TORONTO, March 29, 2022 (GLOBE NEWSWIRE) -- Clear Blue Technologies International Inc. (“Clear Blue” or “the Company”) (TSXV: CBLU), today announces its financial results for the year ended December 31, 2021, F2022 guidance and outlook, and the details for its quarterly conference call, which will take place on Tuesday, March 29, 2022, at 11 am Eastern (details below). All figures are in Canadian dollars unless stated otherwise.
F2021 Financial Results
- 2021 revenue was a record $8,148,659, a 103% increase over 2020;
- Gross profit was $2,255,460 (or 28%) a 78% increase from the previous comparative period ($1,266,999 or 31%);
- Non-IFRS Adjusted EBITDA for 2021 was $(2,563,334) as compared to $(3,590,285) for 2020;
- Telecom Vertical revenues grew by 182% to $6,880,217 in 2021, up from $2,442,525 in 2020;
Notable Developments & Announcements in 2021
- Largest revenue quarter ever in the Company’s history;
- Received the largest order ever for Clear Blue, and from Africa’s largest telecom tower operator;
- Named 2021 TSX Venture 50 Top Performer;
- Listed on OTCQB;
- Clear Blue partnered with Parallel Wireless for a large project in Africa;
- Clear Blue awarded NuRAN DRC contract for 1,333 sites with an estimated value of over $8 million;
- Clear Blue and Avanti Communications partnered to bring connectivity across Sub-Saharan Africa;
- Meta/Facebook collaborated with Clear Blue on a Rural Telecom Field Study to validate the benefits of Smart Off-Grid power;
- Clear Blue was recognized as a Globe and Mail Report on Business Top Growing Company;
- Oversubscribed Convertible Debenture offering raised $4,334,000.
Subsequent Events
Clear Blue had its best revenue year in 2021. Management believes that 2022 revenue will exceed 2021 revenue. Many of Clear Blue’s customers and partners have multi-year rollout plans and 2021 was the first shipment of many of these multi-phase projects. Notwithstanding that, Q1 2022 has started strongly with the following new contract announcements:
- YahClick, a leading global satellite services operator, selected Clear Blue Technologies’ Smart Off-Grid solar power systems for Africa;
- Clear Blue Technologies launched the new Illumient Smart Off-Grid lighting solutions to meet growing customer demand;
- Clear Blue’s CEO earned a Changemakers award from The Globe and Mail, Report on Business;
- Clear Blue Technologies signed a memorandum of understanding with an expected total contract value exceeding $2 million CAD;
- Clear Blue Technologies was selected by Global Communications Extension Services Ltd. as their preferred partner to supply Smart Off-Grid power for telecommunications;
- Clear Blue Technologies launched the smart Pico-Grid power product, entering new satellite Wi-Fi and IoT markets;
In 2021, Clear Blue’s market position strengthened substantially and its investments in the telecommunications market yielded great success with telecom sales posting a 183% year-over-year revenue increase to $6,880,217.
F2022 Financial Guidance and Outlook
The Company is providing Forward 2022 Fiscal Year guidance that revenues will be a minimum of $10 million for Fiscal 2022. Clear Blue sees strong demand for all its products and verticals for 2022. Several large contracts were announced in 2021, and Clear Blue is actively working with all these partners/customers for larger follow-on orders. The Company believes that its growth trajectory in 2022 will continue to strengthen from 2021.
Given recent geopolitical events and the impact of the pandemic, Smart Solar Off-Grid is a very strong area of interest for customers. Increasing oil prices, coupled with fuel shortages around the world, are strong catalysts for Clear Blue’s customers to transition away from gas generators and the grid. The transition to solar power will accelerate as a result.
The Company’s new Pico-Grid is a step-change for Clear Blue. Before Pico-Grid, Clear Blue’s products were medium-sized industrial-scale systems. Pico-Grid is an ultra-small mass-market product. Beginning in 2023, the Company believes that this product will see strong demand across multiple verticals, most notably the Satellite Wi-Fi and IoT market. A key focus for 2022, in addition to delivering the priorities outlined above, will be to build on the successful launch of Pico-Grid by ensuring successful operations for critical first customers.
“With 2021, our best year yet, behind us, 2022 has already started with similar momentum regardless of the recent geopolitical and accompanying economic shocks,” says Miriam Tuerk, co-founder and CEO of Clear Blue. “The Company’s management is cautious but highly optimistic as Clear Blue navigates what we expect to be another record revenue year in 2022. We are leveraging our innovative technology to bring new products to market that will help expand our revenue in the coming years. On the operations side, we are focused on cash and inventory management as we anticipate this coming growth. Taking the above factors together – strong top-line growth with a potential doubling of revenue in 2022, a new product, which is a game-changer in the industry, and strong operations management will ensure Clear Blue’s EBITDA will strongly improve in 2022.”
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, March 29, 2022. Those interested can register at: https://us06web.zoom.us/webinar/register/WN_en2GaPJTRzGyY2CbRv-tZg
For more information, contact:
Miriam Tuerk, Co-Founder and CEO
+1 416 433 3952
investors@clearbluetechnologies.com
www.clearbluetechnologies.com/en/investors
Nikhil Thadani, Sophic Capital
+1 437 836 9669
Nik@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.”
