Dr. Thilo Senst reports

GBLT ANNOUNCES SECOND QUARTER 2022 FINANCIAL RESULTS

GBLT Corp. has released its second quarter for the three-month and six-month period ended June 30, 2022.

"With the legacy priced contracts behind us, we have experienced a much improved second quarter with increases in both revenue and gross margins," said Dr. Thilo Senst, chief executive officer of GBLT. "We have also posted an increase in the bottom line as net income has improved both YTD [year-to-date] and comparing quarters from 2021. We are confident that the momentum will continue into the second half as we expand our high margin product lines into various regions globally. We remain very optimistic about the future outlook, as the company has been actively addressing the higher logistic costs and inflation with price adjustments on our energy storage products, while focusing on growing the high margin Dr. Senst health care product lines and our renewable energy products that will drive GBLT's bottom line growth for the foreseeable future."

• Revenue for the three-month period ended June 30, 2022, increased by 55 per cent to 10.06 million euros ($13.18-million), compared with 6.5 million euros ($8.5-million) for the same period in 2021; it increased by 25 per cent compared with Q1 2022. The increase in revenue was due to an increase in customer demand for the company's health care products, additional new customers and the expansion of the company's solar product line.
• Gross margin for the three-month period ended June 30, 2022, improved to 18 per cent, compared with 12 per cent for the same period in 2021. The increase was due to flexible pricing and focusing on the higher margin product lines.
• Gross profit for the three-month period ended June 30, 2022, increased by 128 per cent to 1.82 million euros ($2.38-million), compared with 800,000 euros ($1.05-million) for the same period in 2021; it increased by 181 per cent compared with Q1 2022.
• Operating expenses for the three-month ended June 30, 2022, was 1.05 million euros ($1.38-million), compared with 740,000 euros ($970,000) in Q2 2021 and 660,000 euros ($860,000) in Q1 2022.
• Net income (loss) for the three-month period ended June 30, 2022, increased by 1014 per cent to 780,000 euros ($1.02-million), compared with 70,000 euros ($90,000) in Q2 2022; it increased by 4475 per cent compared with Q1 2022.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the three-month period ended June 30, 2022, increased by 622 per cent to 910,000 euros ($1.19-million), compared with 130,000 euros for the same period in 2021; it increased by 1266 per cent compared with Q1 2022.

Year-to-date

• Revenue for the first half of 2022 increased by 18 per cent to 18.1 million euros ($23.7-million), compared with 15.3 million euros ($20.04-million) in 2021. The increase in revenue was due to increase in customer demand for the company's health care products, additional new customers and the expansion of the company's solar product line.
• Gross margin for the first half of 2022 improved to 14 per cent, compared 11 per cent for the same period in 2021. The increase was due to flexible pricing and focusing on the higher margin product lines.
• Gross profit for the first half of 2022 increased by 49 per cent to 2.48 million euros ($3.25-million), compared with 1.66 million euros ($2.17-million) in 2021.
• Operating expenses for the first half of 2022 was 1.71 million euros ($2.24-million), compared with 1.2 million euros ($1.56-million) in 2021.
• Net income for the first half of 2022 increased by 61 per cent to 760,000 euros ($990,000), compared with 470,000 euros ($610,000) in 2021.
• Adjusted EBITDA for the first half of 2022 increased by 58 per cent to 1.04 million euros ($1.36-million), compared with 660,000 euros ($870,000) in 2021.

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 through 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 the Dr. Senst brand.

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