UQM UQM Technologies Inc

UQM TECHNOLOGIES, INC. (NYSE American: UQM), a developer of alternative energy technologies, announced today operating results for the quarter and fiscal year ended December 31, 2017. Total revenue for the quarter was $2.2 million compared to $1.7 million in the same quarter last year. Net loss for the quarter was $1.3 million, or $0.03 per common share, compared to a net loss of $8.7 million, or $0.18 per common share for the same period last year. Quarter results last year included a one-time inventory reserve adjustment of $7.2 million or $0.15 per common share related primarily to the PowerPhase Pro® inventory.

For the fiscal year ended December 31, 2017, total revenue grew 38% to $7.8 million compared to $5.6 million in the prior year. Net loss was $4.8 million or $0.10 per common share versus $13.9 million, or $0.29 per common share, for the same period last year.

Joe Mitchell, UQM Technologies’ President and Chief Executive Officer, said, “We are very pleased with the progress we made in 2017. We saw good revenue growth, we secured a strategic relationship with China National Heavy Truck Group Co., Ltd., we made excellent progress with the E-axle product in partnership with Meritor, and we secured a number of new customers from around the globe. We are seeing a lot of positive momentum in the marketplace as we enter 2018 and look forward to executing on the many opportunities that lie ahead of us.”

The numbers in this release should be read in conjunction with the Annual Report on Form 10-K.

Conference Call

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and fiscal year ended December 31, 2017. To attend the conference call, please dial 1-888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide conference ID code “7088515” to access the call. International callers should dial +1-647-427-3411. For anyone who is unable to participate in the conference, a webcast will be available for replay beginning at 6:30 p.m. Eastern Time today. To access the webcast, click here or visit www.uqm.com, click on the Investor tab and select “Earnings Webcast.”

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 TS 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 SUBSIDIARIESConsolidated Condensed Statements of Operations(derived from the Company’s Annual Report on Form 10-K)

 

Year endedDecember 31,

Three months endedMarch 31,

Nine months endedDecember 31,

2017 2016 2016 2016   Revenue: Product sales $ 7,162,456 $ 4,710,654 $ 1,218,795 $ 3,491,859 Contract services   616,293     916,629     285,493     631,136     7,778,749     5,627,283     1,504,288     4,122,995   Operating costs and expenses: Costs of product sales 4,368,093 10,336,136 809,834 9,526,302 Costs of contract services 285,095 842,141 303,441 538,700 Research and development 2,042,732 3,061,541 684,346 2,377,195 Selling, general and administrative 6,367,331 5,918,990 1,232,892 4,686,098 Recovery of impaired assets   -     (585,800 )   (585,800 )   -     13,063,251     19,573,008     2,444,713     17,128,295     Loss from operations (5,284,502 ) (13,945,725 ) (940,425 ) (13,005,300 )   Other income / (expense): Interest income 5,127 11,803 3,882 7,921 Interest expense (108,146 ) - - - Amortization of deferred financing costs (29,535 ) - - - Gain on sale of vacant land 606,006 - - - Loss on disposal of long-lived assets - (39,247 ) - (39,247 ) Other   32,734     24,743     5,625     19,118     506,186     (2,701 )   9,507     (12,208 )   Net loss $ (4,778,316 ) $ (13,948,426 ) $ (930,918 ) $ (13,017,508 )   Net loss per common share - basic and diluted $ (0.10 ) $ (0.29 ) $ (0.02 ) $ (0.27 )  

Weighted average number of shares of common stock  outstanding - basic and diluted

  50,038,799     48,405,894     48,327,219     48,448,718      

UQM TECHNOLOGIES, INC.AND SUBSIDIARIESConsolidated Condensed Balance Sheets(derived from the Company’s Annual Report on Form 10-K)

        December 31, December 31, 2017 2016

Assets

Current assets: Cash and cash equivalents $ 6,309,269 $ 2,100,089 Restricted cash 176,193 - Accounts receivable 823,793 1,163,316 Costs and estimated earnings in excess of billings on uncompleted contracts - 29,917 Inventories, net 2,341,360 1,749,735 Prepaid expenses and other current assets   233,566     259,682   Total current assets   9,884,181     5,302,739     Property and equipment, at cost: Land 896,388 1,683,330 Building 4,516,301 4,516,301 Machinery and equipment   7,136,578     7,052,740   12,549,267 13,252,371 Less accumulated depreciation   (7,936,056 )   (7,590,641 ) Net property and equipment   4,613,211     5,661,730     Patent costs, net of accumulated amortization of $953,491 and $932,564, respectively 222,461 213,326 Trademark costs, net of accumulated amortization of $85,381 and $80,885, respectively 90,460 94,955 Restricted cash   323,863     -   Total assets $ 15,134,176   $ 11,272,750    

Liabilities and Stockholders’ Equity

Current liabilities: Accounts payable $ 948,875 $ 809,950 Other current liabilities 973,783 1,318,941 Billings in excess of costs and estimated earnings on engineering services contracts   199,160     -   Total current liabilities   2,121,818     2,128,891     Long-term debt, net of deferred financing costs of $45,079 and $0, respectively 3,119,450 - Other long-term liabilities   121,667     141,667   Total long-term liabilities 3,241,117 141,667         Total liabilities   5,362,935     2,270,558     Commitments and contingencies   Stockholders’ equity: Common stock, $0.01 par value, 175,000,000 shares authorized; 54,108,510 and 48,519,313 shares issued and outstanding, respectively 541,085 485,193 Additional paid-in capital 133,901,406 128,409,933 Accumulated deficit   (124,671,250 )   (119,892,934 ) Total stockholders’ equity   9,771,241     9,002,192     Total liabilities and stockholders’ equity $ 15,134,176   $ 11,272,750    

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EnergyTech InvestorShawn Severson, 415-233-7094orUQM Technologies, Inc.David Rosenthal, 303-682-4900