Clear Blue Technologies Announces Fiscal 2024 Results & Provides Corporate Update

Financial Restructuring in Q4 2024 successfully completed positioning company for strong 2025

/EIN News/ -- TORONTO, April 30, 2025 (GLOBE NEWSWIRE) -- Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA), the Smart Power Company, announces its financial results for fiscal 2024 (“F2024”). 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.

F2024 Financial Results

• Bookings increased to $5,071,105, an increase of 105%, when compared to $2,469,846 as of December 31, 2023, with delivery anticipated over the next three years.
• TFQ revenue was $2,758,295, a 49% decrease from $5,403,589 in F2023.
• TFQ recurring revenue was $759,261 a 2% increase from $747,148 in F2023.
• TFQ Gross Profit decreased to $1,349,792 compared to $2,471,345 in the comparable period, a 45% decrease. The gross margin percentage increased to 49% from 46% in F2023.
• Non-IFRS Adjusted EBITDA for the period was ($2,960,457) as compared to ($1,959,397) for the previous period, an 51% degradation from the comparative period of 2023. This was due to the reduced revenue result in 2024 as well as the movement of intangible (R&D) assets from the balance sheet for 2024.
• Cash as of December 31, 2024, was $339,905 and remained stable thru Q1.
• As of December 31, 2024, the Company had approximately $1.8M remaining from its IRAP Green Fund contract. At this time, it expects to receive $1.3M of that amount by the end of Q2 2025.
  

Corporate Update & Financial Outlook

The final quarter of 2024 was a very challenging one for Clear Blue. Due to the previously mentioned (Q3MD&A) uncertainty around contracted grant funding from the Canadian Federal Government, the company was forced to make material changes to avoid a catastrophic result.

The company implemented a series of significant measures to enhance its financial position:

• The workforce was reduced, and senior personnel accepted substantial reductions in compensation.
• Cloud operations were moved to open-source platforms to reduce cost.
• Debt levels were lowered through a successful debt conversion initiative.
• These outcomes were achieved through comprehensive negotiations with key stakeholders.

As a result of these actions:

• The company emerged from a challenging period with a streamlined balance sheet.
• Cash flow improved, and the company is now positioned for robust growth.
• In total, cost reductions exceeded $3 million, exclusive of an additional $1 million in interest savings realized through the debt conversion.
  

As a result, the Company expects a more balanced cash flow profile in the near term, enabling it to allocate resources toward core growth initiatives and operational execution. The positive impact of these measures is expected to support a trajectory toward sustainable cash generation, while reducing near-term cash repayment obligations. Management remains confident in the Company’s ability to drive further revenue expansion and capitalize on long-term growth opportunities.

Clear Blue 2.0 – A Strong Foundation for 2025

Broadly, in this industry, growth has been driven by increased investment in the “Green and AI” sectors, as well as a strong drive to reduce costs and dependence upon diesel fuel. Clear Blue has established relationships with marquee customers across the globe which reduces the dependence on US customers.

Clear Blue enters 2025 with strong momentum, reporting $5,866,625 in bookings—a 138% increase over 2024

Over the past six months, the Company has announced three major agreements, further reinforcing its growth trajectory. While Clear Blue is not issuing formal guidance at this time, these projects—combined with a robust sales pipeline across its five-product portfolio—position the Company well to drive revenue growth and achieve positive EBITDA in 2025. “It’s great to get back to selling, forming partnerships, producing, and deploying with customers,” said Miriam Tuerk, CEO of Clear Blue. “Our focus now is to monetize the opportunities ahead and deliver strong results, quarter by quarter.”

Please join our earnings call Thursday May 1st at 11:00 am EDT to hear more.

Registration Link

https://us06web.zoom.us/webinar/register/WN_yLCwKEZnTLKhrAlYtqG51g

For more information, contact:

Miriam Tuerk, Co-Founder and CEO
+1 416 433 3952
miriam@clearbluetechnologies.com

www.clearbluetechnologies.com/en/investors

About Clear Blue Technologies International

Clear Blue Technologies International, the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)

Legal Disclaimer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

Forward-Looking Statement

This press release contains certain "forward-looking information" and/or "forward-looking statements" within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Clear Blue’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Clear Blue's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include, but is not limited to, information concerning financial results and future upcoming contracts.

By identifying such information and statements in this manner, Clear Blue is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Clear Blue to be materially different from those expressed or implied by such information and statements.

An investment in securities of Clear Blue is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risk Factors" in Clear Blue's listing application dated July 12, 2018. Although Clear Blue has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

In connection with the forward-looking information and forward-looking statements contained in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward- looking information and statements attributable to Clear Blue or persons acting on its behalf is expressly qualified in its entirety by this notice.”

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.