Dr. Thilo Senst reports

GBLT ANNOUNCES FIRST QUARTER 2023 FINANCIAL RESULTS

GBLT Corp. has released its results for the three-month period ended March 31, 2023.

"Amidst the prevailing inflationary pressures and economic downturn experienced in Germany and across the European markets this past quarter, we remain focused on growing our high margin business lines, meeting the abundant demand of our solar solutions, and catering to the needs of our long-term retail distribution partners," said Dr. Thilo Senst, CEO of GBLT. "We have successfully diversified our distribution channels to provide Dr. Senst healthcare products online starting in June, and we are confident that this will provide a significant increase to our overall sales volume going forward. Furthermore, we have officially launched our GETEC solar business this past quarter, which aims to deliver comprehensive full service solar solutions including panel distribution, engineering, and installation to both commercial and residential customers. With the historically bad weather in Germany last quarter behind us, we look forward to driving our solar business in full force to meet the abundance of demand in the market today. By synergistically leveraging our enhanced online presence and our newly established full-scale solar solutions, despite economic downturn, we are confident that the year 2023 will be a historic year for GBLT financially as we bolster our high-margin products and increase our bottom-line profits."

Three months ended March 31, 2023, compared to the three months ended March 31, 2022

• Revenue for the three-month period ended March 31 st, 2023, was euros5.11 million ($7.46 million CAD) compared to euros8.04 million ($11.80 million CAD) for the same period in 2022. The decrease in revenue was due to recessionary market conditions in Germany, however with the Company's diversified product offerings, the Company expects to mitigate the recessionary impact experienced in the first quarter.
• Gross margin for the three-month period ended March 31 st, 2023, was 7.8% compared to 8.1% for the same period in 2022. GBLT continues to focus on increasing margins through pricing flexibility and focusing on expanding higher margin products but have experienced an abnormally high demand for the low margin battery products while experiencing historically bad weather in Q1 2023 that has negatively affected the high margin solar business.
• Gross profit for the three-month period ended March 31 st, 2023, was euros0.40 million ($0.58 million CAD) compared to euros0.65 million ($0.95 million CAD) for the same period in 2022.
• Operating expenses for the three-month ended March 31 st, 2023, was euros0.77 million ($1.12 million CAD) compared to euros0.67 million ($0.98 million CAD) in the same period last year.
• Net income (loss) for the three-month period ended March 31 st, 2023, was euros(0.37) million ($0.54 million CAD) compared to euros0.02 million ($0.03 million CAD) in the same period in 2022.
• EBITDA for the three-month period ended March 31 st, 2023, was euros(0.28) million ($(0.41) million CAD) compared to euros0.07 million ($0.1 million CAD) for the same period in 2022.
• Adjusted EBITDA for the three-month period ended March 31 st, 2023, was euros(0.26) million ($0.38 million CAD) compared to euros0.07 million ($0.1 million CAD) for the same period in 2022.

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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