NYSEMKT: UQM October 12, 2018 4:00 PM CET Minimum 20 min delay
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UQM Technologies Reports Quarter and Nine Months Ended December 31, 2016 Operating Results

March 30, 2017

LONGMONT, Colo.--(BUSINESS WIRE)-- UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the quarter and nine months ended December 31, 2016. Total revenue for the quarter was $1.7 million compared to $1.3 million in the same quarter last year. Net loss for the quarter was $8.7 million, or $0.18 per common share, compared to a net loss of $1.4 million, or $0.03 per common share for the same period last year. Quarter results this 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. This adjustment has no impact on cash.

For the nine months ended December 31, 2016, total revenue grew 8% to $4.1 million compared to $3.8 million in the prior year. Net loss was $13.0 million or $0.27 per common share versus $6.0 million, or $0.14 per common share, for the same period last year.

Joe Mitchell, UQM Technologies’ President and Chief Executive Officer, said, “We decided to take a reserve against our PowerPhase Pro® inventory because, while we have contracted with ITL to purchase the vast majority of this inventory, they have experienced delays in their launch schedule and payment towards the inventory purchase. This inventory has been on our books for over four years since the CODA program and we felt it appropriate to take an inventory reserve at this time.”

Mr. Mitchell continued, “Nonetheless, we still have confidence that our supply agreement with ITL is secure and we will continue to support them with their vehicle applications. This one-time adjustment does not alter our strategy in any way. We entered 2017 with the strongest backlog we have seen in years. We recently obtained a bank line of credit that secures our cash position for at least the next year. We are excited about our inroads in China, our recently announced development partnership with Meritor, and the progress we are making to identify a strategic partner to support our global expansion efforts.”

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 nine months ended December 31, 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 “73316281” 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 “73316281#”. 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, 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-Qs, 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

 
        Nine months ended December 31,        

Year ended
March 31,

2016     2015 2016
(Unaudited)
Revenue:
Product sales $ 3,491,859 $ 3,374,057 $ 4,592,852
Contract services   631,136     428,454     713,947  
  4,122,995     3,802,511     5,306,799  
Operating costs and expenses:
Costs of product sales 9,526,302 2,533,674 3,343,508
Costs of contract services 538,700 355,803 659,244
Research and development 2,377,195 2,775,400 3,459,746
Selling, general and administrative 4,686,098 4,173,735 5,406,628
Recovery of impaired assets - - (585,800 )

Loss on disposal of long-lived assets

  39,247     -     -  
  17,167,542     9,838,612     12,283,326  
 
Loss from operations (13,044,547 ) (6,036,101 ) (6,976,527 )
 
Other income:
Interest income 7,921 4,240 8,122
Other   19,118     24,429     30,054  
  27,039     28,669     38,176  
 
Net loss $ (13,017,508 ) $ (6,007,432 ) $ (6,938,351 )
 

Net loss per common share - basic and diluted

$ (0.27 ) $ (0.14 ) $ (0.16 )

 

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

  48,448,718     42,001,299     43,574,137  
 
 
UQM TECHNOLOGIES, INC.
AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

 
        December 31,     March 31,
2016 2016

Assets

Current assets:
Cash and cash equivalents $ 2,100,089 $ 7,030,230
Accounts receivable 1,163,316 481,404
Costs and estimated earnings in excess of billings on uncompleted contracts 29,917 60,296
Inventories 1,749,735 2,271,271
Prepaid expenses and other current assets   259,682     272,597  
Total current assets   5,302,739     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   7,052,740     7,089,332  
13,252,371 13,288,963
Less accumulated depreciation   (7,590,641 )   (7,241,769 )
Net property and equipment   5,661,730     6,047,194  
 
Patent costs, net of accumulated amortization of $932,564 and $916,960, respectively 213,326 249,414
 
Trademark costs, net of accumulated amortization of $80,885 and $77,514, respectively 94,955 98,327
 
Noncurrent inventories - 6,840,170
       
Total assets $ 11,272,750   $ 23,350,903  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 809,950 $ 364,841
Other current liabilities   1,318,941     985,435  
Total current liabilities   2,128,891     1,350,276  
 
Other long-term liabilities   141,667     288,889  
 
Total liabilities   2,270,558     1,639,165  
 
Commitments and contingencies
 
Stockholders’ equity:

Common stock, $0.01 par value, 75,000,000 shares authorized; 48,519,313 and 48,330,286 shares issued and outstanding, respectively

485,193 483,303
Additional paid-in capital 128,409,933 128,103,861
Accumulated deficit   (119,892,934 )   (106,875,426 )
Total stockholders’ equity   9,002,192     21,711,738  
 
Total liabilities and stockholders’ equity $ 11,272,750   $ 23,350,903  

Source: UQM Technologies, Inc.

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UQM Technologies, Inc.

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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