EX-99.1 2 uqm-20171102ex991c0b1ea.htm EX-99.1 uqm_Ex99_1

Exhibit 99.1

Picture 9

 

For Immediate Release

 

 

 

 

For more information contact:

    

Shawn Severson

 

 

EnergyTech Investor

 

 

415-233-7094

 

 

 

 

 

or

 

 

David I. Rosenthal

 

 

UQM Technologies, Inc.

 

 

303-682-4900

 

UQM Technologies Reports Strong Third Quarter Operating Results

·

Revenue of $2.8 million grew 169% compared to same quarter last year.  

·

Gross margins increased to 47% vs 24% last year.

·

The company generated positive cash flow from operations and sale of land during the quarter.

LONGMONT, COLORADO, NOVEMBER 2, 2017 - UQM TECHNOLOGIES, INC.  (NYSE American: UQM), a developer of alternative energy technologies, today announced operating results for the third quarter ended September 30, 2017. Total revenue for the quarter was $2.8 million compared to $1.0 million in the third quarter last year, an increase of 169%. Net loss for the third quarter was $543,000, or $0.01 per common share. This compares to a net loss of $2.4 million, or $0.05 per common share for the same period last year.

 

“Steady sales of our propulsion systems along with sales of fuel cell compressor systems to our Chinese OEM customer drove our dramatic increase in revenue,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “During the quarter, we also closed the first stage investment from China National Heavy Duty Truck Company and received $5.1 million in cash from the sale of 9.9% equity ownership of our common stock. We continue to make progress towards the closing of the second stage investment. Our strengthened balance sheet and the momentum we are seeing in the business should help us capitalize on our initiatives and further execute on our strategy to be a global leader in electric propulsion systems.”

 

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 September 30, 2017. To attend the conference call, please dial 888-241-0326 approximately 10 minutes before the conference is scheduled to

UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901

 

begin and provide the conference ID “2460591” 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 of the webcast will be available two hours after the call and can be accessed on the investor page of website 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 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.

 

 

 

 

###Tables Attached###

 

 

UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901

 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended September 30,

 

Nine Months Ended September 30,

 

 

    

2017

    

2016

    

2017

    

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$

2,752,554

 

$

728,921

 

$

5,169,479

 

$

3,120,979

 

Contract services

 

 

 -

 

 

292,204

 

 

387,075

 

 

839,517

 

 

 

 

2,752,554

 

 

1,021,125

 

 

5,556,554

 

 

3,960,496

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of product sales

 

 

1,471,334

 

 

525,313

 

 

3,085,822

 

 

2,094,236

 

Costs of contract services

 

 

 -

 

 

251,291

 

 

161,616

 

 

791,681

 

Research and development

 

 

403,273

 

 

882,090

 

 

1,591,520

 

 

2,285,354

 

Selling, general and administrative

 

 

1,983,450

 

 

1,738,439

 

 

4,757,571

 

 

4,655,978

 

Recovery of impaired assets

 

 

 -

 

 

 -

 

 

 -

 

 

(585,800)

 

 

 

 

3,858,057

 

 

3,397,133

 

 

9,596,529

 

 

9,241,449

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(1,105,503)

 

 

(2,376,008)

 

 

(4,039,975)

 

 

(5,280,953)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income / (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

112

 

 

2,445

 

 

2,211

 

 

9,735

 

Interest expense

 

 

(42,895)

 

 

 -

 

 

(65,626)

 

 

 -

 

Amortization of deferred financing costs

 

 

(9,327)

 

 

 -

 

 

(20,208)

 

 

 -

 

Gain on sale of long-lived assets

 

 

606,006

 

 

 -

 

 

606,006

 

 

 -

 

Other

 

 

8,206

 

 

5,318

 

 

19,944

 

 

18,025

 

 

 

 

562,102

 

 

7,763

 

 

542,327

 

 

27,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(543,401)

 

$

(2,368,245)

 

$

(3,497,648)

 

$

(5,253,193)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share - basic and diluted

 

$

(0.01)

 

$

(0.05)

 

$

(0.07)

 

$

(0.11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

48,941,702

 

 

48,479,908

 

 

48,677,423

 

 

48,351,907

 

 

 

 

UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901

 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets (unaudited)

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

    

2017

    

2016

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,035,754

 

$

2,100,089

 

Restricted cash

 

 

165,575

 

 

 -

 

Accounts receivable

 

 

634,108

 

 

1,163,316

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

 

 -

 

 

29,917

 

Inventories, net

 

 

2,688,933

 

 

1,749,735

 

Prepaid expenses and other current assets

 

 

292,795

 

 

259,682

 

Total current assets 

 

 

11,817,165

 

 

5,302,739

 

 

 

 

 

 

 

 

 

Property and equipment, at cost:

 

 

 

 

 

 

 

Land

 

 

896,388

 

 

1,683,330

 

Building

 

 

4,516,301

 

 

4,516,301

 

Machinery and equipment

 

 

7,098,898

 

 

7,052,740

 

 

 

 

12,511,587

 

 

13,252,371

 

Less accumulated depreciation

 

 

(7,853,574)

 

 

(7,590,641)

 

Net property and equipment

 

 

4,658,013

 

 

5,661,730

 

 

 

 

 

 

 

 

 

Patent costs, net of accumulated amortization of $948,438 and $932,564, respectively

 

 

210,865

 

 

213,326

 

Trademark costs, net of accumulated amortization of $84,257 and $80,885, respectively

 

 

91,583

 

 

94,955

 

Restricted cash

 

 

376,407

 

 

 -

 

Total assets

 

$

17,154,033

 

$

11,272,750

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

    

2017

    

2016

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

1,388,825

 

$

809,950

 

Other current liabilities

 

 

1,585,997

 

 

1,318,941

 

Billings in excess of costs and estimated earnings on engineering service contracts

 

 

25,378

 

 

 -

 

Total current liabilities

 

 

3,000,200

 

 

2,128,891

 

 

 

 

 

 

 

 

 

Long-term debt, net of deferred financing costs of $54,406 and $0, respectively

 

 

3,110,123

 

 

 -

 

Other long-term liabilities

 

 

126,667

 

 

141,667

 

Total long-term liabilities

 

 

3,236,790

 

 

141,667

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

6,236,990

 

 

2,270,558

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Common stock, $0.01 par value, 175,000,000 shares authorized; 54,035,328 and 48,519,313  shares issued and outstanding, respectively

 

 

540,353

 

 

485,193

 

Additional paid-in capital

 

 

133,767,272

 

 

128,409,933

 

Accumulated deficit

 

 

(123,390,582)

 

 

(119,892,934)

 

Total stockholders’ equity

 

 

10,917,043

 

 

9,002,192

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

17,154,033

 

$

11,272,750

 

 

#End Table

# End #

UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901