UQM Technologies grows revenue in fourth quarter, full year 2018

LONGMONT — UQM Technologies (NYSE: UQM) posted a fourth-quarter loss per share of 1 cent, which beat analyst expectations by 4 cents per share.

The company had a net loss of $1 million for the quarter, compared to a net loss of $1.3 million, or 3 cents per share, for the same period the year prior.

UQM had revenue of $5.5 million, a year-over-year increase of 150 percent, beating analyst expectations by $1 million.

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For the full year of 2018, UQM had a net loss of $6.5 million, or 12 cents per share, compared to 2017 when the company lost nearly $4.8 million, or 10 cents per share. The company went from 50 million shares in 2017 to 54.2 million in 2018. Revenue grew from nearly $7.8 million in 2017 to nearly $14.2 million in 2018.

“UQM reported an excellent quarter – with revenue more than doubling, to $5.5 million – a strong indication of market demand and the value of our technology within an expanding sector,” Joe Mitchell, UQM Technologies’ president and CEO, said in a prepared statement.

In January, UQM announced it had reached an agreement to be acquired by Denmark-based Danfoss for $1.71 per share, or about $100 million.