Q2 2020 Revenues of At Least $2.2 Million; Representing A Significant Sequential Increase As New Technology Launch Gains Traction
SAN DIEGO, CA / ACCESSWIRE / August 6, 2020 / GreenBox POS (OTCQB:GRBX) ("GreenBox", the "Company"), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions, has provided preliminary revenue results for the second quarter ended June 30, 2020.
Preliminary Q2 2020 Results
The Company expects total revenues for the second quarter of 2020 to be at least $2.2 million, representing a significant sequential increase when compared to revenues of $0.2 million in the first quarter of 2020. Revenues in the second quarter of 2019 were $3.3 million. Revenues are expected to accelerate throughout the second half of 2020.
Final recognized revenue is subject to the GreenBox's quarterly review and will be released with the Company's unaudited financial statements and related quarterly report.
Management Commentary
"The expected significant sequential increase of over 11x in the second quarter of 2020 demonstrates the successful re-launch of the GreenBox blockchain based technology platform," said GreenBox CEO, Fredi Nisan. "We expect this revenue momentum to accelerate through the second half of 2020. We also forecast increased profitability and are revisiting our previously issued guidance of $12.0 to 14.0 million in EBITDA for the full year 2020."
About GreenBox POS
GreenBox POS (OTCQB:GRBX) is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products, reducing fraud and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients globally. For more information, please visit the Company's website at www.greenboxpos.com.
Forward-Looking Statements Disclaimer
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Investor Relations Contact
Mark Schwalenberg
MZ Group – MZ North America
312-261-6430
GRBX@mzgroup.us
www.mzgroup.us
SOURCE: GreenBox POS, LLC
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