Exhibit 99.1
For Immediate Release
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For more information contact: |
| Shawn Severson |
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| EnergyTech Investor |
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| 415-233-7094 |
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| or |
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| David I. Rosenthal |
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| UQM Technologies, Inc. |
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| 303-682-4900 |
UQM Technologies Reports First Quarter Results
LONGMONT, COLORADO, MAY 11, 2017 - UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the first quarter of 2017. Total revenue for the quarter was $1.0 million compared to $1.5 million in the same quarter last year. Net loss for the quarter was $1.6 million, or $0.03 per common share. This compares to a net loss of approximately $930,000, or $0.02 per common share for the same period last year. The main difference in net loss between the two comparable quarters was that last year the company recognized a positive settlement with a vendor and recorded a non-cash adjustment of approximately $586,000.
“Operating results for the first quarter were fairly consistent with prior quarters,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. ”But we are seeing a lot of momentum in our business as evidenced by our backlog of over $5 million and the receipt of a significant order from a major Chinese OEM for fuel cell compressor systems that is incremental to our previously announced backlog. We are in discussions with a number of potential strategic partners regarding our China strategy, and we are excited about the potential opportunities that lie ahead.”
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, 2017. To attend the conference call, please dial 1-888-241-0326 approximately ten minutes before the conference is scheduled to begin and provide the passcode “14076403” to access the call. International callers should dial 1-647-427-3411. For anyone who is unable to participate in the conference, a recording will be available for 7 days beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-855-859-2056 or 1-800-585-8367 and enter replay code “14076403#”. International callers should dial +1-404-537-3406.
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
UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901
commercial truck, bus, automotive, marine, military 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-KT 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)
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| Three Months Ended March 31, |
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| 2017 |
| 2016 |
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Revenue: |
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Product sales |
| $ | 845,535 |
| $ | 1,218,797 |
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Contract services |
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| 169,510 |
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| 285,493 |
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| 1,015,045 |
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| 1,504,290 |
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Operating costs and expenses: |
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Costs of product sales |
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| 607,849 |
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| 809,834 |
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Costs of contract services |
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| 81,064 |
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| 303,441 |
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Research and development |
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| 632,782 |
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| 684,346 |
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Selling, general and administrative |
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| 1,303,207 |
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| 1,232,894 |
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Recovery of impaired assets |
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| - |
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| (585,800) |
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| 2,624,902 |
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| 2,444,715 |
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Loss from operations |
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| (1,609,857) |
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| (940,425) |
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Other income: |
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Interest income |
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| 1,650 |
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| 3,882 |
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Interest expense |
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| (2,922) |
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| - |
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Other |
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| 5,103 |
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| 5,625 |
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| 3,831 |
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| 9,507 |
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Net loss |
| $ | (1,606,026) |
| $ | (930,918) |
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Net loss per common share - basic and diluted |
| $ | (0.03) |
| $ | (0.02) |
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Weighted average number of shares of common stock outstanding - basic and diluted |
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| 48,522,754 |
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| 48,327,219 |
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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)
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| March 31, |
| December 31, |
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| 2017 |
| 2016 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
| $ | 1,088,450 |
| $ | 2,100,089 |
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Restricted cash |
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| 33,094 |
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| - |
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Accounts receivable |
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| 477,005 |
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| 1,163,316 |
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Costs and estimated earnings in excess of billings on uncompleted contracts |
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| 29,917 |
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| 29,917 |
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Inventories, net |
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| 2,099,024 |
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| 1,749,735 |
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Prepaid expenses and other current assets |
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| 254,017 |
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| 259,682 |
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Total current assets |
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| 3,981,507 |
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| 5,302,739 |
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Property and equipment, at cost: |
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Land |
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| 1,683,330 |
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| 1,683,330 |
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Building |
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| 4,516,301 |
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| 4,516,301 |
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Machinery and equipment |
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| 7,063,834 |
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| 7,052,740 |
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| 13,263,465 |
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| 13,252,371 |
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Less accumulated depreciation |
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| (7,686,077) |
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| (7,590,641) |
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Net property and equipment |
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| 5,577,388 |
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| 5,661,730 |
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Patent costs, net of accumulated amortization of $937,855 and $932,564, |
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respectively |
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| 213,374 |
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| 213,326 |
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Trademark costs, net of accumulated amortization of $82,009 and $80,885, |
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respectively |
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| 93,831 |
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| 94,955 |
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Restricted cash |
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| 566,906 |
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| - |
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Total assets |
| $ | 10,433,006 |
| $ | 11,272,750 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
| $ | 832,097 |
| $ | 809,950 |
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Other current liabilities |
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| 1,395,528 |
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| 1,318,941 |
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Billings in excess of costs and estimated earnings on uncompleted contracts |
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| 17,565 |
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| - |
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Total current liabilities |
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| 2,245,190 |
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| 2,128,891 |
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Long-term debt, net of deferred financing costs of $73,060 and $0, respectively |
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| 591,469 |
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| - |
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Other long-term liabilities |
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| 136,667 |
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| 141,667 |
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Total long-term liabilities |
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| 728,136 |
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| 141,667 |
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Total liabilities |
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| 2,973,326 |
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| 2,270,558 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock, $0.01 par value, 175,000,000 shares authorized; 48,523,136 |
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and 48,519,313 shares issued and outstanding, respectively |
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| 485,231 |
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| 485,193 |
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Additional paid-in capital |
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| 128,473,409 |
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| 128,409,933 |
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Accumulated deficit |
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| (121,498,960) |
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| (119,892,934) |
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Total stockholders’ equity |
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| 7,459,680 |
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| 9,002,192 |
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Total liabilities and stockholders’ equity |
| $ | 10,433,006 |
| $ | 11,272,750 |
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#End Table
# End #
UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901