PowerBand Solutions Sees March Gross Sales Grow 44% To $11.5 Million

PowerBand Solutions (TSXV: PBX) this morning reported its March gross sales figures, reporting a record $11.5 million in sales for the month. The performance represents a 44% increase in sales over what was exhibited in February.

The strong year to date performance of the company has resulted in gross sales of C$26.3 million, with the first three months exceeding total sales exhibited by the firm in all of 2020. Gross sales for 2020 amounted to $21.7 million, meaning the company is already up 21% on a year over year basis.

The average growth rate on a monthly basis currently sits at 31% following the most recent results. Gross margins reportedly remained consistent as well, with margins being between 60% and 65%.

Further growth is anticipated to occur as well, with the recent launch of the DRIVRZ consumer to consumer auction portal. The platform, referred to as DrivrzXchange, was launched mid last month with an initial pilot project taking place in northwest Arkansas, with expansion to occur regionally and nationally in the coming months. Leasing and financing meanwhile is also operating, with the firm to further market these services with a recently announced arrangement with Motor Trend.

“We have reported the best sales growth in our history in the first quarter of 2021. [..] We believe DRIVRZ™ will continue to accelerate our growth in the second quarter of 2021. We want to thank our dedicated team and our shareholders for their support as we track toward profitability and making DRIVRZ™ the leader in internet driven automotive retail.”

Kelly Jennings, CEO of PowerBand Solutions

PowerBand Solutions last traded at $1.07 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 Announces RouteOne Agreement Giving Access to 18,000 Dealerships

This morning PowerBand Solutions (TSXV: PBX) announced their agreement with RouteOne giving the company access...

Tuesday, February 4, 2020, 09:08:21 AM

PowerBand Platform Development Unaffected by Pandemic

PowerBand Solutions (TSXV: PBX) announced this morning that despite the ongoing global health crisis, the...

Monday, March 23, 2020, 08:51:53 AM

PowerBand Reports December Net Revenues Of $6.1 Million, 2020 Revenues Of $23.8 Million

PowerBand Solutions (TSXV: PBX) this morning released its monthly update for its latest financial performance....

Tuesday, January 26, 2021, 09:04:55 AM

PowerBand Makes First Payment In Connection With CB Auto Group Acquisition

PowerBand Solutions (TSXV: PBX) this morning announced that it has received exchange approval for its...

Monday, November 30, 2020, 09:20:19 AM

PowerBand Solutions Expects DrivrzXChange Rollout To Resume In Q1 2022

PowerBand Solutions (TSXV: PBX) this morning provided an update to the market with respect to...

Wednesday, October 27, 2021, 07:48:16 AM