PowerBand Announces First Quarter 2023 Financial Results

Rhea-AI Summary

PowerBand Solutions has filed its Interim Consolidated Financial Statements and Management's Discussion and Analysis report for Q1 2023. Revenue for Q1 2023 decreased to $838,693 compared to $2,054,728 in Q4 2022 and $5,962,029 in Q1 2022. Adjusted EBITDA loss decreased by 6% in Q1 2023 compared to Q4 2022. Cash on hand as of March 31, 2023, was $11,602,780.

TORONTO, ON / ACCESSWIRE / May 31, 2023 / PowerBand Solutions (TSXV:PBX)(OTCQB: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 Interim Consolidated Financial Statements and Management's Discussion and Analysis report for the three-month period ended March 31, 2023. These documents may be viewed under the Company's profile at www.sedar.com.

Revenue for the first quarter of 2023 decreased to $838,693 in comparison to Q4/2022 revenue of $2,054,728 as well as Q1/2022 of $5,962,029. The revenue for the first quarter of 2023 is primarily from the servicing of the existing lease portfolio. The Company continues to work with its funding partners to re-commence the origination of leases and will provide an update when available. Adjusted EBITDA loss for the first quarter of 2023 has decreased by $137,527 or 6% in comparison to Q4/2022 which is the result of further cost reduction measures initiated by the Company to maintain the operating expenses at the minimal as required for the planned growth.

Cash on hand as at March 31, 2023 was $11,602,780 compared to $10,299,414 as at December 31, 2022. The cash balance at March 31, 2023, included cash collected from lease holders on leases that are serviced by the Company and reported as accounts payable.

About PowerBand Solutions, Inc.

PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB 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 - being trademarked under DRIVRZ™ - is being made available across the United States of America.

For further information, please contact:
Darrin Swenson
Chief Executive Officer and Director
E: Darrin.swenson@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", "believes" 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, expected benefits and results from operations, expected return to shareholders as a result of allocating growth capital and resources to the DrivrzFinancial platform, expected results of cost-saving initiatives, the resolution of lease repurchases with the financial institution, the re-commencement of lease originations through the Forward Flow Purchase and Security Agreement and the ability of PowerBand to secure additional funding lines for DrivrzFinancial 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.

SOURCE: PowerBand Solutions Inc.

View source version on accesswire.com:
https://www.accesswire.com/758176/PowerBand-Announces-First-Quarter-2023-Financial-Results

FAQ

What documents did PowerBand Solutions file?

PowerBand Solutions filed its Interim Consolidated Financial Statements and Management's Discussion and Analysis report.

What was the revenue for Q1 2023?

The revenue for Q1 2023 was $838,693.

How does the Q1 2023 revenue compare to previous quarters?

The revenue for Q1 2023 decreased compared to $2,054,728 in Q4 2022 and $5,962,029 in Q1 2022.

What is the adjusted EBITDA loss for Q1 2023?

The adjusted EBITDA loss for Q1 2023 decreased by 6% compared to Q4 2022.

What was the cash on hand as of March 31, 2023?

The cash on hand as of March 31, 2023, was $11,602,780.