UQM Technologies Inc., a developer of alternative energy technologies, announces operating results for the first quarter of fiscal year 2017. Total revenue for the quarter was $1.4 million compared to $741,000 in the first quarter last year, an increase of 94%. Net loss for the first quarter was $2.0 million, or $0.04 per common share. This compares to a net loss of $2.2 million, or $0.06 per common share for the same period last year.
“We are pleased with the results of the first quarter. Revenue increased in our base North American business, with particular sales growth of our heavy-duty electric propulsion systems,” says Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. ”We are starting to see some stabilization in the North American market as we prepare for the next phase of our business development in the Asia market.”