Clear Blue Technologies Announces Q2 2022 Financial Results

Q2 Revenue of $782,101, Gross Margin of 35%, Adjusted EBITDA of $(989,498)

TORONTO, Aug. 24, 2022 (GLOBE NEWSWIRE) — Clear Blue Technologies International Inc. (“Clear Blue” and the “Company”) (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF), the Smart Off-Grid Company™, announces its financial results for the quarter ended June 30, 2022 (“Q2 2022”). A complete set of Financial Statements and Management’s Discussion & Analysis (“MD&A”) has been filed at All dollar amounts are denominated in Canadian dollars.

Key Financial Results

On a Trailing Four Quarter (“TFQ”) basis:

  • Revenue was $5,886,453, a 24% decrease over the TFQ ending Q2 2021. The comparative period ending June 30, 2021, benefited from higher-than-average revenue for Q1 2021 and Q4 2020 due to large initial deployments with a telecom infrastructure operator in Africa. Normalized for these deployments, TFQ revenue would have decreased by 6%;
  • Gross profit percentage was up 6% to 34% from 27% in the previous period. This represented a gross profit of $1,984,809 as compared to $2,100,743 for the previous period;
    • Non-IFRS Adjusted EBITDA was $(3,141,266) versus $(3,018,375) for the previous TFQ, a 4% decrease. This slight decrease is mainly attributable to lower sales, partially offset by a higher gross margin percentage.

For Q2 2022:

  • Revenues were $782,101, down 3% versus Q2 2022. Q2 is generally a seasonally low quarter for the Company, and revenue was relatively flat with the prior year;
  • Bookings were $ 2,104,309 up 37% from $1,536,118 as of December 31, 2021;
  • Recurring revenue comprised $358,250 of the quarter’s revenue compared to $134,011 in Q2 2021, a 167% increase. Recurring revenue is expected to increase yearly as more units are deployed;
  • Gross profit was $277,295 or 36% compared to $304,283 or 38% for Q2 2021;
  • Quarterly Non-IFRS Adjusted EBITDA was $(989,498) versus $(833,495) in Q2 2021 a 19% decrease from Q2 2021. This was mostly a result of increased travel and marketing-related expenses as customers returned to in-person meetings.

At the end of the quarter, the Company also closed a $4-million interest-free non-dilutive financing agreement with the Government of Canada through the Federal Economic Development Agency for Southern Ontario (“FedDev Ontario”). The funds from this financing will begin with an estimated $1.75M in Q3 2022 and the remainder facility over a 21-month period until March 2024.

Management Commentary and Outlook

During Q2, a period of continued market uncertainty, Clear Blue strengthened its balance sheet by nearly $6 million, which positions the Company to execute in the typically seasonally stronger second half of the year. Clear Blue raised funds through two tranches of financing totalling approximately $1.6 million. This funding will contribute to R&D, and sales and marketing. This financing will be drawn upon over a 21-month period until March 2024. Repayment begins in 2025, continues to 2031, and carries 0% interest. This funding will help Clear Blue bring its Pico-Grid product to market for use in satellite Wi-Fi and IoT applications.

“Clear Blue continues to work with many customers and partners for new opportunities and markets. Our new Pico-Grid product, our partnerships in the satellite sector, and our telecom offerings with our Smart Nano-Grid product have proven the benefits of our innovative technology and value proposition,” said Miriam Tuerk, CEO. “The current global slowdown is impacting us in the short term, and we are ruthlessly managing expenses and working on ever stronger cash positions to ensure we can continue to execute on our plan. As we move into the fall, we are entering our busy period with the remainder of the year, as in previous periods, expected to show stronger sales.”

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, August 25, 2022. Those interested can register at

For more information, contact:

Miriam Tuerk, Co-Founder and CEO
+1 416 433 3952

Nikhil Thadani, Sophic Capital
+1 437 836 9669

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 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.”

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, 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 such 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 pursuant to an exemption from such registration requirements.

About The Wall Street Analyzer 1517 Articles
The Wall Street Analyzer's staff of writers, analysts, publishers, producers, market researchers, and PR professionals aim to provide investors with the tools they need to make informed decisions on buying stock. Our staff is a mix of financial professionals and media savvy individuals whose experiences bring the best talent from both ends of the spectrum.