TORONTO, Aug. 26, 2024 (GLOBE NEWSWIRE) — Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA), the Smart Off-Grid™ company, announces its financial results for the second quarter of 2024 (“Q2 2024”) ended June 30, 2024. A complete set of financial statements and management’s discussion and analysis (“MD&A”) have been filed at www.sedarplus.ca. All dollar amounts are in Canadian dollars.
Based on the last four quarters (“TFQ”):
- Revenues were $6,212,370, an increase of 278% from $1,644,227 in the prior corresponding period, due to strong sales growth across all four of Clear Blue’s product lines;
- Recurring revenue was $779,149, an increase of 21% from $646,416 in the prior corresponding period.
- Gross profit increased to $2,652,969 compared to $606,008 in the comparable period, an increase of 338%;
- Gross profit margin was 43%, an increase of 37% over the comparable TFQ period.
- Non-IFRS Adjusted EBITDA* for the period was ($1,685,811) compared to ($3,639,495) for the prior period, an improvement of 54%.
For Q2 F2024:
- Revenue was $1,014,690, an increase of 35% from $752,325 in the second quarter of 2023;
- Recurring revenue represented $169,106 of quarterly revenue, compared to $139,056 in the second quarter of 2023, an increase of 22%;
- Gross profit for Q2 2024 was $245,564 compared to $309,007 for Q2 2023, a decrease of 21%. Gross margin for the quarter was 24%, a decrease of 41% in the comparable quarter of 2023 due to an unexpected one-time anti-dumping fee on solar modules, which the Company is appealing and believes will be waived. Excluding this, our gross margin for the quarter would have been 33%;
- Adjusted EBITDA (Non-IFRS) was ($721,262) compared to ($664,964) in the second quarter of 2023, an 8% improvement over the comparable period in 2023;
- Through June 30, 2024, bookings increased to $3,237,789, a 31% increase compared to $2,469,846 on December 31, 2023.
Financial Outlook F2024
Since late 2022, and in a turbulent business environment, Clear Blue’s core fundamentals have changed significantly. Management expects Clear Blue’s second half of 2024 to follow the trajectory of 2023, with Q3 and Q4 accounting for the majority of annual revenue. Since all of Clear Blue’s one-time revenue represents a capital expenditure for our customers, annual budget and procurement cycles tend to dictate the majority of our Q3 and Q4 deliveries.
Clear Blue’s expanded product portfolio has significantly increased our market reach and diversified our customer base, reflecting growing demand across a broader range of applications. Our customers continue to accelerate their efforts to raise funds for capital projects, with several of our long-standing partners nearing completion of financings in the third or early fourth quarter. Over the past two years, management has contributed more than $2.5 million, making it the company’s largest funder, along with unwavering investor support. As the world leverages AI to reach the next level of performance in the fight against climate change, Clear Blue’s large data set will enable us to solidify our competitive advantage in providing the most reliable solar power at the lowest cost. This bodes well for significant contract volumes and strong growth for Clear Blue in the second half of 2024 and into 2025.
Please join our quarterly earnings conference call on Tuesday morning at 11:00 a.m. (EDT) to hear more about what we think is exciting this fall:
Registration link
https://us06web.zoom.us/webinar/register/WN_0FQ2Z2BiRW2jpcm6Rq9KJg
For further information please contact:
Miriam Türk, co-founder and CEO
+1 416 433 3952
[email protected]
www.clearbluetechnologies.com/en/investors
Nikhil Thadani, Sophic Capital
+1 437 836 9669
[email protected]
About Clear Blue Technologies International
Clear Blue Technologies International, the Smart Off-Grid™ company, was founded with a vision to provide clean, managed “wireless power” to meet the world’s need for reliable, low-cost solar and hybrid power for lighting, telecommunications, security, IoT devices and other mission-critical systems. Today, Clear Blue manages thousands of systems in 37 countries, including the United States and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)
*Clear Blue’s Adjusted EBITDA is calculated based on earnings before interest, depreciation, amortization expenses and various non-cash items (including inventory write-offs, translations and stock-based compensation) as well as certain one-time costs from time to time as deemed appropriate by management.
Legal Notice
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described in this press release. These securities have not been and will not be registered under the U.S. Securities Act or the securities laws of any other state and, accordingly, may not be offered or sold within the United States or to, or for the account or benefit of, persons in the United States or “U.S. Persons” (as that term is defined in Regulation S promulgated under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements.
Forward-looking statements
This news release contains certain “forward-looking information” and/or “forward-looking statements” within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements do not represent historical facts or information or current status, but instead represent Clear Blue’s beliefs with respect to future events, plans or objectives, many of which are inherently uncertain and beyond Clear Blue’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will”, “continue”, “will occur” or “be achieved”. The forward-looking statements contained herein may include, among other things, information regarding financial results and future contracts.
By identifying such information and statements in this manner, Clear Blue cautions the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause Clear Blue’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such information and statements.
An investment in Clear Blue securities is speculative and subject to a number of risks, including, but not limited to, those described under the heading “Risk Factors” in Clear Blue’s registration filing dated July 12, 2018. Although Clear Blue has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in preparing the forward-looking information and statements, and the expectations reflected therein, are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could 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 subsequent written and oral forward-looking information and statements attributable to Clear Blue or persons acting on its behalf are expressly qualified in their entirety by this note.”
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described in this press release. These securities have not been and will not be registered under the U.S. Securities Act or the securities laws of any other state and, accordingly, may not be offered or sold within the United States or to, or for the account or benefit of, persons in the United States or “U.S. Persons” (as that term is defined in Regulation S promulgated under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements.
