- Clear Blue Technologies (CBLU) has announced financial results for Q1 2021 highlighted by a 1,352 per cent revenue increase from Q1 2020
- This figure was bolstered by a 53 per cent increase in recurring revenue
- The company’s record Q1 2021 sets up a strong foundation for 2021 and beyond
- Clear Blue Technologies seeks to deliver clean, managed, wireless power to meet the global need for solar and hybrid power for mission-critical systems
- Clear Blue Technologies (CBLU) closed the day down 20.91 per cent trading at $0.435 per share
Clear Blue Technologies (CBLU) has announced financial results for Q1 2021 highlighted by a 1,352 per cent revenue increase from Q1 2020.
Key Financials From Q1 2021:
- Revenues were C$3,459,007, a 1,352 per cent increase over Q1 2020, which is directly attributed to revenue from two contracts with telecom infrastructure operators in Africa
- Gross profit was $751,163 or 22 per cent compared to $77,134 for Q1 2020, a significant increase resulting from higher revenue for the quarter
- Quarterly operating expenses decreased by $239,473 to $1,024,864 versus Q1 2020. This can be attributed to government COVID-19 support of $244,931 received during the quarter
- Quarterly non-IFRS adjusted EBITDA was $(416,969) versus $(903,424) in Q1 2020 resulting from higher revenue and an increased gross margin of $674,029
Key Financials on a Trailing Four-Quarter Basis:
- Revenue was $7,244,647, an 87 per cent increase over the previous TFQ period
- Gross profit was $1,941,028 or 27 per cent, a 125 per cent increase from the previous period
- Operating expenses ended March 31, 2021 were $4,389,751, a decrease of $1,026,854 or 19 per cent compared to the same period in 2020
- Non-IFRS adjusted EBITDA was $(3,103,830) compared to $(3,673,380) for the previous period. This 16 per cent improvement resulted from higher revenue with improved margins
Outlook
Clear Blue’s record Q1 2021 sets up a strong foundation for 2021 and beyond. The company’s recurring revenue increased by 53 per cent, with new bookings and related deferred revenue growing by 179 per cent and 100 per cent, respectively, over 2020.
On May 4th, 2021, the company also completed its ten billionth transaction between its Smart Off-Grid power systems and its cloud management platform. The company currently has systems in 37 countries worldwide.
Miriam Tuerk, co-founder and CEO of Clear Blue, commented,
“With strong global commitments across multiple countries and from numerous public and private stakeholders, the movement to bring connectivity to the nearly
four billion underserved and under-connected people worldwide is gaining momentum.
These significant investments will continue to grow across rural telecom as well as satellite and Wi-Fi sectors, all of which need Smart Off-Grid power.”
Clear Blue Technologies seeks to deliver clean, managed, wireless power to meet the global need for solar and hybrid power for mission-critical systems.
Clear Blue Technologies (CBLU) closed the day down 20.91 per cent trading at $0.435 per share.
