CBLU Announces Second Quarter 2018 Financial Results Clear Blue Technologies International Inc. Announces Second Quarter 2018 Financial Results
Highlights:
- Revenue for second quarter, ended June 30, 2018 was $1.7 million (all figures in Canadian dollars).
- Trailing Four Quarters (TFQ) Revenue ended June 30, 2018 was $3.93 million, a 192% increase over TFQ Revenue ended June 30, 2017.
- TFQ Gross Margins up by 254% over TFQ Gross Margins ended June 30, 2017.
- Total number of units under management grows to 3,247.
TORONTO, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Clear Blue Technologies Inc. ("Clear Blue" or the "Company" – the RTO acquirer of Clear Blue Technologies International Inc. (TSXV:CBLU)), the Smart Off-Grid™ company, today reported its financial results for the second quarter ended June 30, 2018.
Revenue for the second quarter, ended June 30, 2018, is $1.7 million, an increase of 1,054% on a year-over-year basis compared to Q2 2017. Due to the seasonal nature of Clear Blue’s revenue stream, a Trailing Four Quarter (TFQ) analysis provides deeper insight into the Company’s growth trajectory. TFQ revenue in Q2 2018 is $3.93 million, a 192% increase in revenue from TFQ Q2 2017.
“Clear Blue’s impressive revenue growth in the second quarter is a testament to our market expansion to new regions as well as growing demand in North America,” said Miriam Tuerk, CEO and co-founder, Clear Blue. “This year we closed and shipped the largest customer order in the Company’s history, and are winning follow-on projects from existing customers and partners. We have also made important inroads into the African solar off-grid lighting marketplace, and we are seeing strong demand for our Smart Off-Grid power systems in the telecommunications vertical. The need for clean, low-cost, reliable power in developing countries paves the way for our continued expansion in these markets, which are currently underserved by traditional grid power.”
Revenue Distribution and Margin for the Second Quarter 2018
The Company’s revenue is balanced between North America and international markets. In Q2 2018, 55% of its total revenue came from Africa, 45% from Canada and the U.S. In terms of distribution by industry vertical, 93% of its Q2 2018 revenue came from lighting installations and 7% from new products developed specifically for telecommunications.
Gross margin for the second quarter was 17%, up from 10% in the same period last year. On a TFQ basis, gross margin increased by 254%.
Clear Blue invested in sales and technical resources for its collaboration with the Telecom Infra Project, an initiative co-founded by Facebook to bring a billion people online, and to support expansion in the U.S. and international markets.
As of June 30, 2018, Clear Blue has 3,247 units under management, including its smart off-grid controllers for solar, wind, and hybrid-powered systems such as street lights, security systems, telecommunications systems, Smart City, and Internet of Things (IoT) devices. The Company generates product revenue through the sale of its smart off-grid controllers and systems, Illumient solar-powered street lighting systems, and recurring revenue from its Illumience cloud-based remote power management services.
Outlook for the Remainder of 2018
“We expect to see continued revenue growth in the third quarter and throughout the rest of the fiscal year,” added Tuerk. “Our growth strategy combines geographic expansion with greater penetration of global industry verticals, and expansion into new verticals and markets. Additionally, key pilot projects with new, very large customers are a major focus for our team, as these projects lay the foundation for the future growth we plan to capitalize upon. We are confident that as our revenues increase we will deliver long-term shareholder value.”
Conference Call
The Company will host a conference call to discuss its latest financial results at 1:00 PM Eastern Time (Canada/U.S.) on Wednesday, 5th September 2018. Those interested can register at https://cbtq2.eventzilla.net.
About Clear Blue Technologies International Inc.
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 34 countries, including the U.S. and Canada.
Forward-Looking Information and Statements
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 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 the performance of the parties, and the ability to achieve costs savings, under the contract referenced herein.
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, and Clear Blue 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 Clear Blue or persons acting on its behalf are expressly qualified in their entirety by this notice.
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.
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invest@clearbluetechnologies.com
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Media Relations:
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Senior Associate, Montieth & Company
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