PowerBand Solutions Reports Monthly Sales Growth Of 56% In Topline Revenues

PowerBand Solutions (TSXV: PBX) this morning reported explosive growth in terms of month over month revenues. The month of August saw revenue increase substantially as the firm continues to develop its online platform for vehicle transactions.

The month of August saw revenues grow 56% from the $2.4 million reported in July sales to $3.7 million, marking the third straight month of substantial revenue growth. Notably, the company last quarter as a whole saw revenues of $4.7 million, demonstrating just how fast revenues have grown for the firm as a whole.

Year to date revenues have hit $13 million. The third quarter alone has accounted for $6.1 million of that, based on just two months of data. Lease originations meanwhile grew to 313 in August, bringing the current quarter to 574 total originations to date, with another month to go.

The company also reported that it is seeing greater depth in its origination results, with 26 dealers originating four or more deals, and 60% of dealers that booked a deal booking two or more. A total of 79 auto dealers booked a deal during the month, a 30% increase month over month. The figures also represent a substantial growth opportunity for the firm, whom in total has over 650 dealerships that are onboarded to conduct transactions on the platform.

“We have achieved consistent double digit sequential growth which underscores the significant demand and virality of our product offering. While OEM’s are pushing out timelines for replenishing inventory levels, we will continue to educate our dealer network and add new dealer groups, positioning the Company to demonstrate the real scaling potential of the business heading into 2022. Our longer-term objective is to onboard 2,000 dealers at 3-4 originations per dealer,” commented Jon Lamb, whom is CEO of DRIVRZ Financial, a subsidiary of the firm.

PowerBand Solutions last traded at $1.20 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.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

PowerBand Secures Second Financing Facility For Virtual Automotive Transaction Platform

In its third major development this week, PowerBand Solutions (TSXV: PBX) this morning announced that...

Thursday, October 22, 2020, 09:03:18 AM

PowerBand Solutions Reports Q3 Preliminary Gross Revenues Of $8.8 Million

PowerBand Solutions (TSXV: PBX) this morning released its much awaited sales numbers for September as...

Thursday, October 14, 2021, 08:12:21 AM

PowerBand Solutions Signs MOU With Atlis Motor Vehicles For Leasing, Purchasing & Insurance Services

PowerBand Solutions (TSXV: PBX) has entered into a memorandum of understanding with an up-and-coming electric...

Wednesday, May 19, 2021, 08:51:48 AM

PowerBand Solutions Forms Canadian Leasing & Finance Division

PowerBand Solutions (TSXV: PBX) is progressing towards operationalizing its cloud-based platform for automotive transactions, announcing...

Wednesday, January 15, 2020, 01:38:07 PM

PowerBand Solutions And Bryan Hunt Launch Driveaway App

PowerBand Solutions (TSXV: PBX) has launched its mobile app in conjunction with that of Bryan...

Thursday, February 20, 2020, 09:10:43 AM