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UGE Reports Third Quarter 2021 Financial Results

Self-financed project backlog grew to 116.2MW with project pipeline now at 789.9MW

Toronto, Ontario–(Newsfile Corp. – November 23, 2021) – 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 September 30, 2021. UGE reports all amounts in US dollars.

In Q3 2021, UGE continued to grow its business of developing, building, financing, and operating commercial and community solar facilities. The Company’s operational portfolio reached 1.5MW, its project backlog reached 116.2MW, and its project pipeline reached 789.9MW by quarter-end.

Key financial highlights for Q3 2021

  • Generated energy production revenue growth of 37% from the prior quarter as a result of the Company’s fourth US project having a full quarter of operation. Revenue was $64,560 from 295,155 kWh of energy in the quarter, compared with $47,096 from 234,680 kWh of energy in Q2 2021 (and $16,001 from 58,799 kWh in Q3 2020).

  • Generated revenue from client-financed agreements, projects in the Philippines, and engineering services of $465,325 in the quarter, compared to $527,778 in Q2 2021 and $115,811 in Q3 2020.

  • Realized a net loss of $1.33 million or $0.04 per share in the quarter, compared to net income of $0.35 million in Q3 2020. The comparable quarter experienced a gain from settlement of debt on the Canadian subsidiary that UGE exited. Losses are expected as corporate structure scales ahead of the associated scale of recurring revenue.

  • Ended the quarter with $1.3 million in cash and a $1.8 million working capital deficit. Cash used in operating activities was $0.7 million. Subsequent to quarter end, the holder of a CAD$0.7 million convertible note converted the note into shares of the Company and a CAD$2.0M financing was closed.

Key business highlights for Q3 2021

  • Self-financed project backlog grew to 116.2MW at September 30, 2021 from 82.3MW at June 30, 2021 and 59.8MW at December 31, 2020. Operating projects increased to 1.5MW from 1.4MW and 0.8MW over the same time periods. UGE’s project pipeline increased to 790MW at the end of the quarter, up from 358MW on June 30, 2021 and 113MW on December 31, 2020, as the Company benefited from the additions made to its origination and development team in the first half of the year.

  • 823kW is in construction and expected to reach commercial operation by early 2022 and 959kW has reached Notice to Proceed (“NTP”) and is preparing for construction.

  • Announced a partnership agreement with Bloomberg that sees Bloomberg’s employees subscribe to clean energy produced by UGE’s solar systems.

Events subsequent to September 30, 2021

  • Selected by T-Mobile to help source clean energy from solar projects in the ConEdison service territory.

  • Expanded into Massachusetts, starting with more than 100MW of solar-plus-storage and standalone storage projects that are now in early-stages of development.

  • Stephanie Bird appointed Chief Financial Officer; granted 100,000 options.

“In the third quarter, we witnessed continued growth and improvements in our business,” said UGE International CEO Nick Blitterswyk. “We signed an off-take agreement with Bloomberg and followed that with another agreement with T-Mobile post quarter-end. As 2021 comes to a close, we continue to scale our business in this fast growing market and look forward to continuing to execute on our business plan in 2022.”

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, below:

Date: Tuesday November 23, 2021
Time: 11:00 am 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 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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