UQM reports $1.6 million loss in Q3

LONGMONT – UQM Technologies Inc., a developer of electric vehicle propulsion systems located outside Longmont, announced Thursday it lost $1.6 million in the quarter that ended Sept. 30 despite seeing a growth in revenue.

UQM Technologies executives said much of the loss was linked to increased production engineering expenses as the company is set to begin volume production of electric motors.

The loss, equivalent to 4 cents per diluted share, is a major increase from the $377,793 the company lost in the same quarter last year.

UQM Technologies reported sales of $2.3 million during the quarter, a 15.1 percent increase compared to the $2 million in sales in last year’s quarter.

Much of the loss is attributable to increased production engineering costs and getting ready to ramp up production of UQM’s PowerPhase system.

“During the quarter we completed volume production launch preparations for our PowerPhase Pro 100 electric propulsion system including finalizing negotiations with suppliers in our international supply chain and completing final throughput validation and balancing of our production lines for motors and motor controllers,´ said Eric R. Ridenour, UQM Technologies’ president and chief executive.

“Late in the quarter we launched volume production of this electric propulsion system, which we expect will result in a substantial increase in our product sales revenue over the next several quarters. We are excited about achieving this important milestone in the growth of our company and we are looking forward to leverage our status as one of the few tier one volume producers of electric propulsion systems into additional customer production opportunities.”

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