PowerBand Releases Q1 2021 Financial Results

Rhea-AI Summary

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.

Positive

• 102% increase in Q1 2021 revenue compared to Q4 2020.
• Adjusted EBITDA increased by $1,141,417 (35%) in Q1 2021.
• Cash on hand at $3,260,972, up from $1,403,213.
• Improved net current assets deficit by $3,505,404.
• Raised $713,130 from exercise of warrants and options.
• Reduced related party debt by $1,000,000.
• Approval of $2 billion in lease lines for market growth.

Negative

• None.

Powerband Solutions Reports Q1 2021 revenues of $2,889,768 compared to $1,426,851 for Q4 2020

VANCOUVER, BC / ACCESSWIRE / May 26, 2021 / PowerBand Solutions (TSXV:PBX)(OTCQB:PWWBF) ("PowerBand" "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, is announcing that it has filed its Consolidated Financial Statements and Management's Discussion and Analysis report for the three-month period ended March 31, 2021. These documents may be viewed under the Company's profile at www.sedar.com.

The Company has reported an increase in revenue of 102% in the first quarter of 2021 as compared to the fourth quarter of 2020. Adjusted EBITDA for the first quarter of 2021 increased by $1,141,417 or 35% as compared to the fourth quarter of 2020.

The financial results for the three-month period ended March 31, 2021 in comparison to the fiscal year December 31, 2020 shown below indicates the accelerated growth in revenues and the potential for a very robust year ahead.

Cash on hand at March 31, 2021 was $3,260,972 compared to $1,403,213 as at December 31, 2020. The net current assets position improved from ($5,925,718) at December 31, 2020 to ($2,420,314) at March 31, 2021.

After the period ended March 31, 2021, the Company continued to raise capital of $713,130 from the exercise of warrants and stock options. The Company increased its investment in CB Auto Group to 4.50% by making an additional contribution of US$250,000, pursuant to the share purchase agreement. The Company also reduced debt due to related parties by $1,000,000 from issue of 800,000 common shares. On May 4^th, 2021, the Company announced the approval of two additional US$1 billion lease lines from two financial Institutions.

Kelly Jennings, CEO and Founder of PowerBand Solutions states "The hard work of our team is paying off and we are headed towards a successful year 2021. The approval of the $2 billion lease lines gives us the financial edge to increase our market share of the DRIVRZ solution."

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, funders, and manufacturers (OEMs). It enables them to buy, sell, trade, finance, and lease new and used, electric and non-electric vehicles, on any phone, tablet or PC connected to the internet. PowerBand's transaction platform - being trademarked under DRIVRZ™ - is being made available across North American and global markets.

For further information, please contact:

Kelly Jennings
Chief Executive Officer
E: info@powerbandexchange.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 with IFRS. 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.

SOURCE: PowerBand Solutions Inc.

View source version on accesswire.com:
https://www.accesswire.com/649112/PowerBand-Releases-Q1-2021-Financial-Results

FAQ

What were PowerBand Solutions' revenues for Q1 2021?

PowerBand Solutions reported revenues of $2,889,768 for Q1 2021.

How much did PowerBand Solutions' adjusted EBITDA increase in Q1 2021?

Adjusted EBITDA increased by $1,141,417 or 35% in Q1 2021.

What is the cash position of PowerBand Solutions as of March 31, 2021?

As of March 31, 2021, PowerBand Solutions had cash on hand of $3,260,972.

Did PowerBand Solutions reduce its debt in recent months?

Yes, PowerBand Solutions reduced related party debt by $1,000,000.

What financial agreements did PowerBand Solutions announce recently?

PowerBand announced the approval of two $1 billion lease lines to enhance market share.