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CLEARBLUE TECHNOLOGIES Clear Blue Technologies Announces 2021 Q1 Financial Results Q1 Revenue of $ 3,459,007 , Gross Margin of 22 % , Adjusted EBITDA of $ ( 416,969 ) TORONTO , May 27 , 2021 ( GLOBE NEWSWIRE ) -- Clear Blue Technologies International Inc. ( " Clear Blue " ) ( TSXV : CBLU ) ( FRA : OYA ) ( OTCQB : CBUTF ) , the Smart Off - GridTM Company , today announces its financial results for the quarter ended March 31 , 2021 , with the following highlights : Key Financial Results ( all figures in Canadian dollars ) On a Trailing Four Quarter basis : • TFQ Revenue was $ 7,244,647 , an 87 % increase over the previous TFQ period ; • Gross profit for TFQ was $ 1,941,028 or 27 % , a 125 % increase from the previous period ( $ 862,030 or 22 % ) ; • Operating expenses for the TFQ ended March 31 , 2021 , were $ 4,389,751 , a decrease of $ 1,026,854 or 19 % compared to the same period in 2020 ; • Non - IFRS Adjusted EBITDA for the TFQ was $ ( 3,103,830 ) compared to $ ( 3,673,380 ) for the previous TFQ . This 16 % improvement resulted from higher revenue with improved margins of 27 % compared to 22 % for the comparative TFQ of 2020 . For the quarterly Q1 2021 results : • Q1 quarterly revenues were $ 3,459,007 , a 1,352 % increase over $ 238,171 for Q1 2020 , which is directly attributed to revenue from two previously announced contracts with telecom infrastructure operators in Africa . • Gross profit for Q1 was $ 751,163 or 22 % compared to $ 77,134 for Q1 2020 , a significant increase resulting from higher revenue for the quarter . • Quarterly operating expenses decreased by $ 239,473 to $ 1,024,864 for the three - month period ended March 31 , 2021 versus $ 1,264,337 for the three - month period ended March 31 , 2020. This can be attributed to government - funded Covid- 19 related support of $ 244,931 received in the three - month period of 2021 . Quarterly Non - IFRS Adjusted EBITDA was $ ( 416,969 ) versus $ ( 903,424 ) in Q1 2020 resulting from higher revenue and resulting increased gross margin of $ 674,029 in the current quarter , compared to the same quarter of 2020 . Outlook Our strong Q1 2021 result was the best quarter ever for the Company and followed a solid Q4 2020 , thereby setting up a strong foundation for 2021 and beyond . Clear Blue supported deployments by three key telecom accounts , all of whom have plans for large multi - year initiatives supporting Tier 1 global telecom providers . The Company's recurring revenue increased by 53 % , with new bookings and related deferred revenue growing by 179 % and 100 % , respectively , over 2020 . " With strong global commitments across multiple countries and from numerous public and private stakeholders , the movement to bring connectivity to the nearly four billion under - served and under - connected people worldwide , is gaining momentum , ” said Miriam Tuerk , Co - founder & CEO of Clear Blue . “ These significant investments will continue to grow across Rural Telecom as well as Satellite and Wi - Fi sectors , all of which need Smart Off - Grid Power . " On May 4th , 2021 , Clear Blue completed its ten billionth transaction between its Smart Off - Grid power systems and its cloud management platform . With systems in 37 countries worldwide the traction in its partnerships and large contracts , the Company has established itself as the market leader in managed Smart Off - Grid systems and services for mission - critical infrastructure . Management is focused on building upon this solid foundation for future value accretion . Conference Call The Company will host a conference call to discuss its latest financial results at 11:00 AM Eastern Time ( Canada / U.S . ) on Thursday , May 27 , 2021. Those interested can register at : https://zoom.us/webinar/register/WN YUPes1vxSOOgo3PfLeObtg Media Contact : Becky Nye Director Montieth & Company 155 E 44th St. , New York , NY 10017 bnye@monteithco.com +1 646.864.3517 Investor Relations : Miriam Tuerk Co - Founder and CEO +1 416 433 3952