UQM Technologies posts $4.9M loss for year

LONGMONT – UQM Technologies Inc., a developer of electric motor technologies for automobiles and other vehicles, ended its fiscal 2011 in the red, with losses of nearly $5 million.
It also announced a net loss of $1.5 million, or 4 cents per share, for the quarter that ended March 31.

UQM (NYSE MKT: UQM), which is headquartered outside of Longmont, suffered losses of $4.9 million, or 14 per share, for its fiscal year, which also ended March 31.

The quarterly loss compares to a $195,000, or 1 cent per share, net loss for the same period last year.

The loss comes despite a 61-percent increase in revenues to $3.8 million during the quarter. Total revenues for the year hit $10.1 million, up from $9 million the year before.

The revenue gains were primarily attributed to sales to CODA, a California-based electric car manufacturer, UQM said in a release.

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