GreenBox POS (NASDAQ: GBOX) is engaged as a financial technology company, which is focused on leveraging proprietary blockchain technologies to build customized payment solutions. Shares of the fintech company are skyrocketing 102% through afternoon trading on Tuesday, August 16, 2022. Over the past three months, GreenBox POS has seen average daily volume of 577,110 shares. However, volume of 86.62 million shares or dollar volume of around $231.28 million, has already exchanged hands through afternoon trading.
Shares of GreenBox POS are soaring after the company announced second quarter 2022 financial results. During the quarter, the fintech company reported record total processing volume of over $1 billion, which represented a 40% increase from Q1 2022 processing volume of $754 million and over double the results from the same time last year.
The company reported revenues of $7 million during the quarter, compared to $6.4 million during Q2 2021 and a 42% increase from Q1 2022 revenues of $4.9 million. For the six month period ended June 30, 2022, GreenBox POS reported total revenue of $11.9 million. Gross profits were recorded at $5.2 million or 43.5% of total net revenue. The overall net loss over the first six months of the year totaled $10.9 million, which was an improvement from a net loss of $13.4 million from the same period last year.
During the first six months of 2022, GreenBox POS has met several key objectives. During the second quarter, the company launched a technology platform with the Territorial Bank of American Samoa (TBAS), which provides digital payment solutions for businesses and consumers in American Samoa.
GreenBox POS also completed the acquisition of TEU and deployed several key strategic initiatives to help drive growth. The TEU acquisition helps GreenBox with its continued development of infrastructure and packaging offerings.
The fintech company announced real-time custodial account attestation after receiving SOC 2 compliance certification from Armanino, a top accounting, consulting and tech firm in the United States.
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