Soft domestic market leads to big revenue drop for Longmont’s UQM

LONGMONT — Electric motor-maker UQM Technologies Inc. (NYSE: UQM) saw its net loss balloon to $1.4 million in its third fiscal quarter ending Dec. 31, up from $66,000 from the same period a year earlier.

The loss amounted to 3 cents per common share versus less than 1 cent per share the year before.

Revenue, meanwhile, was down more than 50 percent from $2 million to $836,000.

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The company’s results were released after markets closed Thursday. Shares closed at $1.11, up about 4 percent from the previous day. After a nine-month slide that saw UQM shares lose three-quarters of their value, the price has rebounded slightly, gaining more than 33 percent over the past month.

UQM president and CEO Eric Ridenour said the disappointing results reflected a sluggish domestic market and the timing of orders from customers.

Still, Ridenour said, “We are very pleased with our ongoing progress outside of the U.S. Our newly-announced China certification and strategic customer agreements in Asia reflect our significant efforts to secure high-volume contracts and penetrate that large and growing market opportunity.”

UQM reported cash on hand of $7.2 million as of Dec. 31.