UQM Technologies Reports First Quarter Results

LONGMONT, Colo.--()--UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the first quarter of 2017. Total revenue for the quarter was $1.0 million compared to $1.5 million in the same quarter last year. Net loss for the quarter was $1.6 million, or $0.03 per common share. This compares to a net loss of approximately $930,000, or $0.02 per common share for the same period last year. The main difference in net loss between the two comparable quarters was that last year the company recognized a positive settlement with a vendor and recorded a non-cash adjustment of approximately $586,000.

“Operating results for the first quarter were fairly consistent with prior quarters,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. ”But we are seeing a lot of momentum in our business as evidenced by our backlog of over $5 million and the receipt of a significant order from a major Chinese OEM for fuel cell compressor systems that is incremental to our previously announced backlog. We are in discussions with a number of potential strategic partners regarding our China strategy, and we are excited about the potential opportunities that lie ahead.”

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 March 31, 2017. 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 “14076403” 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 “14076403#”. 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, 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-KT 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)

 
Three Months Ended March 31,
2017 2016
 
Revenue:
Product sales $ 845,535 $ 1,218,797
Contract services   169,510     285,493  
  1,015,045     1,504,290  
Operating costs and expenses:
Costs of product sales 607,849 809,834
Costs of contract services 81,064 303,441
Research and development 632,782 684,346
Selling, general and administrative 1,303,207 1,232,894
Recovery of impaired assets   -     (585,800 )
  2,624,902     2,444,715  
 
Loss from operations (1,609,857 ) (940,425 )
 
Other income:
Interest income 1,650 3,882
Interest expense (2,922 ) -
Other   5,103     5,625  
  3,831     9,507  
 
Net loss $ (1,606,026 ) $ (930,918 )
 
Net loss per common share - basic and diluted $ (0.03 ) $ (0.02 )
 
Weighted average number of shares of common stock outstanding - basic and diluted   48,522,754     48,327,219  
 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets (unaudited)

   
March 31, December 31,
2017 2016

Assets

Current assets:
Cash and cash equivalents $ 1,088,450 $ 2,100,089
Restricted cash 33,094 -
Accounts receivable 477,005 1,163,316
Costs and estimated earnings in excess of billings on uncompleted contracts 29,917 29,917
Inventories, net 2,099,024 1,749,735
Prepaid expenses and other current assets   254,017     259,682  
Total current assets   3,981,507     5,302,739  
 
Property and equipment, at cost:
Land 1,683,330 1,683,330
Building 4,516,301 4,516,301
Machinery and equipment   7,063,834     7,052,740  
13,263,465 13,252,371
Less accumulated depreciation   (7,686,077 )   (7,590,641 )
Net property and equipment   5,577,388     5,661,730  
 
Patent costs, net of accumulated amortization of $937,855 and $932,564,
respectively 213,374 213,326
Trademark costs, net of accumulated amortization of $82,009 and $80,885,
respectively 93,831 94,955
Restricted cash   566,906     -  
Total assets $ 10,433,006   $ 11,272,750  
 
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 832,097 $ 809,950
Other current liabilities 1,395,528 1,318,941
Billings in excess of costs and estimated earnings on uncompleted contracts   17,565     -  
Total current liabilities   2,245,190     2,128,891  
 
Long-term debt, net of deferred financing costs of $73,060 and $0, respectively 591,469 -
Other long-term liabilities   136,667     141,667  
Total long-term liabilities 728,136 141,667
       
Total liabilities   2,973,326     2,270,558  
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 175,000,000 shares authorized; 48,523,136
and 48,519,313 shares issued and outstanding, respectively 485,231 485,193
Additional paid-in capital 128,473,409 128,409,933
Accumulated deficit   (121,498,960 )   (119,892,934 )
Total stockholders’ equity   7,459,680     9,002,192  
Total liabilities and stockholders’ equity $ 10,433,006   $ 11,272,750  
 

Contacts

EnergyTech Investor
Shawn Severson, 415-233-7094
or
UQM Technologies, Inc.
David Rosenthal, 303-682-4900

Contacts

EnergyTech Investor
Shawn Severson, 415-233-7094
or
UQM Technologies, Inc.
David Rosenthal, 303-682-4900