Press Releases

Clear Blue Technologies Announces Q1 2023 Financial Results

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May 30, 2023, Toronto ON -- Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA) (OTCQB: CBUTF), announces its financial results for the quarter ended March 31, 2023 (“Q1 F2023”). 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.

On a Trailing Four Quarter (“TFQ”) basis:
• TFQ revenue was $1,674,003, a 72% decrease from $5,914,758 in the corresponding previous period. The current period was impacted by the economic downturn triggered by the macro-economic events of early 2022.
• TFQ recurring revenue was $865,610, a 75% increase from $495,404 in the corresponding previous period.
• TFQ Gross Profit decreased to $574,296 compared to $2,011,797 in the comparable period, a reduction of 71%.
• Gross margin percentage remained consistent at 34% with the comparative TFQ period of 2022.
• TFQ EBITDA was $(2,825,118) as compared to $(3,232,312) for the previous period, a 13% improvement.

For Q1 F2023:
• Revenue was $262,137, a 79% decrease from $1,225,106 for the quarter ended March 31, 2022 (“Q1 2022”).
• Recurring revenue was $212,004, a 40% increase from $150,975 in Q1 2022.
• Gross Profit for Q1 2023 was $93,272 compared to $507,500 for Q1 2022, an 82% decrease resulting from lower revenue for the quarter.
• Gross Margin percentage for Q1 2023 was 36%, down from 41% in Q1 2022.
• EBITDA was $25,180 versus $(919,958) in Q1 2022, a 102% improvement from Q1 2022. The improved EBITDA reflects the Company’s 2022 cost reduction program, increased costs from eSite operations as well as government grants.
• As of March 31, 2023, bookings increased to $3,516,857, an increase of 77%, when compared to $1,991,275 as of December 31, 2022, with delivery anticipated over the next three years in the case of Illumience/EaaS and typically in the next four to six months in the case of production orders.
• Cash at March 31, 2023 was $682,945 versus $853,330 at December 31, 2022. During the current quarter, the Company received an approval for a grant of $750,000 from National Research Council of Canada Industrial Research Assistance Program. As at March 31, 2023, the Company has received $247,285 in connection with the grant. Subsequent to the quarter end, the Company received additional $1,175,862 in grant payments.
• As of May 29, 2023, the Company has $5.6M of available government funding, with $3.8 million receivable in government grants, and $1.8 Million receivable in the form of a 10-year interest free loan to fund its plans going forward over the next 3 years..

Notable Developments During Q1 F2023
• January 27, 2023 : Clear Blue Technologies closes final tranche of oversubscribed $2.5 million private placement.
• January 23, 2023 : Clear Blue Technologies acquires eSite Power Systems.

Subsequent Highlights
• May 18, 2023 : Clear Blue announced an order for a Roadway Expansion project. The project is expected to ship in Q3 2023 and has an estimated life-time contract value of $425,000.
• In May 2023, Clear Blue received its next tranche of SDTC R&D government grant financing in the amount of $1.1 million.

Clear Blue’s focus continues to be cash centric – driving a cash neutral plan for 2023. While this includes benefits from already approved government grants, cash neutrality would be a first in the Company’s history. As we
move into the later quarters of the year, EBITDA should improve as bookings convert into strong revenue growth, combined with already implemented cost containment measures.
The Company is on track for F2023 to be more in line with the Company’s historic revenue profile and its 2021 results. Although the eSite acquisition did increase our cost base slightly, 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. We believe Fiscal 2023 will ultimately look more like 2021 than 2022 based on the customer interest and confirmed bookings to date. We see a much-improved customer macro environment with confirmed bookings and orders in the pipeline for Q2 to Q4 sufficient to generate an annual revenue outcome more in line with 2021 than 2022.

Conference Call
Clear Blue will host a conference call that today at 11:00 a.m. Eastern Time, to review the Company's performance and answer questions. 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 factorsused 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.