Press Releases

Clear Blue Technologies Reports 139% Year-Over-Year Revenue Growth in Q3 2021 and Provides Updated Outlook

news image

Record Trailing Twelve Months (TTM) Revenue of $9,021,716, with Gross Margin of 29%


November 16, 2021, TORONTO, ON -- Clear Blue Technologies International Inc. (“Clear Blue” of the “Company”) (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF), the Smart Off-Grid™ Company, today announces its financial results for the quarter ended September 30, 2021 (“Q3 2021”). Please refer to the interim unaudited condensed Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the three and nine months ended September 30, 2021 filed on SEDAR at for more information. Clear Blue will host a conference call at 11am ET today to discuss Q3 2021 financial and operational results (details below).

Key Financial Results (all figures in Canadian dollars) 

On a Trailing Twelve Months (TTM) basis: 

  • Revenue was a record $9,021,716 representing a 131% increase from $3,912,204 in the corresponding previous period, which is mainly attributed to our deployments with telecom infrastructure operators in Africa;
  • Gross profit was $2,607,287, a 163% increase from $992,485 in the previous period;
  • Non-IFRS Adjusted EBITDA for the period was $(2,551,702) as compared to $(4,006,627) for the previous period.

For Q3 2021 ended September 30, 2021:

  • Revenues were $2,247,857, a 139% increase over $940,849 for quarter ended September 30, 2020 (Q3 2020) due to telecom sales attributed to contracts with telecom infrastructure operators in Africa;
  • Gross profit for Q3 2021 was $882,139 compared to $375,595 for Q3 2020, a significant increase resulting from higher revenue for the quarter;
  • Quarterly Non-IFRS Adjusted EBITDA was $(329,620) versus $(796,293) in Q3 2020;
  • Pro forma unaudited cash and inventory as at November 15 2021, was $5,902,173 ($2,843,693 cash + $3,058,480 inventory as at September 30, 2021), was approximately 150% of 2020 total revenue, which management believes gives the Company a competitive edge in light of global supply constraints.

Subsequent to Q3 2021 ended September 2021:

  • Pro forma unaudited cash as at November 15, 2021 of $2,843,693 vs. $538,049 as of September 30, 2021. The increased cash balance was due to the closing of recent convertible debt financings.
  • Subsequent to the quarter-end, the Company completed a private placement offering of convertible unsecured subordinated debentures of the Company in two tranches, for total gross proceeds $4,434,000, exceeding the company’s previously communicated target of $4,000,000. The net proceeds shall be used to fund working capital requirements and for scaling of the business.  

Outlook and Management Comments 

  • Customer planning for Telecom system rollouts and Illumient construction planning for 2022 is very active at this time providing strong indications to a very strong start to 2022 and resulting in upgrades to our internal volume forecasting for the first two quarters of 2022;
  • The Company expects early orders from its new Pico-Grid line, pertaining to satellite/WiFi connectivity. We expect this new line of business to be a meaningful revenue contributor beginning in 2023;
  • By early Q1 2022, the Company is anticipating a large order, which could potentially double our bookings from Q3 levels of $2,884,686, which is not fully reflected in the guidance below;
  • FTM revenue for the period Q4 2021 to Q3 2022 is expected to be $9,000,000 versus TTM revenue of $9,000,000 as of September 30, 2021, compared to a TTM revenue of $3,900.000 as of September 30, 2020;
  • While the Company’s Q3 Gross Margin was relatively strong at 39%, for the next few quarters Management expects the Gross Margin to be in the 30% to 35% range, owing to ongoing and well documented global supply chain constraints, leading to higher raw materials and shipping costs, even as the Company has been proactively managing its supply chain;
  • In the medium to long-term, Management expects the Gross Margin to be higher in the 33% to 38% range. Overall, with its short-term Gross Margin profile, and all else equal, Management anticipates the Company could be Adjusted EBITDA break-even at an annual revenue in the $15,000,000 to $20,000,000 range.

“We have seen an exciting year to date and our TTM numbers clearly reflect our traction with deployments with infrastructure operators in Africa, helping to increase TTM revenue by 131% year-over-year as at Q3. Plus, this is expected to continue with our FTM revenue guidance reaching $9 million for Q4, which does not fully include a potential large order by early Q1 2022," said Miriam Tuerk, Co-founder & CEO of Clear Blue.  

“We would also like to draw investors' attention to our outlook, where we believe an annual revenue of $15,000,000-20,000,000 would allow us to be EBITDA positive. Doubling our TTM revenue over the past year doesn’t come without some growing pains though, and the growth of Clear Blue through Q2 and Q3 required additional attention to cash flow and inventory management. However, with our recent private placements, and investment in inventory, we are in a strong position to fulfill further large-scale rollouts expected in 2022.

Clear Blue has always had a strong focus on innovation as a leader in the Smart Off-Grid market, so we continued to invest significantly in R&D for Q3 to further new product development for the fast-growing wireless cellular and satellite markets. With the expected launch of this solution in 2022, we hope to bring continued growth to the Company through market diversification while showcasing strong, ongoing revenue for investors.”

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, November 16, 2021. 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.”