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Clear Blue Technologies Announces Q1 2024 Financial Results

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Trailing Four-Quarter Revenue Of $5.9M (+255% Y/Y Growth), Driven By 208% Y/Y Growth In Q1 To $808K and 42% Q1 Gross Margin

June 4, 2024, Toronto ON – Clear Blue Technologies International Inc. (TSXV:CBLU) (FRANKFURT: OYA), the Smart Off-Grid™ Company, announces its financial results for the first quarter of 2024 (“Q1 2024”) ending March 31, 2024. 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:

  • Revenue was $5,950,005, a 255% increase from $1,674,003 in the corresponding period, due to strong revenue growth across all four of Clear Blue’s product lines;
  • Recurring revenue $1,120,838, a 29% increase from $865,610 in the corresponding period;
  • Gross Profit increased to $2,716,412 compared to $574,296 in the comparable period, a 373% increase;
  • Gross margin percentage was 46% an increase over 34% with the comparative TFQ period;
  • Non-IFRS Adjusted EBITDA was $(1,629,513) as compared to $(3,964,030) for the previous period, a 59% improvement.

For Q1 F2024:

  • Revenue was $808,553, a 208% increase from $262,137 for the quarter ended March 31, 2023 (“Q1 2023”);
  • Recurring revenue was $300,786, a 42% increase from $212,004 in Q1 2023;
  • Gross Profit was $338,339 compared to $93,272 for Q1 2023, a 263% increase for the quarter;
  • Gross Margin percentage for Q1 2024 was 42%, up from 36% in Q1 2023;
  • Adjusted EBITDA was $(712,325) versus $(1,042,209) in Q1 2024, a 32% improvement from Q1 2023;
  • As of March 31, 2024, bookings increased to $2,848,424, an increase of 15%, when compared to $2,469,846 as of December 31, 2023, 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.
  • In the quarter, the Company shipped 388 power control devices across 10 orders.

Notable Developments During Q1 2024

  • In the quarter, the Company released the Esite version of its industry leading Illumience Smart Power service. Illumience has processed more than 1 trillion transactions since its inception. It has the largest repository of Smart Off-Grid power performance data across 37 countries and multiple customers globally. With massive data, predictive analytics and future AI enhancements, Clear Blue is a leader in solar and hybrid power performance for telecom, Smart City & IoT and is leading the Road to Zero Diesel for telecom.

F2024 Financial Outlook

Clear Blue maintains the outlook that it provided on May 28, 2024 as per below.
Overall, management is reiterating its previous guidance of 2024 revenue expected to be significantly greater than 2023 and 2022 revenue which were $5.4M and $2.6M respectively. Clear Blue’s business growth has accelerated following a challenging 2022 and 2023. This is expected to lead to increased order intake in 2024, followed by revenue growth.

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.