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GBLT Announces Second Quarter 2023 Financial Results

TORONTO and DUREN, Germany, Aug. 29, 2023 /CNW/ - GBLT Corp. (TSXV: GBLT) ("GBLT" or the "Company") is pleased to announce its results for the three and six month period ended June 30th, 2023.

"The first half of the year was faced with economic turmoil in Germany as macro headwinds caused a major slowdown with the large retailers and their spending, however, we begin to see signs of recovery in the second half of the year as purchasing activities and pre-orders have increased significantly since the end of Q2, and we continue to be well positioned to capitalize financially from this recovery," said Dr. Thilo Senst, CEO of GBLT. "We are following our corporate goals to expand geographical through established sales channels while simultaneously leveraging our existing relationships with international distributors. Additionally, we have been focused on improving our overall margins by expanding our healthcare product line and solar business, as well as scaling our business through establishing online presence to create more high-margin opportunities and provide an alternative distribution channel to the traditional large retail vendors. Through the strategic combination of increased geographic distribution, online visibility and launched of comprehensive solar solutions, even in the face of an economic slowdown, we are bullish on the second half of the year."

Three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022

  • Revenue for the three-month period ended June 30st, 2023, was €4.12 million ($6.1 million CAD) compared to €10.06 million ($14.79 million CAD) for the same period in 2022. Revenue for the six-month period ended June 30th, 2023, was €9.24 million ($13.6 million CAD) compared to €18.10 million ($26.6 million CAD) in the same period in 2022. The decrease in revenue is due to the Germany economy falling into a recession in early 2023 with household spending decreasing as a result.

  • Gross margin for the three and six month period ended June 30, 2023, were 16% and 11% respectively compared to 18% and 14% in the same period in 2022. GBLT continues to focus on increasing margin through pricing flexibility and a focus on selling higher margin products.

  • Gross profit for the three and six month period ended June 30th, 2023, were €0.64 million ($0.94 million CAD) and €1.04 million ($1.53 million CAD) compared to €1.83 million ($2.69 million CAD) and €2.48 million ($3.65 million CAD) for the same period in 2022.

  • Operating expenses for the three and six month ended June 30th, 2023, was €0.83 million ($1.22 million CAD) and €1.60 million ($2.35 million CAD) compared to €1.05 million ($1.54 million CAD) and €1.71 million ($2.51 million CAD).

  • Net income (loss) for the three and six month period ended June 30th, 2023, was €(0.19) million ($0.27 million CAD) and €(0.56) million ($0.82 million CAD) compared to €0.78 million ($1.15 million CAD) and €0.76 million ($1.12 million CAD) for the same period in 2022.

  • EBITDA for the three and six month period ended June 30th, 2023, was €(0.08) million ($0.12 million CAD) and €(0.36) million ($0.53 million CAD) compared to €0.91 million ($1.33 million CAD) and €0.98 million ($1.44 million CAD) for the same period in 2022.

  • Adjusted EBITDA for the three and six month period ended June 30th, 2023, was €(0.04) million ($0.06 million CAD) and €(0.30) million ($0.44 million CAD) compared to €0.97 million ($1.43 million CAD) and €1.04 million ($1.52 million CAD) for the same period in 2022.

 

EBITDA


Three months ended June 30,


Six months ended June 30,



2023


2022


2023


2022

Net Income
for the Period

(193,402)

779,080

(562,525)

761,272

Depreciation


45,273


27,935


78,794


41,289

Interest and
financing fees


66,073


103,733


125,515


175,512

EBITDA


(82,056)


910,748


(358,216)


978,073

Bad debt
expense


34,124


60,581


74,670


109,854

Currency
exchange gain
(loss)


10,619


(1,608)


(15,348)


(51,786)

Adjusted
EBITDA

(37,313)

969,721

(298,894)

1,036,141










EBITDA
(CAD)


 Three months ended June 30,


 Six months ended June 30,



2023


2022


2023


2022

Net Income
for the Period

$

(284,301)

$

1,145,248

$

(826,912)

$

1,119,070

Depreciation


66,551


41,064


115,827


60,695

Interest and
financing fees


97,127


152,488


184,507


258,003

EBITDA


(120,622)


1,338,800


(526,578)


1,437,767

Bad debt
expense


50,162


89,054


109,765


161,485

Currency
exchange gain
(loss)


15,610


(2,364)


(22,562)


(76,125)

Adjusted
EBITDA

$

(54,850)

1,425,490

$

(439,374)

$

1,523,127


Source: Bank of Canada Exchange Rate at 2023-08-28 rate of €1.47 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/August2023/29/c9083.html