UQM Reports Consistent First Quarter 2017 Results

UQM's total revenue for the first quarter was relatively consistent with prior quarters says President and CEO Joe Mitchell, and momentum continues to be seen in its businesses.

UQM Technologies Inc., a developer of alternative energy technologies, announces operating results for the first quarter of 2017. Total revenue for the quarter was $1.0 million compared to $1.5 million in the same quarter last year. Net loss for the quarter was $1.6 million, or $0.03 per common share. This compares to a net loss of approximately $930,000, or $0.02 per common share for the same period last year. The main difference in net loss between the two comparable quarters was that last year the company recognized a positive settlement with a vendor and recorded a non-cash adjustment of approximately $586,000.

“Operating results for the first quarter were fairly consistent with prior quarters,” says Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. ”But we are seeing a lot of momentum in our business as evidenced by our backlog of over $5 million and the receipt of a significant order from a major Chinese OEM for fuel cell compressor systems that is incremental to our previously announced backlog. We are in discussions with a number of potential strategic partners regarding our China strategy, and we are excited about the potential opportunities that lie ahead.”