UQM Technologies Reports Strong Third Quarter Operating Results
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.
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UQM TECHNOLOGIES, INC. AND SUBSIDIARIES |
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| 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 | ||||||||||||
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UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets (unaudited) |
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| September 30, | December 31, | |||||||
| 2017 | 2016 | |||||||
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Assets |
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| 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 | |||||||
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Liabilities and Stockholders’ Equity |
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| 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 | ||||
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