04:45 PM EDT, 08/27/2024 (MT Newswires) -- POSaBIT Systems ( POSAF ) on Tuesday said its second-quarter loss narrowed despite a big drop in revenue.

The company, which offers electronic-payment infrastructure for the cannabis industry, said it lost US$0.45 million in the period, compared to a year-prior loss of US$1.57 million. Per-share data was not provided.

POSaBIT's ( POSAF ) revenue fell to US$4.26 million from US$13.56 million in the second quarter of 2023.

"As we look ahead to the next six months, our primary focus is on continued adjusted EBITDA profitability and growing our cash reserves while still achieving a steady rate of growth in our Point-of-Sale and Payments lines of business. Our commitment to our investors is to position POSaBIT ( POSAF ) for long-term, sustainable success, ensuring that we not only meet our immediate objectives but also lay a solid foundation for enduring profitability and free cash flow," chief executive Ryan Hamlin said in a release.

Hamlin noted the company is on track to process over US$1 billion in annual gross sales in Washington State through the POSaBIT Point-of-Sale systems.