Revenues hit C$670,000 for the quarter as the company came the closest to breaking even for the first time in its history.
Clear Blue Technologies (TSXV:CBLU), a wireless off-grid company announced that it had the closest quarter to breaking even since it originated. With net loss figures improving by over US$1.3 million compared to the same time last year, the company improved operating expenses and was bolstered by the Scientific Research and Experimental Development Tax incentives from the government of Canada.
As quoted in the press release:
Clear Blue CEO Miriam Tuerk commented: “Our third quarter combined with subsequent events demonstrate a stronger second half of the year, with the potential for improvement on both gross margin percentage and net loss. We are seeing strong customer response in our telecom business segment. Management believes that these are signals that our technology has growing customer support, and the accompanying financials are evidence the Company can be scaled with modest incremental operating expense and capital.
“As detailed in our Management’s Discussion and Analysis, typical telecom projects consist of three phases; an initial Proof of Concept or POC, larger First Installs or FIs and finally Rollouts. As in Q2, because Rollouts are large, visible public projects where we bid with multiple partners and have potentially transformative impact on our revenues, we have provided guidance on the scale and timing of potential opportunities. While there can be no certainty we will win one of these Rollout projects we are encouraged by solid progress on all twelve POC and five FI projects and our first million dollar order. These projects already exceed our previous guidance on year end telecom project totals.”