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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.”
Gross profit for the quarter increased 58% percent to $0.9 million versus $0.6 million for the first quarter last fiscal year reflecting increased revenue and strong demand for our PowerPhase Select® systems. The increase in net loss for the first quarter was due primarily to higher recruiting, relocation and payroll costs related to recent additions to the senior management team and increased levels of marketing and travel expenditures related to our business development strategy for the Chinese market. At June 30, 2012 cash and short-term investments were $8.8 million and working capital was $24.2 million.
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter. To attend the conference call, please dial 1-877-941-8631 approximately ten minutes before the conference is scheduled to begin and provide conference code “4556393” to access the call. International callers should dial +1 480-629-9867. For anyone who is unable to participate in the conference, a recording will be available for 48 hours beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-800-406-7325 and enter replay code 4556393#. International callers should dial +1 303-590-3030.