UQM Technologies Inc., a developer of alternative energy technologies, has announced operating results for the fourth quarter and fiscal year ended March 31, 2016. Total revenue for the quarter was $1.5 million compared to $1.0 million in the fourth quarter last year. Net loss for the fourth quarter was $931,000, or $0.01 per common share. This compares to a net loss of $1.3 million, or $0.04 per common share for the same period last year.
For the year ended March 31, 2016, total revenue grew 32% to $5.3 million compared to $4.0 million in the prior year. Net loss was $6.9 million, or $0.16 per common share versus $6.0 million, or $0.15 per common share in the year ended March 31, 2015. As of March 31, 2016, cash was $7.0 million.
“Fourth quarter revenue grew 44% over the same quarter last year, reflecting increases in our North American base business as we continue to see growth with our existing customers and take advantage of new applications for our electric propulsion systems,” says Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “We are still focusing on our strategic business development in China where we see the greatest opportunity for our offerings at present. We are making significant inroads into this market as customers recognize the clear advantages of our products.”