Business
PowerBand Announces Second Quarter 2024 Financial Results
TORONTO, ON / ACCESSWIRE / August 21, 2024 / PowerBand Solutions (TSXV:PBX)(OTC PINK:PWWBF)(Fran...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand Announces Second Quarter 2024 Financial ResultsTORONTO, 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 18th, 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 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 usef...