UQM TECHNOLOGIES, INC. (NYSE MKT:UQM), a developer of alternative energy technologies, today announced financial and operating results for the second quarter ended September 30, 2015.
Total revenue for the quarter was $1.7 million, a 55% increase compared with $1.1 million in the same quarter last year. Net loss for the second quarter was $2.4 million, or $0.06 per common share. This compares to a net loss of $2.0 million, or $0.05 per common share for the same period last year. Last year the company received cost reimbursements under a grant from the Department of Energy of $539,000. As of September 30, 2015, cash was $4.0 million and working capital was $11.6 million.
“We achieved solid revenue growth in the second quarter primarily driven by an increase in revenue from some of our customers in the US electric vehicle market and early traction with our newly-acquired fuel cell business,” said Joe Mitchell, COO and interim President and CEO. “I am very excited about our recently announced supply agreement with ITL Efficiency Corporation in China and the increased level of interest in our products we are seeing in the market. Overall, I am positive on the growth opportunities in 2016 and beyond as we leverage our strengthened technology portfolio and partnership to drive profitable growth and create value for our shareholders."
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, 2015. To attend the conference call, please dial 1-888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide the passcode “72341997” to access the call. International callers should dial 1-647-427-3411. For anyone who is unable to participate in the conference, a recording will be available for 7 days beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-855-859-2056 and enter replay code “72341997#.” International callers should dial +1-404-537-3406.
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, military 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, the successful execution of our commercial strategy, new business development plan and recently announced partnership with ITL. Important factors that could cause actual results to differ from those contained in the forward-looking statements include the ability to timely resolve any technical challenges of integrating UQM products into ITL electric drive systems, the responsiveness of customers to ITL’s products, the timing and quantity at which ITL issues binding purchase orders under the long-term supply agreement and other factors described in our Form 10-K and Form 10-Q’s under the heading “Risk Factors”, which are available through our website at www.uqm.comor at www.sec.gov.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Condensed Statements of Operations (unaudited) | ||||||||||||||||
| Quarter Ended September 30, | Six Months Ended September 30, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Revenue: | ||||||||||||||||
| Product sales | $ | 1,618,666 | $ | 846,283 | $ | 2,249,332 | $ | 1,669,315 | ||||||||
| Contract services | 116,144 | 270,496 | 226,007 | 467,012 | ||||||||||||
| 1,734,810 | 1,116,779 | 2,475,339 | 2,136,327 | |||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Costs of product sales | 1,289,315 | 489,281 | 1,866,761 | 953,309 | ||||||||||||
| Costs of contract services | 96,029 | 227,867 | 160,827 | 376,101 | ||||||||||||
| Research and development | 912,395 | 92,801 | 2,000,875 | 177,205 | ||||||||||||
| Production engineering | - | 1,065,810 | - | 2,293,001 | ||||||||||||
| Reimbursement of costs under DOE grant | - | (539,329 | ) | - | (1,255,343 | ) | ||||||||||
| Selling, general and administrative | 1,855,214 | 1,771,713 | 3,100,588 | 2,900,244 | ||||||||||||
| 4,152,953 | 3,108,143 | 7,129,051 | 5,444,517 | |||||||||||||
| Loss before other income | (2,418,143 | ) | (1,991,364 | ) | (4,653,712 | ) | (3,308,190 | ) | ||||||||
| Other income: | ||||||||||||||||
| Interest income | 125 | 400 | 3,497 | 7,189 | ||||||||||||
| Other | 8,971 | 250 | 16,917 | 250 | ||||||||||||
| 9,096 | 650 | 20,414 | 7,439 | |||||||||||||
| Net loss | $ | (2,409,047 | ) | $ | (1,990,714 | ) | $ | (4,633,298 | ) | $ | (3,300,751 | ) | ||||
| Net loss per common share - basic and | ||||||||||||||||
| diluted | $ | (0.06 | ) | $ | (0.05 | ) | $ | (0.12 | ) | $ | (0.08 | ) | ||||
| Weighted average number of shares of common | ||||||||||||||||
| stock outstanding - basic and diluted | 40,235,636 | 39,974,078 | 40,142,682 | 39,881,930 | ||||||||||||
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets | |||||||||
| September 30, 2015 | March 31, 2015 | ||||||||
| (unaudited) | |||||||||
Assets | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 4,018,487 | $ | 6,585,703 | |||||
| Accounts receivable | 679,149 | 522,417 | |||||||
| Other receivable | - | 855,000 | |||||||
| Costs and estimated earnings in excess of billings on | |||||||||
| uncompleted contracts | 29,917 | 49,917 | |||||||
| Inventories | 9,009,900 | 9,354,053 | |||||||
| Prepaid expenses and other current assets | 315,557 | 266,448 | |||||||
| Total current assets | 14,053,010 | 17,633,538 | |||||||
| Property and equipment, at cost: | |||||||||
| Land | 1,683,330 | 1,683,330 | |||||||
| Building | 4,516,301 | 4,516,301 | |||||||
| Machinery and equipment | 7,092,063 | 7,037,200 | |||||||
| 13,291,694 | 13,236,831 | ||||||||
| Less accumulated depreciation | (6,897,315 | ) | (6,410,242 | ) | |||||
| Net property and equipment | 6,394,379 | 6,826,589 | |||||||
| Patent costs, net of accumulated amortization of $901,349 and $895,227, respectively | 242,549 | 239,043 | |||||||
| Trademark costs, net of accumulated amortization of $75,078 and $73,018, respectively | 100,763 | 102,823 | |||||||
| Total assets | $ | 20,790,701 | $ | 24,801,993 | |||||
Liabilities and Stockholders’ Equity | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 594,575 | $ | 398,568 | |||||
| Other current liabilities | 1,830,599 | 1,544,971 | |||||||
| Billings in excess of costs and estimated earnings on | |||||||||
| uncompleted contracts | 44,792 | 84,444 | |||||||
| Total current liabilities | 2,469,966 | 2,027,983 | |||||||
| Other long-term liabilities | 205,556 | 445,024 | |||||||
| Total liabilities | 2,675,522 | 2,473,007 | |||||||
| Commitments and contingencies | |||||||||
| Stockholders’ equity: | |||||||||
| Common stock, $0.01 par value, 75,000,000 shares | |||||||||
| authorized; 40,301,862 and 39,999,984 shares | |||||||||
| issued and outstanding, respectively | 403,019 | 400,000 | |||||||
| Additional paid-in capital | 122,282,533 | 121,866,061 | |||||||
| Accumulated deficit | (104,570,373 | ) | (99,937,075 | ) | |||||
| Total stockholders’ equity | 18,115,179 | 22,328,986 | |||||||
| Total liabilities and stockholders’ equity | $ | 20,790,701 | $ | 24,801,993 | |||||
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Contacts:
Shawn Severson, 415-489-2198
or
UQM
Technologies, Inc.
David I. Rosenthal, 303-682-4900
