UQM’s revenue declines, loss widens in 2Q

LONGMONT — UQM Technologies Inc. (NYSE: UQM), a developer of alternative-energy technologies based east of Longmont in Weld County, reported on Wednesday a decline in revenue and a loss for its second quarter that ended Sept. 30.

UQM’s revenue for the quarter was $1.1 million compared with $2 million for the same quarter last year. Net loss for the second quarter was $2 million, or 5 cents per common share, compared with a net loss of $400,000, or 1 cent per share, for the same quarter a year ago.

UQM develops and manufactures electric motors, generators and electronic controllers for the commercial truck, bus, automotive, marine, military and industrial markets.

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”Despite the slowdown in the domestic market due to lower fuel prices and the cyclicality of our order flow by fleets, we made significant strategic progress on a number of fronts, including the recent announcement of a long-term supply agreement,” said Eric R. Ridenour, UQM’s president and chief executive. “Our progress in China with several different partners is moving as planned and could result in significant sales as early as calendar year 2015.”

UQM announced Wednesday that it received a contract from an energy-management company it wouldn’t name for an initial purchase order for 35 pilot units of an electric power system that would be followed by a 500-unit order after completion of certification. Pilot shipments are expected to begin in early 2015 and the rest of the units are expected to start shipping in late 2015.