PowerBand Announces 2022 Annual Financial Results

TORONTO, ON / ACCESSWIRE / May 1, 2023 / PowerBand Solutions (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt: 1ZVA) ("PowerBand" "PBX" or the "Company"), a comprehensive e-commerce solution transforming the online experience to lease and finance vehicles, is announcing that it has filed its Consolidated Financial Statements and Management's Discussion and Analysis report for the years ended December 31, 2022, and 2021. These documents may be viewed under the Company's profile at www.sedar.com.

Revenue for the fourth quarter of 2022 decreased to $2,054,728 in comparison to Q4/2021 revenue of $8,148,893. Adjusted EBITDA loss for the fourth quarter of 2022 increased by $681,020 or 38% as compared to the fourth quarter of 2021.

Revenue for the fiscal year 2022 was $12,761,228, as compared to fiscal year 2021 revenue of $23,936,988, a decrease of 47%. Adjusted EBITDA loss for fiscal year 2022 was $9,331,521, as compared to an adjusted EBITDA loss for fiscal year 2021 of $5,838,786, an increase of 60%.

Cash on hand at December 31, 2022 was $10,299,414 compared to $6,367,533 as at December 31, 2021.

Foto: Accesswire

On April 25, 2023, the Company issued a press release and provided shareholders with a corporate and operational update for Drivrz Financial, LLC, its new and used vehicle leasing platform. The Company continues to work with its funding partners to re-commence the origination of leases and will provide an update when available. The Company is also seeking to secure additional funding lines for Drivrz Financial, LLC.

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, and funders. PowerBand's transaction platform - being trademarked under DRIVRZ™ - is being made available across the United States of America.

For further information, please contact:

Darrin Swenson
Chief Executive Officer and Director
E: [e-mail]
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 news release.

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.