UQM Technologies (UQM) Reports Mixed Results, Still Preparing For Growth

UQM Technologies (UQM) is still a ways off from profitability, but continues to inch closer to the important achievement and may be able to get there next year.  The company announced in January that it now has full production capabilities and the CEO reiterated its aggressive plans for growth and profitability when it reported earnings last night.

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"We are aggressively taking actions necessary to prepare UQM for growth and profitability while at the same time improving the efficiency of our processes that will contribute to the bottom line, both now and in the future," said Eric R. Ridenour, President and CEO of UQM Technologies. "The company is well prepared for the ramp-up to volume production with our current customers and we continue to expand our customer base. We have a validated production line for our PowerPhase(R) 100 and 135kW systems with annual capacity of 40,000 units to supply CODA Automotive and other automotive OEM companies. We also have begun the production qualification process for our PowerPhase 150 and 200kW systems for Proterra and other customers in the medium-duty truck and bus markets."

For the quarter, the company posted a loss of .03/share which was in line with analyst estimates, but missed on the revenue side with $2.09 million.  Analysts expected $3.7 million.  On the bright side, it does represent a bit of an improvement over the year ago quarter.

Now that the pieces are in place for UQM, it’s time for them to post stronger results particularly in the latter half of this year.  If they continue posting quarters like this one the stock isn’t going to get far.  Shares have improved technically in recent weeks and are up about 50% in just a few months, but will face some resistance around the $3 level, close to where it trades now.  Shares are down 1% this morning.

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