UQM Technologies, Inc. (NYSE MKT: UQM),
a developer of alternative energy technologies, announced operating results today for the second quarter ended September 30, 2012. Total revenue was $1.2 million, a decrease of 49% year-over-year versus $2.3 million for the second quarter of last year. Net loss for the second quarter was $2.6 million, or $0.07 per common share, versus a net loss of $1.6 million, or $0.04 per common share, for the comparable period last year.
“Second quarter revenue was impacted by the slow pace of the CODA vehicle launch. We remain optimistic that CODA will resume its production ramp-up given its announced plans, including opening ten US dealerships by year end,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies. “Meanwhile, we took significant steps this quarter to further diversify our customer base and grow our worldwide presence, by entering emerging territories such as China. These business development activities are a critical investment in the future growth of the business.”
Total revenue for the six months ended September 30, 2012 was $3.6 million, essentially flat with total revenue for the same period last fiscal year. Net loss for the six months ended September 30, 2012 was $3.9 million or $0.11 per common share, compared to a net loss of $2.6 million or $0.07 per common share for the comparable period last year. The higher net loss in 2012 reflects lower product margins and increased selling, general and administrative costs associated with investments made towards the company’s strategic growth opportunities.
At September 30, 2012 cash and short-term investments were $7.0 million and working capital was $22.5 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 1-888-561-1799 approximately ten minutes before the conference is scheduled to begin and provide conference code “4570874” to access the call. International callers should dial 1-480-629-9678. 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 4570874#. International callers should dial +1 303-590-3030.