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Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) announced its development of a Blockchain-enabled Supply Chain Management SaaS Platform. This innovative platform aims to optimize traditional supply chain systems by facilitating real-time information sharing among suppliers, logistics providers, and retailers. President Stewart Lor stated that this move intends to enhance practical Blockchain applications and drive revenue growth. The company focuses on AI, IoT, Blockchain, and financial technologies while planning future expansions into supply chain financial technology.
Powerbridge Technologies Co., Ltd. (NASDAQ:PBTS) announced it received a Notice from NASDAQ regarding non-compliance with periodic filing requirements due to the late submission of its Form 20-F for the fiscal year ending December 31, 2020. The deadline of April 30, 2021 was missed. The Company has until July 19, 2021, to present a compliance plan, potentially extending the compliance deadline to November 15, 2021. This notification does not currently affect share trading or listing.
Powerbridge Technologies has announced the launch of its Smart Connected City application, which includes a Smart Lamp Pole and a Smart City Operation Platform. This platform integrates 5G, IoT, and Big Data to enhance city management through data analysis. The market for smart cities in China is projected to grow from USD 30.4 billion in 2018 to USD 59.9 billion by 2023. Powerbridge aims to leverage its experience to attract municipal clients and be a leader in this sector.
Powerbridge Technologies (NASDAQ:PBTS) has formed a strategic cooperation agreement with Huawei to enhance the digital transformation of global trade in China. This partnership aims to leverage advanced technologies like Blockchain, Cloud Computing, AI, and IoT to improve services to local ports and customs. The agreement outlines a collaborative effort to develop Smart Ports and Smart Customs, alongside creating solutions for Smart Bonded Zones. The initiative is set to foster a new global trade ecosystem, enhancing operational efficiency for customers.
Powerbridge Technologies (PBTS) announced its Smart Monitoring Control Platform was selected by the local port authority for the Pingxiang Project in Guangxi, China. This project aligns with the Belt and Road initiative, enhancing cross-border trade and digital infrastructure. The platform integrates advanced technologies like GPS, AR, IoT, and AI for efficient customs clearance. CEO Stewart Lor emphasized the project's potential to boost market competitiveness as the company seeks copyrights and patents.
Powerbridge Technologies reported a 12.9% revenue increase to $14.5 million for the first half of 2020, up from $12.8 million in 2019. Gross profit rose by 26.2% to $5.7 million, with a gross margin improvement to 39.4%. The company achieved a net loss reduction of 93.5% to $0.2 million, down from $2.9 million year-over-year. Powerbridge plans to expand into out-of-home digital display advertising, supported by recent financing efforts totaling $67.5 million. The company aims to manage a network of 30,000 digital displays in Guangdong province, leveraging its Big Data platform.
Powerbridge Technologies (PBTS) plans to launch an out-of-home digital display advertising and media business in Guangdong province, China, with an expansion to the Greater Bay Area. This initiative aims to capitalize on the substantial market opportunity for digital advertising in high-traffic areas like office buildings and elevators. The company intends to acquire advertising spaces through its channels and strategic investments, expecting to generate incremental revenue and enhance financial performance in the mid to long term. CEO Stewart Lor expresses optimism about the growth potential for both users and investors.