UQM Technologies reports 41% Y/Y decline in Q3 revenue to USD1 million
Sharp decline in power sales cause overall drop in third quarter revenue
UQM Technologies’ revenue dropped 41.1% year-over-year (y/y) to USD1 million in the third quarter ended 30 September 2016, the US-based supplier of alternate energy solution said in a press release. The company witnessed a decline in revenue as ‘Product’ sales fell by more than half to USD728,921. UQM recorded a strong top line growth in in ‘Contract’ services where sales more than doubled to USD292,204. However, robust growth in Contract services was not enough to offset overall decline in sales caused by drop in Product sales in the quarter.
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