LONGMONT — UQM Technologies Inc. (NYSE: UQM) on Thursday reported a drop in revenue and a loss of $1.6 million for its first quarter that ended March 31.
The Longmont-based manufacturer of electric motors, generators, and fuel-cell compressors for the automotive, marine, military and industrial markets, posted revenue of $1 million for the quarter, down from $1.5 million in the same quarter last years. The quarterly loss was greater than a loss of $939,000, or 2 cents per share, for the same period a year ago.
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The company, in a prepared statement, said the main difference in net loss between the two comparable quarters was that last year the company recognized a positive settlement with a vendor and recorded a noncash adjustment of approximately $586,000.
“Operating results for the first quarter were fairly consistent with prior quarters,” said Joe Mitchell, UQM Technologies’ president and chief executive. “But we are seeing a lot of momentum in our business as evidenced by our backlog of over $5 million and the receipt of a significant order from a major Chinese OEM (original equipment manufacturer) for fuel-cell compressor systems that is incremental to our previously announced backlog. We are in discussions with a number of potential strategic partners regarding our China strategy, and we are excited about the potential opportunities that lie ahead.”
UQM’s stock closed Thursday at 70 cents per share. Its 52-week range was from 42 cents to 90 cents.