UQM Technologies Inc., a developer of alternative energy technologies, has announced operating results for the fourth quarter and year ended December 31, 2018.
- 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,” says 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.