Dr. Thilo Senst reports

GBLT ANNOUNCES FULL YEAR AND FOURTH QUARTER 2022 FINANCIAL RESULTS

GBLT Corp. has released its results for the three- and 12-month periods ended Dec. 31, 2022.

"We are pleased with the ongoing progress we made this past year in scaling and focusing on our higher margin products which have led to an all-time record turnover driven by our wide range of healthcare and Afgaphoto products," said Dr. Thilo Senst, CEO of GBLT. "We have now established the right foundation to continue growing our bottom line profits this year as we scale up our product lines that are in such high demand today. Our healthcare and our Afgaphoto products continue to experience demand from our large retail partners, and we are also excited to grow our solar business as we start offering full vertical services from supplying and installing solar systems to end users and other solar panel providers this year. Combined with the clean energy initiatives imposed by the government and the energy crisis caused by the Ukraine/Russia conflict, our solar energy business has been experiencing an abundance of demand which we are working diligently to capitalize on for our financial results in 2023. We look forward to 2023 as we continue to grow our bottom line profits through our highly scalable, high margin products."

Three months ended December 31, 2022, compared to the three months ended December 31, 2022

Revenue for the three-month period ended December 31 st, 2022, remained the same at euros7.96 million ($11.94 million CAD) compared to euros7.96 million ($11.94 million CAD) for the same period in 2021.

Gross margin for the three-month period ended December 31 st, 2022, was 8.6% compared to 3.9% for the same period in 2021. The increase in gross margin is due to GBLT's strategic focus towards scaling its higher margin products.

Gross profit for the three-month period ended December 31 st, 2022, increased by 118% to euros0.68 million ($1.02 million CAD) compared to euros0.31 million ($0.47 million CAD) for the same period in 2021.

Operating expenses for the three-month ended December 31 st, 2022, was euros1.32 million ($1.98 million CAD) compared to euros0.99 million ($1.49 million CAD) in the same period last year.

Net income (loss) for the three-month period ended December 31 st, 2022, was euros(615,305) ($0.9 million CAD) compared to euros(703,239) ($1.05 million CAD) in the same period in 2021.

EBITDA for the three-month period ended December 31 st, 2022, was euros(0.50) million ($(0.77) million CAD) compared to euros(0.62) million ($(0.93) million CAD) for the same period in 2021

Adjusted EBITDA for the three-month period ended December 31 st, 2022, was euros(0.51) million ($0.77 million CAD) compared to euros(0.15) million ($0.21 million CAD) for the same period in 2021.

Twelve months ended December 31, 2022, compared to the twelve months ended December 31, 2021

Revenue for the fiscal year 2022 increased by 27.6% to euros39.7 million ($59.6 million CAD) compared to euros31.1 million ($46.7 million CAD) in 2021. The increase in revenue was due increase in customer demand, addition of new customers and orders, and the expansion into solar products through the acquisition of the solar panel business (Getec), as well as more flexibility on pricing.

Gross margin for tor the fiscal year 2022 improved to 10.0% compared 8.0% for the same period in 2021. The increase is due to the continued focus on pricing flexibility and higher margin products.

Gross profit for the fiscal year 2022 increased 58% to euros4.01 million ($6.02 million CAD) compared to euros2.54 million ($3.82 million CAD) in 2021.

Operating expenses for the fiscal year 2022 was euros3.86 million ($5.8 million CAD) compared euros2.72 million ($4.08 million CAD) in 2021.

Net Income (loss) for the fiscal year 2022 increased by 196% to euros0.17 million ($0.25 million CAD) compared to euros(0.17) million ($0.26 million CAD) in 2021.

EBITDA for the fiscal year 2022 increased by 1724% to euros0.59 million ($0.89 million CAD) compared to euros0.03 million ($0.05 million CAD) in 2021.

Adjusted EBITDA for the fiscal year 2022 increased by 9% to euros0.73 million ($1.10 million CAD) compared to euros0.67 million ($1.01 million CAD) in 2021.

Source: Bank of Canada Exchange Rate at 2023-04-28 rate of euros1.5 per $1.00 CAD

https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates/

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.

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