- Clear Blue Technologies (CBLU) reported a 138 per cent revenue increase year-over-year for the second quarter of 2021
- Much of the quarter’s revenues were from telecommunications sales in Africa, where the company has focused much of its growth
- The company expects this growth to continue during Q3 and Q4 2021
- Clear Blue Technologies International is a Smart Off-Grid company
- Clear Blue Technologies International Inc. (CBLU) is currently down 2.86 per cent, trading at $0.34 per share
Clear Blue Technologies (CBLU) reported a 138 per cent revenue increase year-over-year for the second quarter of 2021.
Second-quarter revenues were $810,406, compared to $340,345 in Q2 2020. This increase was a combination of Illumient sales in North America and sales with telecommunication operators in Africa.
In 2021, the global market for telecommunication tower power systems was worth US$4.47 billion and is expected to grow to $5.25 billion by 2026, according to a report by Mordor Intelligence Market Research.
Due to its innovative technology and customer-centric approach, Clear Blue is receiving strong global commitments across multiple countries in this region, helping to connect growing populations across Africa.
Miriam Tuerk, co-founder and CEO of Clear Blue, commented on the growing market.
“The strength of opportunity for Clear Blue in the telecom vertical is exciting and much more significant than originally thought,” she said. “We are expanding our marketing and new business outreach to telecom operators in new geographic markets, with a particular focus on sub-Saharan Africa and Latin America.”
Clear Blue ended the second quarter with a gross profit of $304,283, up 37.5 per cent compared to Q2 2020.
The company expects this growth to continue during Q3 and Q4 2021, which are historically strong periods for customer demand due to the seasonality of capital construction projects.
“This forward guidance is a key milestone that will showcase the true potential for Clear Blue in the market as the company progresses towards its growth targets,” said Ms. Tuerk.
Clear Blue Technologies International is a Smart Off-Grid company, founded on a vision of delivering clean, managed, wireless power to meet the global need for reliable, low-cost, solar and hybrid power.
Clear Blue Technologies International Inc. (CBLU) is currently down 2.86 per cent, trading at $0.34 per share as of 2:02 pm ET.