LONGMONT, Colo.--(BUSINESS WIRE)--
Revenue Climbs 59% Year-over-Year; Positive Outlook Remains on Path to Profitability
UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the “Company”), a developer of alternative energy technologies, today announced operating results for the third quarter ended September 30, 2018.
Third Quarter Highlights
- Revenue of $4.4 million, up 59% compared to the third quarter of 2017
- Showcased the Company’s new PowerPhase® HD2 electric motor inverters at the Electric & Hybrid Vehicle Technology trade show in Michigan
- Announced $3 million of additional Chinese orders for fuel cell compressor systems along with one from Lightning Systems for electric propulsion
- Will introduce a fully-integrated fuel cell compressor system at the upcoming Hydrogen Energy & Fuel Cell Technology Expo in Foshan, China
“UQM marked another quarter of strong top line growth and new purchase orders as we continued making progress on our path to profitability,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “Revenue rose nearly 60% year-over-year – underscoring robust demand – while lower margins reflected product mix and ongoing business investment. During the period we further advanced our development work with Meritor, grew the Company’s presence in China, and focused on other international expansion opportunities such as India. We announced $3 million of new Chinese orders for fuel cell compressor systems as well as an incremental award from Lightning Systems, while also showcasing our technology at a major trade show in Michigan. In addition, we’ll be introducing a fully-integrated fuel cell compressor system at an upcoming expo in China. Overall we believe the positive trends of the past two quarters will continue going forward, leaving us positioned for strong growth and improved bottom line results heading into 2019.”
Results for the Three Months Ended September 30, 2018
Revenue for the third quarter of 2018 was $4.4 million compared to $2.8 million for the third quarter last year, an increase of 59%.
The Company reported a loss from operations of $1.2 million for the quarter versus $1.1 million in the prior-year period. Lower gross profit, reflecting product mix, was partially offset by a reduction in SG&A expense to $1.8 million from $2.0 million in the 2017 third quarter.
Net loss for the third quarter was $1.1 million, or $(0.02) per common share, compared to a net loss of $0.5 million, or $(0.01) per common share, last year. The fiscal 2017 third quarter included a $0.6 million gain from the sale of property.
The Company will host a conference call tomorrow, November 1, 2018 at 10:30 a.m. Eastern Time, to discuss operating results for the quarter ended September 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 “2599761” 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 can be accessed on the investor page of website using the link 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 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)
|Quarters Ended September 30,||Nine Months Ended September 30,|
|Operating costs and expenses:|
|Costs of product sales||2,999,394||1,471,334||6,061,505||3,085,822|
|Costs of contract services||346,775||-||570,738||161,616|
|Research and development||396,690||403,273||1,902,324||1,591,520|
|Selling, general and administrative||1,839,872||1,983,450||5,678,428||4,757,571|
|Loss from operations||(1,197,309||)||(1,105,503||)||(5,514,344||)||(4,039,975||)|
|Other income (expense), net||55,731||(43,904||)||(29,753||)||(63,679||)|
|Gain on sale of long-lived assets||-||606,006||-||606,006|
|Net loss per common share - basic and diluted||$||(0.02||)||$||(0.01||)||$||(0.10||)||$||(0.07||)|
|Weighted average number of shares of common stock outstanding - basic and diluted||54,208,477||48,941,702||54,158,607||48,677,423|
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (unaudited)
|September 30,||December 31,|
|Cash and cash equivalents||$||2,487,132||$||6,309,269|
|Costs and estimated earnings in excess of billings on uncompleted contracts||45,850||-|
|Prepaid expenses and other current assets||452,307||233,566|
|Total current assets||9,206,582||9,884,181|
|Property and equipment, at cost:|
|Machinery and equipment||7,413,005||7,136,578|
|Less accumulated depreciation||(8,182,410||)||(7,936,056||)|
|Net property and equipment||4,643,284||4,613,211|
|Patent costs, net of accumulated amortization of $968,891 and $953,491, respectively||252,134||222,461|
|Trademark costs, net of accumulated amortization of $88,753 and $85,381, respectively||87,088||90,460|
Liabilities and Stockholders’ Equity
|Other current liabilities||1,018,172||819,839|
|Billings in excess of costs and estimated earnings on engineering services contracts||277,967||199,160|
| Current portion of long-term debt, net of deferred financing costs of |
$17,099 and $0, respectively
|Total current liabilities||9,289,963||2,121,818|
|Long-term debt, net of deferred financing costs of $0 and $45,079, respectively||-||3,119,450|
|Other long-term liabilities||106,667||121,667|
|Total long-term liabilities||106,667||3,241,117|
|Commitments and contingencies|
|Common stock, $0.01 par value, 175,000,000 shares authorized; 54,228,955 and 54,108,510 shares issued and outstanding, respectively||542,290||541,085|
|Additional paid-in capital||134,465,515||133,901,406|
|Total stockholders’ equity||4,792,458||9,771,241|
|Total liabilities and stockholders’ equity||$||14,189,088||$||15,134,176|