Quarter Revenue More than Doubles
Year-over-Year; Acquisition by Danfoss Expected to Close in Second
Quarter
UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the
“Company”), a developer of alternative energy technologies,
today announced operating results for the fourth quarter and year
ended December 31, 2018.
Recent Highlights
- Revenue of $5.5 million for the fourth
quarter of 2018, more than double that of 2017 ($2.2 million)
- 2018 annual revenue was $14.2 million,
an increase of 82% over revenue of $7.8 million in 2017
- Announced acquisition of UQM by Danfoss
A/S (“Danfoss”) at $1.71 per share in an all-cash transaction
valued at approximately $100 million
- Won a $1.8 million order from a major
fuel cell system supplier in China for UQM’s Fuel Cell Compressor
System (“FCS”)
- Will hold a special shareholders
meeting on April 23, 2019 to vote on the Company’s pending merger
with Danfoss
“UQM reported an excellent quarter – with revenue more than
doubling, to $5.5 million – a strong indication of market demand
and the value of our technology within an expanding sector,” said
Joe Mitchell, UQM Technologies’ President and Chief Executive
Officer. “Given this backdrop, we were excited to announce in
January that UQM had reached agreement to be acquired by
Denmark-based Danfoss for $1.71 per share, or approximately $100
million. Danfoss reported its 2018 full year results on February
28, with sales of just under $7 billion, and we continue to believe
UQM will be able to achieve its full potential under the Danfoss
umbrella. Being part of a large, global enterprise will greatly
improve our ability to compete against other multinational
companies, open doors to new markets, and provide critical
resources for UQM to continue developing the highly-engineered
electric propulsion products we’re known for today. Indeed, we’ve
seen nothing but an outpouring of positive support by existing and
potential customers alike given our pending deal with Danfoss. We
anticipate a bright future together and, in that vein, look forward
to closing the merger in the second quarter of 2019.”
Results for the Three Months Ended December 31, 2018
Revenue for the fourth quarter of 2018 was $5.5 million compared
with $2.2 million for the fourth quarter of 2017. UQM’s net loss
for the fourth quarter was $1.0 million, or $(0.01) per common
share, compared to a net loss of $1.3 million, or $(0.03) per
common share, last year, primarily reflecting higher gross
profit.
Results for the Year Ended December 31, 2018
Revenue for year ended December 31, 2018 was $14.2 million
compared with $7.8 million for the same period in 2017, an increase
of 82%. UQM’s net loss for the year was $6.5 million, or $(0.12)
per common share, compared to a net loss of $4.8 million, or
$(0.10) per common share, last year, primarily reflecting lower
gross margins and higher operating costs as revenue ramped.
Special Shareholders Meeting
Investors are invited to attend a special meeting of UQM
shareholders to be held at 10:00 a.m. local time on April 23, 2019
at the Company’s offices in Longmont, Colorado to vote on the
merger with Danfoss Power Solutions (US) Company (a division of
Danfoss). See the Company’s SEC filings for additional
information.
Conference Call
The Company will host a conference call tomorrow, March 28, 2019
at 10:30 a.m. Eastern Time, to discuss operating results for the
quarter and year ended December 31, 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
“7772609” 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 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)
(derived from the Company’s Annual Report
on Form 10-K)
Year ended December 31, 2018
2017 Revenue: Product sales $
12,367,115 $ 7,162,456 Contract services 1,807,669
616,293 14,174,784 7,778,749
Operating costs and expenses: Costs of product sales
9,798,384 4,368,093 Costs of contract services 1,008,715 285,095
Research and development 2,497,127 2,042,732 Selling, general and
administrative 7,299,860 6,367,331
20,604,086 13,063,251 Loss from
operations (6,429,302 ) (5,284,502 ) Other income (expense), net
(74,260 ) 506,186 Net loss $ (6,503,562 ) $
(4,778,316 ) Net loss per common share - basic and diluted $
(0.12 ) $ (0.10 ) Weighted average number of shares of
common stock outstanding - basic and diluted 54,183,772
50,038,799
UQM TECHNOLOGIES, INC.
AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(unaudited)
(derived from the Company’s Annual Report
on Form 10-K)
December 31, December
31, 2018 2017
Assets
Current assets: Cash and cash equivalents $ 1,918,570 $ 6,309,269
Restricted cash 296,314 176,193 Accounts receivable 1,681,289
823,793 Inventories, net 4,783,887 2,341,360 Prepaid expenses and
other current assets 377,762 233,566
Total current assets 9,057,822 9,884,181
Property and equipment, at cost: Land 896,388 896,388
Building 4,516,301 4,516,301 Machinery and equipment
7,479,790 7,136,578 12,892,479 12,549,267 Less
accumulated depreciation (8,282,269 ) (7,936,056 )
Net property and equipment 4,610,210 4,613,211
Patent costs, net of accumulated amortization of
$972,553 and $953,491, respectively 260,021 222,461 Trademark
costs, net of accumulated amortization of $89,877 and $85,381,
respectively 85,964 90,460 Restricted cash -
323,863 Total assets $ 14,014,017 $ 15,134,176
Liabilities and
Stockholders’ Equity
Current liabilities: Accounts payable $ 2,995,632 $ 948,875
Unearned revenue 736,819 153,944 Other current liabilities
1,394,150 819,839 Deferred contract liability 110,727 199,160
Current debt, net of deferred financing costs of$7,772 and $0,
respectively 4,656,757 - Total current
liabilities 9,894,085 2,121,818
Long-term debt, net of deferred financing costs of $0 and $45,079 -
3,119,450 Other long-term liabilities 106,159
121,667 Total long-term liabilities 106,159 3,241,117
Total liabilities 10,000,244
5,362,935 Commitments and contingencies
Stockholders’ equity: Common stock, $0.01 par value, 175,000,000
shares authorized; 54,267,440 and 54,108,510 shares issued and
outstanding, respectively 542,674 541,085 Additional paid-in
capital 134,645,911 133,901,406 Accumulated deficit
(131,174,812 ) (124,671,250 ) Total stockholders’ equity
4,013,773 9,771,241 Total
liabilities and stockholders’ equity $ 14,014,017 $
15,134,176
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190327005800/en/
Chris WittyUQM Investor
Relations646-438-9385cwitty@darrowir.comorDavid RosenthalUQM
Technologies, Inc.303-682-4900investor@uqm.com
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