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UQM Technologies Reports Second Quarter Fiscal Year 2016 Revenues Up 55% Over Last Year

November 10, 2015

LONGMONT, Colo.--(BUSINESS WIRE)-- UQM TECHNOLOGIES, INC. (NYSE MKT:UQM), a developer of alternative energy technologies, today announced financial and operating results for the second quarter ended September 30, 2015.

Total revenue for the quarter was $1.7 million, a 55% increase compared with $1.1 million in the same quarter last year. Net loss for the second quarter was $2.4 million, or $0.06 per common share. This compares to a net loss of $2.0 million, or $0.05 per common share for the same period last year. Last year the company received cost reimbursements under a grant from the Department of Energy of $539,000. As of September 30, 2015, cash was $4.0 million and working capital was $11.6 million.

“We achieved solid revenue growth in the second quarter primarily driven by an increase in revenue from some of our customers in the US electric vehicle market and early traction with our newly-acquired fuel cell business,” said Joe Mitchell, COO and interim President and CEO. “I am very excited about our recently announced supply agreement with ITL Efficiency Corporation in China and the increased level of interest in our products we are seeing in the market. Overall, I am positive on the growth opportunities in 2016 and beyond as we leverage our strengthened technology portfolio and partnership to drive profitable growth and create value for our shareholders."

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 September 30, 2015. To attend the conference call, please dial 1-888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide the passcode “72341997” 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 and enter replay code “72341997#.” 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, the successful execution of our commercial strategy, new business development plan and recently announced partnership with ITL. Important factors that could cause actual results to differ from those contained in the forward-looking statements include the ability to timely resolve any technical challenges of integrating UQM products into ITL electric drive systems, the responsiveness of customers to ITL’s products, the timing and quantity at which ITL issues binding purchase orders under the long-term supply agreement and other factors described in our Form 10-K and Form 10-Q’s under the heading “Risk Factors”, which are available through our website at www.uqm.com or at www.sec.gov.

 

       

UQM TECHNOLOGIES, INC.

AND SUBSIDIARIES

Consolidated Condensed Statements of Operations (unaudited)

 
Quarter Ended September 30, Six Months Ended September 30,
2015 2014 2015 2014
Revenue:
Product sales $ 1,618,666 $ 846,283 $ 2,249,332 $ 1,669,315
Contract services   116,144     270,496     226,007     467,012  
  1,734,810     1,116,779     2,475,339     2,136,327  
Operating costs and expenses:
Costs of product sales 1,289,315 489,281 1,866,761 953,309
Costs of contract services 96,029 227,867 160,827 376,101
Research and development 912,395 92,801 2,000,875 177,205
Production engineering - 1,065,810 - 2,293,001
Reimbursement of costs under DOE grant - (539,329 ) - (1,255,343 )
Selling, general and administrative   1,855,214     1,771,713     3,100,588     2,900,244  
  4,152,953     3,108,143     7,129,051     5,444,517  
 
Loss before other income (2,418,143 ) (1,991,364 ) (4,653,712 ) (3,308,190 )
 
Other income:
Interest income 125 400 3,497 7,189
Other   8,971     250     16,917     250  
  9,096     650     20,414     7,439  
 
Net loss $ (2,409,047 ) $ (1,990,714 ) $ (4,633,298 ) $ (3,300,751 )
 
Net loss per common share - basic and
diluted $ (0.06 ) $ (0.05 ) $ (0.12 ) $ (0.08 )
Weighted average number of shares of common
stock outstanding - basic and diluted   40,235,636     39,974,078     40,142,682     39,881,930  
 

UQM TECHNOLOGIES, INC.

AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

 
September 30, 2015 March 31, 2015
(unaudited)

Assets

Current assets:
Cash and cash equivalents $ 4,018,487 $ 6,585,703
Accounts receivable 679,149 522,417
Other receivable - 855,000
Costs and estimated earnings in excess of billings on
uncompleted contracts 29,917 49,917
Inventories 9,009,900 9,354,053
Prepaid expenses and other current assets   315,557     266,448  
Total current assets   14,053,010     17,633,538  
 
Property and equipment, at cost:
Land 1,683,330 1,683,330
Building 4,516,301 4,516,301
Machinery and equipment   7,092,063     7,037,200  
13,291,694 13,236,831
Less accumulated depreciation   (6,897,315 )   (6,410,242 )
Net property and equipment   6,394,379     6,826,589  
 
Patent costs, net of accumulated amortization of $901,349 and $895,227, respectively 242,549 239,043
 
Trademark costs, net of accumulated amortization of $75,078 and $73,018, respectively   100,763     102,823  
Total assets $ 20,790,701   $ 24,801,993  
 
 
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 594,575 $ 398,568
Other current liabilities 1,830,599 1,544,971
Billings in excess of costs and estimated earnings on
uncompleted contracts   44,792     84,444  
Total current liabilities   2,469,966     2,027,983  
 
Other long-term liabilities   205,556     445,024  
 
Total liabilities   2,675,522     2,473,007  
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 75,000,000 shares
authorized; 40,301,862 and 39,999,984 shares
issued and outstanding, respectively 403,019 400,000
Additional paid-in capital 122,282,533 121,866,061
Accumulated deficit   (104,570,373 )   (99,937,075 )
Total stockholders’ equity   18,115,179     22,328,986  
 
Total liabilities and stockholders’ equity $ 20,790,701   $ 24,801,993  

Source: UQM Technologies, Inc.

The Blueshirt Group

Shawn Severson, 415-489-2198

or

UQM Technologies, Inc.

David I. Rosenthal, 303-682-4900

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investor@uqm.com

303.682.4900

UQM Technologies Inc
4120 Specialty Pl.
Longmont, Colorado 80504

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UQM Technologies Inc
4120 Specialty Pl.
Longmont, Colorado 80504