PowerBand Announces 2023 Annual Financial Results

Rhea-AI Summary

On June 17, 2024, PowerBand Solutions Inc. (TSXV:PBX, OTC Pink:PWWBF, Frankfurt:1ZVA) announced its annual financial results for the years ending December 31, 2023, and 2022. The company's revenue for Q4 2023 declined significantly to $975,711, compared to $2,054,728 in Q4 2022, primarily driven by servicing lease contracts. Cash on hand as of December 31, 2023, was $1,937,182, a sharp drop from $10,299,414 the previous year. PowerBand emphasized its ongoing disciplined approach to cost management and mentioned that a corporate update would be provided soon. The full financial statements and analysis are available on www.sedarplus.ca.

Positive

• Maintaining a disciplined approach to cost management.
• Revenue primarily from servicing lease contracts, indicating a focus in a specific segment.

Negative

• Revenue for Q4 2023 decreased to $975,711 from $2,054,728 in Q4 2022, a decline of over 50%.
• Cash on hand dropped significantly to $1,937,182 as of December 31, 2023, compared to $10,299,414 in the previous year.
• The significant decrease in revenue and cash on hand may raise concerns among investors.

TORONTO, ON / ACCESSWIRE / June 17, 2024 / PowerBand Solutions Inc. (TSXV:PBX)(OTC Pink:PWWBF)(Frankfurt:1ZVA) ("PowerBand" "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to lease and finance vehicles, is announcing that it has filed its Consolidated Financial Statements and Management's Discussion and Analysis report for the years ended December 31, 2023, and 2022. These documents may be viewed under the Company's profile at www.sedarplus.ca.

Revenue for the fourth quarter of 2023 decreased to $975,711 in comparison to Q4/2022 revenue of $2,054,728. The revenue for the fourth quarter of 2023 was primarily from servicing lease contracts. The Company continues to maintain a disciplined approach to cost management.

Cash on hand at December 31, 2023 was $1,937,182 compared to $10,299,414 as at December 31, 2022.

The Company will be providing shareholders with a corporate update in the near future.

About PowerBand Solutions Inc.

PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTC Pink, and Frankfurt markets, is a fintech provider disrupting the automotive industry. PowerBand's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, and funders. PowerBand's transaction platform is being made available across the United States of America.

For further information, please contact:

Shibu Abraham
Chief Financial Officer and Director
E: info@powerbandsolutions.com
P: 1-866-768-7653

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Non-IFRS Measures:

This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company's performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance withIFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company's operating results.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as at the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

SOURCE: PowerBand Solutions Inc.

View the original press release on accesswire.com

FAQ

What was PowerBand's revenue for the fourth quarter of 2023?

PowerBand's revenue for Q4 2023 was $975,711.

How does PowerBand's Q4 2023 revenue compare to Q4 2022?

PowerBand's Q4 2023 revenue decreased to $975,711 from $2,054,728 in Q4 2022.

What was the cash on hand for PowerBand as of December 31, 2023?

PowerBand had $1,937,182 in cash on hand as of December 31, 2023.

What was PowerBand's cash on hand at the end of 2022?

PowerBand's cash on hand was $10,299,414 at the end of 2022.

Where can I find PowerBand's full financial statements for 2023 and 2022?

PowerBand's full financial statements for 2023 and 2022 can be found at www.sedarplus.ca.