Clear Blue Technologies Reveals Q3 2024 Results and Future Plans

Clear Blue Technologies Reports Q3 2024 Financial Outcomes

Clear Blue Technologies International Inc. (TSXV: CBLU) recently shared its financial performance for the third quarter of 2024, concluding on September 30.

Despite facing several hurdles, including delayed funding and industry challenges, the company aims to maintain its focus on recovery and future growth. Clear Blue is positioning itself as a frontrunner in delivering Smart Off-Grid™ solutions.

Financial Highlights for Q3 2024

During this quarter, Clear Blue's financial results revealed some significant trends:

• Trailing Four Quarters: Total revenue stood at $4,308,920, marking a 24% increase from $3,466,183 in the previous year.
• Recurring Revenues: These amounted to $751,396, a five-point rise from $713,264 previously.
• Gross Profit: The company reported a gross profit of $1,971,704, a notable 49% increase compared to the same quarter last year.
• Gross Margin: Gross margin percentage rose from 37% to 46%.
• Non-IFRS Adjusted EBITDA: This registered at ($2,576,228), showing a slight improvement over the ($2,618,881) loss from last year's comparable period.

Q3 Challenges and Impact

The third-quarter results did reflect challenges:

• Overall Revenue: Dropped to $369,297, an alarming 84% decrease from $2,273,377 in Q3 2023.
• Recurring Revenue: This segment brought in $102,686 compared to $195,315 last year, demonstrating a drop of 47%.
• Gross Profit Impact: For Q3, gross profit fell sharply to $169,323 against a previous $850,588, leading to an 80% reduction in profit margins.
• Non-IFRS Adjusted EBITDA for this quarter: Decreased sharply to ($857,230) from last year's ($33,187).
• Bookings Update: As of June 30, bookings improved to $3,154,015 from the previous $2,469,846, a growth of 28%.

Corporate Update: Navigating Funding Challenges

Following a notification about a significant delay in essential grant funding that impacts the company’s R&D, Clear Blue Technologies has initiated steps to secure alternative funding sources. These funding delays have led to immediate cash flow challenges, prompting the management team to explore restructuring strategies.

CEO Miriam Tuerk articulated hope amidst these hardships, stating, “This year has been fraught with external challenges, yet our focus remains on restructuring to position Clear Blue for a robust start to 2025. Our aim is to foster strong cash flow, growth, and prospective opportunities moving forward.”

Future Outlook

While Clear Blue Technologies anticipates navigating through these fiscal issues, the management is actively engaging with its creditors and stakeholders. The company plans to share regular updates as it progresses through its restructuring journey to ensure that it stays on a path towards stability and growth.

Frequently Asked Questions

What were the key financial figures reported for Q3 2024?

Clear Blue's revenue was $369,297, an 84% decline from Q3 2023. Gross profit was noted at $169,323, representing an 80% decrease from the previous year's profits.

How has the company's revenue trajectory changed?

The overall revenue saw a drastic decline compared to Q3 2023, which indicates significant challenges the company faced, primarily due to external factors.

What challenges is Clear Blue Technologies currently facing?

Delays in grant funding have caused substantial cash flow issues, making it challenging to meet certain financial obligations.

What is Clear Blue’s plan to overcome these financial difficulties?

The company is restructuring its operations and seeking alternative funding sources to stabilize its financial health moving forward.

What is Clear Blue's focus for the upcoming year?

The management is determined to optimize its strategies to ensure a strong start in 2025, focusing on cash flow and growth opportunities.

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