UGE Reports Second Quarter 2021 Financial Results

Toronto, Ontario--(Newsfile Corp. - August 19, 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 June 30, 2021. UGE reports all amounts in US dollars.

In Q2 2021, UGE continued to grow its business of developing, building, financing, and operating commercial and community solar facilities, seeing its project backlog reach 83.7MW and its overall project pipeline reach 441MW by quarter-end. Meanwhile, the Company strengthened its team by adding several key hires, positioning itself for further growth.

Key business and financial highlights for Q2 2021 included:

  • Self-financed project backlog grew to 83.7MW at June 30, 2021, from 70.5MW at March 31, 2021 and 60.6MW at December 31, 2020. UGE's overall project pipeline increased to 441MW at the end of the quarter, up from 250MW on March 31, 2021 and 203MW on December 31, 2020, as the Company added to its origination and development team and saw development activity increase as a result.

  • Subsequent to quarter-end, the Company further grew its pipeline by signing a letter of intent to exclusively develop projects across up to 81 rooftop sites for a global real estate firm.

  • Operating capacity was 1,425kW at the close of the quarter, up from 852kW at the close of Q1, with 823kW in construction and expected to reach commercial operation by the end of 2021.

  • Energy generation revenue grew more than 100% from the prior quarter, as UGE's operating portfolio grew and solar facilities generated higher energy due to seasonality, reaching $47,096 from 234,680 kWh of energy in the quarter, compared with 103,341 kWh and $25,829 in Q1 2021 (and nil in Q2 2020). UGE also reached commercial operation on a fourth US solar facility at the end of the quarter, which will begin to produce revenue in Q3.

  • Revenue from client-financed EPC agreements, projects in the Philippines, and engineering services, was $527,778 in the quarter, compared to $253,190 in Q2 2020 and $398,623 in Q1 2021.

  • Realized a net loss of $0.80 million or $0.03 per share in the quarter, compared to a net loss of $0.58 million in Q2 2020. Cash used in operating activities was $0.62 million.

  • Continued to grow UGE's capabilities by integrating new staff and commencing a process to upgrade the Company's finance and operational tools, which is expected to help drive further growth in the Company's project development efforts. UGE also added executive talent by hiring a Managing Director with deep industry experience to lead UGE's engineering and consulting business.

"In the second quarter, we witnessed firsthand the growth and improvements in our business," said UGE's CEO, Nick Blitterswyk. "Bolstered by a stronger balance sheet and new additions to the team, we continue to expand and progress on our pipeline. The time is now for growth in the mid-scale solar market, and we look forward to further capitalizing on our growth plans in the coming quarters."

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, Marissa Lauder, will be hosting a webinar to provide further analysis of the financial results and to answer your questions following the presentation. You can register for the webinar, below:

Date: Thursday August 19, 2021
Time: 11:00am 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

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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