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TICKERS: UGE; UGEIF

Solar Energy Solutions Firm Reports FY/19 Results, Gross Margins Nearly Triple
News Update

Source:

UGE International completes its transition to working solely on self-developed projects.

UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) reported in a news release its fiscal year 2019 financial results.

Gross margins during the year ended Dec. 31, 2019 for this commercial and community solar energy solutions were 27%, a near tripling from 10% the prior year. Net loss in 2019 decreased 58% over that in 2018.

The 2019 year was a transitional one for New York-based UGE, as it completed phasing out of offering engineering, procurement, construction services to other solar developer to focus solely on its own develop/build/finance solar business. Accordingly, the energy firm began to yield stronger results toward the end of the year. As such, Q4/19 revenue exceeded that of Q3/19.

As of Dec. 31, 2019, UGE had its first six self-financed projects under construction. It also had a project backlog worth about $30.3 million, which has since grown to $45 million, a company record. "More profitable self-developed projects will drive results going forward," the release noted.

Management expects revenue to grow but expenses to stay about the same, in 2020 over 2019.

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1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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