PowerBand Solutions’ DRIVRZ™ products delivered 31% month-over-month revenue growth for the second consecutive month in July 2021
TORONTO, ON / August 5, 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 July 2021 financial results demonstrate continuation of momentum following a record Q2 2021.
Gross revenue increased to CDN $2.4 million in July 2021, representing 31% growth month-over-month. Cumulative year-to-date gross revenue has now exceeded CDN $10 million with a gross margin of 52%. Lease originations counts increased to 261 in July 2021, up 21% from June 2021. DRIVRZ Financial highlighted significant milestones with 57 originations in California, representing 42% growth month-over-month. For context, California is a nascent market where sales and marketing resources were deployed in April 2021. Also, significant progress has been made increasing market share inside dealerships, as 41% of producing dealers booked four or more deals in July.
In August, DRIVRZ Financial will benefit from several initiatives that should produce strong growth in originations. As press released on July 19, 2021, DRIVRZ Financial added 64 dealerships through one dealer group onto the DRIVRZ Financial platform. The Company has also bolstered its workforce by hiring sales professionals in New York and New England, two new geographies with large total addressable markets.
Jon Lamb, CEO of DRIVRZ Financial commented, “Despite historically low used car inventory levels and a hurricane in Florida which impacted originations, we still generated greater than 30% revenue growth sequentially for a second consecutive month. We see growth accelerating in the Fall when used car inventory levels are replenished. We have broadened our sales outreach to several new markets and have increased sales density in existing markets. Market acceptance for our products is unequivocal, and our conviction is growing stronger to achieve our 2021 and 2022 objectives.”
Kelly Jennings, CEO and Founder of PowerBand Solutions states, “The DRIVRZ sales team is in the field driving the momentum, we see incredible opportunity and massive room to grow. We had a good second quarter and expect to have an even better third quarter.”
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.
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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.