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Uqm Technologies Inc (UQM) SEC Filing 8-K Material Event for the period ending Wednesday, October 31, 2018

Uqm Technologies Inc

CIK: 315449 Ticker: UQM

Exhibit 99.1

Picture 9

 

For Immediate Release

 

 

UQM Technologies Reports Third Quarter Financial Results

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

 

LONGMONT, COLORADO, OCTOBER 31, 2018 – 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.

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


 

 

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.  

 

Company Contacts:   

Chris Witty

UQM Investor Relations

646-438-9385

cwitty@darrowir.com 

 

or

 

David Rosenthal

UQM Technologies, Inc.

303-682-4900

investor@uqm.com 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters Ended September 30,

 

Nine Months Ended September 30,

 

    

2018

    

2017

    

2018

    

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

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,

 

  

2018

  

2017

Assets

 

 

 

 

 

 

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

 

 

#End Table

# End #

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


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Uqm Technologies Inc provided additional information to their SEC Filing as exhibits

Ticker: UQM
CIK: 315449
Form Type: 8-K Corporate News
Accession Number: 0000315449-18-000062
Submitted to the SEC: Wed Oct 31 2018 4:05:01 PM EST
Accepted by the SEC: Wed Oct 31 2018
Period: Wednesday, October 31, 2018
Industry: Electronic Components
Events:
  1. Earnings Release
  2. Financial Exhibit

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