GBLT Announces Third Quarter 2022 Financial Results

- Year over Year Revenue up 74%, EBITDA up 46% and Adjusted EBITDA up 35% -

TORONTO and DUREN, Germany, Nov. 28, 2022 /CNW/ - GBLT Corp. (TSXV: GBLT) ("GBLT" or the "Company") is pleased to announce its results for the three and nine-month periods ended September 30th, 2022.

"We continue to focus on our business through expanding our market share and focusing on growing revenue and bottom line margins," said Dr. Thilo Senst, CEO of GBLT. "We have been and continue to grow our product line presence and with the momentum we are currently experiencing, we are confident in finishing the year very strong. We will continue to drive this momentum as the abundance of demand for our products and solutions continues to grow and we are working diligently to capitalize on the opportunity, especially for our high margin Dr. Senst Healthcare and our renewable energy solutions that will drive GBLT's bottom line growth for the foreseeable future."

Three months ended September 30, 2022, comparted to the three months ended September 30, 2021

• Revenue for the three-month period ended September 30th, 2022, increased by 74% to €13.65 million ($18.84 million CAD) compared to €7.84 million ($10.81 million CAD) for the same period in 2021. The increase in revenue was due to increase in customer demand, addition of new customer orders and the expansion into solar products and more flexibility on overall pricing for all the products.
• Gross margin for the three-month period ended September 30th, 2022, was 6.3% compared to 7.3% for the same period in 2021. Although margins are trending higher overall, as expected the third quarter had some large low margin orders. We continue to focus on increasing our margins through price flexibility and the growth of our higher margin products.
• Gross profit for the three-month period ended September 30th, 2022, increased by 50% to €0.85 million ($1.17 million CAD) compared to €0.57 million ($0.74 million CAD) for the same period in 2021.
• Operating expenses for the three-month ended September 30th, 2022, was €0.83 million ($1.14 million CAD) compared to €0.53 million ($0.97 million CAD) in the same period last year
• Net income for the three-month period ended September 30th, 2022, was €21,166 ($29,209 CAD) compared to €37,833 ($52,209 CAD) in the same period in 2021.
• EBITDA for the three-month period ended September 30th, 2022, increased by 46% to €0.12 million ($0.17 million CAD) compared to €0.08 million ($0.11 million CAD) for the same period in 2021.
• Adjusted EBITDA for the three-month period ended September 30th, 2022, increased by 35% to €0.21 million ($0.28 million CAD) compared to €0.15 million ($0.21 million CAD) for the same period in 2021.

Nine months ended September 30, 2022, comparted to the nine months ended September 30 2021

• Revenue for the first 9 months of 2022 increased by 37% to €31.8 million ($43.9 million CAD) compared to €23.2 million ($32.0 million CAD) in 2021. The increase in revenue is due to increase in customer demands, new customer orders and the expansion of the solar product line.
• Gross margin for tor the first nine months of 2022 improved to 10.5% compared 9.6% for the same period in 2021. The increase was due to flexible pricing on our existing products and focusing on the higher margin product lines.
• Gross profit for the first nine months increased 49% to €3.33 million ($4.60 million CAD) compared to €2.23 million ($3.08 million CAD) in 2021.
• Operating expenses for the first nine months of 2022 was €2.55 million ($3.52 million CAD) compared €1.73 million ($2.39 million CAD) in 2021.
• Net Income for the first nine months of 2022 increased by 55% to €0.78 million ($0.99 million CAD) compared to €0.51 million ($0.70 million CAD) in 2021.
• EBITDA for the first nine months of 2022 increased by 69% to €1.10 million ($1.52 million CAD) compared to €0.65 million ($0.90 million CAD) in 2021.
• Adjusted EBITDA for the first nine months of 2022 increased by 52% to €1.24 million ($1.71 million CAD) compared to €0.82 million ($1.13 million CAD) in 2021.

About GBLT:
GBLT Corp., through its operating company, GBT GmbH, designs, manufactures and supplies mobile storage, and battery solutions. GBLT is also a leading provider of renewable energy solutions via its solar division, participating in the rapidly growing solar energy market. In addition, the Company offers consumer healthcare and wellness products to some of the largest retail chains across the globe. GBT is also an official licensee for AGFAPHOTO mobile energy products. The Company's branded healthcare and wellbeing products are primarily sold throughout Europe under Dr. Senst brand.

For more information, please visit www.gbt-international.com and www.gbltcorp.com.

Forward-Looking Information

Certain statements in this news release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning the Company's proposed activities under the Agreement, the Company's ability to achieve sales, commercial or otherwise, from its products, and the expectations of the Company regarding funding payments due pursuant to the Agreement. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.

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.

SOURCE GBLT Corp.

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