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PowerBand Solutions' DRIVRZTM products delivered 88% increase in revenue to CDN $8.8 million as compared to the second quarter revenue of CDN $4.7 million at 50% gross margin
PowerBand Solutions Inc., a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles is pleased to announce that the Company's DRIVRZ products demonstrated strong revenue growth, originations and gross margins in the third quarter of 2021.
Gross revenue for the third quarter ended September 30, 2021, increased 88% to CDN $8.8 million as compared to the second quarter revenue of CDN $4.7 million. Gross revenue for the month of September was down sequentially with originations due to historically low inventory levels and business interruption from flooding in the U.S. Northeast. Cumulative year-to-date gross revenue has now exceeded CDN $16 million with a gross margin of 50% year-to-date and for the third quarter. Management expects to release third quarter financial results by the second week of November 2021.
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Kelly Jennings, founder and CEO commented. "Our goal is to bring all three business units to the market in 2022 which will drive strong synergies and significant growth for our shareholders. We are also in the process of bringing Drivrz Financial Canada online by the end of the year. We have never been more enthusiastic about our prospects and are seeing awareness and engagement levels accelerating every month. We will update the market frequently as we scale the business".
John, IT Staff
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