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UQM Technologies Reports Third Quarter Fiscal Year 2016 Revenues up 59% over Last Year

February 04, 2016

LONGMONT, Colo.--(BUSINESS WIRE)-- UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced financial and operating results for the third quarter ended December 31, 2015.

Total revenue for the quarter was $1.3 million, a 59% increase compared with $0.8 million in the same quarter last year. Net loss for the second quarter was $1.4 million, or $0.03 per common share. This compares to a net loss of $1.4 million, or $0.03 per common share for the same period last year. In the comparable quarter last year, the company received cost reimbursements under a grant from the Department of Energy of $557,000. As of December 31, 2015, cash was $8.7 million.

“We are pleased with our third quarter results and the momentum we have been building throughout fiscal year 2016,” said Joe Mitchell, President and Chief Executive Officer. “Our focus remains on executing our commercial strategy and I continue to be encouraged by the growing interest level for our products around the globe. We have a very exciting future ahead of us as we continue to leverage our leading technology portfolio and create new partnerships to drive towards 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 December 31, 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 “31787165” 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 “31787165#.” 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 growing interest level for our products and our ability to leverage our technology and successfully create new partnerships. Important factors that could cause actual results to differ from those contained in the forward-looking statements include the timing and quantity at which we sell products under our long-term supply agreement with ITL, 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 (unaudited)

 
Quarter Ended December 31, Nine Months Ended December 31,
2015   2014   2015     2014  
Revenue:
Product sales $ 1,124,725 $ 594,808 $ 3,374,057 $ 2,264,123
Contract services   202,447     240,827     428,454     707,839  
  1,327,172     835,635     3,802,511     2,971,962  
Operating costs and expenses:
Costs of product sales 666,913 369,769 2,533,674 1,323,078
Costs of contract services 194,976 291,701 355,803 667,802
Research and development 774,525 40,183 2,775,400 217,388
Production engineering - 934,239 - 3,227,240
Reimbursement of costs under DOE grant - (557,327 ) - (1,812,670 )
Selling, general and administrative   1,073,147     1,133,787     4,173,735     4,034,031  
  2,709,561     2,212,352     9,838,612     7,656,869  
 
Loss before other income (1,382,389 ) (1,376,717 ) (6,036,101 ) (4,684,907 )
 
Other income:
Interest income 743 4,935 4,240 12,124
Other   7,512     317     24,429     567  
  8,255     5,252     28,669     12,691  
 
Net loss $ (1,374,134 ) $ (1,371,465 ) $ (6,007,432 ) $ (4,672,216 )
 
Net loss per common share - basic and
diluted $ (0.03 ) $ (0.03 ) $ (0.14 ) $ (0.12 )
 
Weighted average number of shares of common
stock outstanding - basic and diluted   45,698,273     39,999,984     42,001,299     39,921,424  
 
 

UQM TECHNOLOGIES, INC.
AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (unaudited)

     
December 31, 2015 March 31, 2015

Assets

Current assets:
Cash and cash equivalents $ 8,688,668 $ 6,585,703
Accounts receivable 663,041 522,417
Other receivable - 855,000
Costs and estimated earnings in excess of billings on uncompleted
contracts 29,917 49,917
Inventories 3,102,678 9,354,053
Prepaid expenses and other current assets   298,893     266,448  
Total current assets   12,783,197     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   7,094,627     7,037,200  
13,294,258 13,236,831
Less accumulated depreciation   (7,123,982 )   (6,410,242 )
Net property and equipment   6,170,276     6,826,589  
 
Patent costs, net of accumulated amortization of $904,415 and $895,227,
respectively 259,617 239,043
 
Trademark costs, net of accumulated amortization of $76,107 and $73,018,
respectively 99,733 102,823
 
Noncurrent inventories 5,899,487 -
       
Total assets $ 25,212,310   $ 24,801,993  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 394,967 $ 398,568
Other current liabilities 1,864,557 1,544,971
Billings in excess of costs and estimated earnings on uncompleted
contracts   60,266     84,444  
Total current liabilities   2,319,790     2,027,983  
 
Other long-term liabilities   247,222     445,024  
 
Total liabilities   2,567,012     2,473,007  
 

Commitments and contingencies

 
Stockholders’ equity:
Common stock, $0.01 par value, 75,000,000 shares authorized;
48,307,025 and 39,999,984 shares issued and outstanding,
respectively 483,070 400,000
Additional paid-in capital 128,106,735 121,866,061
Accumulated deficit   (105,944,507 )   (99,937,075 )
Total stockholders’ equity   22,645,298     22,328,986  
 
Total liabilities and stockholders’ equity $ 25,212,310   $ 24,801,993  
 

Source: UQM Technologies, Inc.

The Blueshirt Group

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UQM Technologies, Inc.

David Rosenthal, 303-682-4900

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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