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GBLT Corp
Symbol GBLT
Shares Issued 113,047,839
Close 2021-04-28 C$ 0.385
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GBLT earns 527,478 euros in 2020

2021-04-29 12:06 ET - News Release

Dr. Thilo Senst reports

GBLT ANNOUNCES FOURTH QUARTER & FISCAL YEAR 2020 FINANCIAL RESULTS

GBLT Corp. has released its fourth quarter and fiscal year financial results for the three-month and 12-month periods ended Dec. 31, 2020.

"2020 was a transformational year for GBLT as we launched our Dr. Senst brand of personal protective equipment (PPE) and saw continued growth in our mobile energy and battery business," said Dr. Thilo Senst, founder and chief executive officer of GBLT. "We achieved record revenue and profitability in 2020, directly resulting from significant demand by consumers for these new, higher-margin products. We are delivering our suite of products to some of the world's largest retailers, who continue to turn to GBLT as a trusted vendor for PPE and mobile energy solutions, and anticipate continued growth in turnover from these companies."

Dr. Senst continued: "2021 has already started extremely strong as we are seeing accelerated growth in all facets of our business. Based on this momentum and clear visibility in what lies ahead, we are confident in an incredibly strong 2021 financial performance."

  • Revenue for the three months ended Dec. 31, 2020 was 4.3 million euros compared with 5.3 million euros for the same period in 2019. The decrease in revenue for the quarter is directly attributable to pandemic-related shipping delays with certain orders to be delivered in Q1 2021. Revenue for the 12-month period ended Dec. 31, 2020, was 23.8 million euros compared with 20.4 million euros for the same period in 2019, an increase of 17 per cent.
  • Gross profit for the three months ended Dec. 31, 2020, was 600,000 euros compared with a loss of 300,000 euros for the same period in 2019. Gross profit for the 12-month period ended Dec. 31, 2020, was three million euros compared with 900,000 euros for the same period in 2019, an increase of 226 per cent.
  • Gross margin for the 12 months ended Dec. 31, 2020, was 12.4 per cent compared with 4.4 per cent for the same period in 2019. The increase is directly attributable to the introduction and sales of Dr. Senst brand of medical products.
  • Operating expenses for the three months ended Dec. 31, 2020, totalled one million euros compared with 600,000 euros for the same period in 2019. Operating expenses for the 12 months ended Dec. 31, 2020, totalled 2.4 million euros compared with 1.9 million euros for the same period in 2019.
  • Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the three months ended Dec. 31, 2020, totalled 100,000 euros compared with a loss of 900,000 euros for the same period in 2019. Adjusted EBITDA for the 12 months ended Dec. 31, 2020, was 1.3 million euros compared with an adjusted EBITDA loss of 700,000 euros for the same period in 2019.
  • Net loss for three months ended Dec. 31, 2020, totalled 400,000 euros compared with net loss of one million euros for the same period in 2019. Net income for the 12 months ended Dec. 31, 2020, was 500,000 euros, compared with a net loss of 1.1 million euros for the same period in 2019. The company recognized a bad debt expense of 600,000 euros in 2020, related to pandemic-related write-offs. These one-time write-offs are primarily attributable to receivables and prior investments in the company's non-core South African operations.

About GBLT Corp.

GBLT, through its operating company, GBT GmbH, designs, manufactures and supplies mobile storage, battery and personal protection equipment to some of the largest retail chains across the globe. GBT is also an official licensee for Kodak mobile storage systems and AGFAPHOTO mobile energy products. The company's personal protection equipment is primarily sold throughout Europe under the Dr. Senst brand, which is owned and operated by GBT GmbH.

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