PowerBand Reports Second Quarter 2021 Financial Results
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.
- Q2 2021 revenues of $4.7M, 63% increase from Q1 2021.
- Year-to-date revenues of $7.6M, up 151% compared to 2020.
- Adjusted EBITDA loss reduced by 48% from Q1 2021.
- Cash on hand increased to $2.34M from $1.40M at 2020 year-end.
- Raised $12.78M via private placement for capital enhancement.
- Net current assets position worsened from ($5.93M) at 2020 year-end to ($6.36M) at June 30, 2021.
- Revenues of
$4.7M in Q2 2021, an increase of63% from Q1 2021 revenues of$2.9M - Adjusted EBITDA loss reduced by
48% in Q2 2021 relative to Q1 2021
TORONTO, ON / ACCESSWIRE / August 17, 2021 / PowerBand Solutions Inc. (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 Interim Consolidated Financial Statements and Management's Discussion and Analysis report for the three and six-month period ended June 30, 2021. These documents may be viewed under the Company's profile at www.sedar.com. All numbers are in Canadian dollars, except otherwise noted.
The financial results for the three-month period ended June 30, 2021 when compared to the same period in 2020 and the previous quarter ended March 31, 2021 have demonstrated a significant increase in revenues as depicted in the table below. This is primarily due to industry acceptance of the DRIVRZ lease origination software that is consistently generating robust sequential growth in origination counts. As the business commenced its scaling phase, the adjusted EBITDA loss in the second quarter of 2021 was reduced by
The Company has reported year-to-date 2021 revenues of
Cash on hand at June 30, 2021 was
After the period ended June 30, 2021, the Company raised capital from a brokered private placement for aggregate gross proceeds of
2021 Segment Highlights
Drivrz Financials' lease origination software continues to report month-over-month increase in revenue as noted in the chart below:
The increase in revenues has decreased the monthly operating losses with Drivrz Financial reporting earnings (EBITDA) in the month of June 2021.
Kelly Jennings, CEO and Founder of PowerBand Solutions states "With the completion of the capital raise in July, we have accelerated the development of three key projects that will compliment and further the growth of the revenue to the Company. We expect a robust third quarter 2021 with improved operational efficiencies and effective deployment of capital."
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 JenningsChief Executive Officer
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.
SOURCE: PowerBand Solutions Inc.
View source version on accesswire.com:
https://www.accesswire.com/660058/PowerBand-Reports-Second-Quarter-2021-Financial-Results
FAQ
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