Solar Stock News: UGE (TSXV: UGE) Reports First Quarter 2021 Financial Results

Toronto, Ontario – May 28, 2021 (Newsfile Corp.) ( Newswire) UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in the commercial and community solar sector, reported its financial results for the quarter ended March 31, 2021. UGE reports all amounts in US dollars.

In Q1 2021, UGE continued to grow its business of developing, building, financing, and operating commercial and community solar facilities, seeing its project backlog exceed 70MW by quarter-end. Meanwhile, the Company further strengthened its balance sheet by raising equity capital and retiring debt, positioning itself for further growth going forward.

Key business and financial highlights for Q1 2021 included:

  • Generated 103,341 kWh of energy, producing $25,829 in recurring revenue from three operating solar facilities, compared to 61,079 kWh and $16,242 from two operating solar facilities in Q4 2020 (and nil in Q1 2020), despite a snowy winter season in the northeast US. Including Philippines locations, which are financed and operated, but not owned, by UGE, operating capacity was 852kW at the close of the quarter, with 359kW in construction and 741kW reaching fully contracted status, with deployment expected to start in Q2 or Q3.
  • Realized $398,623 in one-time revenue from client-financed EPC agreements and engineering services compared to $640,013 in Q1 2020 and $398,424 in Q4 2020. The year over year decline is consistent with UGE’s pivot away from one-time revenue through EPC services to recurring revenue through build/own/operate.
  • Realized a Q1 net loss of $1.07 million or $0.04 per share compared to a net loss of $0.89 million in Q1 2020 and net income of $0.13 million in Q4 2020. Q4 2020 included net gains of $0.93 million associated with the settlement of liabilities at a discount.
  • Grew self-financed project backlog to 70.5MW at March 31, 2021 by securing commitments to develop an additional 9.9MW of solar facilities; this is in addition to a pre-backlog pipeline of approximately 179MW, up from 142MW at the beginning of the year, which the Company is currently working to secure.
  • Hired additional origination and development staff from other established industry players, which is expected to help drive further growth in the Company’s project development efforts.
  • Significantly improved its financial position by:
  • Raising a net $5.03 million through a bought deal brokered private placement
  • Settling $1.3 million in debt, through the settlement of $0.70 million in debt with cash and CAD $0.75 million (US $0.59 million) with equity.
  • Settling the remaining $0.49 million owing under the credit proposal related to the wind-down of its Canadian EPC services business at a discount, realizing a non-cash gain of $28,488 and effectively completing the exit of the Canadian EPC business.
  • Ending the quarter with $3.04 million in cash, $0.55 million in positive working capital, and positive shareholders’ equity of $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. This transformation is changing the nature and timing of the revenue generated by UGE, as the overall size of the Company’s asset and funding base increases as operating solar facilities are added to its portfolio. Under this strategy UGE’s revenue base will be of a recurring nature, realized from operating and managing solar facilities, as opposed to its historical EPC business, which generated one-time revenue for the services provided.

“I am proud of our team’s work in the past 15 months to position UGE for success going forward,” said UGE’s CEO, Nick Blitterswyk. “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 100MW in operating capacity by 2024.”

Full financial results and Management’s Discussion and Analysis are posted to SEDAR ( as well as on the Company’s website.

Online Webinar Details

UGE’s CEO, Nick Blitterswyk, and CFO, Marissa Lauder, will be hosting a webinar to provide further analysis of the financial results and to answer your questions following the presentation. You can register for the webinar, below:

Date: Friday, May 28, 2021

Time: 11:00am EDT


About UGE

UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 400MW of global experience, we work daily to power a more sustainable world. Visit us at

For more information, contact UGE at:

+1 917 720 5685
[email protected]

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, including project backlog, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The forward-looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such assumptions, risks and uncertainties include, without limitation, those associated with loss of markets, expected sales, future revenue recognition, the ability to secure appropriate sites, the effect of global and regional economic conditions, equipment supply and pricing, changes in electricity prices, delays and over runs in construction, delays in or inability to obtain permits, changes in laws and regulations and changes in how they are interpreted and enforced, changes in tax policies and incentive programs, the lack of qualified personnel or management, fluctuations in foreign exchange or interest rates, demand for the Company’s services, and availability of capital and funding. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.

Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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