Clear Blue Technologies International (CBLU) Q1 2024 earnings summary

Executive summary

• Q1 2024 revenue reached $808,553, up 208% year-over-year, with gross margin improving to 42% from 36% in Q1 2023.

• Trailing four-quarter revenue totaled $5.95M, a 255% increase year-over-year, with gross profit up 373% to $2.72M.

• Recurring revenue for Q1 2024 was $300,786, a 42% increase year-over-year; bookings rose 15% sequentially to $2.85M.

• Adjusted EBITDA loss improved 32% year-over-year to $(712,325) in Q1 2024.

• 388 power control devices shipped across 10 orders in the quarter.

Financial highlights

• Gross margin for the trailing four quarters was 46%, up from 34% in the prior period.

• Non-IFRS Adjusted EBITDA loss for the trailing four quarters improved 59% to $(1.63M).

• Q1 2024 gross profit increased 263% year-over-year to $338,339.

Outlook and guidance

• Management reiterates 2024 revenue is expected to be significantly greater than 2023 ($5.4M) and 2022 ($2.6M).

• Accelerated business growth and increased order intake anticipated to drive further revenue growth in 2024.