PowerBand Solutions (TSXV: PBX) this morning reported its third quarter financial results, highlighting revenues of $9.2 million for the three month period ended September 30, a substantial year over year and quarter over quarter improvement for the firm.

Revenues for the quarter were up from just $0.6 million in the year ago period, representing growth of over 1,500% on a year over year basis. Revenues quarter over quarter meanwhile grew 95.9%, nearly doubling from the $4.7 million in revenue recorded for the three months ended June 30, 2021.

Cost of goods sold during the quarter meanwhile amounted to $5.2 million, resulting in a gross profit of $4.0 million. This compares to a gross profit of $2.4 million in the prior quarter, and $0.3 million in the year ago period.

Expenses for the quarter meanwhile amounted to $6.3 million, lead by salaries and wages of $2.3 million. The company overall posted a net loss of $2.3 million for the three month period, along with adjusted EBITDA of negative $0.9 million.

The company also posted cash on hand of $9.2 million.

In commenting on the results, the firm stated that “its true scaling capability will not be appreciated until used car prices normalize, which is expected to gradually improve over the next 12-18 months.” The result of this is expected margin expansion in coming quarters.

PowerBand Solutions last traded at $0.92 on the TSX Venture.

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