UQM Technologies Inc., a developer of alternative energy technologies, announces operating results for the first quarter ended March 31, 2019.
- 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 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,” says 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.