UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the first quarter of fiscal year 2017. Total revenue for the quarter was $1.4 million compared to $741,000 in the first quarter last year, an increase of 94%. Net loss for the first quarter was $2.0 million, or $0.04 per common share. This compares to a net loss of $2.2 million, or $0.06 per common share for the same period last year.
“We are pleased with the results of the first quarter. Revenue increased in our base North American business, with particular sales growth of our heavy-duty electric propulsion systems,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. ”We are starting to see some stabilization in the North American market as we prepare for the next phase of our business development in the Asia market.”
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 June 30, 2016. To attend the conference call, please dial 1-888-241-0326 approximately ten minutes before the conference is scheduled to begin and provide the passcode “58542553” 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 or 1-800-585-8367 and enter replay code “58542553#”. 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.
Source: UQM Technologies, Inc.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Condensed Statements of Operations (unaudited) | ||||||||||
| Quarter Ended June 30, | ||||||||||
| 2016 | 2015 | |||||||||
| Revenue: | ||||||||||
| Product sales | $ | 1,173,261 | $ | 630,666 | ||||||
| Contract services | 261,820 | 109,863 | ||||||||
| 1,435,081 | 740,529 | |||||||||
| Operating costs and expenses: | ||||||||||
| Costs of product sales | 759,089 | 577,446 | ||||||||
| Costs of contract services | 236,949 | 64,798 | ||||||||
| Research and development | 718,918 | 1,088,480 | ||||||||
| Selling, general and administrative | 1,684,645 | 1,245,374 | ||||||||
| 3,399,601 | 2,976,098 | |||||||||
| Loss from operations | (1,964,520 | ) | (2,235,569 | ) | ||||||
| Other income: | ||||||||||
| Interest income | 3,408 | 3,372 | ||||||||
| Other | 7,082 | 7,946 | ||||||||
| 10,490 | 11,318 | |||||||||
| Net loss | $ | (1,954,030 | ) | $ | (2,224,251 | ) | ||||
| Net loss per common share - basic and diluted | $ | (0.04 | ) | $ | (0.06 | ) | ||||
| Weighted average number of shares of common stock outstanding - basic and diluted | 48,346,344 | 40,040,673 | ||||||||
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets (unaudited) | |||||||||||||
| June 30, | March 31, | ||||||||||||
| 2016 | 2016 | ||||||||||||
Assets | |||||||||||||
| Current assets: | |||||||||||||
| Cash and cash equivalents | $ | 5,497,556 | $ | 7,030,230 | |||||||||
| Accounts receivable | 679,460 | 481,404 | |||||||||||
| Costs and estimated earnings in excess of billings on uncompleted contracts | 71,689 | 60,296 | |||||||||||
| Inventories | 2,314,322 | 2,271,271 | |||||||||||
| Prepaid expenses and other current assets | 274,322 | 272,597 | |||||||||||
| Total current assets | 8,837,349 | 10,115,798 | |||||||||||
| Property and equipment, at cost: | |||||||||||||
| Land | 1,683,330 | 1,683,330 | |||||||||||
| Building | 4,516,301 | 4,516,301 | |||||||||||
| Machinery and equipment | 7,105,194 | 7,089,332 | |||||||||||
| 13,304,825 | 13,288,963 | ||||||||||||
| Less accumulated depreciation | (7,398,556 | ) | (7,241,769 | ) | |||||||||
| Net property and equipment | 5,906,269 | 6,047,194 | |||||||||||
| Patent costs, net of accumulated amortization of $922,104 and $916,960, respectively | 248,067 | 249,414 | |||||||||||
| Trademark costs, net of accumulated amortization of $78,638 and $77,514, respectively | 97,203 | 98,327 | |||||||||||
| Noncurrent inventories | 6,739,012 | 6,840,170 | |||||||||||
| Total assets | $ | 21,827,900 | $ | 23,350,903 | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
| Current liabilities: | |||||||||||||
| Accounts payable | $ | 818,613 | $ | 364,841 | |||||||||
| Other current liabilities | 858,636 | 985,435 | |||||||||||
| Total current liabilities | 1,677,249 | 1,350,276 | |||||||||||
| Other long-term liabilities | 330,556 | 288,889 | |||||||||||
| Total liabilities | 2,007,805 | 1,639,165 | |||||||||||
Commitments and contingencies | |||||||||||||
| Stockholders’ equity: | |||||||||||||
Common stock, $0.01 par value, 75,000,000 shares authorized;
48,350,682 | 483,507 | 483,303 | |||||||||||
| Additional paid-in capital | 128,166,044 | 128,103,861 | |||||||||||
| Accumulated deficit | (108,829,456 | ) | (106,875,426 | ) | |||||||||
| Total stockholders’ equity | 19,820,095 | 21,711,738 | |||||||||||
| Total liabilities and stockholders’ equity | $ | 21,827,900 | $ | 23,350,903 | |||||||||
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Contacts:
David Rosenthal, 303-682-4900
or
EnergyTech
Investor LLC
Shawn Severson, 415-233-7094
