Clear Blue Technologies Reports Strong Q2 2024 Results
Clear Blue Technologies Reports Q2 2024 Financial Results
Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA), known as the Smart Off-Grid™ Company, has released its financial results for the second quarter of 2024. In a dynamic market, the company’s performance reflects a strategic growth trajectory. All dollar amounts are in Canadian currency.
Financial Performance Overview
Trailing Four Quarter Analysis
On a Trailing Four Quarter (TFQ) basis, Clear Blue Technologies reported significant financial improvements:
- Revenue amounted to $6,212,370, marking an impressive 278% increase compared to the prior year’s revenue of $1,644,227. This remarkable growth stemmed from performance across all four product lines offered by Clear Blue;
- Recurring revenue also showed a solid rise to $779,149, a 21% increase from $646,416 the previous period;
- Gross profit surged to $2,652,969, reflecting a substantial 338% increase from the $606,008 reported for the comparable period;
- Gross margin percentage improved to 43%, up from 37% in the previous TFQ period;
- Non-IFRS Adjusted EBITDA* for the period was ($1,685,811), an improvement of 54% from ($3,639,495) in the previous year.
Q2 2024 Highlights
Focusing specifically on Q2 2024 results, the company observed:
- Revenue reached $1,014,690, representing a 35% increase over the $752,325 from Q2 2023;
- Recurring revenue contributed $169,106 to overall revenue, up from $139,056 in Q2 2023, indicating a 22% rise;
- Q2 2024 Gross Profit was $245,564, a 21% decline from $309,007 in Q2 2023, primarily due to a one-time solar panel anti-dumping charge that is being contested. Excluding this charge, gross margin for the quarter would have been 33%;
- Non-IFRS Adjusted EBITDA for the quarter stood at ($721,262), compared to ($664,964) in Q2 2023, indicating an 8% improvement;
- As of June 30, 2024, bookings rose to $3,237,789, signifying a 31% increase from $2,469,846 as of December 31, 2023.
Strategic Outlook for F2024
The company’s outlook for the remainder of 2024 remains positive. Clear Blue’s management anticipates that the second half of 2024 will replicate the strong performance trends seen in 2023, with Q3 and Q4 historically accounting for a significant portion of the annual revenue. This pattern is influenced by budget and procurement cycles, particularly for capital budget expenses related to one-time revenue.
A broader product portfolio has augmented Clear Blue's market presence, enabling expansion into a diverse customer base. The ongoing demand for solutions in various applications further fuels this growth. Furthermore, securing financing is currently a priority for several partners, which is expected to stabilize in Q3 or early Q4.
Over the past two years, management has invested more than $2.5 million, solidifying its role as a leading cash contributor to the enterprise, complemented by substantial support from investors. As innovations in AI emerge to enhance the efficacy of solutions against climate challenges, Clear Blue’s extensive data capabilities would empower the company in delivering reliable solar power efficiently. This aligns with expectations of robust order volumes and growth opportunities in the second half of 2024 and into 2025.
Upcoming Earnings Call
Stakeholders are invited to join the upcoming earnings call to discuss these results in more detail and share insights into the anticipated exciting developments in the near term.
Contact Information
Miriam Tuerk, Co-Founder and CEO
+1 416 433 3952
investors@clearbluetechnologies.com
Nikhil Thadani, Sophic Capital
+1 437 836 9669
Nik@SophicCapital.com
About Clear Blue Technologies International
Clear Blue Technologies International, the Smart Off-Grid™ Company, is dedicated to delivering clean, managed, “wireless power” solutions for various essential systems, including lighting, telecommunications, security, and Internet of Things (IoT) devices. With thousands of systems actively managed across 37 countries, Clear Blue remains at the forefront of innovation and sustainability in power solutions.
Frequently Asked Questions
What were Clear Blue's total revenues for Q2 2024?
Clear Blue reported total revenues of $1,014,690 for Q2 2024, a 35% increase from the previous year.
How has Clear Blue's gross profit changed compared to last year?
The gross profit for Q2 2024 was $245,564, which is a 21% decrease from Q2 2023.
What is the future outlook for Clear Blue Technologies?
Clear Blue expects a strong second half of 2024, with anticipated growth driven by increased capital funding and market demand.
Who can I contact for more information about Clear Blue?
For more details, you can contact Miriam Tuerk at +1 416 433 3952 or email investors@clearbluetechnologies.com.
What distinguishes Clear Blue Technologies from competitors?
Clear Blue focuses on providing reliable solar and hybrid power solutions, supported by a robust product portfolio and substantial data analytics capabilities.
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