UQM Technologies Reports Quarter and Fiscal Year Ended December 31, 2017 Operating Results

LONGMONT, Colo.--()--UQM TECHNOLOGIES, INC. (NYSE American: UQM), a developer of alternative energy technologies, announced today operating results for the quarter and fiscal year ended December 31, 2017. Total revenue for the quarter was $2.2 million compared to $1.7 million in the same quarter last year. Net loss for the quarter was $1.3 million, or $0.03 per common share, compared to a net loss of $8.7 million, or $0.18 per common share for the same period last year. Quarter results last year included a one-time inventory reserve adjustment of $7.2 million or $0.15 per common share related primarily to the PowerPhase Pro® inventory.

For the fiscal year ended December 31, 2017, total revenue grew 38% to $7.8 million compared to $5.6 million in the prior year. Net loss was $4.8 million or $0.10 per common share versus $13.9 million, or $0.29 per common share, for the same period last year.

Joe Mitchell, UQM Technologies’ President and Chief Executive Officer, said, “We are very pleased with the progress we made in 2017. We saw good revenue growth, we secured a strategic relationship with China National Heavy Truck Group Co., Ltd., we made excellent progress with the E-axle product in partnership with Meritor, and we secured a number of new customers from around the globe. We are seeing a lot of positive momentum in the marketplace as we enter 2018 and look forward to executing on the many opportunities that lie ahead of us.”

The numbers in this release should be read in conjunction with the Annual Report on Form 10-K.

Conference Call

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and fiscal year ended December 31, 2017. To attend the conference call, please dial 1-888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide conference ID code “7088515” to access the call. International callers should dial +1-647-427-3411. For anyone who is unable to participate in the conference, a webcast will be available for replay beginning at 6:30 p.m. Eastern Time today. To access the webcast, click here or visit www.uqm.com, click on the Investor tab and select “Earnings Webcast.”

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.

           

UQM TECHNOLOGIES, INC.
AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
(derived from the Company’s Annual Report on Form 10-K)

 

Year ended
December 31,

Three months ended
March 31,

Nine months ended
December 31,

2017 2016 2016 2016
 
Revenue:
Product sales $ 7,162,456 $ 4,710,654 $ 1,218,795 $ 3,491,859
Contract services   616,293     916,629     285,493     631,136  
  7,778,749     5,627,283     1,504,288     4,122,995  
Operating costs and expenses:
Costs of product sales 4,368,093 10,336,136 809,834 9,526,302
Costs of contract services 285,095 842,141 303,441 538,700
Research and development 2,042,732 3,061,541 684,346 2,377,195
Selling, general and administrative 6,367,331 5,918,990 1,232,892 4,686,098
Recovery of impaired assets   -     (585,800 )   (585,800 )   -  
  13,063,251     19,573,008     2,444,713     17,128,295  
 
Loss from operations (5,284,502 ) (13,945,725 ) (940,425 ) (13,005,300 )
 
Other income / (expense):
Interest income 5,127 11,803 3,882 7,921
Interest expense (108,146 ) - - -
Amortization of deferred financing costs (29,535 ) - - -
Gain on sale of vacant land 606,006 - - -
Loss on disposal of long-lived assets - (39,247 ) - (39,247 )
Other   32,734     24,743     5,625     19,118  
  506,186     (2,701 )   9,507     (12,208 )
 
Net loss $ (4,778,316 ) $ (13,948,426 ) $ (930,918 ) $ (13,017,508 )
 
Net loss per common share - basic and diluted $ (0.10 ) $ (0.29 ) $ (0.02 ) $ (0.27 )
 

Weighted average number of shares of common stock
  outstanding - basic and diluted

  50,038,799     48,405,894     48,327,219     48,448,718  
 
 

UQM TECHNOLOGIES, INC.
AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(derived from the Company’s Annual Report on Form 10-K)

       
December 31, December 31,
2017 2016

Assets

Current assets:
Cash and cash equivalents $ 6,309,269 $ 2,100,089
Restricted cash 176,193 -
Accounts receivable 823,793 1,163,316
Costs and estimated earnings in excess of billings on uncompleted contracts - 29,917
Inventories, net 2,341,360 1,749,735
Prepaid expenses and other current assets   233,566     259,682  
Total current assets   9,884,181     5,302,739  
 
Property and equipment, at cost:
Land 896,388 1,683,330
Building 4,516,301 4,516,301
Machinery and equipment   7,136,578     7,052,740  
12,549,267 13,252,371
Less accumulated depreciation   (7,936,056 )   (7,590,641 )
Net property and equipment   4,613,211     5,661,730  
 
Patent costs, net of accumulated amortization of $953,491 and $932,564, respectively 222,461 213,326
Trademark costs, net of accumulated amortization of $85,381 and $80,885, respectively 90,460 94,955
Restricted cash   323,863     -  
Total assets $ 15,134,176   $ 11,272,750  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 948,875 $ 809,950
Other current liabilities 973,783 1,318,941
Billings in excess of costs and estimated earnings on engineering services
contracts   199,160     -  
Total current liabilities   2,121,818     2,128,891  
 
Long-term debt, net of deferred financing costs of $45,079 and $0, respectively 3,119,450 -
Other long-term liabilities   121,667     141,667  
Total long-term liabilities 3,241,117 141,667
       
Total liabilities   5,362,935     2,270,558  
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 175,000,000 shares authorized; 54,108,510
and 48,519,313 shares issued and outstanding, respectively 541,085 485,193
Additional paid-in capital 133,901,406 128,409,933
Accumulated deficit   (124,671,250 )   (119,892,934 )
Total stockholders’ equity   9,771,241     9,002,192  
 
Total liabilities and stockholders’ equity $ 15,134,176   $ 11,272,750  
 

Contacts

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

Release Summary

UQM announces operating results for fourth quarter and year-end 2017.

Contacts

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