LONGMONT, Colo.--(BUSINESS WIRE)--
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.
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.”
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.
Three months ended
Nine months ended
|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||)||-|
|Loss from operations||(5,284,502||)||(13,945,725||)||(940,425||)||(13,005,300||)|
|Other income / (expense):|
|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||)|
|Net loss per common share - basic and diluted||$||(0.10||)||$||(0.29||)||$||(0.02||)||$||(0.27||)|
Weighted average number of shares of common stock
UQM TECHNOLOGIES, INC.
|December 31,||December 31,|
|Cash and cash equivalents||$||6,309,269||$||2,100,089|
|Costs and estimated earnings in excess of billings on uncompleted contracts||-||29,917|
|Prepaid expenses and other current assets||233,566||259,682|
|Total current assets||9,884,181||5,302,739|
|Property and equipment, at cost:|
|Machinery and equipment||7,136,578||7,052,740|
|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|
Liabilities and Stockholders’ Equity
|Other current liabilities||973,783||1,318,941|
|Billings in excess of costs and estimated earnings on engineering services|
|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|
|Commitments and contingencies|
|Common stock, $0.01 par value, 175,000,000 shares authorized; 54,108,510|
|and 48,519,313 shares issued and outstanding, respectively||541,085||485,193|
|Additional paid-in capital||133,901,406||128,409,933|
|Total stockholders’ equity||9,771,241||9,002,192|
|Total liabilities and stockholders’ equity||$||15,134,176||$||11,272,750|