UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) reported in a news release its fiscal year 2019 financial results.
Gross margins during the year ended Dec. 31, 2019 for this commercial and community solar energy solutions were 27%, a near tripling from 10% the prior year. Net loss in 2019 decreased 58% over that in 2018.
The 2019 year was a transitional one for New York-based UGE, as it completed phasing out of offering engineering, procurement, construction services to other solar developer to focus solely on its own develop/build/finance solar business. Accordingly, the energy firm began to yield stronger results toward the end of the year. As such, Q4/19 revenue exceeded that of Q3/19.
As of Dec. 31, 2019, UGE had its first six self-financed projects under construction. It also had a project backlog worth about $30.3 million, which has since grown to $45 million, a company record. "More profitable self-developed projects will drive results going forward," the release noted.
Management expects revenue to grow but expenses to stay about the same, in 2020 over 2019.
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