UQM Technologies Reports Third Quarter Financial Results
October 31, 2018
Revenue Climbs 59% Year-over-Year; Positive Outlook Remains on Path
to Profitability
LONGMONT, Colo.–(BUSINESS WIRE)–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.
Conference Call
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.
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 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, | |||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
| Revenue: | ||||||||||||||||||||
| Product sales | $ | 3,747,846 | $ | 2,752,554 | $ | 7,497,209 | $ | 5,169,479 | ||||||||||||
| Contract services | 637,576 | – | 1,201,442 | 387,075 | ||||||||||||||||
| 4,385,422 | 2,752,554 | 8,698,651 | 5,556,554 | |||||||||||||||||
| 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 | ||||||||||||||||
| 5,582,731 | 3,858,057 | 14,212,995 | 9,596,529 | |||||||||||||||||
| 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 | $ | (1,141,578 | ) | $ | (543,401 | ) | $ | (5,544,097 | ) | $ | (3,497,648 | ) | ||||||||
| 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 | ||||||||||||||||
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UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets (unaudited) |
|||||||||||
| September 30, | December 31, | ||||||||||
| 2018 | 2017 | ||||||||||
|
Assets |
|||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 2,487,132 | $ | 6,309,269 | |||||||
| Restricted cash | 358,627 | 176,193 | |||||||||
| Accounts receivable | 1,287,194 | 823,793 | |||||||||
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
45,850 | – | |||||||||
| Inventories, net | 4,575,472 | 2,341,360 | |||||||||
| Prepaid expenses and other current assets | 452,307 | 233,566 | |||||||||
| Total current assets | 9,206,582 | 9,884,181 | |||||||||
| Property and equipment, at cost: | |||||||||||
| Land | 896,388 | 896,388 | |||||||||
| Building | 4,516,301 | 4,516,301 | |||||||||
| Machinery and equipment | 7,413,005 | 7,136,578 | |||||||||
| 12,825,694 | 12,549,267 | ||||||||||
| 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 | |||||||||
| Restricted cash | – | 323,863 | |||||||||
| Total assets | $ | 14,189,088 | $ | 15,134,176 | |||||||
|
Liabilities and Stockholders’ Equity |
|||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 2,644,797 | $ | 948,875 | |||||||
| Unearned revenue | 2,201,597 | 153,944 | |||||||||
| 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 |
3,147,430 | – | |||||||||
| 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 | |||||||||
| Total liabilities | 9,396,630 | 5,362,935 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
|
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 | |||||||||
| Accumulated deficit | (130,215,347 | ) | (124,671,250 | ) | |||||||
| Total stockholders’ equity | 4,792,458 | 9,771,241 | |||||||||
| Total liabilities and stockholders’ equity | $ | 14,189,088 | $ | 15,134,176 | |||||||
Contacts
UQM Investor Relations
Chris Witty, 646-438-9385
cwitty@darrowir.com
or
UQM
Technologies, Inc.
David Rosenthal, 303-682-4900
investor@uqm.com