Clear Blue Technologies Reports Record Third Quarter 2023 Revenue and Adjusted EBTIDA

Strong Order and Revenue Growth in Seasonally Strong H2

TORONTO, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA) (OTCQB: CBUTF) announces its financial results for the quarter ended September 30, 2023 (“Q3 F2023”). A complete set of Financial Statements and Management’s Discussion & Analysis (“MD&A”) has been filed at www.sedarplus.ca. All dollar amounts are denominated in Canadian dollars.

Q3 F2023 Financial Highlights:

• Revenue was $2,273,377, a 404% increase from $451,421 for the quarter ended September 30, 2022 (“Q3 2022”), and up 202% from $752,325 in the prior quarter (“Q2 2023”). Revenue was in-line with the Company's October 5th, 2023 pre-announcement.
• Q3 revenue represents a record level of quarterly revenue since Q1 2021, notwithstanding the seasonality in the Company's business.
• Recurring revenue was $195,315, a 37% increase from $142,940 in Q3 2022.
• Gross Margin was 37%, up from 30% in Q3 2022.
• Gross Profit for Q3 2023 was $850,588 compared to $135,575 for Q3 2022, a 527% increase.
• Adjusted EBITDA was $33,187 versus $(987,427) in Q3 2022, a 103% improvement from Q3 2022, and a record in the Company’s entire operating history.
• As of September 30, 2023, bookings were $2,914,882, an increase of 46%, when compared to $1,991,275 as of December 31, 2022, with delivery anticipated over the next three years in the case of Illumience/EaaS and typically in the next four to six months in the case of production orders. Additionally, the Company booked another $417,739 of sales in Q3 2023 that were also delivered in Q3 2023.
• Cash at September 30, 2023 was $1,086,050 versus $853,330 at December 31, 2022.
• As of September 30, 2023, the Company has $3,900,304 millions of available government funding, with $3,337,057 million receivables in government grants, and $563,247 million receivables in the form of a 10-year interest free loan to fund its plans going forward over the next 3 years.
  

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. “These results were in line with our October 5 pre-announcement and we reported our first quarter of positive EBITDA. We see similar demand building in Q4 2023 and beyond and we have the balance sheet to continue our growth resumption.”