Clear Blue Technologies International Inc. (“Clear Blue”) (TSXV:
CBLU) (FRA: 0YA) (OTCQB: CBUTF), the Smart Off-Grid™ Company, today
announces its financial results for the quarter ended March 31,
2021, with the following highlights:
Key Financial Results (all figures in
Canadian dollars)
On a Trailing Four Quarter basis:
- TFQ Revenue was $7,244,647, an 87%
increase over the previous TFQ period;
- Gross profit for TFQ was $1,941,028
or 27%, a 125% increase from the previous period ($862,030 or
22%);
- Operating expenses for the TFQ
ended March 31, 2021, were $4,389,751, a decrease of $1,026,854 or
19% compared to the same period in 2020;
- Non-IFRS
Adjusted EBITDA for the TFQ was $(3,103,830) compared to
$(3,673,380) for the previous TFQ. This 16% improvement resulted
from higher revenue with improved margins of 27% compared to 22%
for the comparative TFQ of 2020.
For the quarterly Q1 2021 results:
- Q1 quarterly revenues were
$3,459,007, a 1,352 % increase over $238,171 for Q1 2020, which is
directly attributed to revenue from two previously announced
contracts with telecom infrastructure operators in Africa.
- Gross profit for Q1 was $751,163 or
22% compared to $77,134 for Q1 2020, a significant increase
resulting from higher revenue for the quarter.
- Quarterly operating expenses
decreased by $239,473 to $1,024,864 for the three-month period
ended March 31, 2021 versus $1,264,337 for the three-month period
ended March 31, 2020. This can be attributed to government-funded
Covid-19 related support of $244,931 received in the three-month
period of 2021.
- Quarterly Non-IFRS Adjusted EBITDA
was $(416,969) versus $(903,424) in Q1 2020 resulting from higher
revenue and resulting increased gross margin of $674,029 in the
current quarter, compared to the same quarter of 2020.
Outlook
Our strong Q1 2021 result was the best quarter
ever for the Company and followed a solid Q4 2020, thereby setting
up a strong foundation for 2021 and beyond. Clear Blue supported
deployments by three key telecom accounts, all of whom have plans
for large multi-year initiatives supporting Tier 1 global telecom
providers. The Company’s recurring revenue increased by 53%, with
new bookings and related deferred revenue growing by 179% and 100%,
respectively, over 2020.
“With strong global commitments across multiple
countries and from numerous public and private stakeholders, the
movement to bring connectivity to the nearly four billion
under-served and under-connected people worldwide, is gaining
momentum,” said Miriam Tuerk, Co-founder & CEO of Clear Blue.
“These significant investments will continue to grow across Rural
Telecom as well as Satellite and Wi-Fi sectors, all of which need
Smart Off-Grid Power.”
On May 4th, 2021, Clear Blue completed its ten
billionth transaction between its Smart Off-Grid power systems and
its cloud management platform. With systems in 37 countries
worldwide the traction in its partnerships and large contracts, the
Company has established itself as the market leader in managed
Smart Off-Grid systems and services for mission-critical
infrastructure. Management is focused on building upon this solid
foundation for future value accretion.
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, May 27, 2021. Those interested can register
at: https://zoom.us/webinar/register/WN_YUPes1vxSOOgo3PfLeObtg
Media Contact:Becky NyeDirectorMontieth &
Company155 E 44th St., New York, NY 10017bnye@monteithco.com+1
646.864.3517
Investor Relations:Miriam TuerkCo-Founder and
CEO+1 416 433
3952investors@clearbluetechnologies.comwww.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) (FRA: 0YA) (OTCQB:
CBUTF)
Legal DisclaimerNeither 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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