PowerBand Solutions (TSXV: PBX) this morning reported its second quarter financial results, posting revenues of $4.7 million for the three month period. The quarter represents a record for the firm.
Revenues climbed a strong 63.2% on a quarter over quarter basis, jumping from $2.9 million to $4.7 million. Gross profit also climbed, hitting $2.4 million in the second quarter. Year to date, the company has posted revenues of $7.6 million, as compared to $1.0 million for the first half of 2020, and $3.0 million for all of FY2020.
Expenses during the quarter totaled out at $4.2 million, with the largest expense consisting of salaries and wages of $1.1 million, followed by professional fees of $0.9 million. The firm posted a loss from operations, and subsequently a net loss of $1.9 million as a result. Adjusted EBITDA meanwhile saw a loss of $1.1 million, a significant improvement over the negative $2.1 million figure posted in the first quarter.
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In terms of cash, the company held a total of $2.3 million in cash on hand as of June 30, which was subsequently boosted by $12.8 million following the close of the quarter via a private placement.
CEO Kelly Jennings commented on the quarter by stating, “With the completion of the capital raise in July, we have accelerated the development of three key projects that will compliment and further the growth of the revenue to the Company. We expect a robust third quarter 2021 with improved operational efficiencies and effective deployment of capital.”
PowerBand Solutions last traded at $1.14 on the TSX Venture.
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