UQM grows revenues, losses in Q1

LONGMONT — UQM Technologies Inc., a maker of components for the electric-motor industry, increased its revenue in the first quarter of fiscal year 2019 to $3.7 million, up from $1.6 million in the same period last year.

Despite sales growth, the company reported higher net losses: $2.6 million, or 5 cents per share, the past quarter, up from a net loss of $1.9 million, or 4 cents per share, last year.

The first quarter of fiscal year 2019 was an important one for UQM. Shareholders approved a sale of the company to Danfoss Power Solutions (US) Co. in April.

That deal, valued at about $100 million, is expected to close in the next few months.

“With over 92% of votes cast in favor of this monumental transaction, everything is moving in the right direction for our merger to close during the second quarter,” UQM CEO Joe Mitchell said in a prepared statement.

UQM is based in Weld County but operates with a Longmont address.

LONGMONT — UQM Technologies Inc., a maker of components for the electric-motor industry, increased its revenue in the first quarter of fiscal year 2019 to $3.7 million, up from $1.6 million in the same period last year.

Despite sales growth, the company reported higher net losses: $2.6 million, or 5 cents per share, the past quarter, up from a net loss of $1.9 million, or 4 cents per share, last year.

The first quarter of fiscal year 2019 was an important one for UQM. Shareholders approved a sale of the company to Danfoss Power Solutions (US) Co. in April.

That deal, valued at about $100 million, is expected to close in the next few months.

“With over 92% of votes cast in favor of this monumental transaction, everything is moving in the right direction for our merger to close during the second quarter,” UQM CEO Joe Mitchell said in a prepared statement.

UQM is based in Weld County but operates with a Longmont address.