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GBLT Announces Second Quarter 2022 Financial Results

·5 min read

-    Q2 Revenue up 55%, Gross Profit up 128% and Net Income up 1014%    -  

TORONTO and DUREN, Germany, Aug. 24, 2022 /CNW/ - GBLT Corp. (TSXV: GBLT) ("GBLT" or the "Company") is pleased to announce its second quarter for the three-month and six-month period ended June 30th, 2022.

"With the legacy priced contracts behind us, we have experienced a much improved second quarter with increases in both revenue and gross margins," said Dr. Thilo Senst, CEO of GBLT. "We have also posted an increase in the bottom line as net income has improved both YTD and comparing quarters from 2021. We are confident that the momentum will continue into the second half as we expand our high margin product lines into various regions globally. We remain very optimistic about the future outlook, as the company has been actively addressing the higher logistic costs and inflation with price adjustments on our energy storage products, while focusing on growing the high margin Dr. Senst healthcare product lines and our renewable energy products that will drive GBLT's bottom line growth for the foreseeable future."

  • Revenue for the three-month period ended June 30th, 2022, increased by 55% to  €10.06 million ($13.18 million CAD) compared to €6.50 million ($8.50 million CAD) for the same period in 2021 and increased by 25% compared to Q1 2022. The increase in revenue was due to increase in customer demand for the company's healthcare products, addition of new customer and the expansion of the company's solar product line.

  • Gross margin for the three-month period ended June 30th, 2022, improved to 18% compared to 12% for the same period in 2021. The increase was due to flexible pricing and focusing on the higher margin product lines.

  • Gross profit for the three-month period ended June 30th, 2022, increased by 128% to €1.82 million ($2.38 million CAD) compared to €0.8 million ($1.05 million CAD) for the same period in 2021 and increased by 181% compared to Q1 2022.

  • Operating expenses for the three-month ended June 30th, 2022, was €1.05 million ($1.38 million CAD) compared to €0.74 million ($0.97 million CAD) in Q2 2021 and €0.66 million ($0.86 million) in Q1 2022.

  • Net income (Loss) for the three-month period ended June 30th, 2022, increased by 1014% to €0.78 million ($1.02 million CAD) compared to €0.07 million ($0.09 million CAD) in Q2 2022 and increased by 4475% compared to Q1 2022.

  • Adjusted EBITDA for the three-month period ended June 30th, 2022, increased by 622% to €0.91 million ($1.19 million CAD) compared to €0.13 million for the same period in 2021 and increased by 1266% compared to Q1 2022.

Year to Date

  • Revenue for the first half of 2022 increased by 18% to €18.1 million ($23.7 million CAD) compared to €15.3 million ($20.04 million CAD) in 2021. The increase in revenue was due to increase in customer demand for the company's healthcare products, addition of new customer and the expansion of the company's solar product line.

  • Gross margin for the first half of 2022 improved to 14% compared 11% for the same period in 2021. The increase was due to flexible pricing and focusing on the higher margin product lines.

  • Gross profit for the first half of 2022 increased by 49% to €2.48 million ($3.25 million CAD) compared to €1.66 million ($2.17 million CAD) in 2021.

  • Operating expenses for the first half of 2022 was €1.71 million ($2.24 million CAD) compared €1.20 million ($1.56 million CAD) in 2021.

  • Net Income for the first half of 2022 increased by 61% to €0.76 million ($0.99 million CAD) compared to €0.47 million ($0.61 million CAD) in 2021.

  • Adjusted EBITDA for the first half of 2022 increased by 58% to €1.04 million ($1.36 million CAD) compared to €0.66 million ($0.87 million CAD) in 2021.

EBITDA


Three months ended June 30,


Six months ended June 30,



2022


2021


2022


2021

Net Income for the Period

779,080

65,230

761,272

466,961

Depreciation


27,935


12,344


41,287


22,208

Interest and financing fees


103,733


47,785


175,512


77,237

EBITDA


910,748


125,359


978,071


566,406

Bad debt expense






109,854


98,677

Currency exchange gain (loss)


(1,608)


(1,080)


(51,786)


(4,432)

Share based payments


-


1,644


-


5,137

Adjusted EBITDA

909,140

125,923

1,036,139

665,788

 

EBITDA (CAD)


Three months ended June 30,


Six months ended June 30,



2022


2021


2022


2021

Net Income for the Period

$

1,020,595

$

85,451

$

997,266

$

611,719

Depreciation


36,595


16,171


54,086


29,092

Interest and financing fees


135,890


62,598


229,921


101,180

EBITDA


1,193,080


164,220


1,281,273


741,992

Bad debt expense






143,909


129,267

Currency exchange gain (loss)


(2,106)


(1,415)


(67,840)


(5,806)

Share based payments




2,154




6,729

Adjusted EBITDA

$

1,190,973

$

164,959

$

1,357,342

$

872,182

 


Source: Bank of Canada Exchange Rate at 2022-08-18 rate of €1.31 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.

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/August2022/24/c8899.html