corporation (SMBC) and Sumitomo Mitsui Card Company (SMCC), known as Olive, two years ago in Japan. Today, more than 5 million Olive account holders are benefitting from the Visa Flex Credential. The Olive card continues to outperform, with cardholder transactions averaging 40% higher than the national average in Japan over the past year. Visa and SMCC have expanded the Visa Flex Credential to support small businesses with the flexibility to switch between business and personal accounts using the same Olive card, enhancing access to credit and cash flow management. Visa is also collaborating with local banks in Vietnam to launch Flex Credential in the next few months. New Strategic Partnerships to Enable More Ways to Pay and Get Paid Visa is launching new services and partnerships to make it easier for consumers, merchants, and businesses in Asia Pacific to pay and get paid. Visa Pay: A service designed to connect any participating wallet to any Visa-accepting merchant, local or international, in-store or online, launches across Asia Pacific, home to the largest number of digital wallet users. Through partnerships with leading players including LINE Pay in Taiwan, Maya in the Philippines, OpenRice in Hong Kong, and Woori Card in South Korea, Visa is expanding access to its global network, giving consumers more ways to pay globally by tapping, scanning or online. Digital Identity: This suite of solutions includes Passkeys, Tap to Confirm, and enhanced data which are meant to identify and authenticate digital users. These solutions will reduce friction for consumers by being digitally native while improving payment security and authorisation rates with enhanced transaction data and state-of-the-art fraud prevention techniques. New partners in the region include Coles, a supermarket chain in Australia and Maybank, a leading financial services provider in Malaysia and Southeast Asia. Visa Accept is a new solution that allows micro-sellers to receive payments directly to their eligible Visa debit card using any NFC-enabled smartphone. Launching in Vietnam, the service supports micro-entrepreneurs and informal sellers such as street vendors, freelancers, and rural service providers. Participating issuers will enable cardholders to accept contactless payments through their bank's mobile app.
Zawya
21 hours ago
- Business
- Zawya
SWIFT User Group's AGM supports digital transformation, enhancing UAE's position as financial & trade hub
The SWIFT User Group in the UAE held its Annual General Meeting (AGM), chaired by Jamal Saleh, Chairman of the SWIFT Users Group Steering Committee in the UAE and Director-General of UAE Banks Federation, the sole representative and unified voice of UAE banks. During the meeting, members approved the minutes of the 2024 Annual General Meeting and the audited financial statements for 2024, the budget for the current year (2025), the plans for the Group's activities, and its business plan to improve payment processes and benefit from the digital transformation in payments. The SWIFT User Group's AGM stressed the importance of the Central Bank of the UAE's (CBUAE) initiatives in payments to meet customer needs, enhance confidence in the banking and financial industry, achieve the goals of the National Payment Systems Strategy (NPSS), accelerate digital transformation, and strengthen the UAE's position as a banking, financial and trade leading hub. The AGM commended the initiatives undertaken by the Steering Committee of the SWIFT User Group in the UAE to keep pace with the latest trends in the financial and banking sector, improve payment processes, and enhance the effectiveness and security of bank transfers. The meeting called for capitalising on steps taken by CBUAE, especially on technological development, innovation, resilience, and security to promote innovative and secure payment solutions. It praised initiatives of the Steering Committee of the SWIFT User Group in adopting and employing Open Finance to develop payments, in accordance with the CBUAE's vision, which focuses on benefiting from developments in the banking and financial industry while ensuring the provision of appropriate legislative and regulatory frameworks to stimulate innovation. Participants at SWIFT User Group's AGM urged for enhancing partnerships between banks and fintech companies to accelerate the digital transformation journey, stressing the importance of Open Finance in enhancing the banking sector's efficiency and competitiveness. They expressed their appreciation to the members of the Steering Committee, who have extensive experience and knowledge, for their efforts in developing payments and supporting the banking and financial sector to play its role in socio-economic development and support international trade. Jamal Saleh said, "Payments is an essential element for socio-economic development and contributes to enhancing local and international trade. We continue our efforts and initiatives to provide innovative payment solutions, under the direct supervision of the Central Bank of the UAE, which establishes the necessary frameworks to develop payments and accelerate digital transformation in an environment that meets customer needs while ensuring compliance with local and international legislation and regulations'. He pointed out the importance of the role of SWIFT User Group in adopting and employing the latest payment solutions, stressing the keenness of UBF and the SWIFT User Group Steering Committee to contribute to achieving the strategic goals of the UAE, which seeks to double non-oil foreign trade to AED 4 trillion, and increase non-oil exports to AED 800 billion by 2031. "The Comprehensive Economic Partnership Agreements (CEPA), signed by the UAE with more than 27 trading partners, encourage us to redouble our efforts to improve the performance of payment operations and enhance the effectiveness and security of the bank transfer system to provide the best solutions to increase trade exchange in a reliable and smooth environment," he said. Jamal Saleh added, 'The UAE banking and financial sector has remarkable achievements in employing advanced technologies in various fields of banking, and payments in particular, to accelerate digital transformation. We remain committed to continuing our initiatives, in cooperation with our local, regional, and international partners, to develop capacities and capabilities of payment systems, developing talent, and continuously enhancing payments and bank transfers". The Steering Committee and National SWIFT User Group in the UAE is the first of its kind in the MENA region. Since its establishment in 2021, it has been playing a pivotal role in improving the performance of payment operations and enhancing the effectiveness and security of the bank transfer system. It represents an appropriate platform for exchanging views and insights that support decision-making, in addition to benefiting from the knowledge and experience of members of the SWIFT global network in developing banking work and enhancing the capabilities of employees in the banking and financial sector in the UAE. Swift allows communication and exchange of financial information in a secure and reliable environment for more than 11,000 financial institutions in 200 countries around the world, which contributes to the promotion of financial and trade exchanges.
Bloomberg
a day ago
- Business
- Bloomberg
Payment Firm Stripe in Early Talks With Banks About Stablecoins
Stripe Inc. has held early discussions with banks about their potential use of stablecoins, the latest sign that the digital assets are playing an increasingly central role in global money movement. The talks come as Stripe has debuted a number of products related to stablecoins in recent months, including a platform allowing fintechs to quickly start their own stablecoin-linked card programs for customers, according to John Collison, the co-founder and president of the payments giant. There are currently about $243 billion of stablecoins — digital assets designed to maintain a constant value against a currency like the dollar — in circulation.
Reuters
a day ago
- Business
- Reuters
Pollen Street's Lumon drops takeover pursuit of UK's Argentex
May 30 (Reuters) - Payments services provider Lumon Acquisitions said on Friday that it does not intend to make an offer for Argentex (AGFX.L), opens new tab after the currency risk management firm rejected an earlier bid. Argentex became one of the first known casualties of the market turmoil caused by U.S. President Donald Trump's erratic trade policies after the sharp drop in the dollar squeezed its finances in late April. Lumon, part of British private equity firm Pollen Street Capital, joins Argentex's former CEO Harry Adams and Irish entrepreneur Terry Clune in dropping their bid to acquire the British company. Adams and Clune also said on Thursday that they would not make an offer for the firm. Argentex had rejected bids from Lumon as well as from Adams and Clune in favour of an offer from cross-border payments provider IFX Payments valuing it at about 3 million pounds ($4 million). Shares in AIM-listed Argentex, which have lost more than 90% of their value so far this year, were down 2.3%. ($1 = 0.7424 pounds)
