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PowerBand Announces Second Quarter 2024 Financial Results

TORONTO, ON / ACCESSWIRE / August 21, 2024 / PowerBand Solutions, a fintech firm listed on TSXV, OTC PINK, and Frankfurt markets, has released its financial statements and management's discussion and analysis for Q2 2024. The documents can be accessed at www.sedarplus.ca.

Q2 2024 revenue fell to $542,166 from $627,332 in Q1 2024 but rose from $497,549 in Q2 2023. Revenue was primarily generated from servicing the existing lease portfolio. Adjusted EBITDA loss also decreased due to reduced revenue. Operating expenses were controlled through cost management initiatives.

Cash on hand increased to $2,220,567 as of June 30, 2024, from $1,934,209 on March 31, 2024. This includes cash collected from leaseholders and reported as accounts payable.

The Annual General and Special Meeting of shareholders is scheduled for September 18, 2024, at 11:00 am EDT.

R. H.

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