LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE MKT:UQM), a developer and
manufacturer of power-dense, high-efficiency electric motors, generators
and power electronic controllers, today announced operating results for
the quarter and fiscal year ended March 31, 2013.
Revenue for the fiscal fourth quarter of 2013 decreased to $1.7 million
compared to $3.8 million in the fourth quarter of 2012, reflecting the
lack of shipments to CODA. Excluding CODA revenue, adjusted total
revenue for the fourth quarter was $1.6 million compared to $1.8 million
for the comparable quarter last fiscal year. Net loss for the fourth
quarter was $2.3 million or $0.06 per common share versus a net loss of
$1.5 million, or $0.04 per common share for the fourth quarter of fiscal
2012. Fourth quarter results this year included a charge of $1.1 million
or $0.03 per common share for estimated CODA-related contract settlement
costs.
For the fiscal year ended March 31, 2013, total revenue decreased to
$7.2 million compared to $10.1 million in fiscal 2012. Excluding CODA
revenue, adjusted total revenue increased 20 percent to $7.0 million in
fiscal 2013 compared to $5.8 million last fiscal year. Net loss for
fiscal 2013 was $10.7 million, or $0.29 per common share, and included
charges related to the termination of the CODA program totaling $4.9
million, or $0.13 per common share. This compares with a net loss of
$4.9 million or $0.14 per common share for fiscal 2012.
“During the year, we continued our expansion into the commercial truck
and bus EV markets, signing multi-year supply agreements with Proterra
and Boulder EV and increasing shipments to Electric Vehicles
International,” said Eric R. Ridenour, UQM Technologies’ President and
CEO. “These ongoing relationships demonstrate the strength and
differentiation of our product line, and have enabled us to diversify
our customer base and grow our revenues, minimizing the impact of CODA’s
bankruptcy. The progress we are making with potential customers in
China, coupled with our ongoing expense management and cash
conservation, position us well for fiscal year 2014 and beyond.”
Subsequent to the end of the fiscal year, the Company completed a
contract to sell its former facility in Frederick, Colorado for $1.65
million. The transaction is expected to close in the first quarter of
fiscal 2014.
Fiscal Fourth Quarter 2013 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 March
31, 2013. To attend the conference call, please dial 1-888-549-7880
approximately ten minutes before the conference is scheduled to begin
and provide confirmation code 4620332 to access the call. International
callers should dial +1-480-629-9770. 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
1-800-406-7325 and enter replay code 4620332#. International callers
should dial +1-303-590-3030.
About UQM
UQM Technologies is a developer and manufacturer of power-dense,
high-efficiency electric motors, generators and power electronic
controllers for the automotive, commercial truck, bus, marine and
military 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 located in Longmont, Colorado. Please
visit www.uqm.com
for more information.
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 officers and directors with respect to, among
other things, 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 filed today, which is available through our website at www.uqm.com
or at www.sec.gov.
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UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
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Year Ended
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Year Ended
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Year Ended
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March 31, 2013
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March 31, 2012
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March 31, 2011
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Revenue:
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Contract services
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$
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1,268,556
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785,068
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608,204
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Product sales
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5,910,153
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9,358,388
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8,413,098
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7,178,709
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10,143,456
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9,021,302
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Operating costs and expenses:
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Costs of contract services
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715,225
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499,813
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541,214
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Costs of product sales
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4,333,005
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6,663,648
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6,087,385
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Research and development
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96,905
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37,128
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292,865
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Production engineering
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4,921,970
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6,014,868
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3,536,287
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Reimbursement of costs under DOE grant
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(4,205,678
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(3,794,324
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(3,988,655
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Selling, general and administrative
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7,022,112
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5,678,797
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4,884,373
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Impairment of assets
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4,980,117
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-
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-
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Loss (gain) on disposal of long-lived asset
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22,485
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(3,138
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17,007
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17,886,141
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15,096,792
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11,370,476
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Loss before other income
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(10,707,432
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(4,953,336
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(2,349,174
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Other income:
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Interest income
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15,743
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22,805
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91,342
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Other
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3,377
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2,011
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265,474
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19,120
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24,816
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356,816
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Net loss
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$
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(10,688,312
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(4,928,520
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(1,992,358
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Net loss per common share - basic and diluted
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$
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(0.29
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(0.14
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(0.06
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Weighted average number of shares
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of common stock outstanding -
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basic and diluted
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36,564,952
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36,301,642
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36,070,364
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UQM TECHNOLOGIES, INC.
AND SUBSIDIARIES
Consolidated Balance Sheets
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March 31, 2013
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March 31, 2012
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Assets
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Current assets:
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Cash and cash equivalents
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$
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4,527,899
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11,637,940
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Short-term investments
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-
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482,909
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Accounts receivable, net
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2,212,395
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4,929,117
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Costs and estimated earnings in excess of billings on uncompleted
contracts
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178,264
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78,376
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Inventories
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10,998,461
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10,564,148
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Facility held for sale
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1,525,000
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1,621,257
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Prepaid expenses and other current assets
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309,957
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556,592
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Total current assets
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19,751,976
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29,870,339
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Property and equipment, at cost:
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Land
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1,683,330
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1,683,330
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Building
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4,516,301
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4,484,493
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Machinery and equipment
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7,771,363
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7,868,481
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13,970,994
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14,036,304
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Less accumulated depreciation
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(5,507,801
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(4,677,827
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Net property and equipment
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8,463,193
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9,358,477
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Patent costs, net of accumulated amortization of $845,795 and
$816,259
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206,287
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222,836
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Trademark costs, net of accumulated amortization of $64,230 and
$59,743
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110,528
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113,844
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Other assets
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76,731
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90,105
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Total assets
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$
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28,608,715
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39,655,601
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March 31, 2013
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March 31, 2012
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Liabilities and Stockholders’ Equity
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Current liabilities:
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Accounts payable
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$
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617,197
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2,356,513
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Other current liabilities
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2,599,435
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2,329,101
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Short-term deferred compensation under executive employment
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agreements
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524,000
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152,007
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Billings in excess of costs and estimated earnings on uncompleted
contracts
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-
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7,201
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Total current liabilities
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3,740,632
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4,844,822
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Long-term deferred compensation under executive employment agreements
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103,412
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563,100
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Total liabilities
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3,844,044
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5,407,922
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Commitments and contingencies
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Stockholders’ equity:
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Common stock, $0.01 par value, 50,000,000 shares authorized;
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36,664,097 and 36,356,177 shares issued and outstanding
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366,641
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363,562
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Additional paid-in capital
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115,573,331
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114,371,106
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Accumulated deficit
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(91,175,301
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(80,486,989
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Total stockholders’ equity
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24,764,671
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34,247,679
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Total liabilities and stockholders’ equity
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$
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28,608,715
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39,655,601
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Contacts
UQM Technologies, Inc.
StreetSmart Investor Relations
Annie
Leschinor Barry Hutton, 415-775-1788