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Clear Blue Technologies Announces Q1 2022 Financial Results

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Q1 Revenue of $1,225,106, Gross Margin of 41%, Adjusted EBITDA of $(851,890)

Second Tranche of Unit Offering Closes for Gross Proceeds of $653,443, and Total Gross Proceeds of $1.64 Million 

May 30, 2022, TORONTO, ON -- 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 March 31, 2022 (“Q1 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 $5,914,758, an 18% decrease over the TFQ ending Q1 2021. Recall that Q1 2021 and Q4 2020 revenue benefited from large initial deployments with a telecom infrastructure operator in Africa. Normalized for these deployments TFQ revenue would have grown on a year-over-year basis;
  • Gross profit was $2,011,797 or 34%, a 4% increase from the previous TFQ’s $1,941,028 or 27%;
  • Non-IFRS Adjusted EBITDA was $(2,998,255) versus $(3,103,830) for the previous TFQ.

For Q1 2022:

  • Revenues were $1,225,106, down 65% versus Q1 2021 due to Q1 2021 having a large one-time order which departs from the Company’s typical seasonality. Over a 5-year trend, Q1 is usually the Company’s seasonally softest quarter, representing 6-9% of total annual revenues. Q1 2022 was the Company’s second highest Q1 ever (after Q1 2021), and based on historical trends management believes Q1 2022 revenue is in line to achieve fiscal 2022 revenue guidance of around $10 million;
  • Bookings were $2,015,147 up 31% from $1,536,118 as of December 31, 2021;
  • Gross profit was $507,500 or 41% compared to $751,163 or 22% for Q1 2021;
  • Quarterly Non-IFRS Adjusted EBITDA was $(851,890) versus $(416,969) in Q1 2021 resulting from lower revenues and resulting increased travel and marketing expenses as the Company’s sales activities have resumed in-person meetings.

Management Commentary and Outlook 

Q1 2022 saw Clear Blue gain more traction with its customers. The Company announced new partner and customer deals with YahClick, GCES, and Viasat. New product announcements for Illumient and the ground-breaking Pico-Grid product, were also met with strong interest in the market.

“Q1 was a busy sales and marketing quarter,” said Miriam Tuerk, Co-Founder & CEO of Clear Blue. “We announced several new customers, partnerships and launched two new products. At the same time, we witnessed a higher level of global macroeconomic uncertainty, which is impacting supply chains and enterprise buying behavior. While we have not lost any significant contracts, certain large contracts we were expecting to close in Q1 2022 have transitioned into smaller, phased rollouts. We have also undertaken an expense reduction program and allowed management and certain employees to accept reduced cash compensation in exchange for equity. These activities will bring the company to positive EBITDA and cashflow sooner at a lower revenue threshold than previously planned. Taking the current macro market pressures into consideration, we are comfortable with revenue guidance of around $10 million revenue for the next four quarters. Our sales funnel, customer and project activities indicate continued and strong demand for Clear Blue’s products, and with the closing of the second tranche of our unit offering, we are well positioned to execute on our opportunities.”

Second Tranche of Unit Offering Completed for a Total of $1.64M Raised 

Today, on May 30, the Company announces the closing of the second tranche of a non-brokered unit offering (the “Offering”) for gross proceeds of approximately $653,443.

This second closing of the Offering resulted in the issuance of 3,843,782 units of the Company (each, a “Unit” and collectively the “Units”) at a price of C$0.17 per Unit. Each Unit consists of one common share in the capital of the Company (each, a “Common Share” and collectively the “Common Shares”) and one common share purchase warrant (each whole warrant, a “Warrant” and collectively the “Warrants”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of C$0.22 per Common Share for a period of 24 months from the grant date. 

Proceeds from the Offering are anticipated to be used for sales, marketing, research and development, and working capital requirements.

Tranche 1 of this Unit Offering was completed and announced on April 29, 2022 for $989,834. Together the two Tranches totaled $1,643,277.

All securities issued under both tranches of the Offering are subject to a statutory hold period ending four months and one day from the closing date of the first tranche. The Offering remains subject to the final approval of the TSX Venture Exchange.

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, May 31, 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.