PowerBand Solutions (TSXV: PBX) this morning released its May 2021 operating results, indicating strong month over month growth. Gross revenue for the month improved to $1.4 million during the month, with the year to date figure now pegged at $5.6 million.
The company has indicated that it expects sales growth to accelerate in the current month for the remainder of the year. Revenue is currently being derived largely from DRIVRZ Financial, with the firms new and used vehicle operation continuing to ramp. Originations during May amounted to 175, compared to just 69 for the month of December.
Client wise, the company has onboarded 264 dealers year to date, with a total of 417 now utilizing the platform. Growth is expected to be “robust” in this area right through to 2022. The company currently is targeting two originations per dealer per month by the end of the current year.
Looking forward, the company has indicating that it is expected that DRIVRZ Financial achieves profitability this month, while PowerBand itself is expected to achieve this target in the second half of the year. DrvrzXchange meanwhile is expected to expand to additional markets in the third quarter of 2021, while DrivrzLane, a digital retail solution, is anticipated to launch in that same quarter.
PowerBand Solutions last traded at $0.77 on the TSX Venture.
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