Ms. Miriam Tuerk reports

CLEAR BLUE TECHNOLOGIES ANNOUNCES Q1 2024 FINANCIAL RESULTS

Clear Blue Technologies International Inc. has released its financial results for the first quarter of 2024 (Q1 2024) ending March 31, 2024. A complete set of financial statements and management's discussion and analysis (MD&A) has been filed at SEDAR+. All dollar amounts are denominated in Canadian dollars.

On a trailing-four-quarter (TFQ) basis:

• Revenue was $5,950,005, a 255-per-cent increase from $1,674,003 in the corresponding period, due to strong revenue growth across all four of Clear Blue's product lines;
• Recurring revenue $1,120,838, a 29-per-cent increase from $865,610 in the corresponding period;
• Gross profit increased to $2,716,412 compared with $574,296 in the comparable period, a 373-per-cent increase;
• Gross margin percentage was 46 per cent an increase over 34 per cent with the comparative TFQ period;
• Non-IFRS (international financial reporting standards) adjusted EBITDA was $(1,629,513) as compared with $(3,964,030) for the previous period, a 59-per-cent improvement.

For Q1 F2024:

• Revenue was $808,553, a 208-per-cent increase from $262,137 for the quarter ended March 31, 2023 (Q1 2023);
• Recurring revenue was $300,786, a 42-per-cent increase from $212,004 in Q1 2023;
• Gross profit was $338,339 compared with $93,272 for Q1 2023, a 263-per-cent increase for the quarter;
• Gross margin percentage for Q1 2024 was 42 per cent, up from 36 per cent in Q1 2023;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $(712,325) versus $(1,042,209) in Q1 2024, a 32-per-cent improvement from Q1 2023;
• As of March 31, 2024, bookings increased to $2,848,424, an increase of 15 per cent, when compared with $2,469,846 as of Dec. 31, 2023, with delivery anticipated over the next three years in the case of Illumience/EaaS and typically in the next four to six months in the case of production orders;
• In the quarter, the company shipped 388 power control devices across 10 orders.

Notable developments during Q1 2024

• In the quarter, the company released the e-site version of its industry leading Illumience smart power service. Illumience has processed more than one trillion transactions since its inception. It has the largest repository of smart off-grid power performance data across 37 countries and multiple customers globally. With massive data, predictive analytics and future AI (artificial intelligence) enhancements, Clear Blue is a leader in solar and hybrid power performance for telecom, smart city and IoT (Internet of things) and is leading the road to zero diesel for telecom.

F2024 financial outlook

Clear Blue maintains the outlook that it provided on May 28, 2024.

Over all, management is reiterating its previous guidance of 2024 revenue expected to be significantly greater than 2023 and 2022 revenue which were $5.4-million and $2.6-million, respectively. Clear Blue's business growth has accelerated following a challenging 2022 and 2023. This is expected to lead to increased order intake in 2024, followed by revenue growth.

About Clear Blue Technologies International Inc.

Clear Blue, 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 37 countries, including the United States and Canada.

We seek Safe Harbor.