Exhibit 99.1

Picture 9

 

 

For Immediate Release

 

 

 

 

For more information contact:

    

Shawn Severson

 

 

Integra IR

 

 

415-226-7747

 

 

or

 

 

David I. Rosenthal

 

 

UQM Technologies, Inc.

 

 

303-682-4900

 

UQM Technologies Reports First Quarter Operating Results

 

 

LONGMONT, COLORADO, MAY 10, 2018 - UQM TECHNOLOGIES, INC. (NYSE American: UQM), a developer of alternative energy technologies, announced today operating results for the first quarter ended March 31, 2018. Total revenue for the quarter was $1.6 million compared to $1.0 million in the first quarter last year, an increase of 59%. Net loss for the first quarter was $1.9 million, or $0.04 per common share. This compares to a net loss of $1.6 million, or $0.03 per common share for the same period last year.

 

“While our revenues increased nicely this quarter compared to last year, our margins were lower as we were ramping up to support the higher volumes to be delivered later this year through expansion of our production workforce and building up subcomponents to support the booked demand,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. ”Nonetheless, 2018 is shaping up to be a very strong year with new business wins coming from all around the world.  We continue to capitalize on our initiatives and 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 March 31, 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 “1487276” to access the call. International callers should dial 647-427-3411. The call will also be webcast from the Investors/Earnings Webcast 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 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 listed above.  

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


 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

    

2018

    

2017

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

Product sales

 

$

1,405,364

 

$

845,535

 

Contract services

 

 

206,210

 

 

169,510

 

 

 

 

1,611,574

 

 

1,015,045

 

Operating costs and expenses:

 

 

 

 

 

 

 

Costs of product sales

 

 

1,176,138

 

 

607,849

 

Costs of contract services

 

 

128,765

 

 

81,064

 

Research and development

 

 

678,505

 

 

632,782

 

Selling, general and administrative

 

 

1,519,917

 

 

1,303,207

 

 

 

 

3,503,325

 

 

2,624,902

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(1,891,751)

 

 

(1,609,857)

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

 

3,131

 

 

1,650

 

Interest expense

 

 

(43,768)

 

 

(2,922)

 

Amortization of deferred financing costs

 

 

(9,327)

 

 

 -

 

Other

 

 

8,917

 

 

5,103

 

 

 

 

(41,047)

 

 

3,831

 

 

 

 

 

 

 

 

 

Net loss

 

$

(1,932,798)

 

$

(1,606,026)

 

 

 

 

 

 

 

 

 

Net loss per common share - basic and diluted

 

$

(0.04)

 

$

(0.03)

 

 

 

 

 

 

 

 

 

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

 

 

54,124,230

 

 

48,522,754

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

    

2018

    

2017

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,454,159

 

$

6,309,269

 

Restricted cash

 

 

456,224

 

 

176,193

 

Accounts receivable

 

 

1,346,592

 

 

823,793

 

Inventories, net

 

 

2,880,672

 

 

2,341,360

 

Prepaid expenses and other current assets

 

 

340,491

 

 

233,566

 

Total current assets 

 

 

10,478,138

 

 

9,884,181

 

 

 

 

 

 

 

 

 

Property and equipment, at cost:

 

 

 

 

 

 

 

Land

 

 

896,388

 

 

896,388

 

Building

 

 

4,516,301

 

 

4,516,301

 

Machinery and equipment

 

 

7,168,798

 

 

7,136,578

 

 

 

 

12,581,487

 

 

12,549,267

 

Less accumulated depreciation

 

 

(8,019,679)

 

 

(7,936,056)

 

Net property and equipment

 

 

4,561,808

 

 

4,613,211

 

 

 

 

 

 

 

 

 

Patent costs, net of accumulated amortization of $958,543 and $953,491, respectively

 

 

231,232

 

 

222,461

 

Trademark costs, net of accumulated amortization of $86,505 and $85,381, respectively

 

 

89,336

 

 

90,460

 

Restricted cash

 

 

 -

 

 

323,863

 

Total assets

 

$

15,360,514

 

$

15,134,176

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

1,137,905

 

$

948,875

 

Unearned revenue

 

 

1,826,870

 

 

153,944

 

Other current liabilities

 

 

855,585

 

 

819,839

 

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

 

 

364,950

 

 

199,160

 

Current portion of long-term debt, net of deferred financing costs of
$35,753 and $0, respectively

 

 

3,128,776

 

 

 -

 

Total current liabilities

 

 

7,314,086

 

 

2,121,818

 

 

 

 

 

 

 

 

 

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

 

 

 -

 

 

3,119,450

 

Other long-term liabilities

 

 

116,667

 

 

121,667

 

Total long-term liabilities

 

 

116,667

 

 

3,241,117

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

7,430,753

 

 

5,362,935

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Common stock, $0.01 par value, 175,000,000 shares authorized; 54,126,648 and 54,108,510  shares issued and outstanding, respectively

 

 

541,266

 

 

541,085

 

Additional paid-in capital

 

 

133,992,543

 

 

133,901,406

 

Accumulated deficit

 

 

(126,604,048)

 

 

(124,671,250)

 

Total stockholders’ equity

 

 

7,929,761

 

 

9,771,241

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

15,360,514

 

$

15,134,176

 

#End Table

# End #

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


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