Business
PowerBand Reports Third Quarter 2021 Financial Results
Revenues of $9.2M in Q3 2021, an increase of 96% from Q2 2021 revenues of $4.7M Adjust...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand Reports Third Quarter 2021 Financial ResultsRevenues of $9.2M in Q3 2021, an increase of 96% from Q2 2021 revenues of $4.7MAdjusted EBITDA loss reduced by 22% in Q3 2021 relative to Q2 2021TORONTO, ON / ACCESSWIRE / November 10, 2021 / PowerBand Solutions (TSXV:PBX)(OTCQB:PWWBF)(FSE:1ZVA) (\"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 nine-month period ended September 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 September 30, 2021 when compared to the same period in 2020 and the previous quarter ended June 30, 2021 have demonstrated a significant increase in revenues as depicted in the table below. This is primarily due to the increased dealer participation and the adoption of the DRIVRZ lease origination proprietary software. As the business commenced its scaling phase early in 2021, the adjusted EBITDA loss has been decreasing quarter-over-quarter, and the Company expects to achieve profitability by Q1 2022. The development of our Drivrz Financial loan-lease platform, a multi-lender platform built with the latest, cloud-scalable technologies has been accelerated with the infusion of new capital and the other two business segments, DrivrzXchange and DrivrzLane is expected to be in the market early 2022.PowerBand has invested significantly in its workforce in preparation for substantial growth in future periods. While depressed inventory levels delayed economies of scale benefits from corporate overhead functions, the Company sees margin expansion in coming quarters. Drivrz Financial is ahead of plan on its dealer onboarding initiatives and expects material contribution to originations from its recently signed enterprise customers. The Company reiterates that its true scaling capability will not be appreciated until used car prices normalize, which is expected to gradually improve over the next 12-18 months.The Company has reported year-to-date 2021 revenues of $16.8M an increase of 460% when compared to full twelv...