UQM Reports Revenue Increase for Second Quarter

UQM reports total second quarter revenue increased 51%, driven by increased deliveries to customers in all areas including propulsion systems and fuel cell compressor systems.

UQM Technologies Inc., a developer of alternative energy technologies, announces operating results for the second quarter ended June 30, 2018. Total revenue for the quarter was $2.7 million compared to $1.8 million in the second quarter last year, an increase of 51%. Net loss for the second quarter was $2.5 million, or $0.05 per common share. This compares to a net loss of $1.3 million, or $0.03 per common share for the same period last year. Net loss was higher in the quarter ended June 30, 2018 due to a change in the timing of payments of variable compensation as a result of the change in fiscal year to December 31, and added support staff and other related expenses to support growth and product development. 

“Our shipments accelerated in the second quarter to meet the delivery schedules of our 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,” says Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. ”Our plant is the busiest it has been in years, and 2018 is shaping up to be a very strong growth year for us. We are very excited about the business and the market opportunities in general for electric vehicle propulsion systems and the role UQM is playing in this growth.”