CUI Global, Inc. Reports Unaudited Second Quarter 2018 Financial Results

Recent Business and Operational Highlights:

CUI Global saw stronger order flow for its Energy products for biomethane applications independently and as a result of the recent passage of a U.K. Government program under which tariff rates for biomethane generation were increased (the "RHI"): 

• The Company's Orbital Gas Systems ("Orbital") was awarded a GasPTi order for biomethane applications from one of Europe's largest industrial manufacturers. The order marks the first sale of the Company's GasPT technology as a replacement to legacy gas analyzer (gas chromatography) in a biomethane-to-grid solution;
• Orbital secured a contract for large-scale biomethane-to-grid skids from a major UK-based gas operator. The contract, valued at $660,000, includes the Company's GasPT analyzer and VE Technology sample probe;
• Orbital was awarded a contract valued at approximately $1.8 million from a major European industrial company for three biomethane-to-grid units that includes the Company's GasPT® analyzer;
• Orbital was awarded a contract valued in excess of $500,000 for a biomethane-to-grid unit by a major European industrial company. This marks the second contract by this customer, an operator of biomethane-to-grid plants throughout Europe;
• Orbital received an order for its proprietary VE Technology sample probe combined with a custom analytical integration system from a leading North American petrochemical company and natural gas major.

The Company moved to establish its first global sales distribution channel for certain of its Energy products:

• Orbital signed a Memorandum of Understanding ("MoU") with SAMSON AKTIENGESELLSCHAFT ("SAMSOM") to establish global sales and distribution of the Company's proprietary GasPT®, VE Technology® and combined GasPTi analyzer. A market leader in flow control solutions for industrial processes with representation in 66 countries, SAMSON offers CUI Global access to previously untapped large gas markets, such as Russia and China. 

CUI Global strengthened its partnership with VPS and moved to further the companies' collaboration and innovation of Software-Defined Power Solutions:

• The Company's CUI Inc. subsidiary and Virtual Power Systems entered into an amended partnership agreement whereby CUI Inc. extended its exclusive relationship with VPS to 2024, secured an automatic renewal provision and enhanced protections around CUI's intellectual property as it relates to ICE Block and ICE Switch. Separately in July 2018, CUI Global made an investment in a convertible note for a minority stake in VPS in support of the companies' continued collaboration and development of industry transforming Software Defined Power technologies.

Orbital undertook sales, marketing and research and development initiatives to drive broader global awareness of is integration expertise and next-generation energy sampling and metering systems:

• Orbital presented at the recent 27^th World Gas Conference in Washington, D.C. where it had the opportunity to showcase its integrated analytical solutions and energy products to the global community of gas operators in attendance;
• Orbital hosted an Open House/Technical Workshop at its Stone facility in May to promote its GasPT technology following the receipt of broad regulatory approval of the Technology by the Office of Gas and Electricity Markets (Ofgem), the U.K.'s government regulator for electricity and downstream natural gas markets.
• Orbital announced a collaboration with Keele University in the U.K. to develop new technology suitable for future gas networks. Orbital will open a satellite Research & Development facility at the Keele University Science and Innovation Park to work closely with the University's Smart Energy Network Demonstrator (SEND) project to develop new sensor technologies to support "green gas" monitoring and control.

Second Quarter 2018 Financial Performance Summary: (ASC Topic 605 basis)

• Total revenues would have been $21.8 million compared to $22.5 million;
• Gross profit would have been $7.1 million compared to $8.2 million;
• Gross margin would have been 32.5% compared to 36.6%;
• Consolidated net loss would have been $(5.2) million compared to $(1.6) million; and
• Loss per basic share would have been $(0.18) compared to $(0.07) per basic share.

First Half 2018 Financial Performance Summary: (ASC Topic 605 basis)

• Total revenues would have been $43.5 million compared to $40.3 million;
• Gross profit would have been $13.0 million compared to $13.9 million;
• Gross margin would have been 30.0% compared to 34.5%;
• Consolidated net loss would have been $(9.0) million compared to $(5.4) million; and
• Loss per basic share would have been $(0.32) compared to $(0.26) per basic share.

Conference Call

Management will host a conference call today, August 6, 2018 at 8:30 a.m. ET to discuss these results as well as recent corporate developments. After management's opening remarks, there will be a question and answer period. To access the call, please dial (888) 734-0328 and provide conference ID 7162558. For international callers, please dial (678) 894-3054. The live webcast of the conference call and accompanying slide presentation can be accessed through the 'Events & Presentations' page of the CUI Global Investor Relations website (www.cuiglobal.com).

For those unable to attend the live call, a telephonic replay will be available until August 21, 2018. To access the replay of the call dial (855) 859-2056 or (404) 537-3406 and provide conference ID 7162558. An archived copy of the webcast and slide presentation will also be available on the 'Events & Presentations' page of the CUI Global Investor Relations website.

About CUI Global, Inc.

Delivering Innovative Technologies for an Interconnected World . . . . .

CUI Global, Inc. is a publicly traded company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies. From Orbital Gas Systems' advanced GasPT® platform targeting the energy sector, to CUI Inc.'s advanced power platform serving the networking and telecom space, CUI Global and its subsidiaries have built a diversified portfolio of industry leading technologies that touch many markets. As a publicly traded company, shareholders can participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. But most important, a commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community.

For more information please visit: http://www.cuiglobal.com

Important Cautions Regarding Forward Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the Company and its operations, are included in certain forms the Company has filed with the Securities and Exchange Commission.

- Financial Tables to Follow -

CUI Global, Inc. Condensed Consolidated Balance Sheets
	June 30,				December 31,
(in thousands, except share and per share amounts)	2018				2017
	(unaudited)
Assets:
Current Assets:
Cash and cash equivalents	$	7,312			$	12,646
Trade accounts receivable, net of allowance of $100
and $135, respectively	12,473				10,833
Inventories, net of allowance of $1,047 and $946, respectively	14,684				13,892
Contract assets	1,058				2,299
Note receivable, current portion	336				13
Prepaid expenses and other	1,113				1,593
Total current assets	36,976				41,276
Property and equipment, less accumulated depreciation of
$4,631 and $4,155, respectively	11,059				11,242
Goodwill	16,288				17,641
Other intangible assets, less accumulated amortization of $12,662
and $11,900, respectively	14,851				15,568
Note receivable, less current portion	—				317
Restricted cash	523				—
Deposits and other assets	1,820				1,865
Total assets	$	81,517			$	87,909
Liabilities and Stockholders' Equity:
Current Liabilities:
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