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.”