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 www.sedar.com. 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
3952investors@clearbluetechnologies.comwww.clearbluetechnologies.com/en/investors
Nikhil Thadani, Sophic Capital+1 437 836
9669Nik@SophicCapital.com
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.
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