Clear Blue Technologies International Inc.

For fiscal 2025, bookings increased 122% from CAD 2.8 million in 2024 to over CAD 5.2 million, revenue grew 18%, and gross margin was almost 49%. Management said operating expenses were reduced by almost CAD 1.2 million in 2025, improving adjusted EBITDA and narrowing the net loss. For Q1 2026, revenue was CAD 1 million, recurring revenue increased almost 9%, gross margin was almost 52%, and operating expenses were down by more than 20% year over year. Management said Q1 2026 bookings were light, but new orders from Eutelsat, iSAT, and a U.S. Department of Transportation contract added close to CAD 800,000 in early April. Forward-looking commentary was that Q2 2026 should be a similar revenue result, while the back half of 2026 could strengthen as telecom rollouts move ahead.

Miriam Tuerk framed 2025 as a strategic reset and said Clear Blue 2.0 is focused on turning the company into a leaner, faster sales-driven business. She emphasized satellite and telecom as the core growth markets, with Eutelsat and Cooper viewed as the key large-scale partnership paths. Her tone was optimistic but disciplined: she repeatedly stressed that timing is the main variable, not demand, and that the company is working toward positive EBITDA and cash flow in 2026.

Farrukh Anwar said 2025 was about rebuilding the foundation after the balance sheet restructuring, while keeping margins healthy and costs down. He cited almost CAD 1.2 million in operating expense reductions in 2025, with gross margin near 49%, and said Q1 2026 gross margin was almost 52% despite revenue being comparable to the prior year. He also noted Q1 operating expenses were down by more than 20% year over year and described 2026 as the payoff year as efficiency initiatives take hold.

The main question was why the 2025 results were delayed, and management said it was due to needing more time for the audit, not any major accounting issue; they said the audit report was clean and that staffing disruptions in finance contributed. Another question focused on the SR&ED refund, where management said the refund should be above CAD 500,000 and that the new rules make the federal portion refundable. Analysts also asked about Eutelsat, with management explaining that the LEO product will require product tuning and integration, likely using Pico or Nano technology, and that LEO ASPs should be above the GEO product’s CAD 1,200-CAD 1,400 range, potentially CAD 2,000-plus. Questions on lighting, batteries, and alternate energy sources led management to highlight recurring revenue from energy-as-a-service contracts and say lithium-ion remains workable in many cold-weather cases.