We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| UQM Technologies Inc | AMEX:UQM | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.71 | 0 | 01:00:00 |
From Apr 2019 to Apr 2024
UQM Technologies, Inc. (NYSE American: UQM), a developer of alternative energy technologies, today announced operating results for the third quarter ended September 30, 2017. Total revenue for the quarter was $2.8 million compared to $1.0 million in the third quarter last year, an increase of 169%. Net loss for the third quarter was $543,000, or $0.01 per common share. This compares to a net loss of $2.4 million, or $0.05 per common share for the same period last year.
“Steady sales of our propulsion systems along with sales of fuel cell compressor systems to our Chinese OEM customer drove our dramatic increase in revenue,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “During the quarter, we also closed the first stage investment from China National Heavy Duty Truck Company and received $5.1 million in cash from the sale of 9.9% equity ownership of our common stock. We continue to make progress towards the closing of the second stage investment. Our strengthened balance sheet and the momentum we are seeing in the business should help us capitalize on our initiatives and further 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 September 30, 2017. To attend the conference call, please dial 888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide the conference ID “2460591” to access the call. International callers should dial 647-427-3411. The call will also be webcast from the Investors 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 10 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.
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.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIESConsolidated Condensed Statements of Operations (unaudited)
Quarter Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenue: Product sales $ 2,752,554 $ 728,921 $ 5,169,479 $ 3,120,979 Contract services - 292,204 387,075 839,517 2,752,554 1,021,125 5,556,554 3,960,496 Operating costs and expenses: Costs of product sales 1,471,334 525,313 3,085,822 2,094,236 Costs of contract services - 251,291 161,616 791,681 Research and development 403,273 882,090 1,591,520 2,285,354 Selling, general and administrative 1,983,450 1,738,439 4,757,571 4,655,978 Recovery of impaired assets - - - (585,800 ) 3,858,057 3,397,133 9,596,529 9,241,449 Loss from operations (1,105,503 ) (2,376,008 ) (4,039,975 ) (5,280,953 ) Other income / (expense): Interest income 112 2,445 2,211 9,735 Interest expense (42,895 ) - (65,626 ) - Amortization of deferred financing costs (9,327 ) - (20,208 ) - Gain on sale of long-lived assets 606,006 - 606,006 - Other 8,206 5,318 19,944 18,025 562,102 7,763 542,327 27,760 Net loss $ (543,401 ) $ (2,368,245 ) $ (3,497,648 ) $ (5,253,193 ) Net loss per common share - basic and diluted $ (0.01 ) $ (0.05 ) $ (0.07 ) $ (0.11 ) Weighted average number of shares of common stock outstanding - basic and diluted 48,941,702 48,479,908 48,677,423 48,351,907UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (unaudited)
September 30, December 31, 2017 2016Assets
Current assets: Cash and cash equivalents $ 8,035,754 $ 2,100,089 Restricted cash 165,575 - Accounts receivable 634,108 1,163,316 Costs and estimated earnings in excess of billings on uncompleted contracts - 29,917 Inventories, net 2,688,933 1,749,735 Prepaid expenses and other current assets 292,795 259,682 Total current assets 11,817,165 5,302,739 Property and equipment, at cost: Land 896,388 1,683,330 Building 4,516,301 4,516,301 Machinery and equipment 7,098,898 7,052,740 12,511,587 13,252,371 Less accumulated depreciation (7,853,574 ) (7,590,641 ) Net property and equipment 4,658,013 5,661,730 Patent costs, net of accumulated amortization of $948,438 and $932,564, respectively 210,865 213,326 Trademark costs, net of accumulated amortization of $84,257 and $80,885, respectively 91,583 94,955 Restricted cash 376,407 - Total assets $ 17,154,033 $ 11,272,750 September 30, December 31, 2017 2016Liabilities and Stockholders’ Equity
Current liabilities: Accounts payable $ 1,388,825 $ 809,950 Other current liabilities 1,585,997 1,318,941 Billings in excess of costs and estimated earnings on engineering service contracts 25,378 - Total current liabilities 3,000,200 2,128,891 Long-term debt, net of deferred financing costs of $54,406 and $0, respectively 3,110,123 - Other long-term liabilities 126,667 141,667 Total long-term liabilities 3,236,790 141,667 Total liabilities 6,236,990 2,270,558 Commitments and contingencies Stockholders’ equity: Common stock, $0.01 par value, 175,000,000 shares authorized; 54,035,328 and 48,519,313 shares issued and outstanding, respectively 540,353 485,193 Additional paid-in capital 133,767,272 128,409,933 Accumulated deficit (123,390,582 ) (119,892,934 ) Total stockholders’ equity 10,917,043 9,002,192 Total liabilities and stockholders’ equity $ 17,154,033 $ 11,272,750
View source version on businesswire.com: http://www.businesswire.com/news/home/20171102006441/en/
EnergyTech Investors, LLCShawn Severson, 415-233-7094orUQM Technologies, Inc.David Rosenthal, 303-682-4900
1 Year UQM Technologies Chart |
1 Month UQM Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
