Longmont-based UQM Technologies posts $6M loss for fiscal year 2015

LONGMONT — Electric-motor manufacturer UQM Technologies Inc. (NYSE: UQM) on Thursday reported a loss of $6 million, or 15 cents per share, for its fiscal year 2015 that ended March 31.

The Longmont-based company reported $4 million in revenue for the year, compared with $7 million in revenue and a loss of $2.8 million, or 7 cents per share, in the previous year.

For its fourth quarter, UQM posted revenue of $1 million and a net loss of $1.3 million, or 3 cents per share, compared with $1 million in revenue, and a loss of $1.4 million, or 4 cents per share, for the same quarter a year ago.

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As of March 31, 2015, cash was $6.6 million and working capital was $15.6 million compared with $10.2 million and $20.1 million last year, respectively.

“Fourth quarter revenue grew 25 percent over last quarter, reflecting some improvement in our customers’ ordering cycles,” Eric Ridenour, UQM Technologies’ president and chief executive, said in a prepared statement. He said the company’s primary focus is developing business in China, where UQM sees its greatest opportunity for its offerings.

Ridenhour said by recently signing a long-term agreement with the KESHI Group and with on-going discussions with other parties to secure volume production contracts, the company is “making significant inroads into this market as customers recognize the clear advantages of our products.”

UQM develops and manufactures electric motors, generators and power electronic controllers for the commercial truck, bus, automotive, marine, military and industrial markets. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles.