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 Quarter and

Fiscal Year Ended December 31, 2017 Operating Results

LONGMONT, COLORADO, MARCH 20, 2018 - UQM TECHNOLOGIES, INC. (NYSE American: UQM), a developer of alternative energy technologies, announced today operating results for the quarter and fiscal year ended December 31, 2017. Total revenue for the quarter was $2.2 million compared to $1.7 million in the same quarter last year. Net loss for the quarter was $1.3 million, or $0.03 per common share, compared to a net loss of $8.7 million, or $0.18 per common share for the same period last year. Quarter results last 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.

 

For the fiscal year ended December 31, 2017, total revenue grew 38% to $7.8 million compared to $5.6 million in the prior year. Net loss was $4.8 million or $0.10 per common share versus $13.9 million, or $0.29 per common share, for the same period last year.

 

Joe Mitchell, UQM Technologies’ President and Chief Executive Officer, said, “We are very pleased with the progress we made in 2017. We saw good revenue growth, we secured a strategic relationship with China National Heavy Truck Group Co., Ltd., we made excellent progress with the E-axle product in partnership with Meritor, and we secured a number of new customers from around the globe. We are seeing a lot of positive momentum in the marketplace as we enter 2018 and look forward to executing on the many opportunities that lie ahead of us.”

 

The numbers in this release should be read in conjunction with the Annual Report on Form 10-K.

 

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 fiscal year ended December 31, 2017. To attend the

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


 

conference call, please dial 1-888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide conference ID code “7088515” to access the call. International callers should dial +1-647-427-3411. For anyone who is unable to participate in the conference, a webcast will be available for replay beginning at 6:30 p.m. Eastern Time today. To access the webcast, click here or visit www.uqm.com, click on the Investor tab and select the “Earnings Webcast”.

 

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

(derived from the Company’s Annual Report on Form 10-K)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

Three months ended March 31,

 

Nine months ended December 31,

 

 

2017

    

2016

    

2016

    

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$

7,162,456

 

$

4,710,654

 

$

1,218,795

 

$

3,491,859

Contract services

 

 

616,293

 

 

916,629

 

 

285,493

 

 

631,136

 

 

 

7,778,749

 

 

5,627,283

 

 

1,504,288

 

 

4,122,995

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of product sales

 

 

4,368,093

 

 

10,336,136

 

 

809,834

 

 

9,526,302

Costs of contract services

 

 

285,095

 

 

842,141

 

 

303,441

 

 

538,700

Research and development

 

 

2,042,732

 

 

3,061,541

 

 

684,346

 

 

2,377,195

Selling, general and administrative

 

 

6,367,331

 

 

5,918,990

 

 

1,232,892

 

 

4,686,098

Recovery of impaired assets

 

 

 -

 

 

(585,800)

 

 

(585,800)

 

 

 -

 

 

 

13,063,251

 

 

19,573,008

 

 

2,444,713

 

 

17,128,295

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(5,284,502)

 

 

(13,945,725)

 

 

(940,425)

 

 

(13,005,300)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income / (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

5,127

 

 

11,803

 

 

3,882

 

 

7,921

Interest expense

 

 

(108,146)

 

 

 -

 

 

 -

 

 

 -

Amortization of deferred financing costs

 

 

(29,535)

 

 

 -

 

 

 -

 

 

 -

Gain on sale of vacant land

 

 

606,006

 

 

 -

 

 

 -

 

 

 -

Loss on disposal of long-lived assets

 

 

 -

 

 

(39,247)

 

 

 -

 

 

(39,247)

Other

 

 

32,734

 

 

24,743

 

 

5,625

 

 

19,118

 

 

 

506,186

 

 

(2,701)

 

 

9,507

 

 

(12,208)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(4,778,316)

 

$

(13,948,426)

 

$

(930,918)

 

$

(13,017,508)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share - basic and diluted

 

$

(0.10)

 

$

(0.29)

 

$

(0.02)

 

$

(0.27)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

50,038,799

 

 

48,405,894

 

 

48,327,219

 

 

48,448,718

 

 

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

(derived from the Company’s Annual Report on Form 10-K)

 

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

    

2017

    

2016

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,309,269

 

$

2,100,089

 

Restricted cash

 

 

176,193

 

 

 -

 

Accounts receivable

 

 

823,793

 

 

1,163,316

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

 

 -

 

 

29,917

 

Inventories, net

 

 

2,341,360

 

 

1,749,735

 

Prepaid expenses and other current assets

 

 

233,566

 

 

259,682

 

Total current assets 

 

 

9,884,181

 

 

5,302,739

 

 

 

 

 

 

 

 

 

Property and equipment, at cost:

 

 

 

 

 

 

 

Land

 

 

896,388

 

 

1,683,330

 

Building

 

 

4,516,301

 

 

4,516,301

 

Machinery and equipment

 

 

7,136,578

 

 

7,052,740

 

 

 

 

12,549,267

 

 

13,252,371

 

Less accumulated depreciation

 

 

(7,936,056)

 

 

(7,590,641)

 

Net property and equipment

 

 

4,613,211

 

 

5,661,730

 

 

 

 

 

 

 

 

 

Patent costs, net of accumulated amortization of $953,491 and $932,564, respectively

 

 

222,461

 

 

213,326

 

Trademark costs, net of accumulated amortization of $85,381 and $80,885, respectively

 

 

90,460

 

 

94,955

 

Restricted cash

 

 

323,863

 

 

 -

 

Total assets

 

$

15,134,176

 

$

11,272,750

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

948,875

 

$

809,950

 

Other current liabilities

 

 

973,783

 

 

1,318,941

 

Billings in excess of costs and estimated earnings on engineering services

 

 

 

 

 

 

 

contracts

 

 

199,160

 

 

 -

 

Total current liabilities

 

 

2,121,818

 

 

2,128,891

 

 

 

 

 

 

 

 

 

Long-term debt, net of deferred financing costs of $45,079 and $0, respectively

 

 

3,119,450

 

 

 -

 

Other long-term liabilities

 

 

121,667

 

 

141,667

 

Total long-term liabilities

 

 

3,241,117

 

 

141,667

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

5,362,935

 

 

2,270,558

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Common stock, $0.01 par value, 175,000,000 shares authorized; 54,108,510 and  48,519,313  shares issued and outstanding, respectively

 

 

541,085

 

 

485,193

 

Additional paid-in capital

 

 

133,901,406

 

 

128,409,933

 

Accumulated deficit

 

 

(124,671,250)

 

 

(119,892,934)

 

Total stockholders’ equity

 

 

9,771,241

 

 

9,002,192

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

15,134,176

 

$

11,272,750

 

#End Table

# End #

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


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