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GBLT Corp
Symbol GBLT
Shares Issued 113,256,663
Close 2021-08-25 C$ 0.21
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ORIGINAL: GBLT Announces Second Quarter 2021 Financial Results

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

GBLT Announces Second Quarter 2021 Financial Results

Canada NewsWire

-  Revenue up 57% in 1H 2021  -

TORONTO and DUEREN, Germany, Aug. 25, 2021 /CNW/ - GBLT Corp. (TSXV: GBLT) (OTCQB: GBLTF) (FSE: 4G9) ("GBLT" or the "Company") is pleased to announce 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 CEO of GBLT Corp. "We are seeing record orders from both our Dr. Senst brand of PPE 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 ecommerce 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 compared to €7.1 million for the same period in 2020. Revenue for the six months ended June 30, 2021 was €15.3 million compared to €9.8 million for the same period in 2020, an increase of 57%. 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 €0.8 million compared to €1.2 million for the same period in 2020. Gross profit for the six months ended June 30, 2021 was €1.7 million compared to €1.3 million.
  • Gross margin for the three months ended June 30, 2021 was 12.4% compared to 17.3% for the same period in 2020. Gross margin for the first half of 2021 was 10.9% compared to 13.6% 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 totaled €0.7 million compared to €0.6 million for the same period in 2020. Operating expenses for the six months ended June 30, 2021 totaled €1.2 million compared to €1.0 million for the same period in 2020.
  • Adjusted EBITDA for the three months ended June 30, 2021 totaled €0.1 million compared to €0.7 million for the same period in 2020.
  • Net income for three months ended June 30, 2021 totaled €0.1 million compared to net income of €0.6 million for the same period in 2020. Net Income for the six months ended June 30, 2021 was €0.5 million compared to €0.4 million in 2020, an increase of 26%.

IFRS financial measure for each of the periods indicated:






EBITDA


Three months ended
June 30,


Six months ended
June 30,



2021


2020


2021


2020

Net Income for the Period

65,230

616,108

466,961

370,652

Depreciation


12,344


10,773


22,208


22,485

Interest and financing fees


46,141


32,783


77,237


74,710

EBITDA


123,715


659,664


566,406


467,847

Currency exchange gain (loss)


(1,080)


(14,015)


(4,432)


8,545

Share based payments


1,644


0


5,137


0

Adjusted EBITDA

124,279

645,649

567,111

476,392

About GBLT:

GBLT Corp., 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.

For more information, please visit www.gbt-international.com and www.gbltcorp.com.

Forward-Looking Information
Certain statements in this news release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning the Company's proposed activities under the Agreement, the Company's ability to achieve sales, commercial or otherwise, from its products, and the expectations of the Company regarding funding payments due pursuant to the Agreement. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.

SOURCE GBLT Corp.

View original content: http://www.newswire.ca/en/releases/archive/August2021/25/c0381.html

Contact:

please contact: GBLT Corp., Dr. Thilo Senst, CEO, Tel.: +49(0)2421-20856-0, Email: investor@gbltcorp.com; Investor Relations: Virtus Advisory Group, Tel: 416-644-5081, Email: info@virtusadvisory.com

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