UQM Technologies reports increase in revenue; loss widens

LONGMONT — UQM Technologies Inc., a maker of components for the electric-motor industry, on Wednesday reported an increase in revenue and an increased loss of income for its second quarter that ended June 30, compared with the same period a year ago.

UQM Technologies (NYSE: UQM) had revenue of $2.7 million compared with $1.8 million in the second quarter last year, an increase of 51 percent.

Its net loss for the second quarter was $2.5 million, or 5 cents per common share, compared with a net loss of $1.3 million, or 3 cents per common share, for the same period last year. The company said the greater net loss was due to a change in the timing of payments of compensation as a result of changing the company’s fiscal-year end to Dec. 31, and added support staff and other related expenses to support growth and product development.

Joe Mitchell, UQM Technologies’ president and chief executive, said in a prepared statement that shipments accelerated in the second quarter to meet the delivery schedules of customers for orders received primarily during the first few months of the year.

“The increase in revenues was solid this quarter compared to last year and with the orders we have on hand for future deliveries, we expect this trend to continue through the remainder of the year,” Mitchell said. “Our plant (east of Longmont in Weld County) is the busiest it has been in years, and 2018 is shaping up to be a very strong growth year for us.”

on Facebook on LinkedIn