You are currently viewing UGE Reports Third Quarter 2022 Financial Results

UGE Reports Third Quarter 2022 Financial Results

Toronto, Ontario–(Newsfile Corp. – November 28, 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 September 30, 2022 (“Q3 2022”). UGE reports all amounts in US dollars.

In Q3 2022, UGE continued to grow its business of developing, building, financing, owning, and operating community and commercial solar facilities.

Key business and financial highlights for Q3 2022 included:

  • Project development backlog increased to 233MW as of September 30, 2022 and sits at 241MW as of the date of this release. As of September 30, 2022, in total the Company had 416MW of projects in development, which has decreased slightly to 412MW at the date of this release.

  • Operating assets increased to 2.8MW at the end of the quarter.

  • Energy generation revenue grew 106% quarter over quarter to $142.1K with 99% gross margins, and production grew 79% from 295,155 kWh; this was on an installed base of 2.1MW and 1.5MW throughout Q3 of 2022 and 2021 respectively.

  • Engineering services revenue had a fivefold year over year increase to $198.8K, while EPC revenue climbed almost two and a half times year over year as the Company made significant progress on its few remaining EPC contracts.

  • Cash used in operations was $2.34 MM in the quarter and $4.35 MM year to date. A net loss of $1.48 MM, or $0.05 per share, was recognized as the Company invests in developing its project portfolio towards its 100MW goal by the end of 2024. In the prior year quarter, the Company realized a net loss of $1.33 MM or $0.04 per share.

  • The Company closed a $15 MM revolving development capital facility during the quarter as well as a total of CAD$2.59 MM of project development green bonds. Subsequent to quarter-end, the Company closed additional green bond funding for gross proceeds of CAD $7.4MM (US $5.49MM).

  • The Inflation Reduction Act (IRA) was passed in Q3 2022. Its substantial long-term support to the solar and energy storage industry, headlined by a 10-year extension to the Investment Tax Credit (“ITC”) at a base rate of 30% plus “adders” that can increase the ITC to as high as 60%, as well as its extension to cover interconnection upgrade costs for projects below 5MWac and standalone energy storage projects, are significant tailwinds for the industry.

Subsequent to September 30, 2022, on November 28, the Company’s Board of Directors approved the following grants relating to share-based compensation: 240,000 options to purchase common shares to employees and executive officers, 340,000 Deferred Share Units (“DSUs”) to the Company’s Directors, and 294,333 Performance Share Units (“PSUs”) to the Company’s executive officers. The awards vest over periods between seven months and three years.

“The third quarter of 2022 continued to build upon the revenue growth, energy generation, backlog and pipeline of prior quarters,” said UGE International’s CEO, Nick Blitterswyk. “It continues to be an exciting time for UGE and our industry with the extension and expansion of incentives for companies like ours to develop solar assets. We’re pleased with the continued access to development capital that lenders have provided to the Company. In Q3 we closed our first revolving development capital facility to support our portfolio as it starts to meaningfully scale, and post quarter end we closed another Green Bond financing.”

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: Tuesday November 29, 2022
Time: 11:00am EDT
Register Here

About UGE

UGE develops, builds, finances, 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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