Clear Blue Technologies Announces Q1 2024 Financial Results

Core Insights - Clear Blue Technologies International Inc. reported significant financial growth in Q1 2024, with a 208% increase in revenue compared to Q1 2023, driven by strong performance across all product lines [2][3]. Financial Performance - On a Trailing Four Quarter (TFQ) basis, revenue reached $5,950,005, marking a 255% increase from $1,674,003 in the previous period [2]. - Recurring revenue for TFQ was $1,120,838, a 29% increase from $865,610 [2]. - Gross profit increased to $2,716,412, a 373% rise from $574,296, with a gross margin percentage of 46%, up from 34% [2]. - For Q1 2024, revenue was $808,553, a 208% increase from $262,137 in Q1 2023 [3]. - Recurring revenue for Q1 2024 was $300,786, a 42% increase from $212,004 in Q1 2023 [3]. - Gross profit for Q1 2024 was $338,339, a 263% increase from $93,272 in Q1 2023, with a gross margin of 42%, up from 36% [3]. - Adjusted EBITDA improved to $(712,325) in Q1 2024 from $(1,042,209) in Q1 2023, reflecting a 32% improvement [3]. Bookings and Shipments - As of March 31, 2024, bookings increased to $2,848,424, a 15% rise from $2,469,846 as of December 31, 2023 [3]. - The company shipped 388 power control devices across 10 orders during the quarter [3]. Product Developments - Clear Blue launched the Esite version of its Illumience Smart Power service, which has processed over 1 trillion transactions and holds the largest repository of Smart Off-Grid power performance data across 37 countries [4]. Future Outlook - The company maintains its guidance for 2024, expecting revenue to be significantly greater than the $5.4 million and $2.6 million reported in 2023 and 2022, respectively [5].