PowerBand Solutions' DRIVRZ™ products delivered 56% month-over-month revenue growth in August 2021
TORONTO, ON / ACCESSWIRE / September 8, 2021 / PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(FSE:1ZVA) ("PowerBand," "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, is pleased to announce that the Company's August 2021 financial results demonstrate strong momentum of month-over-month revenue growth, positioning the Company for another record quarter.
Gross revenue increased to CDN $3.7 million in August 2021, representing 56% growth month-over-month. August was the third consecutive month of 30% or higher sequential growth. Cumulative year-to-date gross revenue has now exceeded CDN $13 million with a gross margin of 50%. Lease originations count increased to 313 in August 2021, up 20% from July 2021.
There were several highlights in August 2021 including: 1) 26 dealers that originated four or more deals; 2) 60% of dealers that booked a deal booked more than one deal; and 3) 79 unique dealers booked a deal, up 30% sequentially. This substantiates engagement as dealers are entrenching in the DRIVRZ Financial used car leasing program and see the value proposition for both the dealer and its consumers. The Company will continue to work with its over 650 onboarded dealers to improve origination count per dealer.
Jon Lamb, CEO of DRIVRZ Financial commented. "I am so proud of our team for once again delivering strong revenue growth in a historically low inventory environment. Our monthly origination count and revenue base has grown appreciably in 2021. 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".
Kelly Jennings, founder and CEO commented. "Our overarching strategy from the beginning is to enable dealers with innovative products and digital solutions by developing the industry's first multi-sided marketplace. The competitive moat of the DRIVRZ Financial business is becoming apparent to industry constituents and the financial community. We will leverage existing dealer relationships and build new partnerships to fortify our strategy to develop a true marketplace in the automotive industry. We see significant synergies across our business segments as DrivrzXchange and DrivrzLane are rolled out and start contributing to revenues in 2022".
About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, funders, and manufacturers (OEMs). It enables them to buy, sell, trade, finance, and lease new and used, electric and non-electric vehicles, on any phone, tablet or PC connected to the internet. PowerBand's transaction platform - being trademarked under DRIVRZ™ - is being made available across North American and global markets.
For further information, please contact:
Kelly Jennings
Chief Executive Officer
E: [email protected]
P: 1-866-768-7653
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Non-IFRS Measures:
This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company's performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company's operating results.
SOURCE: PowerBand Solutions Inc.