Q2 2024 Clear Blue Technologies International Inc Earnings Call Transcript
Key Points
- Clear Blue Technologies International Inc (CBUTF) reported a significant revenue increase, with Q2 2024 revenues reaching $1.01 million, marking a 278% increase over the trailing four quarters.
- The company has expanded its product line from two to four products, which has contributed to strong sales growth across its portfolio.
- Clear Blue Technologies International Inc (CBUTF) has a strong recurring revenue model through its Energy-as-a-Service and Illumience management services, with a 21% increase in trailing fourth-quarter recurring revenue.
- The company is actively involved in strategic partnerships and is in the process of developing two significant partnerships with Tier 1 global companies in the telecom and lighting sectors.
- Clear Blue Technologies International Inc (CBUTF) is leveraging its extensive data and AI capabilities to enhance its product offerings, providing a competitive edge in the market.
- The company's gross margin decreased to 24% in Q2 2024 from 41% in Q2 2023, primarily due to an unexpected solar panel anti-dumping charge.
- Clear Blue Technologies International Inc (CBUTF) is still operating at a negative EBITDA, although it has improved by 54% compared to the previous year.
- Cash flow remains tight, and the company is actively managing its financial resources, including government loans and convertible debentures.
- The company has faced delays in receiving payments from customers and grant money, impacting its financial position and growth targets.
- Clear Blue Technologies International Inc (CBUTF) has not yet achieved its revenue target of CAD8 million for 2024, with current guidance suggesting it may fall short.
Yes. I'm ready.
Perfect. Thank you. Good morning, everyone, and thank you for joining Clear Blue's Q2 financial results call. The company filed its Q2 results on SEDAR last night. Management will walk you through the business and financial updates on the quarter in a little bit. (Operator Instructions) With that, over to yourself, Miriam.
Thanks so much, Nikhil. And of course, everyone, thank you so much for taking time out of your busy day in the last of our summer season to join us on this call today. We've been working very hard, and I think we're pretty proud of the progress that we're making as a company and showing a strong upswing as a result of the -- all the work that we've done through the downturn in 2022 and coming out of it last year.
I've got the recording on. First of
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