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CLEARBLUE TECHNOLOGIES Clear Blue Technologies Reports 139 % Year - Over - Year Revenue Growth in Q3 2021 and Provides Updated Outlook Record Trailing Twelve Months ( TTM ) Revenue of $ 9,021,716 , with Gross Margin of 29 % TORONTO , Nov. 16 , 2021 ( GLOBE NEWSWIRE ) -- Clear Blue Technologies International Inc. ( " Clear Blue " of the " Company " ) ( TSXV : CBLU ) ( FRA : 0YA ) ( OTCQB : CBUTF ) , the Smart Off - Grid ™ Company , today announces its financial results for the quarter ended September 30 , 2021 ( " Q3 2021 " ) . Please refer to the interim unaudited condensed Consolidated Financial Statements and Management's Discussion and Analysis ( " MD & A ” ) for the three and nine months ended September 30 , 2021 filed on SEDAR at www.sedar.com for more information . Clear Blue will host a conference call at 11am ET today to discuss Q3 2021 financial and operational results ( details below ) . Key Financial Results ( all figures in Canadian dollars ) On a Trailing Twelve Months ( TTM ) basis : • Revenue was a record $ 9,021,716 representing a 131 % increase from $ 3,912,204 in the corresponding previous period , which is mainly attributed to our deployments with telecom infrastructure operators in Africa ; • Gross profit was $ 2,607,287 , a 163 % increase from $ 992,485 in the previous period ; • Non - IFRS Adjusted EBITDA for the period was $ ( 2,551,702 ) as compared to $ ( 4,006,627 ) for the previous period . For Q3 2021 ended September 30 , 2021 : • Revenues were $ 2,247,857 , a 139 % increase over $ 940,849 for quarter ended September 30 , 2020 ( Q3 2020 ) due to telecom sales attributed to contracts with telecom infrastructure operators in Africa ; • Gross profit for Q3 2021 was $ 882,139 compared to $ 375,595 for Q3 2020 , a significant increase resulting from higher revenue for the quarter ; • Quarterly Non - IFRS Adjusted EBITDA was $ ( 329,620 ) versus $ ( 796,293 ) in Q3 2020 ; • Pro forma unaudited cash and inventory as at November 15 2021 , was $ 5,902,173 ( $ 2,843,693 cash + $ 3,058,480 inventory as at September 30 , 2021 ) , was approximately 150 % of 2020 total revenue , which management believes gives the Company a competitive edge in light of global supply constraints . Subsequent to Q3 2021 ended September 2021 : • Pro forma unaudited cash as at November 15 , 2021 of $ 2,843,693 vs. $ 538,049 as of September 30 , 2021. The increased cash balance was due to the closing of recent convertible debt financings . • Subsequent to the quarter end , the Company completed a private placement offering of convertible unsecured subordinated debentures of the Company in two tranches , for total gross proceeds $ 4,434,000 , exceeding the company's previously communicated target of $ 4,000,000 . The net proceeds shall be used to fund working capital requirements and for scaling of the business . Outlook and Management Comments • Customer planning for Telecom system rollouts and Illumient construction planning for 2022 is very active at this time providing strong indications to a very strong start to 2022 and resulting in upgrades to our internal volume forecasting for the first two quarters of 2022 ; • The Company expects early orders from its new Pico - Grid line , pertaining to satellite / WiFi connectivity . We expect this new line of business to be a meaningful revenue contributor beginning in 2023 ; • By early Q1 2022 , the Company is anticipating a large order , which could potentially double our bookings from Q3 levels of $ 2,884,686 , which is not fully reflected in the guidance below ; • FTM revenue for the period Q4 2021 to Q3 2022 is expected to be $ 9,000,000 versus TTM revenue of $ 9,000,000 as of September 30 , 2021 , compared to a TTM revenue of $ 3,900.000 as of September 30 , 2020 ; • While the Company's Q3 Gross Margin was relatively strong at 39 % , for the next few quarters Management expects the Gross Margin to be in the 30 % to 35 % range , owing to ongoing and well documented global supply chain constraints , leading to higher raw materials and shipping costs , even as the Company has been proactively managing its supply chain ; • In the medium to long - term , Management expects the Gross Margin to be higher in the 33 % to 38 % range . Overall , with its short - term Gross Margin profile , and all else equal , Management anticipates the Company could be Adjusted EBITDA break - even at an annual revenue in the $ 15,000,000 to $ 20,000,000 range .