- Revenue of $2.8 million grew 169%
compared to same quarter last year.
- Gross margins increased to 47% vs 24%
last year.
- The company generated positive cash
flow from operations and sale of land during the quarter.
UQM Technologies, Inc. (NYSE American: UQM), a developer
of alternative energy technologies, today announced operating
results for the third quarter ended September 30, 2017. Total
revenue for the quarter was $2.8 million compared to $1.0 million
in the third quarter last year, an increase of 169%. Net loss for
the third quarter was $543,000, or $0.01 per common share. This
compares to a net loss of $2.4 million, or $0.05 per common share
for the same period last year.
“Steady sales of our propulsion systems along with sales of fuel
cell compressor systems to our Chinese OEM customer drove our
dramatic increase in revenue,” said Joe Mitchell, UQM Technologies’
President and Chief Executive Officer. “During the quarter, we also
closed the first stage investment from China National Heavy Duty
Truck Company and received $5.1 million in cash from the sale of
9.9% equity ownership of our common stock. We continue to make
progress towards the closing of the second stage investment. Our
strengthened balance sheet and the momentum we are seeing in the
business should help us capitalize on our initiatives and further
execute on our strategy to be a global leader in electric
propulsion systems.”
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
September 30, 2017. To attend the conference call, please dial
888-241-0326 approximately 10 minutes before the conference is
scheduled to begin and provide the conference ID “2460591” to
access the call. International callers should dial 647-427-3411.
The call will also be webcast from the Investors 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 10 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 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 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
(unaudited)
Quarter Ended September 30, Nine Months Ended
September 30, 2017 2016 2017 2016
Revenue: Product sales $ 2,752,554 $ 728,921 $ 5,169,479 $
3,120,979 Contract services - 292,204
387,075 839,517 2,752,554
1,021,125 5,556,554 3,960,496
Operating costs and expenses: Costs of product sales
1,471,334 525,313 3,085,822 2,094,236 Costs of contract services -
251,291 161,616 791,681 Research and development 403,273 882,090
1,591,520 2,285,354 Selling, general and administrative 1,983,450
1,738,439 4,757,571 4,655,978 Recovery of impaired assets -
- - (585,800 )
3,858,057 3,397,133 9,596,529
9,241,449 Loss from operations (1,105,503 )
(2,376,008 ) (4,039,975 ) (5,280,953 ) Other income /
(expense): Interest income 112 2,445 2,211 9,735 Interest expense
(42,895 ) - (65,626 ) - Amortization of deferred financing costs
(9,327 ) - (20,208 ) - Gain on sale of long-lived assets 606,006 -
606,006 - Other 8,206 5,318
19,944 18,025 562,102
7,763 542,327 27,760 Net
loss $ (543,401 ) $ (2,368,245 ) $ (3,497,648 ) $ (5,253,193 )
Net loss per common share - basic and diluted $ (0.01 ) $
(0.05 ) $ (0.07 ) $ (0.11 ) Weighted average number of
shares of common stock outstanding - basic and diluted
48,941,702 48,479,908 48,677,423
48,351,907
UQM TECHNOLOGIES, INC. AND
SUBSIDIARIES
Consolidated Condensed Balance Sheets
(unaudited)
September 30, December 31, 2017
2016
Assets
Current assets: Cash and cash equivalents $ 8,035,754 $ 2,100,089
Restricted cash 165,575 - Accounts receivable 634,108 1,163,316
Costs and estimated earnings in excess of billings on uncompleted
contracts - 29,917 Inventories, net 2,688,933 1,749,735 Prepaid
expenses and other current assets 292,795
259,682 Total current assets 11,817,165
5,302,739 Property and equipment, at cost: Land
896,388 1,683,330 Building 4,516,301 4,516,301 Machinery and
equipment 7,098,898 7,052,740
12,511,587 13,252,371 Less accumulated depreciation
(7,853,574 ) (7,590,641 ) Net property and equipment
4,658,013 5,661,730 Patent costs, net
of accumulated amortization of $948,438 and $932,564, respectively
210,865 213,326 Trademark costs, net of accumulated amortization of
$84,257 and $80,885, respectively 91,583 94,955 Restricted cash
376,407 - Total assets $ 17,154,033
$ 11,272,750
September 30, December
31, 2017 2016
Liabilities and
Stockholders’ Equity
Current liabilities: Accounts payable $ 1,388,825 $ 809,950 Other
current liabilities 1,585,997 1,318,941 Billings in excess of costs
and estimated earnings on engineering service contracts
25,378 - Total current liabilities
3,000,200 2,128,891 Long-term debt, net
of deferred financing costs of $54,406 and $0, respectively
3,110,123 - Other long-term liabilities 126,667
141,667 Total long-term liabilities 3,236,790 141,667
Total liabilities 6,236,990
2,270,558 Commitments and contingencies
Stockholders’ equity: Common stock, $0.01 par value,
175,000,000 shares authorized; 54,035,328 and 48,519,313 shares
issued and outstanding, respectively 540,353 485,193 Additional
paid-in capital 133,767,272 128,409,933 Accumulated deficit
(123,390,582 ) (119,892,934 ) Total stockholders’ equity
10,917,043 9,002,192 Total
liabilities and stockholders’ equity $ 17,154,033 $
11,272,750
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171102006441/en/
EnergyTech Investors, LLCShawn Severson,
415-233-7094orUQM Technologies, Inc.David
Rosenthal, 303-682-4900
UQM Technologies (AMEX:UQM)
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