UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, announced today operating results for the quarter ended June 30, 2012. Total revenue was $2.4 million, an increase of 82% year-over-year versus $1.3 million for the first quarter of last year. Net loss for the first quarter was $1.3 million, or $0.04 per common share, versus a net loss of $1.0 million, or $0.03 per common share, for the comparable period last year.
“First quarter revenue increased substantially reflecting strong growth in contract services revenue and a 64% increase in product revenue led by shipments to EVI and a major automotive OEM,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies. “We are continuing to focus on a successful launch with CODA, expanding our worldwide presence, developing and launching advanced new products for our major markets and ensuring that we meet our customers’ needs for consistently high quality products.” Continue reading