Clear Blue Technologies Announce Second Quarter Financial Results

Clear Blue Technologies (TSXV:CBLU), cleantech company operating in 35 countries worldwide announced a 67 percent drop in revenues since the second quarter of 2018. Revenue figures stood at C$568,000 while management attributed seasonal cycles to the dip in both revenues and its gross margin results.

As quoted in the press release:

Clear Blue CEO Miriam Tuerk commented: “Our trailing four quarters results reflect the typical lower revenue generated in the first half of most years, however we are pleased with the significant improvement in trailing four quarter gross margin and gross margin percentage which reflect our efforts to drive profitability for the Company. We have increased inventory year over year in anticipation of the trend repeating in 2019. Most importantly, we are beginning to see results from our push into the telecom marketplace in Africa and South America where conversion of even one of our pilot projects into a full rollout would be transformative for the Company. Because these are large, very visible public projects where we bid with multiple partners, we have provided guidance on the scale and timing of potential opportunities. While there can be no assurance we will win one of these projects and it will be 2020 before successful bidders are selected and achieve rollout, we are encouraged to have delivered 8 Proof of Concept projects and 3 First Installs, representing a total of 146 systems to date.”

Q2 2019 Revenue and Gross Margin

Revenue for the three months (Q2) ended June 30, 2019 was $568,037, a decrease of 67% over Q2 2018 revenue of $1,697,696. TFQ revenue for the period ended June 30, 2019 was $2,665,967, a decrease of 32% over revenue of $3,908,519 in the TFQ period ended June 30, 2018.

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