PowerBand Announces Second Quarter 2024 Financial Results

Rhea-AI Summary

PowerBand Solutions (TSXV:PBX)(OTC PINK:PWWBF) has released its Q2 2024 financial results. Revenue decreased to $542,166 from Q1 2024's $627,332 but increased compared to Q2 2023's $497,549. The revenue primarily came from servicing the existing lease portfolio. Adjusted EBITDA loss decreased relative to the revenue decline. Operating expenses remained consistent due to cost management initiatives. Cash on hand as of June 30, 2024, was $2,220,567, up from $1,934,209 on March 31, 2024. The cash balance includes collections from lease holders. PowerBand has scheduled its Annual General and Special Meeting for September 18th, 2024, at 11:00am EDT.

Positive

• Increased revenue compared to Q2 2023
• Consistent operating expenses due to cost management initiatives
• Increased cash on hand from $1,934,209 to $2,220,567 quarter-over-quarter

Negative

• Decreased revenue from $627,332 in Q1 2024 to $542,166 in Q2 2024
• Adjusted EBITDA loss reported for Q2 2024

TORONTO, ON / ACCESSWIRE / August 21, 2024 / PowerBand Solutions (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 Interim Consolidated Financial Statements and Management's Discussion and Analysis report for the three and six-month periods ended June 30, 2024. These documents may be viewed under the Company's profile at www.sedarplus.ca.

Revenue for the second quarter of 2024 decreased to $542,166 in comparison to Q1/2024 revenue of $627,332 and increased compared to Q2/2023 of $497,549. The revenue for the second quarter of 2024 is primarily from the servicing of the existing lease portfolio. Adjusted EBITDA loss for the second quarter of 2024 decreased relative to the decrease in revenue for Q2/2024. The operating expenses have been consistent over the period which is the result of cost management initiatives by the Company to maintain the operating expenses at a minimal base as required for planned growth.

Cash on hand as at June 30, 2024 was $2,220,567 compared to $1,934,209 as at March 31, 2024.The cash balance includes cash collected from lease holders on leases that are serviced by the Company and reported as accounts payable.

The Company has scheduled the Annual General and Special Meeting of shareholders for September 18^th, 2024 at 11:00am EDT.

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 Solutions' (PWWBF) revenue for Q2 2024?

PowerBand Solutions' revenue for Q2 2024 was $542,166.

How did PowerBand's (PWWBF) Q2 2024 revenue compare to previous quarters?

PowerBand's Q2 2024 revenue of $542,166 decreased compared to Q1 2024 ($627,332) but increased compared to Q2 2023 ($497,549).

What was PowerBand Solutions' (PWWBF) cash position as of June 30, 2024?

PowerBand Solutions' cash on hand as of June 30, 2024, was $2,220,567.

When is PowerBand Solutions (PWWBF) holding its Annual General and Special Meeting in 2024?

PowerBand Solutions has scheduled its Annual General and Special Meeting for September 18th, 2024, at 11:00am EDT.