In a news release, commercial and community solar energy solutions company UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) announced first quarter 2020 financial results for the period ending March 31, 2020.
UGE reported that in Q1/20 it made great progress in executing its updated business plan and remains focused on developing, building and financing the bulk of its projects in the future. The firm said that providing all three of these functions in its projects will allow it to achieve superior results.
The company noted that in Q1/20 it set all-time records for the firm in securing new projects and that backlog grew from US$30.3 million on December 31, 2019, to US$72.4 million on March 31, 2020. The firm stated that this growth was driven by gains in the U.S. market.
The firm reported that its gross margins were 27% in the quarter, which exceeded expectations. The company indicated that revenue in its U.S. and Philippines markets grew by 212% in Q1/20, compared to Q1/19, and noted that these regions represent the two project development markets with the most growth potential going forward. The firm mentioned that overall revenue fell in the quarter due to the discontinuation of the company's engineering, procurement and construction business.
The company advised that in early March 2020, COVID-19 related restrictions started to impede construction activities, but by late May, it had restarted construction in most regions.
UGE International has offices in New York City, Toronto and in the Philippines. The company provides both commercial and community solar energy solutions, which it states delivers immediate savings to its customers who directly benefit from low cost solar energy. The firm noted that it has over 400MW of global experience.[NLINSERT]
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