- UGE International (UGE) has reported financial results for Q2 2021 highlighted by healthy increases in its project backlog and pipeline
- UGE’s overall project pipeline increased to 441 MW, up from 250 MW on March 31, 2021
- Operating capacity was 1,425 kW, up from 852 kW at the close of Q1
- The company ended the quarter with a net loss of US$0.80 million or $0.03 per share, compared to a net loss of $0.58 million in Q2 2020
- UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad
- UGE International (UGE) is unchanged trading at $1.50 per share
UGE International (UGE) has reported financial results for Q2 2021 highlighted by healthy increases in its project backlog and pipeline.
Highlights
UGE’s self-financed project backlog grew to 83.7 MW as of June 30, 2021, up from 70.5 MW as of March 31, 2021, and 60.6 MW as of December 31, 2020. Its overall project pipeline increased to 441 MW, up from 250 MW on March 31, 2021, and 203 MW on December 31, 2020. The increases were due to the company adding its origination and development team.
Operating capacity was 1,425 kW, up from 852 kW at the close of Q1, with 823 kW in construction and expected to reach commercial operation by the end of 2021.
Energy generation revenue grew more than 100 per cent due to operating portfolio growth, reaching US$47,096 from 234,680 kWh of energy, compared with 103,341 kWh and $25,829 in Q1 2021.
UGE also reached commercial operation on a fourth U.S. solar facility, which will begin to produce revenue in Q3.
Revenue from client-financed EPC agreements, projects in the Philippines and engineering services was $527,778, compared to $253,190 in Q2 2020 and $398,623 in Q1 2021.
UGE ended the quarter with a net loss of $0.80 million or $0.03 per share, compared to a net loss of $0.58 million in Q2 2020. Cash used in operating activities was $0.62 million.
Subsequent to the quarter, the company signed a letter of intent to exclusively develop projects across up to 81 rooftop sites for a global real estate firm.
Nick Blitterswyk, UGE’s CEO, commented,
“In the second quarter, we witnessed firsthand the growth and improvements in our business. Bolstered by a stronger balance sheet and new additions to the team, we continue to expand and progress on our pipeline. The time is now for growth in the mid-scale solar market, and we look forward to further capitalizing on our growth plans in the coming quarters.”
UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad.
UGE International (UGE) is unchanged trading at $1.50 per share as of 9:30 am ET.
