- Revenue growth was driven by increased
deliveries to customers in all areas including propulsion systems,
fuel cell compressor systems, and externally funded engineering
services.
- Increased demand and associated revenue
is anticipated to continue through the remainder of 2018.
UQM TECHNOLOGIES, INC. (NYSE American: UQM), a developer
of alternative energy technologies, announced today operating
results for the second quarter ended June 30, 2018. Total revenue
for the quarter was $2.7 million compared to $1.8 million in the
second quarter last year, an increase of 51%. Net loss for the
second quarter was $2.5 million, or $0.05 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. Net loss was higher in the quarter
ended June 30, 2018 due to a change in the timing of payments of
variable compensation as a result of the change in fiscal year to
December 31, and added support staff and other related expenses to
support growth and product development.
“Our shipments accelerated in the second quarter to meet the
delivery schedules of our customers for orders received primarily
during the first few months of the year. The increase in revenues
was solid this quarter compared to last year and with the orders we
have on hand for future deliveries, we expect this trend to
continue through the remainder of the year,” said Joe Mitchell, UQM
Technologies’ President and Chief Executive Officer. ”Our plant is
the busiest it has been in years, and 2018 is shaping up to be a
very strong growth year for us. We are very excited about the
business and the market opportunities in general for electric
vehicle propulsion systems and the role UQM is playing in this
growth.”
Conference Call
The Company will host a conference call tomorrow, August 2, 2018
at 10:30 a.m. Eastern Time, to discuss operating results for the
quarter ended June 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 “7578557” to
access the call. International callers should dial 647-427-3411.
The call will also be webcast from the Investors/Earnings Webcast
section of 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 the website
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, 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 IATF 16949:2016 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-Qs, 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 June 30,
Six Months Ended June 30, 2018
2017 2018 2017 Revenue:
Product sales $ 2,343,999 $ 1,571,390 $ 3,749,363 $ 2,416,925
Contract services 357,656 217,565
563,866 387,075 2,701,655
1,788,955 4,313,229 2,804,000
Operating costs and expenses: Costs of product sales
1,885,973 1,006,639 3,062,111 1,614,488 Costs of contract services
95,198 80,552 223,963 161,616 Research and development 827,129
555,465 1,505,634 1,188,247 Selling, general and administrative
2,318,636 1,470,914 3,838,553
2,774,121 5,126,936
3,113,570 8,630,261 5,738,472
Loss from operations (2,425,281 ) (1,324,615 ) (4,317,032 )
(2,934,472 ) Other income (expense): Interest income 2,472
449 5,603 2,099 Interest expense (47,578 ) (21,363 ) (91,346 )
(22,731 ) Amortization of deferred financing costs (9,327 ) (9,327
) (18,654 ) (10,881 ) Other 9,988 6,635
18,905 11,738 (44,445 )
(23,606 ) (85,492 ) (19,775 ) Net loss $
(2,469,726 ) $ (1,348,221 ) $ (4,402,524 ) $ (2,954,247 )
Net loss per common share - basic and diluted $ (0.05 ) $ (0.03 ) $
(0.08 ) $ (0.06 ) Weighted average number of shares of
common stock outstanding - basic and diluted 54,139,596
48,563,209 54,131,955
48,543,093
UQM TECHNOLOGIES, INC. AND
SUBSIDIARIES
Consolidated Condensed Balance Sheets
(unaudited)
June 30,
December 31, 2018 2017
Assets
Current assets: Cash and cash equivalents $ 2,599,995 $ 6,309,269
Restricted cash 408,786 176,193 Accounts receivable 1,196,733
823,793 Inventories, net 3,910,030 2,341,360 Prepaid expenses and
other current assets 348,557 233,566
Total current assets 8,464,101 9,884,181
Property and equipment, at cost: Land 896,388 896,388
Building 4,516,301 4,516,301 Machinery and equipment
7,326,875 7,136,578 12,739,564 12,549,267 Less
accumulated depreciation (8,083,833 ) (7,936,056 )
Net property and equipment 4,655,731 4,613,211
Patent costs, net of accumulated amortization of
$963,596 and $953,491, respectively 235,059 222,461 Trademark
costs, net of accumulated amortization of $87,629 and $85,381,
respectively 88,212 90,460 Restricted cash -
323,863 Total assets $ 13,443,103 $ 15,134,176
Liabilities and
Stockholders’ Equity
Current liabilities: Accounts payable $ 1,742,713 $ 948,875
Unearned revenue 1,698,895 153,944 Other current liabilities
881,735 819,839 Billings in excess of costs and estimated earnings
on engineering services contracts 92,294 199,160 Current portion of
long-term debt, net of deferred financing costs of$26,426 and $0,
respectively 3,138,103 - Total current
liabilities 7,553,740 2,121,818
Long-term debt, net of deferred financing costs of $0 and $45,079,
respectively - 3,119,450 Other long-term liabilities 111,667
121,667 Total long-term liabilities 111,667
3,241,117 Total liabilities
7,665,407 5,362,935 Commitments and
contingencies Stockholders’ equity: Common stock, $0.01 par
value, 175,000,000 shares authorized; 54,140,502 and 54,108,510
shares issued and outstanding, respectively 541,405 541,085
Additional paid-in capital 134,310,065 133,901,406 Accumulated
deficit (129,073,774 ) (124,671,250 ) Total
stockholders’ equity 5,777,696 9,771,241
Total liabilities and stockholders’ equity $
13,443,103 $ 15,134,176
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180801005916/en/
BPC Financial MarketingGeoff Quinn, 800-544-3092orUQM
Technologies, Inc.David Rosenthal, 303-682-4900
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