UQM Technologies Reports Third Quarter Financial Results

October 31, 2018

Revenue Climbs 59% Year-over-Year; Positive Outlook Remains on Path to Profitability

LONGMONT, Colo.--(BUSINESS WIRE)-- UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the “Company”), a developer of alternative energy technologies, today announced operating results for the third quarter ended September 30, 2018.

Third Quarter Highlights

  • Revenue of $4.4 million, up 59% compared to the third quarter of 2017
  • Showcased the Company’s new PowerPhase® HD2 electric motor inverters at the Electric & Hybrid Vehicle Technology trade show in Michigan
  • Announced $3 million of additional Chinese orders for fuel cell compressor systems along with one from Lightning Systems for electric propulsion
  • Will introduce a fully-integrated fuel cell compressor system at the upcoming Hydrogen Energy & Fuel Cell Technology Expo in Foshan, China

“UQM marked another quarter of strong top line growth and new purchase orders as we continued making progress on our path to profitability,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “Revenue rose nearly 60% year-over-year – underscoring robust demand – while lower margins reflected product mix and ongoing business investment. During the period we further advanced our development work with Meritor, grew the Company’s presence in China, and focused on other international expansion opportunities such as India. We announced $3 million of new Chinese orders for fuel cell compressor systems as well as an incremental award from Lightning Systems, while also showcasing our technology at a major trade show in Michigan. In addition, we’ll be introducing a fully-integrated fuel cell compressor system at an upcoming expo in China. Overall we believe the positive trends of the past two quarters will continue going forward, leaving us positioned for strong growth and improved bottom line results heading into 2019.”

Results for the Three Months Ended September 30, 2018

Revenue for the third quarter of 2018 was $4.4 million compared to $2.8 million for the third quarter last year, an increase of 59%.

The Company reported a loss from operations of $1.2 million for the quarter versus $1.1 million in the prior-year period. Lower gross profit, reflecting product mix, was partially offset by a reduction in SG&A expense to $1.8 million from $2.0 million in the 2017 third quarter.

Net loss for the third quarter was $1.1 million, or $(0.02) per common share, compared to a net loss of $0.5 million, or $(0.01) per common share, last year. The fiscal 2017 third quarter included a $0.6 million gain from the sale of property.

Conference Call

The Company will host a conference call tomorrow, November 1, 2018 at 10:30 a.m. Eastern Time, to discuss operating results for the quarter ended September 30, 2018. To attend the conference call, please dial 888-241-0326 approximately ten minutes before the conference is scheduled to begin and provide the conference ID “2599761” to access the call. International callers should dial +1 647-427-3411. The call will also be webcast live and accessed from 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 ten minutes prior to the start of the webcast to register.

An audio replay of the webcast will be available two hours after the call and can be accessed on the investor page of website using the link listed above.

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 IATF 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.



Consolidated Condensed Statements of Operations (unaudited)

Quarters Ended September 30, Nine Months Ended September 30,
2018 2017 2018 2017
Product sales $ 3,747,846 $ 2,752,554 $ 7,497,209 $ 5,169,479
Contract services   637,576     -     1,201,442     387,075  
  4,385,422     2,752,554     8,698,651     5,556,554  
Operating costs and expenses:
Costs of product sales 2,999,394 1,471,334 6,061,505 3,085,822
Costs of contract services 346,775 - 570,738 161,616
Research and development 396,690 403,273 1,902,324 1,591,520
Selling, general and administrative   1,839,872     1,983,450     5,678,428     4,757,571  
  5,582,731     3,858,057     14,212,995     9,596,529  
Loss from operations (1,197,309 ) (1,105,503 ) (5,514,344 ) (4,039,975 )
Other income (expense), net 55,731 (43,904 ) (29,753 ) (63,679 )
Gain on sale of long-lived assets   -     606,006     -     606,006  
Net loss $ (1,141,578 ) $ (543,401 ) $ (5,544,097 ) $ (3,497,648 )
Net loss per common share - basic and diluted $ (0.02 ) $ (0.01 ) $ (0.10 ) $ (0.07 )
Weighted average number of shares of common stock outstanding - basic and diluted   54,208,477     48,941,702     54,158,607     48,677,423  


Consolidated Condensed Balance Sheets (unaudited)

September 30, December 31,
2018 2017


Current assets:
Cash and cash equivalents $ 2,487,132 $ 6,309,269
Restricted cash 358,627 176,193
Accounts receivable 1,287,194 823,793
Costs and estimated earnings in excess of billings on uncompleted contracts 45,850 -
Inventories, net 4,575,472 2,341,360
Prepaid expenses and other current assets   452,307     233,566  
Total current assets   9,206,582     9,884,181  
Property and equipment, at cost:
Land 896,388 896,388
Building 4,516,301 4,516,301
Machinery and equipment   7,413,005     7,136,578  
12,825,694 12,549,267
Less accumulated depreciation   (8,182,410 )   (7,936,056 )
Net property and equipment   4,643,284     4,613,211  
Patent costs, net of accumulated amortization of $968,891 and $953,491, respectively 252,134 222,461
Trademark costs, net of accumulated amortization of $88,753 and $85,381, respectively 87,088 90,460
Restricted cash   -     323,863  
Total assets $ 14,189,088   $ 15,134,176  

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 2,644,797 $ 948,875
Unearned revenue 2,201,597 153,944
Other current liabilities 1,018,172 819,839
Billings in excess of costs and estimated earnings on engineering services contracts 277,967 199,160
Current portion of long-term debt, net of deferred financing costs of
$17,099 and $0, respectively
  3,147,430     -  
Total current liabilities   9,289,963     2,121,818  
Long-term debt, net of deferred financing costs of $0 and $45,079, respectively - 3,119,450
Other long-term liabilities   106,667     121,667  
Total long-term liabilities 106,667 3,241,117
Total liabilities   9,396,630     5,362,935  
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, 175,000,000 shares authorized; 54,228,955 and 54,108,510 shares issued and outstanding, respectively 542,290 541,085
Additional paid-in capital 134,465,515 133,901,406
Accumulated deficit   (130,215,347 )   (124,671,250 )
Total stockholders’ equity   4,792,458     9,771,241  
Total liabilities and stockholders’ equity $ 14,189,088   $ 15,134,176  

UQM Investor Relations
Chris Witty, 646-438-9385
UQM Technologies, Inc.
David Rosenthal, 303-682-4900

Source: UQM Technologies, Inc.

Email Alerts

Email Address *

Enter the code shown above.




Danfoss Editron (UQM)
4120 Specialty Pl.
Longmont, Colorado 80504