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

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Emerita Resources Intersects Further Mineralization At El Cura, Expanding Deposit

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

Related News

PowerBand Sees July Gross Revenues Climb To $2.4 Million

Monthly sales continue to climb over at PowerBand Solutions (TSXV: PBX). The automotive fintech this...

Thursday, August 5, 2021, 08:28:17 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 Signs 24 Location Dealership Group To DRIVRZ Platform

PowerBand Solutions (TSXV: PBX) has signed another group of auto dealers onto its DRIVRZ platform....

Friday, October 23, 2020, 09:00:46 AM

PowerBand Solutions Engages Citation Capital To Secure US Credit Facilities

PowerBand Solutions (TSXV: PBX) announced this morning that it has signed an agreement with that...

Monday, February 10, 2020, 08:43:33 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