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GBLT Corp
Symbol GBLT
Shares Issued 113,256,663
Close 2021-08-25 C$ 0.21
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GBLT earns 65,230 euros in Q2 2021

2021-08-25 12:32 ET - News Release

Dr. Thilo Senst reports

GBLT ANNOUNCES SECOND QUARTER 2021 FINANCIAL RESULTS

GBLT Corp. has released its second quarter financial results for the three and six-month period ended June 30, 2021.

"We are extremely pleased with our results for the first half of 2021, in spite of COVID-19 headwinds we were still able to deliver strong growth in on top-line revenue, and we are already seeing signs of surpassing of our internal goals of revenue generation for this year," said Dr. Thilo Senst, founder and chief executive officer of GBLT. "We are seeing record orders from both our Dr. Senst brand of personal protective equipment and also our mobile energy and battery solutions from our customers. However, with global supply chains being slowed due to macroeconomic issues, our profitability on these contracts has been impacted in the interim. We believe that this impact is temporary and see it directly tied to shipping costs, and as economies globally resume normal course of business we anticipate return back to stronger levels of profitability, and we are already seeing signs of that."

Dr. Senst continued: "Furthermore, many of the orders that we were simply unable to deliver in Q2 will fall into remaining quarters of this year into the early parts of next year. Our AgfaPhoto and Dr. Senst brands continue to garner attention from some of the largest retailers globally, and we believe our strong market positioning will continue to grow as we deliver products to consumers globally. Not only are we seeing larger orders from these groups, but the breadth of products they are requesting from us is wider than they have ever been. With Dr. Senst in particular, we are not viewed by consumers as simply protection against COVID-19, but rather a part of day-to-day essentials. As well, many of these products are manufactured directly in Germany which isolates us from any supply chain issues. Finally, we are extremely excited to announce the launch of our e-commerce strategy, which we believe will allow us to further penetrate markets we currently have a strong presence in by going direct to consumers, resulting in higher margin."

  • Revenue for the three months ended June 30, 2021, was 6.5 million euros compared with 7.1 million euros for the same period in 2020; revenue for the six months ended June 30, 2021, was 15.3 million euros compared with 9.8 million euros for the same period in 2020, an increase of 57 per cent. Revenue in Q2 2021 was impacted by delays in the global supply chain resulting from the COVID-19 pandemic, despite continued growth in demand from customers throughout the quarter. The company anticipates these orders to be filled in the coming quarters;
  • Gross profit for the three months ended June 30, 2021, was 800,000 euros compared with 1.2 million euros for the same period in 2020. Gross profit for the six months ended June 30, 2021, was 1.7 million euros compared with 1.3 million euros;
  • Gross margin for the three months ended June 30, 2021, was 12.4 per cent compared with 17.3 per cent for the same period in 2020. Gross margin for the first half of 2021 was 10.9 per cent compared with 13.6 per cent for the same period in 2020. The margin decrease reflects strong growth in the mobile energy and battery division of GBLT which accounted for a higher portion of revenue in 2021 relative to 2020;
  • Operating expenses for the three months ended June 30, 2021, totalled 700,000 euros compared with 600,000 euros for the same period in 2020. Operating expenses for the six months ended June 30, 2021, totalled 1.2 million euros compared with one million euros for the same period in 2020;
  • Adjusted earnings before interest, taxes, depreciation and amortization for the three months ended June 30, 2021, totalled 100,000 euros compared with 700,000 euros for the same period in 2020;
  • Net income for three months ended June 30, 2021, totalled 100,000 euros compared with net income of 600,000 euros for the same period in 2020. Net income for the six months ended June 30, 2021, was 500,000 euros compared with 400,000 euros in 2020, an increase of 26 per cent.

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 Dr. Senst brand, which is owned and operated by GBT GmbH.

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