Revenue Climbs 59% Year-over-Year; Positive
Outlook Remains on Path to Profitability
UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the
“Company”), a developer of alternative energy technologies,
today announced operating results for the third quarter ended
September 30, 2018.
Third Quarter Highlights
- Revenue of $4.4 million, up 59%
compared to the third quarter of 2017
- Showcased the Company’s new PowerPhase®
HD2 electric motor inverters at the Electric & Hybrid Vehicle
Technology trade show in Michigan
- Announced $3 million of additional
Chinese orders for fuel cell compressor systems along with one from
Lightning Systems for electric propulsion
- Will introduce a fully-integrated fuel
cell compressor system at the upcoming Hydrogen Energy & Fuel
Cell Technology Expo in Foshan, China
“UQM marked another quarter of strong top line growth and new
purchase orders as we continued making progress on our path to
profitability,” said Joe Mitchell, UQM Technologies’ President and
Chief Executive Officer. “Revenue rose nearly 60% year-over-year –
underscoring robust demand – while lower margins reflected product
mix and ongoing business investment. During the period we further
advanced our development work with Meritor, grew the Company’s
presence in China, and focused on other international expansion
opportunities such as India. We announced $3 million of new Chinese
orders for fuel cell compressor systems as well as an incremental
award from Lightning Systems, while also showcasing our technology
at a major trade show in Michigan. In addition, we’ll be
introducing a fully-integrated fuel cell compressor system at an
upcoming expo in China. Overall we believe the positive trends of
the past two quarters will continue going forward, leaving us
positioned for strong growth and improved bottom line results
heading into 2019.”
Results for the Three Months Ended September 30, 2018
Revenue for the third quarter of 2018 was $4.4 million compared
to $2.8 million for the third quarter last year, an increase of
59%.
The Company reported a loss from operations of $1.2 million for
the quarter versus $1.1 million in the prior-year period. Lower
gross profit, reflecting product mix, was partially offset by a
reduction in SG&A expense to $1.8 million from $2.0 million in
the 2017 third quarter.
Net loss for the third quarter was $1.1 million, or $(0.02) per
common share, compared to a net loss of $0.5 million, or $(0.01)
per common share, last year. The fiscal 2017 third quarter included
a $0.6 million gain from the sale of property.
Conference Call
The Company will host a conference call tomorrow, November 1,
2018 at 10:30 a.m. Eastern Time, to discuss operating results for
the quarter ended September 30, 2018. To attend the conference
call, please dial 888-241-0326 approximately ten minutes before the
conference is scheduled to begin and provide the conference ID
“2599761” to access the call. International callers should dial +1
647-427-3411. The call will also be webcast live and accessed from
the company’s website at www.uqm.com/investors. Parties listening
via the webcast will be in a “listen-only” mode. Please log onto
UQM’s website ten minutes prior to the start of the webcast to
register.
An audio replay of the webcast will be available two hours after
the call and can be accessed on the investor page of website using
the link listed above.
About UQM
UQM Technologies is a developer and manufacturer of power-dense,
high-efficiency electric motors, generators, power electronic
controllers and fuel cell compressors for the commercial truck,
bus, automotive, marine and industrial markets. A major emphasis
for UQM is developing propulsion systems for electric, hybrid
electric, plug-in hybrid electric and fuel cell electric vehicles.
UQM is IATF 16949 and ISO 14001 certified and located in Longmont,
Colorado. For more information, please visit www.uqm.com.
This Release contains statements that constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act.
These statements appear in a number of places in this Release and
include statements regarding our plans, beliefs or current
expectations; including those plans, beliefs and expectations of
our management with respect to, among other things, gaining
required certifications, new product developments, future orders to
be received from our customers, sales of products from inventory,
future financial results, liquidity, and the continued growth of
the electric-powered vehicle industry. Important Risk Factors that
could cause actual results to differ from those contained in the
forward-looking statements are contained in our Form 10-K and Form
10-Q’s, which are available through our website at www.uqm.com or
at www.sec.gov.
Source: UQM Technologies, Inc.
UQM TECHNOLOGIES, INC. AND
SUBSIDIARIES
Consolidated Condensed Statements of
Operations (unaudited)
Quarters Ended September 30, Nine Months Ended
September 30, 2018 2017 2018 2017
Revenue: Product sales $ 3,747,846 $ 2,752,554 $ 7,497,209 $
5,169,479 Contract services 637,576 -
1,201,442 387,075 4,385,422
2,752,554 8,698,651
5,556,554 Operating costs and expenses: Costs of product
sales 2,999,394 1,471,334 6,061,505 3,085,822 Costs of contract
services 346,775 - 570,738 161,616 Research and development 396,690
403,273 1,902,324 1,591,520 Selling, general and administrative
1,839,872 1,983,450 5,678,428
4,757,571 5,582,731
3,858,057 14,212,995 9,596,529
Loss from operations (1,197,309 ) (1,105,503 ) (5,514,344 )
(4,039,975 ) Other income (expense), net 55,731 (43,904 ) (29,753 )
(63,679 ) Gain on sale of long-lived assets -
606,006 - 606,006 Net loss $
(1,141,578 ) $ (543,401 ) $ (5,544,097 ) $ (3,497,648 ) Net
loss per common share - basic and diluted $ (0.02 ) $ (0.01 ) $
(0.10 ) $ (0.07 ) Weighted average number of shares of
common stock outstanding - basic and diluted 54,208,477
48,941,702 54,158,607
48,677,423
UQM TECHNOLOGIES, INC. AND
SUBSIDIARIES
Consolidated Condensed Balance Sheets
(unaudited)
September 30, December 31, 2018
2017
Assets
Current assets: Cash and cash equivalents $ 2,487,132 $ 6,309,269
Restricted cash 358,627 176,193 Accounts receivable 1,287,194
823,793 Costs and estimated earnings in excess of billings on
uncompleted contracts 45,850 - Inventories, net 4,575,472 2,341,360
Prepaid expenses and other current assets 452,307
233,566 Total current assets 9,206,582
9,884,181 Property and equipment, at cost:
Land 896,388 896,388 Building 4,516,301 4,516,301 Machinery and
equipment 7,413,005 7,136,578
12,825,694 12,549,267 Less accumulated depreciation
(8,182,410 ) (7,936,056 ) Net property and equipment
4,643,284 4,613,211 Patent costs, net
of accumulated amortization of $968,891 and $953,491, respectively
252,134 222,461 Trademark costs, net of accumulated amortization of
$88,753 and $85,381, respectively 87,088 90,460 Restricted cash
- 323,863 Total assets $ 14,189,088
$ 15,134,176
Liabilities and
Stockholders’ Equity
Current liabilities: Accounts payable $ 2,644,797 $ 948,875
Unearned revenue 2,201,597 153,944 Other current liabilities
1,018,172 819,839 Billings in excess of costs and estimated
earnings on engineering services contracts 277,967 199,160 Current
portion of long-term debt, net of deferred financing costs
of$17,099 and $0, respectively 3,147,430 -
Total current liabilities 9,289,963
2,121,818 Long-term debt, net of deferred financing
costs of $0 and $45,079, respectively - 3,119,450 Other long-term
liabilities 106,667 121,667 Total
long-term liabilities 106,667 3,241,117
Total liabilities 9,396,630 5,362,935
Commitments and contingencies Stockholders’ equity:
Common stock, $0.01 par value, 175,000,000 shares authorized;
54,228,955 and 54,108,510 shares issued and outstanding,
respectively 542,290 541,085 Additional paid-in capital 134,465,515
133,901,406 Accumulated deficit (130,215,347 )
(124,671,250 ) Total stockholders’ equity 4,792,458
9,771,241 Total liabilities and stockholders’
equity $ 14,189,088 $ 15,134,176
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181031005688/en/
UQM Investor RelationsChris Witty,
646-438-9385cwitty@darrowir.comorUQM Technologies, Inc.David
Rosenthal, 303-682-4900investor@uqm.com
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