Press release

UQM Technologies Reports First Quarter Financial Results

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UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the “Company”),
a developer of alternative energy technologies, today announced
operating results for the first quarter ended March 31, 2019.

Recent Highlights

  • Reported revenue of $3.7 million for the first quarter of 2019 versus
    $1.6 million for the prior-year period
  • Held special meeting of shareholders on April 23, 2019 at which the
    acquisition by Danfoss A/S (“Danfoss”) was approved by 69.65% of
    outstanding shares – such that 92.38% of total shares voted were in
    favor of the merger
  • The transaction – at $1.71 per share, or approximately $100 million
    total valuation – is anticipated to close during the second quarter of
    2019, subject to government and regulatory approvals

“UQM took the next step in its evolution on April 23, 2019, when the
acquisition by Danfoss was overwhelmingly approved by shareholders,”
said Joe Mitchell, UQM Technologies’ President and Chief Executive
Officer. “With over 92% of votes cast in favor of this monumental
transaction, everything is moving in the right direction for our merger
to close during the second quarter. We continue to work with CFIUS – and
Danfoss – to prepare for this transformational event where our products
can more effectively compete, penetrate new markets, and play an
important role in the electric vehicles of tomorrow.”

Results for the Three Months Ended March 31, 2019

Revenue for the first quarter of 2019 was $3.7 million compared with
$1.6 million for the first quarter of 2018. UQM’s net loss for the first
quarter was $2.6 million, or $(0.05) per common share, compared to a net
loss of $1.9 million, or $(0.04) per common share, last year, primarily
reflecting higher SG&A costs due to merger-related professional and
administrative expenses.

Conference Call

The Company will host a conference call tomorrow, May 15, 2019, at 10:30
a.m. Eastern Time, to discuss operating results for the quarter ended
March 31, 2019. 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 “2289855” to access the call.
International callers should dial +1 647-427-3411. The call will also be
webcast live and can be accessed from the company’s website at
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

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, the merger
with Danfoss, 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
or at



Consolidated Condensed Statements of Operations (unaudited)

(derived from the Company’s Quarterly Report on Form 10-Q)

Three Months Ended March 31,
2019 2018
Product sales $ 2,991,409 $ 1,405,364
Contract services   692,327     206,210  
  3,683,736     1,611,574  
Operating costs and expenses:
Costs of product sales 2,593,264 1,176,138
Costs of contract services 369,906 128,765
Research and development 502,184 678,505
Selling, general and administrative   2,692,207     1,519,917  
  6,157,561     3,503,325  
Loss from operations (2,473,825 ) (1,891,751 )
Other income (expense):
Interest income 129 3,131
Interest expense (75,005 ) (43,768 )
Amortization of deferred financing costs (13,159 ) (9,327 )
Other   11,172     8,917  
  (76,863 )   (41,047 )
Net loss $ (2,550,688 ) $ (1,932,798 )
Net loss per common share – basic and diluted $ (0.05 ) $ (0.04 )
Weighted average number of shares of common stock outstanding –
basic and diluted
  55,349,670     54,124,230  


Consolidated Condensed Balance Sheets (unaudited)

(derived from the Company’s Annual Report on Form 10-K)

March 31, December 31,
2019 2018


Current assets:
Cash and cash equivalents $ 2,910,507 $ 1,918,570
Restricted cash 222,392 296,314
Accounts receivable 1,541,178 1,681,289
Inventories, net 4,815,599 4,783,887
Prepaid expenses and other current assets   282,403     377,762  
Total current assets   9,772,079     9,057,822  
Property and equipment, at cost:
Land 896,388 896,388
Building 4,516,301 4,516,301
Machinery and equipment   7,719,597     7,479,790  
13,132,286 12,892,479
Less accumulated depreciation   (8,381,913 )   (8,282,269 )
Net property and equipment   4,750,373     4,610,210  
Patent costs, net of accumulated amortization of $976,215 and
$958,543, respectively
271,328 260,021
Trademark costs, net of accumulated amortization of $91,001 and
$86,505, respectively
84,840 85,964
Other assets   94,899        
Total assets $ 14,973,519   $ 14,014,017  

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 2,679,319 $ 2,995,632
Unearned revenue 1,308,664 736,819
Other current liabilities 1,788,979 1,394,150
Deferred contract liabilities 230,116 110,727
Current debt, net of deferred financing costs of
$26,933 and
$7,772, respectively
  4,637,596     4,656,757  
Total current liabilities   10,644,674     9,894,085  
Other long-term liabilities   168,282     106,159  
Total long-term liabilities 168,282 106,159
Total liabilities   10,812,956     10,000,244  
Stockholders’ equity:
Common stock, $0.01 par value, 175,000,000 shares authorized;
56,222,189 and 54,267,440 shares issued and outstanding, respectively
562,222 542,674
Additional paid-in capital 137,323,841 134,645,911
Accumulated deficit   (133,725,500 )   (131,174,812 )
Total stockholders’ equity   4,160,563     4,013,773  
Total liabilities and stockholders’ equity $ 14,973,519   $ 14,014,017  

Source: UQM Technologies, Inc.