Dr. Thilo Senst reports

GBLT ANNOUNCES FOURTH QUARTER & FISCAL YEAR 2021 FINANCIAL RESULTS

GBLT Corp. has released its fourth quarter and fiscal year financial results for the three- and 12-month periods ended Dec. 31, 2021.

"Despite the global macroeconomic challenges in 2021, we have been fortunate enough to increase our revenue by over 30 per cent year over year," said Dr. Thilo Senst, chief executive officer of GBLT. "The pandemic continued to create supply chain issues, which increased logistic costs throughout the year; combined with the set pricing in our legacy contracts, the margins for the year have experienced a slight setback. Fortunately, our contracts going forward have been adjusted for the increased logistics costs and we have switched the freight for the Dr. Senst personal health care products from air to shipping containers, growing the margin further in an already high margin product line."

Dr. Senst continued: "In 2022, we continue to focus on our high-margin Dr. Senst personal health care products and our newly acquired solar energy business. Germany currently faces the largest energy prices in Europe; combined with the government initiative to make energy efficient buildings mandatory, there is an overwhelming demand in solar panel for both residential and commercial buildings. We are one of few tailor made full turnkey solar solution providers in Germany and we plan to ramp up the solar panel business by increasing our inventory and managing quality specialized labour to address and capitalize on the increased renewable demand we continue to experience. With the logistics challenges faced previously in our rear view, we are excited to not only experience continued growth, but also seeing sign of significant improvement in our margins in 2022."

Highlights:

• Revenue for the 12-month period ended Dec. 31, 2021, was 31.1 million euros ($42.4-million (Canadian)), compared with 23.8 million euros ($32.5-million (Canadian)) for the same period in 2020. The increase in sales can be attributed to the growing demand for Dr. Senst brand and mobile energy products. Revenue for the three-month period ended Dec. 31, 2021, was 7.9 million euros ($10.8-million (Canadian)), compared with 4.3 million euros ($5.9-million (Canadian)) in the same period in 2020, an increase of 84 per cent.
• Gross profit for the 12-month period ended Dec. 31, 2021, was 2.5 million euros ($3.4-million (Canadian)) (gross margin of 8 per cent), compared with 2.8 million euros ($3.8-million (Canadian)) (gross margin of 12 per cent) for the same period in 2020. The decrease in gross profit (margin) was due to the increased logistics costs associated with the cost of sales. Gross profit for the three-month period ended Dec. 31, 2021, was 312,000 euros ($425,000 (Canadian)), compared with 580,000 euros ($791,000 (Canadian)) for the same period in 2020. Operating expenses for the 12-month period ended Dec. 31, 2021, were 2.7 million euros ($3.7-million (Canadian)), compared with 2.4 million euros ($3.3-million (Canadian)) for the same period in 2020. The operating expenses have stayed within the management's expectation and budgets.
• Operating expenses for the three-month period ended Dec. 31, 2021, were 990,000 euros ($1.4-million (Canadian)), compared with 980,000 euros ($1.3-million (Canadian)) in the same period in 2020. Net loss for the 12-month period ended Dec. 31, 2021, was 200,000 euros ($300,000 (Canadian)), compared with a net income of 500,000 euros ($700,000 (Canadian)) from the same period in 2021.
• Net loss for the three-month period ended Dec. 31, 2021, was 700,000 euros ($1.0-million (Canadian)), compared with a net loss of 400,000 euros ($600,000 (Canadian)) for the same period in 2020.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the 12-month period ended Dec. 31, 2021, was 700,000 euros ($1.0-million (Canadian)), compared with 1.2 million euros ($1.6-million (Canadian)) for the same period in 2020.

About GBLT Corp.

GBLT, through its operating company, GBT GmbH, designs, manufactures and supplies mobile storage and battery solutions. GBLT is also a leading provider of renewable energy solutions via its solar division, participating in the rapidly growing solar energy market. In addition, the company offers consumer health care and wellness products to some of the largest retail chains across the globe. GBT is also an official licensee for Agfaphoto mobile energy products. The company's branded health care and well-being products are primarily sold throughout Europe under Dr. Senst brand.

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