LONGMONT, Colo.--(BUSINESS WIRE)--
UQM TECHNOLOGIES, INC. (NYSE American: UQM), a developer of alternative energy technologies, announced today operating results for the first quarter ended March 31, 2018. Total revenue for the quarter was $1.6 million compared to $1.0 million in the first quarter last year, an increase of 59%. Net loss for the first quarter was $1.9 million, or $0.04 per common share. This compares to a net loss of $1.6 million, or $0.03 per common share for the same period last year.
“While our revenues increased nicely this quarter compared to last year, our margins were lower as we were ramping up to support the higher volumes to be delivered later this year through expansion of our production workforce and building up subcomponents to support the booked demand,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “Nonetheless, 2018 is shaping up to be a very strong year with new business wins coming from all around the world. We continue to capitalize on our initiatives and execute on our strategy to be a global leader in electric propulsion systems.”
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter ended March 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 “1487276” 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.
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 SUBSIDIARIES|
Consolidated Condensed Statements of Operations (unaudited)
|Three Months Ended March 31,|
|Operating costs and expenses:|
|Costs of product sales||1,176,138||607,849|
|Costs of contract services||128,765||81,064|
|Research and development||678,505||632,782|
|Selling, general and administrative||1,519,917||1,303,207|
|Loss from operations||(1,891,751||)||(1,609,857||)|
|Other income (expense):|
|Amortization of deferred financing costs||(9,327||)||-|
|Net loss per common share - basic and diluted||$||(0.04||)||$||(0.03||)|
|Weighted average number of shares of common stock outstanding - basic and diluted||54,124,230||48,522,754|
|UQM TECHNOLOGIES, INC. AND SUBSIDIARIES|
Consolidated Condensed Balance Sheets (unaudited)
|March 31,||December 31,|
|Cash and cash equivalents||$||5,454,159||$||6,309,269|
|Prepaid expenses and other current assets||340,491||233,566|
|Total current assets||10,478,138||9,884,181|
|Property and equipment, at cost:|
|Machinery and equipment||7,168,798||7,136,578|
|Less accumulated depreciation||(8,019,679||)||(7,936,056||)|
|Net property and equipment||4,561,808||4,613,211|
|Patent costs, net of accumulated amortization of $958,543 and $953,491, respectively||231,232||222,461|
|Trademark costs, net of accumulated amortization of $86,505 and $85,381, respectively||89,336||90,460|
Liabilities and Stockholders’ Equity
|Other current liabilities||855,585||819,839|
|Billings in excess of costs and estimated earnings on engineering services contracts||364,950||199,160|
Current portion of long-term debt, net of deferred financing costs of $35,753 and $0, respectively
|Total current liabilities||7,314,086||2,121,818|
|Long-term debt, net of deferred financing costs of $0 and $45,079, respectively||-||3,119,450|
|Other long-term liabilities||116,667||121,667|
|Total long-term liabilities||116,667||3,241,117|
|Commitments and contingencies|
|Common stock, $0.01 par value, 175,000,000 shares authorized; 54,126,648 and 54,108,510 shares issued and outstanding, respectively||541,266||541,085|
|Additional paid-in capital||133,992,543||133,901,406|
|Total stockholders’ equity||7,929,761||9,771,241|
|Total liabilities and stockholders’ equity||$||15,360,514||$||15,134,176|