UQM UQM Technologies Inc

UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced financial and operating results for the first quarter ended June 30, 2015.

Total revenue for the quarter was $741,000 compared with $1.0 million in the same quarter last year. Net loss for the first quarter was $2.2 million, or $0.06 per common share. This compares to a net loss of $1.3 million, or $0.03 per common share for the same period last year. As of June 30, 2015, cash was $5.6 million and working capital was $13.8 million.

“While first quarter revenue was down from same quarter last year, we are beginning to see signs of a recovery with some of our customers in the U.S. electric vehicle market and early traction with our newly acquired fuel cell business,” said Joe Mitchell, COO and interim President and CEO. “The pace and progress of our negotiations with potential Chinese partners has increased, and with production orders from existing and new customers anticipated in the coming quarters, we believe that we are poised to turn a corner as a company in the coming year.”

Conference Call

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter ended June 30, 2015. To attend the conference call, please dial 1-888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide the passcode “85195023” to access the call. International callers should dial 1-647-427-3411. For anyone who is unable to participate in the conference, a recording will be available for 7 days beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-855-859-2056 and enter replay code “85195023#.” International callers should dial +1-404-537-3406.

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, military 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 TS 16949 and ISO 14001 certified and located in Longmont, Colorado.

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, 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.

     

UQM TECHNOLOGIES, INC.

AND SUBSIDIARIES

Consolidated Condensed Statements of Operations (unaudited)

  Quarter Ended June 30, 2015   2014 Revenue: Product sales $ 630,666 $ 823,032 Contract services   109,863     196,516     740,529     1,019,548   Operating costs and expenses: Costs of product sales 577,446 464,028 Costs of contract services 64,798 148,234 Research and development 1,088,480 84,404 Production engineering - 1,227,191 Reimbursement of costs under DOE grant - (716,014 ) Selling, general and administrative   1,245,374     1,128,531     2,976,098     2,336,374     Loss before other income (2,235,569 ) (1,316,826 )   Other income: Interest income 3,372 6,789 Other   7,946     -     11,318     6,789     Net loss $ (2,224,251 ) $ (1,310,037 )   Net loss per common share - basic and diluted $ (0.06 ) $ (0.03 ) Weighted average number of shares of common stock outstanding - basic and diluted   40,040,673     39,788,769            

UQM TECHNOLOGIES, INC.

AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

  June 30, 2015 March 31, 2015 (unaudited)

Assets

Current assets: Cash and cash equivalents $ 5,626,817 $ 6,585,703 Accounts receivable 414,861 522,417 Other receivable - 855,000 Costs and estimated earnings in excess of billings on uncompleted contracts 69,917 49,917 Inventories 9,374,848 9,354,053 Prepaid expenses and other current assets   335,414     266,448   Total current assets   15,821,857     17,633,538     Property and equipment, at cost: Land 1,683,330 1,683,330 Building 4,516,301 4,516,301 Machinery and equipment   7,083,950     7,037,200   13,283,581 13,236,831 Less accumulated depreciation   (6,664,667 )   (6,410,242 ) Net property and equipment   6,618,914     6,826,589     Patent costs, net of accumulated amortization of $898,292 and $895,227, respectively 238,430 239,043   Trademark costs, net of accumulated amortization of $74,048 and $73,018, respectively   101,793     102,823   Total assets $ 22,780,994   $ 24,801,993    

Liabilities and Stockholders’ Equity

Current liabilities: Accounts payable $ 497,043 $ 398,568 Other current liabilities 1,464,540 1,544,971 Billings in excess of costs and estimated earnings on uncompleted contracts   83,591       84,444   Total current liabilities   2,045,174     2,027,983     Other long-term liabilities   470,080     445,024     Total liabilities   2,515,254     2,473,007     Commitments and contingencies   Stockholders’ equity: Common stock, $0.01 par value, 50,000,000 shares authorized; 40,052,602 and 39,999,984 shares issued and outstanding, respectively 400,526 400,000 Additional paid-in capital 122,026,540 121,866,061 Accumulated deficit   (102,161,326 )   (99,937,075 ) Total stockholders’ equity   20,265,740     22,328,986     Total liabilities and stockholders’ equity $ 22,780,994   $ 24,801,993    

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UQM Technologies, Inc.David I. Rosenthal, 303-682-4900orStreetSmart Investor RelationsAnnie Leschin, 415-775-1788