PowerBand Announces First Quarter 2024 Financial Results

PowerBand Solutions (TSXV:PBX)(OTC Pink:PWWBF)(Frankfurt:1ZVA) has released its interim consolidated financial statements and management's discussion for the three-month period ending March 31, 2024. These documents are available on www.sedarplus.ca.

Revenue for Q1/2024 decreased to $627,332 compared to $975,711 in Q4/2023 and $838,693 in Q1/2023. The decrease stems primarily from servicing the current lease portfolio. The adjusted EBITDA loss for Q1/2024 remains consistent with Q4/2023 due to cost management efforts aimed at maintaining minimal operating expenses for planned growth.

As of March 31, 2024, cash on hand was $1,934,209, slightly down from $1,937,182 on December 31, 2023. The cash balance includes collections from leaseholders reported as accounts payable.

The company will provide a corporate update to shareholders soon.