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UQM Technologies First Quarter Revenue Grows 94% Over Prior Year

August 04, 2016

LONGMONT, Colo.--(BUSINESS WIRE)-- UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the first quarter of fiscal year 2017. Total revenue for the quarter was $1.4 million compared to $741,000 in the first quarter last year, an increase of 94%. Net loss for the first quarter was $2.0 million, or $0.04 per common share. This compares to a net loss of $2.2 million, or $0.06 per common share for the same period last year.

“We are pleased with the results of the first quarter. Revenue increased in our base North American business, with particular sales growth of our heavy-duty electric propulsion systems,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. ”We are starting to see some stabilization in the North American market as we prepare for the next phase of our business development in the Asia market.”

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 June 30, 2016. 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 “58542553” 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 “58542553#”. 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.

Source: UQM Technologies, Inc.

       

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations (unaudited)

 
Quarter Ended June 30,
2016 2015
Revenue:
Product sales $ 1,173,261 $ 630,666
Contract services   261,820     109,863  
  1,435,081     740,529  
Operating costs and expenses:
Costs of product sales 759,089 577,446
Costs of contract services 236,949 64,798
Research and development 718,918 1,088,480
Selling, general and administrative   1,684,645     1,245,374  
  3,399,601     2,976,098  
 
Loss from operations (1,964,520 ) (2,235,569 )
 
Other income:
Interest income 3,408 3,372
Other   7,082     7,946  
  10,490     11,318  
 
Net loss $ (1,954,030 ) $ (2,224,251 )
 
Net loss per common share - basic and diluted $ (0.04 ) $ (0.06 )
 
Weighted average number of shares of common stock outstanding - basic and diluted   48,346,344     40,040,673  
 
     

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets (unaudited)

 
June 30, March 31,
2016 2016

Assets

Current assets:
Cash and cash equivalents $ 5,497,556 $ 7,030,230
Accounts receivable 679,460 481,404
Costs and estimated earnings in excess of billings on uncompleted contracts 71,689 60,296
Inventories 2,314,322 2,271,271
Prepaid expenses and other current assets   274,322     272,597  
Total current assets   8,837,349     10,115,798  
 
Property and equipment, at cost:
Land 1,683,330 1,683,330
Building 4,516,301 4,516,301
Machinery and equipment   7,105,194     7,089,332  
13,304,825 13,288,963
Less accumulated depreciation   (7,398,556 )   (7,241,769 )
Net property and equipment   5,906,269     6,047,194  
 
Patent costs, net of accumulated amortization of $922,104 and $916,960, respectively 248,067 249,414
 
Trademark costs, net of accumulated amortization of $78,638 and $77,514, respectively 97,203 98,327
 
Noncurrent inventories 6,739,012 6,840,170
       
Total assets $ 21,827,900   $ 23,350,903  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 818,613 $ 364,841
Other current liabilities   858,636     985,435  
Total current liabilities   1,677,249     1,350,276  
 
Other long-term liabilities   330,556     288,889  
 
Total liabilities   2,007,805     1,639,165  
 

Commitments and contingencies

 
Stockholders’ equity:

Common stock, $0.01 par value, 75,000,000 shares authorized; 48,350,682
  and 48,330,286 shares issued and outstanding, respectively

483,507 483,303
Additional paid-in capital 128,166,044 128,103,861
Accumulated deficit   (108,829,456 )   (106,875,426 )
Total stockholders’ equity   19,820,095     21,711,738  
 
Total liabilities and stockholders’ equity $ 21,827,900   $ 23,350,903  
 

Source: UQM Technologies, Inc.

UQM Technologies, Inc.

David Rosenthal, 303-682-4900

or

EnergyTech Investor LLC

Shawn Severson, 415-233-7094

IR Contact

investor@uqm.com

303.682.4900

UQM Technologies Inc
4120 Specialty Pl.
Longmont, Colorado 80504

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sales@uqm.com

303.682.4900

UQM Technologies Inc
4120 Specialty Pl.
Longmont, Colorado 80504