- UGE (UGE) has released its 2021 financial results highlighted by pipeline growth of nearly 7x
- Total pipeline and projects in development increased from 173 MW on December 31, 2020, to 1,171 MW on December 31, 2021
- Revenue grew 88 per cent to US$2.7M versus US$1.4M in the prior year, with recurring revenue growing 486 per cent to US$0.2M
- The company expects to keep pace this year with its 2024 growth target of 100 MW in operating assets
- UGE International develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad
- UGE (UGE) is up by 4.04 per cent trading at $1.03 per share
UGE (UGE) has released its 2021 financial results highlighted by pipeline growth of nearly 7x.
Total pipeline and projects in development increased from 173 MW on December 31, 2020, to 1,171 MW on December 31, 2021.
Its 2022 project development backlog currently sits at 149.8 MW.
Operating assets grew from 0.8 MW across four projects to 1.4 MW across seven projects. The company finished the year with four projects under construction totalling 1.6 MW, all of which are expected to be operational by June 30, 2022.
Revenue grew 88 per cent to US$2.7M versus US$1.4M in the prior year, with recurring revenue growing 486 per cent to US$0.2M. Average gross margins were 32 per cent.
The company’s balance sheet grew considerably, with total assets growing to US$19.3M as of December 31, 2021, up from US$6.2M in the prior year, as a result of financings and the signing of several long-term leases.
UGE realized a net loss of US$4.1M or US$0.13 per share for the year as it continues to invest in developing its project portfolio.
“In 2021, we focused on significantly scaling UGE to capture a greater share of our fast-growing market,” said Nick Blitterswyk, UGE’s CEO. “We exceeded our growth targets and are on pace to exceed our 2024 goal of 100 MW in operating assets, as well. In 2022, we look forward to further growth and maturation of our projects in development, as our operating portfolio continues to scale.”
UGE International develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad.
UGE International Ltd. (UGE) is up by 4.04 per cent trading at $1.03 per share as of 10:00 am EST.