09:18 AM EDT, 06/05/2024 (MT Newswires) -- Clear Blue Technologies International ( CBUTF ) overnight Tuesday reported a wider loss for the first quarter even as revenue rose 208% year over year.

The company's Q1 net loss and comprehensive loss widened by 89% to near $1.2 million from a year-ago loss of $617,421. Cost of sales were up 178%, while operating expenses were down 5%.

Revenue for the quarter ended March 31 was $808,553, up from $262,137 a year earlier, 3, which exceeded the guidance the company previously provided for the quarter. Recurring revenue comprised $300,786 of the quarter's revenue compared to $212,004 in Q4 2023, a 42% increase.

Quarterly Non-IFRS Adjusted EBITDA was $(712,325) versus $(1,042,209) in Q1 2023, a 32% improvement from the comparative period of 2023.

As of March 31, bookings increased to about $2.8 million, up 15% from about $2.5 million as of December 31, 2023, with delivery expected over the next three years in the case of Illumience/EaaS and in the next four to six months in the case of production orders.

On outlook it said: "Clear Blue's ( CBUTF ) core fundamentals have undergone significant change since the end of 2022. We closed out 2023 with two very strong quarters, demonstrating a clear upswing in our performance with robust quarterly growth.

"Our acquisition of Esite in Q1 2023 and the launch of our new Pico-Senti products later that year have transformed Clear Blue ( CBUTF ) into a four-product company, up from its previous two-product lineup. This expanded product portfolio has significantly increased our addressable market, estimated to be 5-10 times larger. For instance, while we were previously suited for new rural telecom towers, the addition of Esite-Micro now caters to virtually all cell phone towers, including retrofit projects, broadening our market reach beyond new installations.

"Q1 2024 presented some challenges. Delays in customer orders due to Red Sea shipping issues extended delivery times by 3-6 months, impacting inbound payments. Additionally, the expected $1.54 million SDTC grant for our existing contract was delayed until April due to enhanced government reviews, requiring us to push some orders into Q2.

"Despite these challenges, Q1's performance remained robust.

"Looking at the broader economic landscape, our customers continue to push forward on capital project fundraising, albeit with lengthening project funding timelines to 12-18 months compared to the previous 6-month norm. However, several long-term partners are nearing financing closings in Q2, early Q3, promising significant order volumes and strong growth for Clear Blue ( CBUTF ) in 2024."