Solar Stock News: UGE (TSXV: UGE) Reports Fiscal Year 2020 Financial Results

Toronto, Ontario – May 10, 2021 (Newsfile Corp.) ( Newswire) 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 year ended December 31, 2020. UGE reports all amounts in US dollars.

In 2020, UGE pivoted to its develop/build/own business model, with the Company’s first self-financed, build/own/operate solar facilities energized in the final months of the year. In parallel, project development accelerated, with a four-fold increase in backlog, to over 60MW by year-end. Meanwhile, the Company significantly improved its balance sheet position by raising equity capital, completing the exit of its engineering, procurement and construction (“EPC”) business, and by retiring debt, leaving it in a strong position to grow the business going forward.

Key financial and business highlights for Q4 2020 and 2020 included:

  • 2020 net loss of $991,907 or $0.04 per share compared to a net loss of $2.51 million in 2019 or $0.13 per share, reflecting a decline in gross profit in 2020 against a relatively consistent cost base, year over year, partly offset by gains realized on the settlement of debts in Q3 and Q4 2020.
  • Q4 2020 net income of $131,773 or $0.00 per share compared to $348,517 or $0.02 per share in Q3 2020 and a net loss of $809,781 or $0.04 per share in Q4 2019.
  • Reached commercial operation for four UGE-owned solar facilities with 802kW of capacity; the solar facilities produced $32,243 in revenue in the limited time they were operational in 2020 and are now set to produce recurring revenue for decades to come. UGE also sold a 304kW solar facility in Q4, 2020, realizing a gain on sale of $195,000.
  • Grew self-financed project backlog to 60.6MW, or $105 million in present value at December 31, 2020, by securing commitments to develop additional 46.6MW of solar facilities; this is in addition to a pipeline of approximately 142MW which the Company is currently working to secure.
  • Realized $1.41 million in one-time revenue from client-financed agreements and engineering services in 2020, compared to $5.06 million in the prior year, a decline consistent with UGE’s pivot towards the build/own/operate model. Gross margins on this line of revenue were 33% in 2020, compared with 27% in 2019. Overall, revenue recognition was slowed due to the impacts of the COVID-19 pandemic, which brought unprecedented disruption to the global economy.
  • Settled $1.44 million in debt in Q3 2020, through an agreement with a lender to the EPC services business, resulting in a gain on debt extinguishment of $1.0 million. Further in Q4 2020 settled $1.44 million in debt, through a creditor proposal, related to the wind-down of the EPC services business, resulting in a gain on debt extinguishment of $0.85 million, together significantly improving the balance sheet position of the Company.
  • Completed two non-brokered private placements for new equity of $1.84 million in 2020. Subsequent to year-end, raised additional $5.51 million in capital through a fully bought brokered private placement and settled another $705,161 in operating debt with cash and additional $590,025 with equity, further improving the balance sheet position of the Company.
  • Added governance and industry experience to the Board of Directors, with the addition of Stephen Blum and Peter Rossbach in 2020, and restructured the executive team late in the year, adding Marissa Lauder as CFO and promoting Tyler Adkins to Chief Revenue Officer.
  • Named to the 2021 TSX Venture 50 list of top performing companies in February 2021. The ranking compromises the top 10 performing companies across five sectors.
  • 2020 also saw important advances on the policy front that should support the industry. The prevalence of community solar continues to grow, with enabling policy either in place or is on the pathway to passage in almost all Northeastern US states, as well as several other states across the country. Community (or “shared”) solar significantly expands the addressable mid-scale distributed solar market and UGE expects most of our solar facilities going forward to take this form. Of course, 2020 also saw a change in government in the U.S., which has reshaped expectations for policy support over at least the next four years.

Through 2021, UGE will continue to focus on building its pipeline of solar facilities in both its proven markets and by diversifying into new US markets, with a target of entering at least three new states in 2021. This activity will be supported by strategic additions of proven professionals to UGE’s origination and development teams, some of which has already occurred as the date of this press release. UGE will continue to focus on the financial value its platform provides to real estate owners and to UGE, while providing the world with cleaner energy.

Going forward, UGE plans to own most solar facilities it develops, generating long term recurring revenue and positive cash flows. This transformation will change the nature and timing of the revenue generated by UGE, as the overall size of the Company’s asset and funding base increases as operating solar facilities are added to its portfolio. More of UGE’s revenue will be recurring over a longer period of time, and realized through operating and managing solar facilities, as opposed to the EPC business, which is one-time revenue for the services provided (typically to other solar developers).

Full financial results and Management’s Discussion and Analysis are posted to SEDAR ( as well as on the Company’s website.

2020 Conference Call 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: Monday, May 10, 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 400MW 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 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.

More Info: Newswire

This news is published on the Newswire – a global digital news source for investors and business leaders

Disclaimer/Disclosure: is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: Learn more about publishing your news release and our other news services on the newswire and

Global investors must adhere to regulations of each country. Please read privacy policy:

Follow Us on StockTwits

image investing ideas in renewable energy stocks

Like Renewable Energy Stocks? View our Renewable Energy Stocks Directory

Buy a renewable energy guest post on

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News