Powerband Solutions Reports Q1 2021 revenues of $2,889,768 compared to $1,426,851 for Q4 2020
VANCOUVER, BC / 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 4th, 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.
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Chief Executive Officer
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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.