Q4 Revenue of
Full year 2023 revenue more than doubles from 2022 level
Q4 2023 Update – Telecom segment strength drove Q4 outperformance
- Revenue is expected to be
$2.1M (up$1.922M from$178k in Q4 2022 and almost equal to Q3 2023, which was$2.2M ), exceeding the previously announced Q4 guidance range of$1.8M -$2M . Q4 continued to exhibit very strong gross margins in line with previous periods (37% in Q3 2023). - Revenue was distributed across all business units:
- Nano-Grid systems is expected to be approximately 25% of revenue for 2023. Global investments in satellite technology to bring satellite as a viable alternative to ground-based microwave and cellular systems are driving community internet services and rural deployments. Solar Green energy funds are also moving into the sector to fund solar deployments for telecom, bringing fresh funding to drive projects.
- Illumient systems are expected to contribute approximately 29% of for 2023. Solar Lighting growth in
North America is expected to be driven by recent legislation in theU.S. andCanada . Customers’ increasing requirements for resiliency against extreme weather are also helping drive growth in this segment. Illumient provides the benefit of having the lights on when the grid goes down while eliminating pole to pole cabling risks. - Esite-Micro systems is expected to represent approximately 46% for 2023. Esite services existing installations of traditional larger cell towers. The majority of these have historically been grid or grid and diesel powered. The cost of diesel is up 300% or more since 2021, and the grid is becoming less reliable. Not only is the cost of diesel driving adoption but also the greening of telecom sites is a major focus across the industry. These sites are being converted to hybrid powered systems, including solar. As a result,
Clear Blue is seeing significant customer interest in investments and programs in upgrading existing telecom sites. These investments will convert grid and diesel dependence towards solar energy.
- In the quarter the Company shipped 616 power control devices across 14 orders.
Clear Blue converted a previously announcedParallel Wireless project to a full Esite-Micro solution, which shipped in Q4. The impact on Q4 revenue is expected to be$1.1M .- 2024 revenue is expected to be significantly greater than 2023 and 2022 revenue which were
$5.4M and$2.6M respectively. With typical business seasonality, strong sales orders in the first half of the year leads to stronger revenue in the second half of the year. Clear Blue’s business growth has accelerated following a challenging 2022 and 2023. This is expected to lead to increased order intake in 2024, followed by revenue growth. - Clear Blue’s funnel indicates significant growth going into 2024. All product lines and verticals are expected to exhibit strong growth in both sales and revenue. Each of Nano, Micro and Illumient will deliver approximately one third of the revenue with Pico-Grid beginning to deliver as the sales Go To Market for this product ramps up. In addition to our base plan, the Company is tracking a few very large seven figure orders which could close by mid year. While there can be no assurance on timing or any specific order closing, they are indicative of the large investments being made by industry and the opportunity going forward for
Clear Blue . - The cash position at the end of the quarter was
$0.5M , approximately$2M of accounts receivables and$2.0M in non-dilutive capital from across government programs all expected in early 2024.
“The fourth quarter of 2023 saw the Company’s quarterly performance continue on its pre-COVID trajectory even as significant costs have been removed from the business,” said
Outlook
Potential Illumient order flow includes another interstate highway interchange project, multiple indigenous first nations projects, and follow on roadway projects with an existing city in the
Nano-Grid was materially impacted by funding delays on rural telecom orders in 2021 and 2022.
With the launch of Clear Blue’s Smart Off-Grid software service for Esite-Micro, the Company looks forward to providing continued reliable power for large telecom systems in 2024 and beyond. In addition to the previously announced WATT Renewable order, several additional projects are expected in the first half of 2024.
Lastly, 2024 is the first full year of sales of our Pico-Grid product. As sales ramp up, it is expected to be a major revenue driver going into 2025.
For more information, contact:
+1 416 433 3952
investors@clearbluetechnologies.com
www.clearbluetechnologies.com/en/investors
+1 437 836 9669
Nik@SophicCapital.com
About Clear Blue Technologies International
Legal Disclaimer
Neither
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
By identifying such information and statements in this manner,
An investment in securities of
In connection with the forward-looking information and forward-looking statements contained in this press 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
Source:
2024 GlobeNewswire, Inc., source