UGE Reports First Quarter 2022 Financial Results & More Trending News


Toronto, Ontario–(Newsfile Corp. – May 25, 2022) – UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a frontrunner within the business and group photo voltaic sector, studies its monetary outcomes for the quarter ended March 31, 2022. UGE studies all quantities in US {dollars}.

In Q1 2022, UGE continued to develop its enterprise of creating, constructing, financing, and working group and business photo voltaic amenities.

Key enterprise and monetary highlights for Q1 2022 included:

  • Project growth backlog declined to 144MW as of March 31, 2022, primarily attributable to decreases within the measurement of six Maine property, however has since elevated to 173MW as of May 25, 2022. In complete the Company now has 337MW of initiatives in growth.

  • Operating property stayed fixed at 1.4MW however are set to broaden by June 30, 2022 as 1.5MW of initiatives are presently beneath development and anticipated to be operational by June 30, 2022.

  • Energy technology income grew 59% quarter over quarter to $44K with 85% gross margins on working property of 1.4MW versus 0.9MW within the prior 12 months. Engineering companies income had a fourfold enhance to $142K with vital gross margin enchancment. As anticipated, EPC income declined 52% in step with the Company’s technique to maneuver away from this line of enterprise.

  • Cash utilized in operations was $0.71 MM. A web lack of $1.56 MM, or $0.05 per share, was realized because the Company invests in creating its undertaking portfolio in direction of its 100MW by 2024 aim. In the prior 12 months the Company realized a web lack of $1.07MM. The major cause for the broader loss in Q1 2022 was because of the growth of the group because the Company scales.

  • Subsequent to quarter-end, the Company closed its third inexperienced bond for gross proceeds of CAD$2.876 million.

“Interest in community solar remains strong as evidenced by our increasing project backlog and pipeline,” stated UGE’s CEO, Nick Blitterswyk. “So far in 2022, we have made great strides in refining our team and processes as we continue to scale the Company. Although we are navigating shorter-term industry constraints, we remain confident in achieving our 2024 goal of surpassing 100MW of operating assets. Until then, we look forward to continued growth throughout the year.”

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Full monetary outcomes and Management’s Discussion and Analysis are posted to SEDAR ( in addition to on the Company’s web site.

Online Webinar Details

UGE’s CEO Nick Blitterswyk and CFO Stephanie Bird will host a webinar to supply additional evaluation of the monetary outcomes and to reply investor questions following the presentation. Interested events can register for the webinar at:

Date: Thursday May 27, 2022
Time: 10:00am EDT
Register Here

About UGE

UGE develops, owns, and operates business and group photo voltaic initiatives within the US and strategic markets overseas. Our distributed power options ship cheaper, cleaner power to companies and shoppers with no upfront value. With over 500MW of worldwide expertise, we work day by day to energy a extra sustainable world. Visit us at

For extra data, contact UGE at:
+1 917 720 5685

Forward-Looking Statements

Certain data set forth on this information launch might include forward-looking statements that contain substantial identified and unknown dangers and uncertainties, sure of that are past the management of the Company. Forward-looking statements are regularly characterised by phrases reminiscent of “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and different comparable phrases, or statements that sure occasions or situations “may” or “will” happen. These statements are solely predictions. Readers are cautioned that the assumptions used within the preparation of such data, together with undertaking backlog, though thought of cheap on the time of preparation, might show to be imprecise and, as such, undue reliance shouldn’t be positioned on forward-looking statements. The forward-looking data entails materials assumptions and identified and unknown dangers and uncertainties, sure of that are past the Company’s management. Such assumptions, dangers and uncertainties embody, with out limitation, these related to lack of markets, anticipated gross sales, future income recognition, the power to safe applicable websites, the impact of worldwide and regional financial situations, tools provide and pricing, adjustments in electrical energy costs, delays and over runs in development, delays in or incapability to acquire permits, adjustments in legal guidelines and rules and adjustments in how they’re interpreted and enforced, adjustments in tax insurance policies and incentive packages, the shortage of certified personnel or administration, fluctuations in overseas change or rates of interest, demand for the Company’s companies, and availability of capital and funding. The forward-looking data is made as of the date of this information launch and the Company assumes no obligation to replace forward-looking statements, whether or not because of new data, future occasions or in any other case, besides as required by relevant securities regulation.

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Neither the TSX Venture Exchange nor its Market Regulator (as that time period is outlined within the insurance policies of the TSX Venture Exchange) accepts accountability for the adequacy or accuracy of this launch.

To view the supply model of this press launch, please go to

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