Business
PowerBand Announces First Quarter 2024 Financial Results
TORONTO, ON / ACCESSWIRE / June 24, 2024 / PowerBand Solutions (TSXV:PBX)(OTC Pink:PWWBF)(Frankf...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand Announces First Quarter 2024 Financial Results TORONTO, ON / ACCESSWIRE / June 24, 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-month period ended March 31, 2024. These documents may be viewed under the Company's profile at www.sedarplus.ca.Revenue for the first quarter of 2024 decreased to $627,332 in comparison to Q4/2023 revenue of $975,711 as well as Q1/2023 of $838,693. The revenue for the first quarter of 2024 is primarily from the servicing of the existing lease portfolio. Adjusted EBITDA loss for the first quarter of 2024 is relatively consistent with Q4/2023 which is the result of the cost management initiative by the Company to maintain the operating expenses at the minimal as required for the planned growth.Cash on hand as at March 31, 2024 was $1,934,209 compared to $1,937,182 as at December 31, 2023.The cash balance includes cash collected from lease holders on leases that are serviced by the Company and reported as accounts payable. The Company will be providing shareholders with a corporate update in the near future.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 AbrahamChief Financial Officer and DirectorE: [email protected]: 1-866-768-7653Neither 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 whe...