Second Quarter 2021 Financial Results - Revenue up 57% in 1H 2021 -
TORONTO and DUEREN, Germany, Aug. 25, 2021 /CNW/ - GBLT Corp. (TSXV: GBLT) (OTCQB: GBLTF) (FSE: 4G9) ("GBLT" or the "Company") is pleased to announce its second quarter financial results for the three and six-month period ended June 30, 2021.
"We are extremely pleased with our results for the first half of 2021, in spite of COVID-19 headwinds we were still able to deliver strong growth in on top line revenue, and we are already seeing signs of surpassing of our internal goals of revenue generation for this year," said Dr. Thilo Senst, Founder and CEO of GBLT Corp. "We are seeing record orders from both our Dr. Senst brand of PPE and also our mobile energy and battery solutions from our customers. However, with global supply chains being slowed due to macroeconomic issues, our profitability on these contracts has been impacted in the interim. We believe that this impact is temporary and see it directly tied to shipping costs, and as economies globally resume normal course of business we anticipate return back to stronger levels of profitability, and we are already seeing signs of that."
Dr. Senst continued, "Furthermore, many of the orders that we were simply unable to deliver in Q2 will fall into remaining quarters of this year into the early parts of next year. Our AgfaPhoto and Dr. Senst brands continue to garner attention from some of the largest retailers globally, and we believe our strong market positioning will continue to grow as we deliver products to consumers globally. Not only are we seeing larger orders from these groups, but the breadth of products they are requesting from us is wider than they have ever been. With Dr. Senst in particular, we are not viewed by consumers as simply protection against COVID-19, but rather a part of day to day essentials. As well, many of these products are manufactured directly in Germany which isolates us from any supply chain issues. Finally, we are extremely excited to announce the launch of our ecommerce strategy, which we believe will allow us to further penetrate markets we currently have a strong presence in by going direct to consumers, resulting in higher margin."
- Revenue for the three months ended June 30, 2021 was €6.5 million compared to €7.1 million for the same period in 2020. Revenue for the six months ended June 30, 2021 was €15.3 million compared to €9.8 million for the same period in 2020, an increase of 57%. Revenue in Q2 2021 was impacted by delays in the global supply chain resulting from the COVID-19 pandemic, despite continued growth in demand from customers throughout the quarter. The Company anticipates these orders to be filled in the coming quarters.
- Gross profit for the three months ended June 30, 2021 was €0.8 million compared to €1.2 million for the same period in 2020. Gross profit for the six months ended June 30, 2021 was €1.7 million compared to €1.3 million.
- Gross margin for the three months ended June 30, 2021 was 12.4% compared to 17.3% for the same period in 2020. Gross margin for the first half of 2021 was 10.9% compared to 13.6% for the same period in 2020. The margin decrease reflects strong growth in the mobile energy and battery division of GBLT which accounted for a higher portion of revenue in 2021 relative to 2020.
- Operating expenses for the three months ended June 30, 2021 totaled €0.7 million compared to €0.6 million for the same period in 2020. Operating expenses for the six months ended June 30, 2021 totaled €1.2 million compared to €1.0 million for the same period in 2020.
- Adjusted EBITDA for the three months ended June 30, 2021 totaled €0.1 million compared to €0.7 million for the same period in 2020.
- Net income for three months ended June 30, 2021 totaled €0.1 million compared to net income of €0.6 million for the same period in 2020. Net Income for the six months ended June 30, 2021 was €0.5 million compared to €0.4 million in 2020, an increase of 26%.
IFRS financial measure for each of the periods indicated:
| | | | | |
| EBITDA | | Three months ended
June 30, | | Six months ended
June 30, |
| | | 2021 | | 2020 | | 2021 | | 2020 |
| Net Income for the Period | € | 65,230 | € | 616,108 | € | 466,961 | € | 370,652 |
| Depreciation | | 12,344 | | 10,773 | | 22,208 | | 22,485 |
| Interest and financing fees | | 46,141 | | 32,783 | | 77,237 | | 74,710 |
| EBITDA | | 123,715 | | 659,664 | | 566,406 | | 467,847 |
| Currency exchange gain (loss) | | (1,080) | | (14,015) | | (4,432) | | 8,545 |
| Share based payments | | 1,644 | | 0 | | 5,137 | | 0 |
| Adjusted EBITDA | € | 124,279 | € | 645,649 | € | 567,111 | € | 476,392 |
About GBLT:
GBLT Corp., through its operating company, GBT GmbH, designs, manufactures and supplies mobile storage, battery and personal protection equipment to some of the largest retail chains across the globe. GBT is also an official licensee for Kodak mobile storage systems and AGFAPHOTO mobile energy products. The Company's personal protection equipment is primarily sold throughout Europe under Dr. Senst brand, which is owned and operated by GBT GmbH.
For more information, please visit www.gbt-international.com and www.gbltcorp.com.