UQM's President and CEO says 2018 is shaping up to be a very strong year with new business wins coming from all around the world.
UQM Technologies, Inc., a developer of alternative energy technologies, announces operating results for the first quarter ended March 31, 2018. Total revenue for the quarter was $1.6 million compared to $1.0 million in the first quarter last year, an increase of 59%. Net loss for the first quarter was $1.9 million, or $0.04 per common share. This compares to a net loss of $1.6 million, or $0.03 per common share for the same period last year.
“While our revenues increased nicely this quarter compared to last year, our margins were lower as we were ramping up to support the higher volumes to be delivered later this year through expansion of our production workforce and building up subcomponents to support the booked demand,” says Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “Nonetheless, 2018 is shaping up to be a very strong year with new business wins coming from all around the world. We continue to capitalize on our initiatives and execute on our strategy to be a global leader in electric propulsion systems.”