UQM Technologies’ net loss widens as revenue slides

LONGMONT — UQM Technologies Inc. (NYSE: UQM) saw its net loss widen in the first quarter of its 2016 fiscal year as revenue declined by more than 25 percent versus the same period a year ago.

The Longmont-based company released its earnings report for the period ending June 30, 2015 on Thursday, posting a loss of $2.2 million, or 6 cents per common share. That’s compared to a loss of $1.3 million, or 3 cents per share, last year.

Revenue, meanwhile, fell from $1 million for the period last year to $741,000 this year.

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UQM makes electric motors, generators, power electronic controllers and fuel cell compressors for commercial trucks and the marine, military and industrial markets.

“While first-quarter revenue was down from same quarter last year, we are beginning to see signs of a recovery with some of our customers in the U.S. electric vehicle market and early traction with our newly-acquired fuel cell business,” Joe Mitchell, chief operating officer and interim president and CEO, said in a prepared statement. “The pace and progress of our negotiations with potential Chinese partners has increased, and with production orders from existing and new customers anticipated in the coming quarters, we believe that we are poised to turn a corner as a company in the coming year.”

Earlier this month, UQM announced that its board had removed CEO Eric Ridenour.