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PowerBand Solutions Inc. (PWWBF) is a fintech provider revolutionizing the automotive industry through its integrated, cloud-based transaction platform, DRIVRZ™. This platform streamlines transactions among consumers, dealers, and funders, disrupting traditional methods. Despite facing challenges like a management cease trade order due to delayed financial filings, the company remains committed to transparency and operational improvement. With listings on the TSX Venture Exchange, OTC Pink, and Frankfurt markets, PowerBand is dedicated to redefining automotive transactions in the United States.
PowerBand Solutions reported a 88% increase in revenue for the third quarter of 2021, totaling CDN $8.8 million, compared to CDN $4.7 million in the previous quarter. The company achieved a gross margin of 50%. Year-to-date gross revenue surpassed CDN $16 million. Originations in September 2021 were 230, affected by low inventory and flooding disruptions in the U.S. Northeast. The dealer network expanded to 909 dealers, and the company anticipates launching additional products in 2022, including services in Canada.
PowerBand Solutions (OTCQB: PWWBF) reported impressive 56% month-over-month revenue growth for August 2021, reaching gross revenue of CDN $3.7 million. This marks the third consecutive month of over 30% growth. Year-to-date gross revenue has exceeded CDN $13 million, with a gross margin of 50%. Lease originations rose by 20%, totaling 313 in August, indicating increasing dealer engagement. The company's strategy focuses on expanding its dealer network, targeting 2,000 dealers by 2022, amidst a challenging inventory environment.
PowerBand Solutions (OTCQB: PWWBF) reported Q2 2021 revenues of $4.7M, marking a 63% increase from Q1's $2.9M. Year-to-date revenues reached $7.6M, up 151% from 2020. The adjusted EBITDA loss was reduced by 48% compared to Q1. Cash on hand at June 30, 2021, stood at $2.34M, up from $1.40M at 2020 year-end. Following the period, PowerBand raised $12.78M via a private placement to enhance working capital and accelerate product development.
PowerBand Solutions reported a significant 31% month-over-month revenue growth for its DRIVRZ™ products in July 2021, achieving CDN $2.4 million in gross revenue. Year-to-date gross revenue has exceeded CDN $10 million with a 52% gross margin. Lease originations also rose by 21% to 261 in July, driven by strong performance in California. With initiatives in place to enhance originations, including the addition of 64 dealerships and a growing sales team, the company is optimistic about continued growth through the rest of 2021.
PowerBand Solutions (OTCQB:PWWBF) has successfully increased the dealer count for DRIVRZ Financial to 532, following an agreement with a nationwide dealership group comprising 64 dealerships. This marks a 14% increase in active dealerships. The new group operates across seven Western states, representing over 20 automotive brands. PowerBand's CEO emphasized the significance of this partnership for expanding DRIVRZ's reach and aims to onboard 1,000 dealers by mid-2022.
PowerBand Solutions reported a 31% month-over-month revenue increase, achieving CDN $1.8 million in June 2021, up from CDN $1.4 million in May. Cumulative year-to-date revenue reached CDN $7.2 million with a gross margin of 54%. Lease originations surged to 216 in June, up from 69 in December 2020. The company secured CDN $12.8 million from a recent private placement to expedite its North American strategy. The CEO expressed optimism for the growth trajectory, anticipating sales increases as dealer partnerships expand.
PowerBand Solutions Inc. announced the results of its Annual General Meeting held on June 15, 2021. Shareholders approved all items proposed by the Board of Directors, including setting the number of Directors at six. The elected Directors are Kelly Jennings, Darrin Swenson, Ivan Buzbuzian, Bill Butler, Andrea Parliament, and Steven Lee. MNP LLP was appointed as the Company’s auditor. Additionally, the 2021 Incentive Stock Option Plan and the 2021 Restricted Share Unit Plan were approved, allowing the issuance of up to 33,372,093 and 8,000,000 common shares, respectively.
PowerBand Solutions has announced that its leasing division, DRIVRZ Financial, will collaborate with Premier Automotive Group to launch an electric vehicle leasing pilot program. Premier Automotive, a leading dealership group in the U.S., aims to enhance EV financing options due to a current lack of leasing solutions for electric vehicles. PowerBand has secured USD 2 Billion in lease lines to support this initiative, offering both new and used EV leasing. The partnership is expected to positively impact consumer access to EV financing in the market.
PowerBand Solutions reported strong growth in May 2021, with gross revenue rising to CDN $1.4 million from CDN $1.3 million in April. Cumulative year-to-date revenue reached CDN $5.6 million, with a gross margin of 54%. Key growth drivers include an increase in vehicle leasing and lending operations, with originations jumping to 175 in May from 69 in December 2020. The company anticipates achieving profitability in June 2021 and aims for a self-funding model by 2022, as it launches new business segments, DrivrzXchange and DrivrzLane, by the end of 2021.
PowerBand Solutions reported Q1 2021 revenues of $2,889,768, a 102% increase from Q4 2020. Adjusted EBITDA rose by $1,141,417 or 35%. Cash on hand grew to $3,260,972, improving net current assets deficit from ($5,925,718) to ($2,420,314). The company raised $713,130 post-period through warrants and stock options and reduced related party debt by $1,000,000. Approval of two $1 billion lease lines enhances financial capacity for growth in the DRIVRZ solution.
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