Clear Blue Technologies International Inc. (“Clear Blue”) (TSXV:
CBLU) (FRANKFURT: OYA), the Smart Off-Grid™ company, today
announces its financial results for the year ended December 31,
2020, with the following highlights:
Key Financial Results (all figures in
Canadian dollars)
- Record quarterly revenues of
$2,504,446, a 5% increase over $2,392,839 for Q4 2019;
- TFQ Revenue was $4,023,811, a 1%
increase over the previous TFQ period;
- Beginning Q2, 2020, the Company
began reporting Bookings (see more info below). For the period
ending December 31, 2020, the Bookings were $4,158,916;
- Gross profit for TFQ was $1,266,999
or 31.5%, a 42% increase from the previous period ($891,163 or
22.4%). This was largely the result of two factors: cost reductions
through supply chain and contract manufacturing; and more
importantly, new smart off-grid functionalities developed and
implemented by the Company which resulted in the elimination of
complex and costly system components;
- Operating expenses for the TFQ
ended December 31, 2020 were $4,629,224, a decrease of $1,051,437
or 19% compared to the same period in 2019;
- Non-IFRS Adjusted EBITDA for the
TFQ was $(3,590,506) as compared to $(4,157,728) for the previous
TFQ—a 13.6% improvement resulting from improving gross margins,
various cost reduction plans undertaken by the Company as well as
government Covid-19 funding support.
Outlook
While Covid-19 clearly impacted Clear Blue’s
2020 results, certain key results indicate positive positions for
growth in 2021:
- Clear Blue’s gross margin in 2020
grew significantly from 22.4% in 2019 to 31.5% in 2020;
- Clear Blue’s backlog going into
2021 was $975,664;
- Recurring revenue growth is strong,
led by the Energy-as-a-Service (EaaS) offering for Illumient in
North America. In 2021, Clear Blue will extend its EaaS offering to
its international telecom vertical, further accelerating the growth
in recurring revenue;
- Clear Blue’s investment in the
telecom vertical and Africa is showing success, with many 2020
large rollout agreements moving forward including a project with
forecasted sales of $5 million and over 400 sites, for a major
infrastructure operator in Africa. With some of this order shipping
in Q4, the remainder is forecasted to generate $3M in revenue in Q1
2021 compared to total revenue of $238,298 in Q1 2020, an 1100%
increase in Q1 YoY;
- Additionally, the large $1.45M
order Nano-grid Power Packs for Orange S.A. in Cameroon, in
partnership with NuRAN was announced in Q4 of 2020. NuRAN and Clear
Blue will provide Rural Telecommunications systems and ongoing
operational services in Cameroon to Orange S.A., one of the world’s
largest mobile network operators.
To support these exciting new initiatives, Clear
Blue also opened an office in Nairobi, Kenya in 2020 and hired
additional local talent in sales and technical support. The office
is providing field Research & Development (R&D), sales and
a second operations service team to support Clear Blue’s recurring
Illumience and EaaS management service for full customer support,
troubleshooting and technical support for systems across EMEA, in
their local time zones.
Projects for Illumient solar street lights are
seeing recurring projects, market expansion across North America
and opportunities in new industries and applications.
“In spite of Covid-19 impacts earlier in 2020,
major projects are now moving forward and Clear Blue has had its
best year, so far,” said Miriam Tuerk, Co-Founder & CEO. “The
Company continues to innovate to improve products and services for
our customers, resulting in regular large project contracts and
follow-on business across world. The successes of 2020 have driven
growth in our team, process efficiencies and the ability to meet
the needs of customers on an even larger scale. Our team has worked
very hard to ensure that our sophisticated technology makes it
simple for customers. This along with our push for even lower CAPEX
and OPEX for projects has resulted in great successes in 2020 and
will continue to serve us into 2021. I am thrilled and honoured to
represent Clear Blue’s co-founders, management and entire team to
the market.”
While there continues to be significant
uncertainty over the forward outlook, particularly in supply chain
and shipping, 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 Tuesday, March 16, 2021.
Those interested can register at:
https://zoom.us/webinar/register/WN_SeZVLxghQfGlhKhcfLgpjg
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+1 416 433
3952investors@clearbluetechnologies.comhttp://www.clearbluetechnologies.com/en/investors
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
37 countries, including the U.S. and Canada. (TSXV: CBLU)
(FRANKFURT: OYA)
Legal Disclaimer
Neither 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" and/or "forward-looking statements"
within the meaning of applicable securities laws. Such
forward-looking information and forward-looking statements are not
representative of historical facts or information or current
condition, but instead represent only Clear Blue’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
financial results and future upcoming contracts.
By identifying such information and statements
in this manner, Clear Blue 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 Clear Blue to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of Clear Blue is
speculative and subject to several 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 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, Clear Blue has made certain assumptions. Although Clear
Blue 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. All subsequent written and oral
forward-looking information and statements attributable to Clear
Blue or persons acting on its behalf is expressly qualified in its
entirety by this notice.
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