UQM Technologies Reports Third Quarter Fiscal Year 2016 Revenues up 59%

UQM's third quarter fiscal year 2016 revenue increased 59% compared to the prior year.

UQM Technologies Inc., a developer of alternative energy technologies, has announced financial and operating results for the third quarter ended December 31, 2015.

Total revenue for the quarter was $1.3 million, a 59% increase compared with $0.8 million in the same quarter last year. Net loss for the second quarter was $1.4 million, or $0.03 per common share. This compares to a net loss of $1.4 million, or $0.03 per common share for the same period last year. In the comparable quarter last year, the company received cost reimbursements under a grant from the Department of Energy of $557,000. As of December 31, 2015, cash was $8.7 million.

“We are pleased with our third quarter results and the momentum we have been building throughout fiscal year 2016,” says Joe Mitchell, President and Chief Executive Officer. “Our focus remains on executing our commercial strategy and I continue to be encouraged by the growing interest level for our products around the globe. We have a very exciting future ahead of us as we continue to leverage our leading technology portfolio and create new partnerships to drive towards profitable growth and create value for our shareholders."