Powerbridge Technologies Co Ltd (PBTS) stock faced negativity on the first day of the week. PBTS lost 14.54% in the normal trading session and it went down further 4.56% in the after-hours session. BTS shares have lost 1.43% over the last 12 months, and they have moved down 17.47% in the past week. Over the past three months, the stock has lost 18.31%.
Strategic Cooperation Agreement with Huawei
On April 12, 2021, Powerbridge Technologies Co Ltd signed a strategic cooperation agreement with Huawei to jointly promote and market their services to local ports and customs in China.
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Huawei will use its advantage in market resources and Powerbridge will use its expertise in global trade digital solutions to jointly build a new global trade ecosystem in China.
Pingxiang project awarded to PBTS
On April 1, 2021, Powerbridge Technologies Co.Ltd announced that it has won the competitive bidding process for the Pingxiang Project in Guangxi, China. The Pingxiang Project is launched by the local port authority to fosters the digital infrastructure construction for the Belt and Road.
Financial Results
On December 3, 2020, Powerbridge announced its unaudited financial results for the six months ended June 30, 2020. No financial results announced after December 3, 2020, yet.
Half-year 2020 financial highlights
- PBTS revenue for the six months ended June 30, 2020, was $14.5 million, compared to $12.8 million for the six months ended June 30, 2019.
- For half-year 2020, Gross profit was $5.7 million compared to $4.5 million for the six months ended June 30, 2019.
- Operating loss for the six months ended June 30, 2020, was $0.2 million, compared to $2.4 million for the six months ended June 30, 2019.
- The PBTS suffered a net loss of $0.2 million or $0.02 per basic and diluted share for the six months ended June 30, 2020, compared to $2.9 million or $0.37 per basic and diluted share for the six months ended June 30, 2019.
- Operating expenses for the six months ended June 30, 2020, was $5.9 million, compared to $6.9 million for the six months ended June 30, 2019.
Conclusion
There is no doubt that PBTS stock is facing a hard time in the stock market and it might be just due to the current pandemic but whatever the reason is, PBTS needs to do something to turn around its stock from negative to the positive side or we can expect more bashing in coming days if nothing is changed.
About the company
Powerbridge Technologies Co., Ltd was founded in 1997 and is a provider of software applications and technology solutions and services to corporate and government customers primarily located in China.