Dr. Thilo Senst reports
GBLT ANNOUNCES SECOND QUARTER 2020 FINANCIAL RESULTS
GBLT Corp. has provided its second quarter financial results for the three- and six-month period ended June 30, 2020.
"We are very pleased with our financial results this quarter as our mobile energy business continues to grow while our personal protective equipment business has quickly become an exciting new growth driver for GBLT," said Dr. Thilo Senst, chief executive officer of GBLT Corp. "Our Dr. Senst brand of PPE is already being sold amongst retailers and distributers throughout Europe while we are also beginning to see initial orders in North America. We believe this is an enormous opportunity for us as a new revenue stream that is able to increase our gross margin base as evident in this quarter's numbers. As well, we achieved a strong level of profitability and we believe this will be sustained over the coming quarters as we continue with several new product lines from both the PPE segment of our business and with mobile energy storage."
Revenue for the three months ended June 30, 2020, was 7.1 million euros compared with 5.0 million euros for the same period in 2019, an increase of 41 per cent. Revenue for the six-month period ended June 30, 2020, was 9.8 million euros compared with 8.3 million euros for the same period in 2019, an increase of 18 per cent.
Gross profit for the three months ended June 30, 2020, was 1.2 million euros compared with 400,000 euros for the same period in 2019, an increase of 209 per cent. Gross profit for the six-month period ended June 30, 2020, was 1.3 million euros compared with 800,000 euros for the same period in 2019, an increase of 61 per cent.
Gross margin for the three months ended June 30, 2020, was 17.3 per cent compared with 7.9 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 June 30, 2020, totalled 600,000 euros compared with 500,000 for the same period in 2019. Operating expenses for the six months ended June 30, 2020, totalled 1.0 million euros compared with 900,000 for the same period in 2019.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the three months ended June 30, 2020, totalled 650,000 compared with 30,000 for the same period in 2019. Adjusted EBITDA for the six months ended June 30, 2020, was 480,000 compared with 130,000 for the same period in 2019.
Three months ended Six months ended
June 30, June 30,
2020 2019 2020 2019
Net income (loss) for the period 616,108 (40,631) 370,652 (45,265)
Currency exchange loss (gain) (14,015) 9,126 8,545 32,946
Change in fair value of derivative - 10,298 - 14,555
Depreciation 10,773 4,132 22,485 8,264
Financing fees 25,223 28,500 53,783 69,472
Interest and bank charges 7,560 20,716 20,927 52,838
Adjusted EBITDA 645,649 32,141 476,392 132,810
About GBLT Corp.
GBLT, indirectly through its operating company, GBT GmbH, is a diversified lighting and battery company and the official licensee for Polaroid light products (LED and all other lighting technology including retail and projects), Polaroid energy storage systems (mobile and fixed systems) and AGFAPHOTO mobile energy products (such as batteries).
GBT is focused on capitalizing on the current global trends in the rapidly growing energy storage and lighting sectors through the branding, sale and distribution of electronic products, including some under private labels, for residential and commercial markets. Through its licensing and branding partnership with Polaroid for lighting and mobile energy storage products, GBT has an immediate focus on launching its line of energy storage products in Europe, North America and internationally. GBT is also pursuing various large global commercial lighting projects.
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