Clear Blue Technologies Provides Corporate Q3 2023 Update

Q3 Revenue is expected to be up 198% sequentially and 397% year-over-year

TORONTO, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Clear Blue Technologies International Inc. ("Clear Blue" or the "Company") (TSXV: CBLU) (FRANKFURT: 0YA) (OTCQB: CBUTF), announces a Q3 2023 corporate update, including preliminary Q3 results.

Q3 2023 Update – Record Control Units Shipped Drive Revenue Growth

• Revenue is expected to be $2.243M (+198% from Q2 2023, and 397% from Q3 2022), exceeding the previously announced guidance range of $1.5M - $2.2M with Gross Margin expected to be in line with previous periods;
• Revenue was distributed across all business units:
  • Nano-Grid systems is expected to be approximately 33% of revenue this quarter and included several satellite Wi-Fi projects. These first orders are low volume initial installs but our sales funnel contains a number of much larger roll out opportunities for 2024;
  • Illumient systems is expected to contribute approximately 42% of the revenue, including a new order for a First Nations community in British Columbia as well as the first of two projects for the City of Hamilton this year;
  • Esite-Micro systems is expected to represent approximately 20% of the revenue and included two new orders for TowerCo in Africa.
• In the quarter the Company shipped 920 power control devices across 18 orders, a quarterly record for units shipped;
• Clear Blue converted a previously announced Parallel Wireless project to a full Esite-Micro solution, which is now expected to ship in Q4. The impact on Q4 revenue is anticipated to be $1.1M. This project and a number of the other new Esite orders includes Clear Blue’s Illumience Smart Power management platform and services.
• The cash position at the end of the quarter was $1.03M and increased by more than 30% from Q2 2023.

“The third quarter of 2023 saw the Company’s quarterly performance return to its pre-COVID trajectory of a seasonally stronger second half,” said Miriam Tuerk, CEO of Clear Blue. “We see similar demand building in Q4 2023 and beyond, and we have the balance sheet to continue our growth resumption.”