News
PowerBand Announces 2023 Annual Financial Results
On June 17, 2024, PowerBand Solutions Inc. (TSXV:PBX, OTC Pink:PWWBF, Frankfurt:1ZVA) announced its annual financial results for the years ending December 31, 2023 and 2022. The company’s revenue for the quarter Q4 2023 decreased significantly to $975,711 compared to $2,054,728 in Q4 2022, driven primarily by service lease agreements. Cash on hand as of December 31, 2023 was $1,937,182, a sharp drop from $10,299,414 the previous year. PowerBand emphasized its disciplined and ongoing approach to cost management and mentioned that a corporate update would be provided soon. Complete financial statements and analyzes are available at www.sedarplus.ca.
Positive
- Maintain a disciplined approach to cost management.
- Revenue mainly comes from rental contracts, indicating focus on a specific segment.
Negative
- Q4 2023 revenue decreased to $975,711 from $2,054,728 in Q4 2022, a decline of more than 50%.
- Cash on hand has dropped significantly to $1,937,182 as of December 31, 2023, compared to $10,299,414 in the previous year.
- The significant decrease in revenues and available cash may raise concerns among investors.
06/17/2024 – 07:15
TORONTO, ON / ACCESSWIRE / June 17, 2024 / (TSXV: PBX) (OTC Pink: PWWBF) (Frankfurt: 1ZVA) (“Power range” “PABX” or the “Company“), a comprehensive e-commerce solution that transforms the online vehicle rental and financing experience, announces that it has submitted its Consolidated Financial Statements and Management’s Discussion and Analysis Report for the years ended December 31, 2023 and 2022. These documents can be viewed on the Company profile at www.sedarplus.ca.
Q4 2023 revenue decreased to $975,711 compared to Q4 2022 revenue of $2,054,728. Fourth quarter 2023 revenue was primarily from lease agreements. The Company continues to maintain a disciplined approach to cost management.
Cash on hand as of December 31, 2023 was $1,937,182 compared to $10,299,414 as of December 31, 2022.
The Company will provide shareholders with a corporate update in the near future.
About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTC Pink and Frankfurt markets, is a fintech provider disrupting the automotive industry. PowerBand’s integrated, cloud-based transaction platform facilitates transactions between consumers, dealers and lenders. The PowerBand transaction platform is being made available in the United States of America.
For more information, please contact:
Shibu Abraham
Financial Director and Director
AND: info@powerbandsolutions.com
P: 1-866-768-7653
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Non-IFRS measures:
This press release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful additional information about the financial situation performance of your business, enable the comparison of financial results between periods in which certain items may vary independently of business performance and allow for greater transparency with regard to the main metrics used by management in operating its business. Although the management believes that these financial measures are important in evaluating the Company’s performance, they are not intended to be considered in isolation or as a substitute or superior to financial measures 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. measures used by other companies. For certain non-IFRS financial measures, there is no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to financial performance measures determined in accordance with IFRS. Furthermore, the presentation of some of these measures is planned year after year for comparison purposes, and investors should be cautioned that the effect of adjustments thereto provided for herein have a real effect on the Company’s operating results.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expect” and similar expressions. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding the Company’s future plans and objectives, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The reader is cautioned that assumptions used in preparing any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those anticipated as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. As a result, we cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws and may not be offered or sold in the United States United States unless registered under the US Securities Act. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
SOURCE: PowerBand Solutions Inc.
See the original Press release at accesswire.com
Common questions
What was PowerBand’s revenue in Q4 2023?
PowerBand’s revenue for the fourth quarter of 2023 was $975,711.
How does PowerBand’s Q4 2023 revenue compare to Q4 2022 revenue?
PowerBand’s Q4 2023 revenue decreased to $975,711 from $2,054,728 in Q4 2022.
What was the cash available for PowerBand on December 31, 2023?
PowerBand had $1,937,182 cash on hand as of December 31, 2023.
What was PowerBand’s cash on hand at the end of 2022?
PowerBand cash on hand was $10,299,414 at the end of 2022.
Where can I find PowerBand’s full financial statements for 2023 and 2022?
PowerBand’s complete financial statements for 2023 and 2022 can be found at www.sedarplus.ca.