UGE International (TSE:UGE) has released an update.
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UGE International Ltd. reported a 64% increase in recurring revenue from operating assets in Q1 2024, despite a 10% overall revenue decline due to strategic shifts away from third-party contracts and external engineering services. The company experienced a net loss of $4.0 million, attributed to investments in its project portfolio, and ended the quarter with $1.1 million in cash. UGE’s CEO expressed optimism for significant growth as nearly 20MW of projects are under construction.
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