Clear Blue Technologies International Inc. (Clear Blue or “the
Company”) (TSXV: CBLU) (FRANKFURT: 0YA), the Smart Off-Grid™
company, today reported its financial results for the fiscal
quarter ended June 30, 2020.
Key Financial Results (all figures in Canadian
dollars)
On a Trailing Four Quarter (TFQ) basis:
- Revenue was $3,641,514, a 37% increase over the previous TFQ
period;
- Beginning with this quarter and going forward, the Company will
begin reporting Bookings. For the period ending June 30,
2020, our Bookings were $2,094,729;
- Gross profit for TFQ was $881,224 or 24.2%, down slightly from
the previous period ($787,198 or 29.5%). This was largely the
result of a reallocation from operating expenses to COGS beginning
in Q4 2019. Without this, Gross Profit or the previous TFQ
would have increased to $1,011,355 or 28%;
- Operating expenses for the TFQ ended June 30, 2020 were
$4,197,534, a decrease of $2,507,604 or 37% compared to the same
period in 2019;
- Non-IFRS Adjusted EBITDA for the TFQ was $(2,592,899) as
compared to $(5,669,234) for the previous TFQ—a 54% improvement
resulting from various cost reduction plans undertaken by the
company as well as government COVID-19 funding support;
For our quarterly Q2 2020 results:
- Clear Blue’s offices were closed from mid-March 2020 to the end
of May as a result of COVID-19. As a result, Q2 quarterly
revenues were $340,345, a 40% decrease over Q2 2019;
- Gross profit for Q2 was $144,568 or 42% Gross Margin;
- Quarterly, operating expenses decreased by 70% ($529,784 vs.
$1,748,855) for the three-month period ended June 30, 2020 versus
2019.
- Quarterly EBITDA was ($414,473) a 72% improvement from Q2
2019. Clear Blue has undertaken a strong cost reduction plan
as a general part of its overall 2020 plan to improve its EBITDA.
In addition, additional cost reductions were undertaken in March to
mitigate the short-term impact of COVID-19 and a number of
government COVID-19 funding programs have been obtained in order to
assist in funding of salaries over the period;
Outlook
As with most firms, the pandemic has had an
impact on Clear Blue—our offices were shut for almost three months,
limiting production and shipments during that time.
Fortunately, this occurred during our quiet season. Once
offices re-opened, supply chain logistics and shipping impacted our
ability to have a “V” recovery, with orders received in the first
part of the year shipping primarily in August to October instead of
June and July. From a full year perspective:
- North American Illumient Solar Lighting sales have been strong,
and YTD sales has exceeded all of 2019’s results. The EaaS
service offering has been well received. As a result of this
new model, approximately 40% of every new Illumient sale in North
America is now recurring revenue over time, which builds on our
vision of delivering Energy as a Service to support mission
critical commercial and public sector infrastructure;
- Telecom rollouts continue to move forward with a number of
Operators in Africa and thru them with multiple large
Telco’s. Included in our YTD results as well as Bookings, we
have telecom systems being deployed to 9 countries through more
than 5 partners. However, the timelines for implementation
and final contract signatures has happened slower than anticipated,
mainly as a result of COVID’s impact in Africa and Europe.
While these projects are all active and moving forward on a daily
basis, and we see new additional large-scale projects on the
horizon, ramp up has been delayed by about 6 months over what the
industry had foreseen in late 2019.
“Like most industries, our Customer’s projects
and our own supply chains have experienced delays due to COVID-19,”
said Miriam Tuerk, Co-Founder & CEO. “While this has
delayed some of Clear Blue’s revenue, we have had no project
cancellations and our pipeline remains similar to the pre-COVID
pipeline. We remain confident that we have the same business
opportunity we envisaged when we launched our Telecom market
offerings.”
While there continues to be significant
uncertainty over the forward outlook, as with the world economy and
budgets in general, Clear Blue continues to see strong and
strategic interest in its offerings in both of its key
markets—North American Streetlights as well as Telecom in Emerging
markets. Telecom, connectivity, and cleantech are key growth
sectors in the world’s economy and Clear Blue continues to be
positioned as a key and strategic leader in innovating technologies
that make it possible to reliably and cost effectively provide
clean off-grid energy to mission critical customers around the
world.
Conference Call
The Company will host a conference call to
discuss its latest financial results at 11:00 AM Eastern Time
(Canada/U.S.) on Thursday, 27th of August 2020. Those
interested can register at:
https://zoom.us/webinar/register/WN_kRrNO9YaSo-BCgX-tWi40Q
About Clear Blue Technologies
International
Clear Blue Technologies International, the Smart
Off-Grid™ company, was founded on a vision of delivering clean,
managed, “wireless power” to meet the global need for reliable,
low-cost, solar and hybrid power for lighting, telecom, security,
Internet of Things devices, and other mission-critical systems.
Today, Clear Blue has thousands of systems under management across
35 countries, including the U.S. and Canada. Clear Blue
is publicly traded on the TSX Venture Exchange under the
symbol CBLU.
Legal Disclaimer
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.
Forward-Looking Statement
This press release contains certain
“forward-looking information” within the meaning of applicable
Canadian securities legislation and may also contain statements
that may constitute “forward-looking statements” within the meaning
of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Such forward-looking information and
forward-looking statements are not representative of historical
facts or information or current condition, but instead represent
only the Resulting Issuer’s beliefs regarding future events, plans
or objectives, many of which, by their nature, are inherently
uncertain and outside of 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 be taken”,
“will continue”, “will occur” or “will be achieved". The
forward-looking information contained herein may include, but is
not limited to, information concerning the prospective operating
results and performance of the Company, including the potential for
a successful Rollout project win in 2020.
By identifying such information and statements
in this manner, the Resulting Issuer is alerting the reader that
such information and statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the
Resulting Issuer to be materially different from those expressed or
implied by such information and statements.
An investment in securities of the Resulting
Issuer is speculative and subject to several risks including,
without limitation, the risks discussed under the heading “Risk
Factors” in the Resulting Issuer’s listing application dated July
12, 2018. Although the Resulting Issuer 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 contained in this press
release, the Resulting Issuer has made certain assumptions.
Although the Resulting Issuer believes that the assumptions and
factors used in preparing, and the expectations contained in, the
forward-looking information and statements 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, and the Resulting Issuer does not undertake
to update any forward-looking information and/or forward-looking
statements that are contained or referenced herein, except in
accordance with applicable securities laws. All subsequent written
and oral forward-looking information and statements attributable to
the Resulting Issuer or persons acting on its behalf is expressly
qualified in its entirety by this notice.
Media Contact:Becky NyeDirectorMontieth &
Company155 E 44th St., New York, NY 10017bnye@montiethco.com+1
646.864.3517
Investor Relations:Miriam TuerkCo-Founder and
CEO+1 (855) 733-0119
x200investors@clearbluetechnologies.comhttp://www.clearbluetechnologies.com/en/investors
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