UQM Technologies logs $2.4M quarterly loss

LONGMONT – Electric-motor manufacturer UQM Technologies Inc. (NYSE: UQM) on Thursday posted a $2.4 million net loss for the second quarter of its 2017 fiscal year.

The net loss for the period ending Sept. 30 amounted to 5 cents per share compared to 6 cents per share for the same quarter last year.

Revenue, meanwhile, sunk from $1.7 million last year to $1 million this year.

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“Revenue was lower this quarter primarily because of higher sales of fuel cell systems last year,” UQM president and CEO Joe Mitchell said in a news release. “We continue to see good traction on our China initiatives and believe higher volume shipments should begin in early 2017.”

UQM shares closed at 51 cents apiece Thursday, up 1 cent from the day before.

UQM makes electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine, military and industrial markets.

In June, UQM officials announced that a deal had been struck for a subsidiary of Hong Kong-based Hybrid Kinetic Group Ltd. to purchase a majority stake of the company for $48 million in cash. That deal, to be carried out through the issuance of newly issued common stock, is slated to close by the end of the year.