Clear Blue Technologies Announces Q2 2024 Financial Results
Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA), recognized as the Smart Off-Grid™ Company, has published its financial results for the second quarter of 2024. In a rapidly evolving market, the company’s performance showcases a strategic growth path. All amounts are reported in Canadian dollars.
Overview of Financial Performance
Analysis of the Last Four Quarters
When looking at the Trailing Four Quarter (TFQ) performance, Clear Blue Technologies demonstrated notable financial advancements:
- Revenue reached $6,212,370, reflecting an impressive 278% increase from last year's revenue of $1,644,227. This growth was driven by strong performance across all four product lines offered by Clear Blue;
- Recurring revenue also saw a healthy increase to $779,149, which is a 21% rise from $646,416 in the previous period;
- Gross profit climbed to $2,652,969, a significant 338% increase from the $606,008 reported for the same period last year;
- 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), marking a 54% improvement from ($3,639,495) in the prior year.
Highlights from Q2 2024
Examining the results specifically for Q2 2024, the company reported:
- Revenue of $1,014,690, which is a 35% increase compared to $752,325 in Q2 2023;
- Recurring revenue contributed $169,106 to total revenue, up from $139,056 in Q2 2023, indicating a 22% rise;
- Gross Profit for Q2 2024 was $245,564, reflecting a 21% decline from $309,007 in Q2 2023, primarily due to a one-time solar panel anti-dumping charge that is currently being contested. Without this charge, the gross margin for the quarter would have been 33%;
- Non-IFRS Adjusted EBITDA for the quarter was ($721,262), compared to ($664,964) in Q2 2023, showing an 8% improvement;
- As of June 30, 2024, bookings increased to $3,237,789, representing a 31% rise from $2,469,846 as of December 31, 2023.
Strategic Outlook for Fiscal Year 2024
The outlook for the remainder of 2024 is optimistic. Clear Blue's management expects that the second half of 2024 will mirror the strong performance trends observed in 2023, with Q3 and Q4 traditionally accounting for a significant share of annual revenue. This trend is influenced by budget and procurement cycles, particularly regarding capital budget expenses linked to one-time revenue.
A broader product portfolio has strengthened Clear Blue's market position, allowing for expansion into a diverse range of customers. The ongoing demand for solutions across various applications continues to drive this growth. Additionally, securing financing is a priority for several partners, with expectations of stabilization in Q3 or early Q4.
In the past two years, management has invested over $2.5 million, reinforcing its role as a key cash contributor to the enterprise, alongside substantial backing from investors. With advancements in AI enhancing the effectiveness of solutions addressing climate challenges, Clear Blue’s extensive data capabilities will enable the company to deliver reliable solar power efficiently. This aligns with expectations for strong order volumes and growth opportunities in the latter half of 2024 and into 2025.
Upcoming Earnings Call
All stakeholders are encouraged to participate in the upcoming earnings call, where these results will be discussed in greater detail, along with insights into the exciting developments on the horizon.
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 committed to providing 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 continues to lead in 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, reflecting 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 represents a 21% decrease from Q2 2023.
What is the future outlook for Clear Blue Technologies?
Clear Blue anticipates a strong second half of 2024, with expected growth driven by increased capital funding and market demand.
Who can I contact for more information about Clear Blue?
For further details, you can reach out to Miriam Tuerk at +1 416 433 3952 or email investors@clearbluetechnologies.com.
What distinguishes Clear Blue Technologies from competitors?
Clear Blue focuses on delivering reliable solar and hybrid power solutions, backed by a comprehensive product portfolio and strong data analytics capabilities.
