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UQM Technologies Reports Second Quarter Results

August 07, 2017

LONGMONT, Colo.--(BUSINESS WIRE)-- UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the second quarter ended June 30, 2017. Total revenue for the quarter was $1.8 million compared to $1.4 million in the second quarter last year. Net loss for the second quarter was $1.3 million, or $0.03 per common share. This compares to a net loss of $2.0 million, or $0.04 per common share for the same period last year.

“We had a solid second quarter with higher sales of our PP220 and fuel cell compressor systems,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “We continue to see good traction on our China partnership initiatives and are optimistic about the future given the interest and momentum we are seeing in the business.”

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, 2017. To attend the conference call, please dial 888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide the conference ID “57428448” to access the call. International callers should dial 647-427-3411. The call will also be webcast from the Investors section of the company’s website at www.uqm.com/investors. Parties listening via the webcast will be in a “listen-only” mode. Please log onto UQM’s website 10 minutes prior to the start of the webcast to register.

An audio replay will be available after the call on the investor page of website listed above, or by calling 855-859-2056 or 404-537-3406 (international) and entering conference ID 57428448#. The replay will be available through August 14, 2017.

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 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-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)

 
Quarters Ended June 30, Six Months Ended June 30,
2017   2016   2017   2016  
 
Revenue:
Product sales $ 1,571,390 $ 1,173,261 $ 2,416,925 $ 2,392,058
Contract services   217,565     261,820     387,075     547,313  
  1,788,955     1,435,081     2,804,000     2,939,371  
Operating costs and expenses:
Costs of product sales 1,006,639 759,089 1,614,488 1,568,923
Costs of contract services 80,552 236,949 161,616 540,390
Research and development 555,465 718,918 1,188,247 1,403,264
Selling, general and administrative 1,470,914 1,684,645 2,774,121 2,917,539
Recovery of impaired assets   -     -     -     (585,800 )
  3,113,570     3,399,601     5,738,472     5,844,316  
 
Loss from operations (1,324,615 ) (1,964,520 ) (2,934,472 ) (2,904,945 )
 
Other income/ (expense):
Interest income 449 3,408 2,099 7,290
Interest expense (21,363 ) - (22,731 ) -
Amortization of deferred financing costs (9,327 ) - (10,881 ) -
Other   6,635     7,082     11,738     12,707  
  (23,606 )   10,490     (19,775 )   19,997  
 
Net loss $ (1,348,221 ) $ (1,954,030 ) $ (2,954,247 ) $ (2,884,948 )
 
Net loss per common share - basic and diluted $ (0.03 ) $ (0.04 ) $ (0.06 ) $ (0.06 )
 

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

  48,563,209     48,346,344     48,543,093     48,327,310  
 

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

   
June 30, December 31,
2017   2016  

Assets

Current assets:
Cash and cash equivalents $ 2,074,389 $ 2,100,089
Restricted cash 165,312 -
Accounts receivable 791,918 1,163,316
Costs and estimated earnings in excess of billings on uncompleted contracts 29,917 29,917
Inventories, net 2,356,514 1,749,735
Prepaid expenses and other current assets   206,243     259,682  
Total current assets   5,624,293     5,302,739  
 
Property and equipment, at cost:
Land 896,388 1,683,330
Building 4,516,301 4,516,301
Machinery and equipment   7,090,147     7,052,740  
12,502,836 13,252,371
Less accumulated depreciation   (7,771,450 )   (7,590,641 )
Net property and equipment   4,731,386     5,661,730  
 

Patent costs, net of accumulated amortization of $943,147 and $932,564,
  respectively

210,435 213,326

Trademark costs, net of accumulated amortization of $83,133 and $80,885,
  respectively

92,707 94,955
Restricted cash 420,631 -
Land held for sale   786,942     -  
Total assets $ 11,866,394   $ 11,272,750  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 951,962 $ 809,950
Other current liabilities   1,487,029     1,318,941  
Total current liabilities   2,438,991     2,128,891  
 

Long-term debt, net of deferred financing costs of $63,732 and $0,
  respectively

3,100,797 -
Other long-term liabilities   131,667     141,667  
Total long-term liabilities 3,232,464 141,667
       
Total liabilities   5,671,455     2,270,558  
 
Commitments and contingencies
 
Stockholders’ equity:

Common stock, $0.01 par value, 175,000,000 shares authorized; 48,566,548
  and 48,519,313 shares issued and outstanding, respectively

485,665 485,193
Additional paid-in capital 128,556,455 128,409,933
Accumulated deficit   (122,847,181 )   (119,892,934 )
Total stockholders’ equity   6,194,939     9,002,192  
 
Total liabilities and stockholders’ equity $ 11,866,394   $ 11,272,750  
 

Source: UQM Technologies, Inc.

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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