PowerBand Solutions (TSXV: PBX) this morning released its financial update for that of February 2021. The company continues to see strong month over month growth, with the firm reporting gross sales of $8.0 million for the short month.
The gross sales of $8.0 million for February represent a 19.4% increase over the $6.7 million in gross sales reported for January 2021, with the firm seeing continued sales growth on a monthly basis. The increase for February is notable given that it is the shortest month of the year, with the month also seeing major cold-weather incidents that negatively impacted the economy in Texas, a key market for the company.
Year to date, the company has now achieved gross sales of $14.7 million, while gross margins reportedly remain in the range of 60% to 65%.
“The DRIVRZ™ virtual marketplace is truly disruptive because we do not acquire and hold costly inventory. Instead, we offer access to more than 4.5 million vehicles through our data bases and facilitate the ability of drivers and dealers to connect to those vehicles. We do not pass on substantial inventory-holding costs to the user and eliminate the bottom-line risk to the Company of debt costs and depreciating inventory.”
Kelly Jennings, CEO of PowerBand Solutions
PowerBand Solutions last traded at $0.86 on the TSX Venture.
Sponsored · Altamira Gold Corp.
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.
