Clear Blue Technologies Announces 2021 Q1 Financial Results

Q1 Revenue of $3,459,007, Gross Margin of 22%, Adjusted EBITDA of $(416,969)

TORONTO, May 27, 2021 (GLOBE NEWSWIRE) — 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 Nye
Director
Montieth & Company
155 E 44th St., New York, NY 10017
bnye@monteithco.com
+1 646.864.3517

Investor Relations:
Miriam Tuerk
Co-Founder and CEO
+1 416 433 3952
investors@clearbluetechnologies.com
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) (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.