• In August, GreenBox celebrated a monumental milestone when it processed over $1 billion in transaction volume for all of 2021
• GreenBox’s year-to-date processing volume grew to $1.4 billion as of September 30, 2021 
• The company reported $8 million in revenue and $5.6 million in gross profit in Q3 2021
• GreenBox appointed Paul Levine as CEO and Co-Founder of Coyni stablecoin spinoff company, Robert Houghton as CTO, and Jacqueline Reynolds as CMO
• The company’s management hosted a year-end update call on December 9

Approximately eight months after GreenBox POS (NASDAQ: GBOX) released its Generation 3 (“Gen3”) technology, which expanded and expedited the process of onboarding, monitoring, and controlling merchant portfolios in its proprietary blockchain-based platform, the company crossed a significant milestone – the processing of more than $1 billion in transaction volume in 2021. The milestone represented about five times the total processing volume recorded in 2020 (https://ibn.fm/IwNLS).

Attributable to the Gen3 technology, expansion of its ISO and agent network, and the acquisitions of ChargeSavvy and Northeast Merchant Services, the monumental milestone demonstrated GreenBox’s successful development and deployment of its one-of-a-kind blockchain ledger-based payment processing technology. These factors would again play a significant role in growing the transaction volume figures even further as detailed in a November 11 news release detailing the financial results for the three months ended September 30, 2021 (“Q3 2021”) (https://ibn.fm/GzOeP).

GreenBox noted it had processed a quarterly record of $540 million, which contributed to a year-to-date volume of $1.4 billion as of September 30, 2021. Notably, this Q3 2021 transaction volume had grown roughly 1,400% compared to a similar period a year earlier.

Other key highlights included a 163% year-over-year (“YoY”) increase in quarterly net revenue from $3.0 million in Q3 2020 to $8.0 million in Q3 2021. Sequentially, the net revenues increased by 26% quarter over quarter (“QoQ”) from $6.4 million recorded in Q2 2021. At the same time, gross profit in Q3 2021 stood at $5.6 million (69.5% of total revenue), compared to $1.2 million (39.6% of total revenue) in Q3 2020 and $5.1 million (79.3% of total revenue) in Q2 2021. 

Additionally, the company fortified its balance sheet upon securing a $100 million convertible note financing. The fund will go toward supporting its acquisition strategy, adding money to its Coyni stablecoin revolver to grow it up to $25 million, and additional technology development. GreenBox also engaged in revenue sharing and licensing cooperation with Transact Europe enabling it to leverage key licensing assets and recognize processing volume. 

“Our third quarter of 2021 was instrumental in building the foundation for 2022 and beyond. We continued to successfully execute on our long-term growth strategy of quickly scaling our processing volume while accumulating licensing assets through select acquisitions and partnerships,” commented GreenBox CEO Fredi Nisan. “Despite all GreenBox has accomplished in the last 18 months, we are still just in the early innings of scaling our technology. We remain confident in our long-term strategy and are well positioned to capitalize on the opportunity at hand.”

Fredi underlined that the company expects to grow its processing volumes and exceed its initial 2021 guidance of $1.85 billion. Further, GreenBox expects 2021 reported revenue of at least $28 million and adjusted net income of at least $8 million.

The third quarter also saw several additions to the company’s management team. GreenBox appointed Paul Levine, a technology innovator and former President of Planet Payment, as CEO and Co-Founder of the Coyni stablecoin spinoff company (“SpinCo”), as it lays the groundwork for the eventual public offering of Coyni. Additionally, the company hired Robert Houghton as the Chief Technology Officer. In this role, Robert will lead GreenBox’s payment technology roadmap as well as ensure efficient integration of acquisitions.

On November 16, the company announced the appointment of marketing guru Jacqueline B. Reynolds as its new Chief Marketing Officer (“CMO”). A world-class global marketer, she has launched massive campaigns while working with household names such as Coca-Cola (NYSE: KO), McDonald’s (NYSE: MCD), Verizon (NYSE: VZ), Walmart (NYSE: WMT), L’Oréal, Xbox,  7-Eleven, and other Fortune 500 companies. She has also held senior leadership positions at global brands, top agencies, and media companies, spearheading award-winning programs with international partners.

“As CMO, Jacqueline will lead all marketing strategy, including the development of GreenBox’s brand positioning, along with a communications plan to relevantly connect with customers and investors, focused across a variety of platforms,” explains the November 16 news release.

Paul Levine and Jacqueline Reynolds joined several other key members of the company’s management, including GreenBox Chairman Ben Errez and Fredi Nisan, in a year-end corporate update call hosted on December 9 (https://ibn.fm/YrkxB). A recording of the call is available via https://ibn.fm/tVbrz (registration required), with a transcript available here https://ibn.fm/kihii.

GreenBox is an emerging financial technology enterprise leveraging proprietary blockchain security and token technology to develop customized payment solutions. Guided by the mission to build compliant cutting edge blockchain ledger tokenized payment solutions for the diverse, evolving, and dynamic global market, the company operates along four pillars – card-issuing, payment processing, Coyni stablecoin, and banking-as-a-service. 

For more information, visit the company’s website at www.GreenBoxPOS.com. 

NOTE TO INVESTORS: The latest news and updates relating to GBOX are available in the company’s newsroom at https://ibn.fm/GBOX

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