- UGE International’s (UGE) financial results for Q1 2021 are highlighted by a project backlog of 70 MW and a balance sheet positioned for future growth
- The company generated 103,341 kWh of energy producing US$25,829 in recurring revenue, compared to 61,079 kWh and US$16,242 in Q4 2020
- It realized a Q1 net loss of US$1.07 million, compared to a net loss of US$0.89 million in Q1 2020 and net income of US$0.13 million in Q4 2020
- The company ended the quarter with US$3.04 million in cash and US$0.55 million in working capital
- UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad
- UGE International (UGE) closed the day down 7.64 per cent trading at $1.33 per share
UGE International’s (UGE) Q1 financial results are highlighted by a project backlog of 70 MW and a balance sheet positioned for future growth.
Financial Highlights for Q1 2021
- Generated 103,341 kWh of energy, producing US$25,829 in recurring revenue from three operating solar facilities, compared to 61,079 kWh and US$16,242 from two operating solar facilities in Q4 2020 (and nil in Q1 2020)
- Operating capacity was 852 kW, with 359 kW in construction and 741 kW reaching fully contracted status with deployment expected to start in Q2 or Q3
- Realized US$398,623 in one-time revenue from client-financed EPC agreements and engineering services, compared to US$640,013 in Q1 2020 and US$398,424 in Q4 2020
- Realized a Q1 net loss of US$1.07 million or US$0.04 per share, compared to a net loss of US$0.89 million in Q1 2020 and net income of US$0.13 million in Q4 2020
- Grew self-financed project backlog to 70.5 MW as of March 31, 2021 by securing commitments to develop an additional 9.9 MW of solar facilities. This is in addition to a pre-backlog pipeline of approximately 179 MW
- The company also raised a net US$5.03 million through a bought-deal brokered private placement, settled US$1.3 million in debt, and wound down its Canadian EPC services business for a non-cash gain of US$28,488
UGE ended the quarter with US$3.04 million in cash, US$0.55 million in working capital and positive shareholders’ equity of US$0.42 million.
Going forward, UGE plans to build and finance most solar facilities it develops, generating long-term recurring revenue and positive cash flows.
Nick Blitterswyk, UGE’s CEO, commented,
“I am proud of our team’s work in the past 15 months to position UGE for success going forward. In 2021, boosted by a stronger balance sheet and new additions to the team, we continue to expand and progress our pipeline with quality development assets, as we work towards our medium-term goal of reaching 100 MW in operating capacity by 2024.”
UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad.
UGE International (UGE) closed the day down 7.64 per cent trading at $1.33 per share.