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Fourth Quarter Revenue Drop of $5.9M (+255% Y/Y Growth), Driven by 208% Y/Y Growth In Q1 To $808K and 42% Q1 Gross Margin
TORONTO, June 04, 2024 (GLOBE NEWSWIRE) — Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA), the Smart Off-Grid™ Company, announced its financial results for the first quarter of 2024 (“Q1 2024”) ended March 31, 2024. A complete set of Financial Statements and Management Discussion & Analysis (“MD&A” ) has been filed at www.sedarplus.ca All dollar amounts are sold in Canadian dollars.
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On a Trailing Four Quarter (“TFQ”) basis:
- Revenue was $5,950,005, up 255% from $1,674,003 in the corresponding period, due to strong revenue growth across all four Clear Blue product lines;
- Recurring revenue of $1,120,838, an increase of 29% from $865,610 in the corresponding period;
- Gross Profit increased to $2,716,412 compared to $574,296 in the same period, an increase of 373%;
- The gross margin percentage was 46%, an increase of more than 34% with the comparative TFQ period;
- Non-IFRS Adjusted EBITDA was $(1,629,513) compared to $(3,964,030) for the prior period, an increase of 59%.
For Q1 F2024:
- Revenue was $808,553, an increase of 208% from $262,137 for the quarter ended March 31, 2023 (“Q1 2023”);
- Recurring revenue was $300,786, a 42% increase from $212,004 in Q1 2023;
- Gross profit was $338,339 compared to $93,272 for Q1 2023, an increase of 263% for the quarter;
- Gross Margin percentage for Q1 2024 was 42%, up from 36% in Q1 2023;
- Adjusted EBITDA was $(712,325) against $(1,042,209) in Q1 2024, an increase of 32% from Q1 2023;
- As of March 31, 2024, orders have increased to $2,848,424, a 15% increase, when compared to $2,469,846 as of December 31, 2023, with deliveries anticipated within the next three years in the case of Illumience/EaaS and typically within the next four. for six months in the case of production orders.
- In the quarter, the Company shipped 388 power control devices on 10 orders.
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Development Seen During Q1 2024
- In the quarter, the Company released the Esite version of its industry-leading Illumience Smart Power service. Illumience has processed more than 1 trillion transactions since its inception. It has the largest repository of Smart Off-Grid power performance data in 37 countries and various customers worldwide. With big data, predictive analytics and future AI enhancements, Clear Blue is a leader in solar and hybrid performance for telecoms, Smart City & IoT and leading the Road to Zero Diesel for telecoms.
F2024 Financial Outlook
Clear Blue maintains its outlook issued on May 28, 2024 as follows.
Overall, management reiterated its previous guidance for expected 2024 revenue to be greater than 2023 and 2022 revenue, which were $5.4M and $2.6M, respectively. Clear Blue’s business growth has accelerated after a challenging 2022 and 2023. This is expected to increase order intake in 2024, followed by revenue growth.
For more information, contact:
Miriam Tuerk, Co-Founder and CEO
+1 416 433 3952
investors@clearbluetechnologies.com
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www.clearbluetechnologies.com/en/investors
Nikhil Thadani, Sophic Capital
+1 437 836 9669
Nik@SophicCapital.com
About Clear Blue Technologies International
Clear Blue Technologies International, a Smart Off-Grid™ company, was founded with the vision of providing clean, managed “wireless power” to meet the global need for reliable, low-cost, solar and hybrid solar power for lighting, telecommunications, security. , Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems managed in 37 countries, including the US and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)
Legal Disclaimer
Neither the TSX Venture Exchange nor the Regulatory Service Providers (as those terms are defined in TSX Venture Exchange policies) are responsible for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described in this news release. These securities have not been, and will not be, registered under the US Securities Act, or state securities laws, and, as such, may not be offered or sold in the United States, or to or for the account or benefit of persons in the United States. United States or “US Persons”, as such terms are defined in Regulation S promulgated under the US Securities Act, unless registered under the US Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
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Statement-Look Forward
This press release contains certain “forward-looking information” and/or “forward-looking statements” within the meaning of applicable securities laws. Such forward-looking information and statements do not reflect historical facts or current information or conditions, but merely reflect Clear Blue’s beliefs about future events, plans or objectives, many of which, by their nature, are uncertain and outside the box. from Clear Blue’s control. In general, forward-looking information or forward-looking statements can be identified by using forward-looking terminology such as “plan”, “expect” or “do not expect”, “will”, “budget”, “scheduled”. ”, “forecast”, “forecast”, “intend”, “expect” or “do not expect”, or “believe”, or variations of these words and phrases or may contain statements that actions, events or results certain “can” , “can”, “will”, “can” or “will be taken”, “will continue”, “will happen” or “will be achieved”. Forward-looking information contained herein may include, but is not limited to, information regarding future financial and contractual results.
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By identifying such information and statements in this way, Clear Blue alerts the reader that such information and statements are subject to risks, uncertainties, and other factors that could affect Clear Blue’s actual results, level of activity, performance or achievements. be materially different from those indicated or implied by such information and statements.
Investing in Clear Blue securities is speculative and subject to a number of risks including, without limitation, the risks discussed under the heading “Risk Factors” in Clear Blue’s listing application dated July 12, 2018. Although Clear Blue has attempted to identify important factors that could cause actual results to differ- materially different from those contained in forward-looking information and forward-looking statements, other factors may cause results to differ from those anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in the preparation of, and the expectations contained in, the information and forward-looking statements are reasonable, undue reliance should not be placed on such information and statements, and no guarantees or warranties can be made. provided. such forward-looking information and statements will prove to be accurate, because actual results and future events may differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All information and statements relating to Clear Blue or those acting on its behalf are expressly qualified in full by this notice.
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This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described in this news release. These securities have not been, and will not be, registered under the US Securities Act, or state securities laws, and, as such, may not be offered or sold in the United States, or to or for the account or benefit of persons in the United States. United States or “US Persons”, as such terms are defined in Regulation S promulgated under the US Securities Act, unless registered under the US Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
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