Credit where credit is due, one of our Venture favourites, UGE International ($UGE.V $UGEIF) just published their first quarter results for 2017. Solar is growing fast, and UGE’s quarter is a reflection of the industry’s runway, which is blowing away expectations. UGE concentrates on the commercial/mid-scale solar sector, and their niche is more like an amazon warehouse. It just keeps on giving.
UGE enjoyed Q1 revenues of USD$5.5 million, almost equal to their entire fiscal 2016 revenue of USD$5.8 million, and 10X greater than their Q1 2016 result of USD$0.5 million.
At the end of the quarter their backlog of orders stood at USD$31.6 million, which has further grown in the second quarter through a contract with Nature’s Spring in the Philippines, and from the acquisition of Carmanah’s on-grid solar business.
They are cash flow positive in the quarter, generating USD$665,000 of cash during the period. Congrats to the UGE team!
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