Clear Blue Technologies International Inc. (Clear Blue or “the
Company”) (TSXV: CBLU) (FRANKFURT: 0YA), the Smart Off-Grid™
company, today reported its financial results for the first quarter
of the year ended March 31, 2019. The Company’s annual financial
statements, accompanying management's discussion and analysis and
related CEO and CFO certifications for the financial year ended
December 31, 2018 are delayed, but it is working diligently and
expeditiously with its auditors to complete these Annual Filings.
Key Financial Results (all figures in
Canadian dollars)
- Revenue for the three months (Q1) ended March 31, 2019 was
$340,266, an increase of 5% over Q1 2018 revenue of $324,816.
- Gross margin for the three months ended March 31, 2019 was
$106,267, or 31% of revenue, up from $91,428 or 28% in Q1
2018.
- TFQ revenue for the period ended March 31, 2019 was $3,771,965,
a 60% increase over revenue of $2,354,647 in the TFQ period ended
March 31, 2018.
- Gross margin for TFQ ended March 31, 2019 was $930,420, or 25%
of revenue, up from $105,950 or 4% of revenue for the TFQ ended
March 31, 2018.
Q1 2019 Revenue and Gross
Margin
Revenue for the three months ended March 31, 2019
(Q1) was $340,266, an increase of 5% compared to revenue of
$324,816 over the same period in 2018. TFQ revenue for the period
ended March 31, 2019 was $3,771,965, a 60% increase year-over-year
compared to revenue of $2,354,647 for the TFQ ended March 31,
2018.
Gross margin for the quarter was $106,267, or 31%
of revenue, an increase of 3% compared to gross margin of $91,428
or 28% for the same period in 2018. Gross margin for the TFQ ended
March 31, 2019 also rose to $930,420, an increase of 778% relative
to $105,950 in the TFQ ended March 31, 2018.
Q1 2019 Operating Expenses and Net
Loss
Operating expenses for the quarter were $1,518,242,
an increase of 38% compared to operating expenses of $1,101,432 for
the same period in 2018. Net loss and comprehensive loss for the
quarter was $1,467,859 compared to a net loss of $1,058,440 for Q1
2018.
Added Tuerk: “While the first quarter of the year
for us is typically quieter, it was a solid start to 2019, and
we’re confident we’ll see continued revenue growth as many of our
strategic initiatives, projects and partnerships reach fruition. At
the same time, we remain focused on growing our margins and
reducing the Company’s net loss.”
Outlook
Clear Blue has a first-mover advantage, patented
technology, and proven performance of its smart off-grid products
and services in 35 countries worldwide. In the near term, the
Company is focused on attaining positive cash flows and
profitability. The growing demand for solar off-grid street
lighting and wirelessly powered Internet infrastructure creates an
opportune market environment to drive its next stage of
growth.
In line with this, Clear Blue expects to see
continued robust revenue growth in 2019 as it expands exclusive
partnerships in the telecommunications sector, and builds on its
entry into South American markets. The Company also expanded its
sales teams in Q3 2018, and expects to see greater sales in the
lighting and IoT sectors as a result.
On a historical basis, in 2018, the Company’s Q3
and Q4 revenue accounted for 46% of total revenue for the TFQ ended
December 31, 2018, due to very strong sales in the second quarter
from a number of large orders. By comparison, the Company expects
revenue distribution in 2019 to be more in line with 2017 and 2016,
when the second-half of the year accounted for 86% and 83% of total
revenue accordingly.
Quarterly revenue varies due to differences in the
size and timing of new contracts and market expansion rates. The
Company’s long-term strategy is to mitigate revenue variability
through continued diversification of its revenue stream, including
an increase in its recurring revenue from subscription services.
Clear Blue has already undertaken a number of steps toward
achieving this, including the launch of its Energy-as-a-Service
product in Q2 2019.
Rescheduling of Conference Call
The Conference call to discuss Clear Blue’s latest financial
results, which was due to take place at 11:00 AM Eastern Time
(Canada/U.S.) on Friday, 31st May 2019, will be rescheduled. We
will issue notification of the new conference call time when it’s
determined. 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 35 countries, including the U.S. and Canada.
Clear Blue is publicly traded on the
Toronto Venture Exchange under the symbol CBLU. Legal
Disclaimer Neither the 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" within the meaning of applicable
Canadian securities legislation and may also contain statements
that may constitute "forward-looking statements" within the meaning
of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Such forward-looking information and
forward-looking statements are not representative of historical
facts or information or current condition, but instead represent
only the Resulting Issuer’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 the prospective operating
results and performance of the Company.
By identifying such information and statements in
this manner, the Resulting Issuer 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 the Resulting
Issuer to be materially different from those expressed or implied
by such information and statements.
An investment in securities of the Resulting Issuer
is speculative and subject to several risks including, without
limitation, the risks discussed under the heading "Risk Factors" in
the Resulting Issuer's listing application dated July 12, 2018.
Although the Resulting Issuer 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, the
Resulting Issuer has made certain assumptions. Although the
Resulting Issuer 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, and the Resulting Issuer does
not undertake to update any forward-looking information and/or
forward-looking statements that are contained or referenced herein,
except in accordance with applicable securities laws. All
subsequent written and oral forward- looking information and
statements attributable to the Resulting Issuer or persons acting
on its behalf is expressly qualified in its entirety by this
notice.
Media Contact:Becky NyeDirectorMontieth &
Company155 E 44th St., New York, NY
10017bnye@montiethco.com +1 646.864.3517
Investor Relations:Miriam TuerkCo-Founder and CEO+1 (855)
733-0119
x200investors@clearbluetechnologies.com http://www.clearbluetechnologies.com/en/investors
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