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Clear Blue Technologies International Inc
Symbol CBLU
Shares Issued 34,850,353
Close 2020-08-26 C$ 0.18
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Clear Blue loses $414,473 in Q2 2020

2020-08-27 09:46 ET - News Release

Ms. Miriam Tuerk reports

CLEAR BLUE TECHNOLOGIES INTERNATIONAL ANNOUNCES Q2 2020 FINANCIAL RESULTS

Clear Blue Technologies International Inc. has released its financial results for the fiscal quarter ended June 30, 2020.

Key Financial Results (all figures in Canadian dollars)

On a Trailing Four Quarter (TFQ) basis:

Revenue was $3,641,514, a 37% increase over the previous TFQ period;

Beginning with this quarter and going forward, the Company will begin reporting Bookings. For the period ending June 30, 2020, our Bookings were $2,094,729;

Gross profit for TFQ was $881,224 or 24.2%, down slightly from the previous period ($787,198 or 29.5%). This was largely the result of a reallocation from operating expenses to COGS beginning in Q4 2019. Without this, Gross Profit or the previous TFQ would have increased to $1,011,355 or 28%;

Operating expenses for the TFQ ended June 30, 2020 were $4,197,534, a decrease of $2,507,604 or 37% compared to the same period in 2019;

Non-IFRS Adjusted EBITDA for the TFQ was $(2,592,899) as compared to $(5,669,234) for the previous TFQ{ؒ —}a 54% improvement resulting from various cost reduction plans undertaken by the company as well as government COVID-19 funding support;

For our quarterly Q2 2020 results:

Clear Blue's offices were closed from mid-March 2020 to the end of May as a result of COVID-19. As a result, Q2 quarterly revenues were $340,345, a 40% decrease over Q2 2019;

Gross profit for Q2 was $144,568 or 42% Gross Margin;

Quarterly, operating expenses decreased by 70% ($529,784 vs. $1,748,855) for the three-month period ended June 30, 2020 versus 2019.

Quarterly EBITDA was ($414,473) a 72% improvement from Q2 2019. Clear Blue has undertaken a strong cost reduction plan as a general part of its overall 2020 plan to improve its EBITDA. In addition, additional cost reductions were undertaken in March to mitigate the short-term impact of COVID-19 and a number of government COVID-19 funding programs have been obtained in order to assist in funding of salaries over the period;

Outlook

As with most firms, the pandemic has had an impact on Clear Blue{ૡ —}our offices were shut for almost three months, limiting production and shipments during that time. Fortunately, this occurred during our quiet season. Once offices re-opened, supply chain logistics and shipping impacted our ability to have a "V" recovery, with orders received in the first part of the year shipping primarily in August to October instead of June and July. From a full year perspective:

North American Illumient Solar Lighting sales have been strong, and YTD sales has exceeded all of 2019's results. The EaaS service offering has been well received. As a result of this new model, approximately 40% of every new Illumient sale in North America is now recurring revenue over time, which builds on our vision of delivering Energy as a Service to support mission critical commercial and public sector infrastructure;

Telecom rollouts continue to move forward with a number of Operators in Africa and thru them with multiple large Telco's. Included in our YTD results as well as Bookings, we have telecom systems being deployed to 9 countries through more than 5 partners. However, the timelines for implementation and final contract signatures has happened slower than anticipated, mainly as a result of COVID's impact in Africa and Europe. While these projects are all active and moving forward on a daily basis, and we see new additional large-scale projects on the horizon, ramp up has been delayed by about 6 months over what the industry had foreseen in late 2019.

"Like most industries, our Customer's projects and our own supply chains have experienced delays due to COVID-19," said Miriam Tuerk, Co-Founder & CEO. "While this has delayed some of Clear Blue's revenue, we have had no project cancellations and our pipeline remains similar to the pre-COVID pipeline. We remain confident that we have the same business opportunity we envisaged when we launched our Telecom market offerings."

While there continues to be significant uncertainty over the forward outlook, as with the world economy and budgets in general, Clear Blue continues to see strong and strategic interest in its offerings in both of its key markets{Ꮠ —}North American Streetlights as well as Telecom in Emerging markets. Telecom, connectivity, and cleantech are key growth sectors in the world's economy and Clear Blue continues to be positioned as a key and strategic leader in innovating technologies that make it possible to reliably and cost effectively provide clean off-grid energy to mission critical customers around the world.

Conference Call

The Company will host a conference call to discuss its latest financial results at 11:00 AM Eastern Time (Canada/U.S.) on Thursday, 27th of August 2020.

Those interested can register at:

https://zoom.us/webinar/register/WN_kRrNO9YaSo-BCgX-tWi40Q

About Clear Blue Technologies International

Clear Blue Technologies International, the Smart Off-Grid{ᣚ ™} 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 35 countries, including the U.S. and Canada. Clear Blue is publicly traded on the TSX Venture Exchange under the symbol CBLU.

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