UQM Technologies, a developer of alternative energy technologies, today announced operating results for the first quarter ended June 30, 2014. Total revenue for the quarter was $1.0 million compared to $1.9 million for the same quarter last year. Net loss for the first quarter was $1.3 million, or $0.03 per common share. This compares to a net loss of $0.9 million, or $0.02 per common share for the same period last year.
“While quarterly revenue was impacted by the delayed start of the 2014 California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project as well as the timing of customer orders, we continued to make significant progress on our strategic initiatives,” said Eric R. Ridenour, UQM Technologies President and Chief Executive Officer. “The addition of new customers in a variety of important geographies, particularly China, is broadening our reach. We now have more total customers than we have ever had who are designing our industry-leading products into their next-generation vehicles. Together with key manufacturing certifications, we believe the strategic components are coming together for long-term success.”
As of June 30, 2014, UQM reported cash and short term investments of $9.5 million and working capital of $19.2 million.
