PowerBand Solutions Sees Gross Revenues Climb To $1.8 Million In June

PowerBand Solutions (TSXV: PBX) continues to experience growth in its ecommerce platform. The company this morning reported its preliminary results for June 2021, which point to continued month over month sales growth.

For the month of June, PowerBand saw gross revenues climb to C$1.8 million, a notable improvement from the $1.4 million recorded in May. Revenues to date as a result have climbed to $7.2 million, with gross margins reportedly hitting 54%.

In terms of clientele, the company has now brought a total of 468 dealers on board since the initial launch of its services, with 51 of those brought on in the month of June alone. A total of 216 lease originations were conducted among the dealers last month, with the company targeting to increase this roughly four-fold by year end, with a target of two originations per dealer per month.

“Momentum is strong as we continue to scale the business and we see an inventory replenishment cycle in coming months that should drive step changes in our sales trajectory. We are focused on onboarding new dealers and dealer groups, improving on sales volumes and engaging OEMs to secure captive formations.”

Jon Lamb, DRIVRZ Financial CEO

The company is reportedly nearing C$100 million within its lease origination portfolio, a major milestone for the company. The company is reportedly on-track to meet its targets for the year, with continued growth in the firms dealer partners.

PowerBand Solutions last traded at $0.90 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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