You are currently viewing UGE Reports First Quarter 2022 Financial Results

UGE Reports First Quarter 2022 Financial Results

Toronto, Ontario – (Newsfile Corp. – May 25, 2022) – UGE International Ltd. (TSXV: UGE, OTCQB:
UGEIF) (the “Company” or “UGE”), a leader in the commercial and community solar sector, reports its
financial results for the quarter ended March 31, 2022. UGE reports all amounts in US dollars.
In Q1 2022, UGE continued to grow its business of developing, building, financing, and operating
community and commercial solar facilities.

Key business and financial highlights for Q1 2022 included:

  • Project development backlog declined to 144MW as of March 31, 2022, primarily due to
    decreases in the size of six Maine assets, but has since increased to 173MW as of May 25, 2022.
    In total the Company now has 337MW of projects in development.

  • Operating assets stayed constant at 1.4MW but are set to expand by June 30, 2022 as 1.5MW of
    projects are currently under construction and expected to be operational by June 30, 2022.

  • Energy generation revenue grew 59% quarter over quarter to $44K with 85% gross margins on
    operating assets of 1.4MW versus 0.9MW in the prior year. Engineering services revenue had a
    fourfold increase to $142K with significant gross margin improvement. As expected, EPC
    revenue declined 52% in line with the Company’s strategy to move away from this line of

  • Cash used in operations was $0.71 MM. A net loss of $1.56 MM, or $0.05 per share, was realized
    as the Company invests in developing its project portfolio towards its 100MW by 2024 goal. In the
    prior year the Company realized a net loss of $1.07MM. The primary reason for the wider loss in
    Q1 2022 was due to the expansion of the team as the Company scales.

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

“Interest in community solar remains strong as evidenced by our increasing project backlog and pipeline”
said 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.”

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 Stephanie Bird will host a webinar to provide further analysis of the
financial results and to answer investor questions following the presentation. Interested parties can
register for the webinar at

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


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 500MW 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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