PowerBand Sees July Gross Revenues Climb To $2.4 Million

Monthly sales continue to climb over at PowerBand Solutions (TSXV: PBX). The automotive fintech this morning reported its monthly gross revenue figures for the month of July, reporting gross revenue of $2.4 million.

The monthly sales figure represents 31% month over month growth in gross revenues for the firm, and yet another record month of revenues. The results follow June’s $1.8 million in sales and May’s $1.4 million figure.

The sales growth is a result of a total of 261 lease originations conducted during the month, a 21% improvement from the 216 leases originated in June. The company also indicated that its market share is rising within select dealerships, with 41% of producing dealers reportedly booking four or more lease originations during the month. August is expected to see continued growth as well, following the recent signing of 64 dealerships last month through a single dealer group.

On a year to date basis meanwhile, the company reported that its cumulative revenue figure now exceeds $10 million, while gross margins for the year are currently sitting at 52%.

“Despite historically low used car inventory levels and a hurricane in Florida which impacted originations, we still generated greater than 30% revenue growth sequentially for a second consecutive month. We see growth accelerating in the Fall when used car inventory levels are replenished.”

Jon Lamb, CEO of DRIVRZ Financial

PowerBand Solutions last traded at $0.81 on the TSX Venture.

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