Yahoo Finance GBLT Announces First Quarter 2023 Financial Results
TORONTO and DUREN, Germany, May 30, 2023 /CNW/ - GBLT Corp. (TSXV: GBLT) ("GBLT" or the "Company") is pleased to announce its results for the three-month period ended March 31st, 2023.
"Amidst the prevailing inflationary pressures and economic downturn experienced in Germany and across the European markets this past quarter, we remain focused on growing our high margin business lines, meeting the abundant demand of our solar solutions, and catering to the needs of our long-term retail distribution partners," said Dr. Thilo Senst, CEO of GBLT. "We have successfully diversified our distribution channels to provide Dr. Senst healthcare products online starting in June, and we are confident that this will provide a significant increase to our overall sales volume going forward. Furthermore, we have officially launched our GETEC solar business this past quarter, which aims to deliver comprehensive full service solar solutions including panel distribution, engineering, and installation to both commercial and residential customers. With the historically bad weather in Germany last quarter behind us, we look forward to driving our solar business in full force to meet the abundance of demand in the market today. By synergistically leveraging our enhanced online presence and our newly established full-scale solar solutions, despite economic downturn, we are confident that the year 2023 will be a historic year for GBLT financially as we bolster our high-margin products and increase our bottom-line profits."
Three months ended March 31, 2023, compared to the three months ended March 31, 2022
Revenue for the three-month period ended March 31st, 2023, was €5.11 million ($7.46 million CAD) compared to €8.04 million ($11.80 million CAD) for the same period in 2022. The decrease in revenue was due to recessionary market conditions in Germany, however with the Company's diversified product offerings, the Company expects to mitigate the recessionary impact experienced in the first quarter.
Gross margin for the three-month period ended March 31st, 2023, was 7.8% compared to 8.1% for the same period in 2022. GBLT continues to focus on increasing margins through pricing flexibility and focusing on expanding higher margin products but have experienced an abnormally high demand for the low margin battery products while experiencing historically bad weather in Q1 2023 that has negatively affected the high margin solar business.
Gross profit for the three-month period ended March 31st, 2023, was €0.40 million ($0.58 million CAD) compared to €0.65 million ($0.95 million CAD) for the same period in 2022.
Operating expenses for the three-month ended March 31st, 2023, was €0.77 million ($1.12 million CAD) compared to €0.67 million ($0.98 million CAD) in the same period last year.
Net income (loss) for the three-month period ended March 31st, 2023, was €(0.37) million ($0.54 million CAD) compared to €0.02 million ($0.03 million CAD) in the same period in 2022.
EBITDA for the three-month period ended March 31st, 2023, was €(0.28) million ($(0.41) million CAD) compared to €0.07 million ($0.1 million CAD) for the same period in 2022.
Adjusted EBITDA for the three-month period ended March 31st, 2023, was €(0.26) million ($0.38 million CAD) compared to €0.07 million ($0.1 million CAD) for the same period in 2022.
EBITDA | Three months ended March 31, | |||
2023 | 2022 | |||
Net Income (loss) for the period | € | (369,123) | € | (17,808) |
Depreciation | 33,521 | 13,486 | ||
Interest and financing fees | 59,442 | 71,779 | ||
EBITDA | (276,160) | 67,457 | ||
Bad debt expense | 40,546 | 49,273 | ||
Foreign exchange (gain) loss | (25,967) | (50,178) | ||
Share based payments | - | - | ||
Adjusted EBITDA | € | (261,581) | € | 66,552 |
EBITDA (CAD) | Three months ended March 31, | |||
2023 | 2022 | |||
Net Income (loss) for the period | $ | (538,920) | $ | (26,000) |
Depreciation | 48,941 | 19,690 | ||
Interest and financing fees | 86,785 | 104,797 | ||
EBITDA | (403,194) | 98,487 | ||
Bad debt expense | 59,197 | 71,939 | ||
Foreign exchange (gain) loss | (37,912) | (73,260) | ||
Share based payments | - | - | ||
Adjusted EBITDA | $ | (381,908) | $ | 97,166 |
Source: Bank of Canada Exchange Rate at 2023-05-29 rate of €1.46 per $1.00 CAD |
https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates/ |
About GBLT:
GBLT Corp., through its operating company, GBT GmbH, designs, manufactures and supplies mobile storage, and battery solutions. GBLT is also a leading provider of renewable energy solutions via its solar division, participating in the rapidly growing solar energy market. In addition, the Company offers consumer healthcare and wellness products to some of the largest retail chains across the globe. GBT is also an official licensee for AGFAPHOTO mobile energy products. The Company's branded healthcare and wellbeing products are primarily sold throughout Europe under Dr. Senst brand.
For more information, please visit www.gbt-international.com and www.gbltcorp.com.
Forward-Looking Information
Certain statements in this news release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning the Company's proposed activities under the Agreement, the Company's ability to achieve sales, commercial or otherwise, from its products, and the expectations of the Company regarding funding payments due pursuant to the Agreement. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE GBLT Corp.
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