UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the “Company”),
a developer of alternative energy technologies, today announced
operating results for the fourth quarter and year ended December 31,
2018.
Recent Highlights
-
Revenue of $5.5 million for the fourth quarter of 2018, more than
double that of 2017 ($2.2 million) -
2018 annual revenue was $14.2 million, an increase of 82% over revenue
of $7.8 million in 2017 -
Announced acquisition of UQM by Danfoss A/S (“Danfoss”) at $1.71 per
share in an all-cash transaction valued at approximately $100 million -
Won a $1.8 million order from a major fuel cell system supplier in
China for UQM’s Fuel Cell Compressor System (“FCS”) -
Will hold a special shareholders meeting on April 23, 2019 to vote on
the Company’s pending merger with Danfoss
“UQM reported an excellent quarter – with revenue more than doubling, to
$5.5 million – a strong indication of market demand and the value of our
technology within an expanding sector,” said Joe Mitchell, UQM
Technologies’ President and Chief Executive Officer. “Given this
backdrop, we were excited to announce in January that UQM had reached
agreement to be acquired by Denmark-based Danfoss for $1.71 per share,
or approximately $100 million. Danfoss reported its 2018 full year
results on February 28, with sales of just under $7 billion, and we
continue to believe UQM will be able to achieve its full potential under
the Danfoss umbrella. Being part of a large, global enterprise will
greatly improve our ability to compete against other multinational
companies, open doors to new markets, and provide critical resources for
UQM to continue developing the highly-engineered electric propulsion
products we’re known for today. Indeed, we’ve seen nothing but an
outpouring of positive support by existing and potential customers alike
given our pending deal with Danfoss. We anticipate a bright future
together and, in that vein, look forward to closing the merger in the
second quarter of 2019.”
Results for the Three Months Ended December 31, 2018
Revenue for the fourth quarter of 2018 was $5.5 million compared with
$2.2 million for the fourth quarter of 2017. UQM’s net loss for the
fourth quarter was $1.0 million, or $(0.01) per common share, compared
to a net loss of $1.3 million, or $(0.03) per common share, last year,
primarily reflecting higher gross profit.
Results for the Year Ended December 31, 2018
Revenue for year ended December 31, 2018 was $14.2 million compared with
$7.8 million for the same period in 2017, an increase of 82%. UQM’s net
loss for the year was $6.5 million, or $(0.12) per common share,
compared to a net loss of $4.8 million, or $(0.10) per common share,
last year, primarily reflecting lower gross margins and higher operating
costs as revenue ramped.
Special Shareholders Meeting
Investors are invited to attend a special meeting of UQM shareholders to
be held at 10:00 a.m. local time on April 23, 2019 at the Company’s
offices in Longmont, Colorado to vote on the merger with Danfoss Power
Solutions (US) Company (a division of Danfoss). See the Company’s SEC
filings for additional information.
Conference Call
The Company will host a conference call tomorrow, March 28, 2019 at
10:30 a.m. Eastern Time, to discuss operating results for the quarter
and year ended December 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 “7772609” 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 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.
| UQM TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||||||
|
Consolidated Condensed Statements of Operations (unaudited) |
||||||||||
|
(derived from the Company’s Annual Report on Form 10-K) |
||||||||||
| Year ended December 31, | ||||||||||
| 2018 | 2017 | |||||||||
| Revenue: | ||||||||||
| Product sales | $ | 12,367,115 | $ | 7,162,456 | ||||||
| Contract services | 1,807,669 | 616,293 | ||||||||
| 14,174,784 | 7,778,749 | |||||||||
| Operating costs and expenses: | ||||||||||
| Costs of product sales | 9,798,384 | 4,368,093 | ||||||||
| Costs of contract services | 1,008,715 | 285,095 | ||||||||
| Research and development | 2,497,127 | 2,042,732 | ||||||||
| Selling, general and administrative | 7,299,860 | 6,367,331 | ||||||||
| 20,604,086 | 13,063,251 | |||||||||
| Loss from operations | (6,429,302 | ) | (5,284,502 | ) | ||||||
| Other income (expense), net | (74,260 | ) | 506,186 | |||||||
| Net loss | $ | (6,503,562 | ) | $ | (4,778,316 | ) | ||||
| Net loss per common share – basic and diluted | $ | (0.12 | ) | $ | (0.10 | ) | ||||
|
Weighted average number of shares of common stock outstanding – basic and diluted |
54,183,772 | 50,038,799 | ||||||||
| UQM TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||||||
|
Consolidated Condensed Balance Sheets (unaudited) |
||||||||||
|
(derived from the Company’s Annual Report on Form 10-K) |
||||||||||
| December 31, | December 31, | |||||||||
| 2018 | 2017 | |||||||||
|
Assets |
||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 1,918,570 | $ | 6,309,269 | ||||||
| Restricted cash | 296,314 | 176,193 | ||||||||
| Accounts receivable | 1,681,289 | 823,793 | ||||||||
| Inventories, net | 4,783,887 | 2,341,360 | ||||||||
| Prepaid expenses and other current assets | 377,762 | 233,566 | ||||||||
| Total current assets | 9,057,822 | 9,884,181 | ||||||||
| Property and equipment, at cost: | ||||||||||
| Land | 896,388 | 896,388 | ||||||||
| Building | 4,516,301 | 4,516,301 | ||||||||
| Machinery and equipment | 7,479,790 | 7,136,578 | ||||||||
| 12,892,479 | 12,549,267 | |||||||||
| Less accumulated depreciation | (8,282,269 | ) | (7,936,056 | ) | ||||||
| Net property and equipment | 4,610,210 | 4,613,211 | ||||||||
|
Patent costs, net of accumulated amortization of $972,553 and $953,491, respectively |
260,021 | 222,461 | ||||||||
|
Trademark costs, net of accumulated amortization of $89,877 and $85,381, respectively |
85,964 | 90,460 | ||||||||
| Restricted cash | – | 323,863 | ||||||||
| Total assets | $ | 14,014,017 | $ | 15,134,176 | ||||||
|
Liabilities and Stockholders’ Equity |
||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 2,995,632 | $ | 948,875 | ||||||
| Unearned revenue | 736,819 | 153,944 | ||||||||
| Other current liabilities | 1,394,150 | 819,839 | ||||||||
| Deferred contract liability | 110,727 | 199,160 | ||||||||
|
Current debt, net of deferred financing costs of $7,772 and $0, respectively |
4,656,757 | – | ||||||||
| Total current liabilities | 9,894,085 | 2,121,818 | ||||||||
| Long-term debt, net of deferred financing costs of $0 and $45,079 | – | 3,119,450 | ||||||||
| Other long-term liabilities | 106,159 | 121,667 | ||||||||
| Total long-term liabilities | 106,159 | 3,241,117 | ||||||||
| Total liabilities | 10,000,244 | 5,362,935 | ||||||||
| Commitments and contingencies | ||||||||||
| Stockholders’ equity: | ||||||||||
|
Common stock, $0.01 par value, 175,000,000 shares authorized; 54,267,440 and 54,108,510 shares issued and outstanding, respectively |
542,674 | 541,085 | ||||||||
| Additional paid-in capital | 134,645,911 | 133,901,406 | ||||||||
| Accumulated deficit | (131,174,812 | ) | (124,671,250 | ) | ||||||
| Total stockholders’ equity | 4,013,773 | 9,771,241 | ||||||||
| Total liabilities and stockholders’ equity | $ | 14,014,017 | $ | 15,134,176 | ||||||
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