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Clear Blue Technologies Announces Fiscal 2022 Financial Results

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Clear Blue Technologies Announces Fiscal 2022 Financial Results 

Strong Q1 Order Intake Positions Company For 2023 Revenue Growth Resumption 

April 26, 2023, Toronto ON – Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA) (OTCQB: CBUTF), announces its financial results for the full year (“F2022”) and quarter ended December 31, 2022 (“Q4 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.  

F2022 Financial Results 

  • Revenue was $2,626,972, a 68% decrease from $8,148,659 in F2021, due to delays in customer rollouts and deployments.
  • Recurring revenue was $819,054, an 83% increase from $446,670 in F2021.
  • Gross margin increased to 37% versus 28% in F2021.
  • Non-IFRS Adjusted EBITDA was $(3,760,719) versus $(2,563,334) in F2021, a 47% decrease.
  • As of December 31, 2022, bookings increased 30% to $1,991,275 versus $1,536,118 as of December 31, 2021, with delivery anticipated over the next three years.
  • Cash at December 31, 2022 was $853,330 compared to $2,116,612 at December 31, 2021. Subsequent to year-end, the Company closed the second tranche of a private placement financing for total gross proceeds of C$2,574,086 across both tranches and received an additional grant of $750,000.
  • As at April 26, Clear Blue has access to around $7,000,000 via non-dilutive government funding and grants. 

Notable Developments During Q4 2022 

  • On November 7, 2022 the Company announced its selection by Telia Cameroon to provide power telecom services to MTN, a large multinational telecom provider.
  • On November 14, 2022 the Company announced three new orders with Parallel Wireless with a total life-time contract value over $4 million.
  • On November 16, 2022 Deloitte selected Clear Blue for a Deloitte Fast50 Clean Technology Award.
  • On December 21, 2022 the Company signed a definitive agreement to purchase eSite Power Systems along with a $2,500,000 private placement. A first tranche for gross proceeds of $1,261,667 closed, including certain members of Clear Blue’s management and board of directors investing $587,000 as well as four strategic investors.

Subsequent Highlights

  • On January 23, 2023, the Company announced that it closed the eSite Power Systems acquisition, financed by issuing 3,000,000 Clear Blue common shares.
  • On February 7 2023, the Company announced that it closed the second and final tranche of a non-brokered private placement. The second tranche raised $1,304,868 in gross proceeds, and total gross proceeds for the two tranches were $2,566,535, exceeding the Company’s targeted $2,500,000.
  • In Q1 2023, Clear Blue’s order intake was $3.5 million (up 74% from 2022), of which $3.2 million is expected to be recognized as revenue in 2023.

F2023 Financial Outlook 

F2023 has started strongly, more in line with Clear Blue’s 2021 fiscal year that saw $8.1 million in revenue. We believe 2021 is a better comparison, as 2022 results were anomalous owing to various macro factors impacting our customers capex plans and projects. While Q1 is typically our seasonally softest quarter, a pattern we expect will continue in 2023, our order intake year-to-date suggests F2023 should be more in-line with the Company’s historic revenue profile. 

As of end of Q1, Clear Blue’s bookings this year total $3.5 million in sales. Of that, the Company anticipates $3.2 million will be revenue in F2023. New orders are spread across all three of Clear Blue’s core businesses:  

  • North American solar lighting business having its strongest start ever in 2023,
  • Nano-Grid’s telecom contributing to Q1 2023’s strong order intake, and
  • Esite-Micro (acquired in Q1 2023) already contributing to revenue and order intake. 

North American clean energy infrastructure is seeing major growth, partly due to the U.S. Inflation Reduction Act and the availability of 30% tax credits in North America for clean energy projects. Key projects include: a runway extension project at a top 5 U.S. airport, a U.S. Interstate Highway interchange, and multiple U.S. and Canadian municipality projects.  

After a turbulent F2022, management is targeting to report positive cash flow and EBITDA in F2023 without raising equity. The Company isn’t providing forward guidance until visibility improves. Clear Blue’s revenue threshold for cash flow and EBITDA break-even is approximately $9 million, owing to the Company’s cost containment measures and considering the integration of the eSite acquisition.  

Conference Call 

The Company will host a conference call to discuss its latest financial results at 11:00AM Eastern Time on Thursday, April 27, 2023. Those interested can register here.

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.