UQM reports $6.9M fiscal-year loss

LONGMONT — UQM Technologies Inc. (NYSE: UQM), a developer and manufacturer of electric motors, reported Tuesday that it lost $6.9 million, or 16 cents per share, during its fiscal year that ended March 31, larger than its loss of $6 million, or 15 cents per share, recorded during its previous fiscal year.

For the year, UQM’s revenue grew 32 percent to $5.3 million, compared with $4 million in the prior year.

As of March 31, the company, headquartered east of Longmont in Weld County, had $7 million cash on hand.

For the fourth quarter, revenue was $1.5 million, compared with $1 million in the fourth quarter last year. Net loss for the fourth quarter was $931,000, or one cent per common share. That compares with a net loss of $1.3 million, or 4 cents per common share for the same period last year.

“Fourth quarter revenue grew 44 percent over the same quarter last year, reflecting increases in our North American base business as we continue to see growth with our existing customers and take advantage of new applications for our electric propulsion systems,” Joe Mitchell, UQM Technologies’ president and chief executive, said in a prepared statement. “We are still focusing on our strategic business development in China where we see the greatest opportunity for our offerings at present. We are making significant inroads into this market as customers recognize the clear advantages of our products.”

UQM’s stock was trading at 81 cents per share when the market closed Tuesday. Its 52-week range is 43 cents to $1.65 per share.

In addition to electric motors, UQM makes generators, power electronic controllers and fuel-cell compressors 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.

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