UQM nearly doubles revenue but records $2M loss for quarter

LONGMONT — UQM Technologies Inc. on Thursday reported a loss of $2 million, or 4 cents per share, for the first quarter of its fiscal year 2017 that ended June 30.

UQM (NYSE: UQM) designs and manufactures electric motors, generators, power electronic controllers and fuel-cell compressors for the commercial truck, bus, automotive, marine, military and industrial markets.

The company, with operations in southwest Weld County, nearly doubled its revenue for the quarter compared with the same period a year ago. UQM posted revenue of $1.4 million, compared with $741,000 in the first quarter last year, an increase of 94 percent.

“We are pleased with the results of the first quarter,” Joe Mitchell, UQM Technologies’ president and chief executive, said in a prepared statement. “Revenue increased in our base North American business, with particular sales growth of our heavy-duty electric propulsion systems, … “We are starting to see some stabilization in the North American market as we prepare for the next phase of our business development in the Asia market.”

UQM announced in June that it had struck a deal to sell a controlling stake in the company to a subsidiary of Hong Kong-based Hybrid Kinetic Group Limited for $48 million in cash.

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