PowerBand Reports December Net Revenues Of $6.1 Million, 2020 Revenues Of $23.8 Million

PowerBand Solutions (TSXV: PBX) this morning released its monthly update for its latest financial performance. The company this morning indicated that it closed out fiscal year 2020 with total revenues of $23.8 million, with December generating $6.1 million in total revenue across all subsidiaries.

The financial results were believed to have been released on a preliminary basis, while representing revenues from all operations, including MUSA, DRIVRZ, D2D and its other subsidiaries. The revenues represent a 138% increase on a quarter over quarter basis.

Commenting on the growth, PowerBand CEO Kelly Jennings stated, “Ending the year with record growth gives us great momentum entering first quarter 2021. We look forward to 2021 and delivering excellent results for our shareholders. We plan to launch in Canada in Q2 and Australia in Q3. Despite the challenging COVID economic environment, our operating results and growth demonstrate the power of online shopping when you offer consumers a platform they feel comfortable with and confident using to meet their automotive needs.

The company also reported a loss of $11.6 million for the year, which also includes $2.0 million in stock option compensation expenses. For the three month period, the company reported an operational loss of $2.6 million, while the month of December saw a loss of $338,000.

PowerBand Solutions last traded at $0.62 on the TSX Venture.

FULL DISCLOSURE: PowerBand Solutions is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover PowerBand Solutions on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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