UQM TECHNOLOGIES, INC. (NYSE American: UQM), a developer of
alternative energy technologies, announced today operating results for
the second quarter ended June 30, 2018. Total revenue for the quarter
was $2.7 million compared to $1.8 million in the second quarter last
year, an increase of 51%. Net loss for the second quarter was $2.5
million, or $0.05 per common share. This compares to a net loss of $1.3
million, or $0.03 per common share for the same period last year. Net
loss was higher in the quarter ended June 30, 2018 due to a change in
the timing of payments of variable compensation as a result of the
change in fiscal year to December 31, and added support staff and other
related expenses to support growth and product development.
“Our shipments accelerated in the second quarter to meet the delivery
schedules of our customers for orders received primarily during the
first few months of the year. The increase in revenues was solid this
quarter compared to last year and with the orders we have on hand for
future deliveries, we expect this trend to continue through the
remainder of the year,” said Joe Mitchell, UQM Technologies’ President
and Chief Executive Officer. ”Our plant is the busiest it has been in
years, and 2018 is shaping up to be a very strong growth year for us. We
are very excited about the business and the market opportunities in
general for electric vehicle propulsion systems and the role UQM is
playing in this growth.”
The Company will host a conference call tomorrow, August 2, 2018 at
10:30 a.m. Eastern Time, to discuss operating results for the quarter
ended June 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 “7578557” 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 the website listed
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, 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 IATF
16949:2016 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-Qs, which are available through our website at www.uqm.com
or at www.sec.gov.
Source: UQM Technologies, Inc.
Consolidated Condensed Statements of Operations (unaudited)
Consolidated Condensed Balance Sheets (unaudited)
Liabilities and Stockholders’ Equity
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