On Thursday, UQM Technologies Inc (NYSEMKT:UQM) showed bullish trend with higher momentum of 4.00% to close at $0.520. The company traded total volume of 105,623 shares as contrast to its average volume of 96,019 million shares. The company has a market value of $25.24 billion and about 48.53 million shares outstanding. During the 52-week trading session the minimum price at which share price traded, registered at $0.42 and reached to max level of $0.90.
UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today declared operating results for the quarter and nine months ended December 31, 2016. Total revenue for the quarter was $1.70M contrast to $1.30M in the same quarter last year. Net loss for the quarter was $8.70M, or $0.18 per common share, contrast to a net loss of $1.40M, or $0.03 per common share for the same period last year. Quarter results this year included a one-time inventory reserve adjustment of $7.20M or $0.15 per common share related mainly to the PowerPhase Pro® inventory. This adjustment has no impact on cash.
For the nine months ended December 31, 2016, total revenue grew 8% to $4.10M contrast to $3.80M in the prior year. Net loss was $13.0M or $0.27 per common share as compared to $6.0M, or $0.14 per common share, for the same period last year.
Joe Mitchell, UQM Technologies’ President and Chief Executive Officer, said, “We determined to take a reserve against our PowerPhase Pro® inventory because, while we have contracted with ITL to purchase the vast majority of this inventory, they have practiced delays in their launch plan and payment towards the inventory purchase. This inventory has been on our books for over four years since the CODA program and we felt it appropriate to take an inventory reserve at this time.”
Mr. Mitchell continued, “However, we still have confidence that our supply agreement with ITL is secure and we will continue to support them with their vehicle applications. This one-time adjustment does not alter our approach in any way. We entered 2017 with the strongest backlog we have seen in years. We recently obtained a bank line of credit that secures our cash position for at least the next year. We are eager about our inroads in China, our recently declared development partnership with Meritor, and the progress we are making to identify a planned partner to support our global expansion efforts.”
ROE was recorded as -32.40% while beta factor was 0.24. The stock, as of recent close, has shown weekly upbeat performance of 0.00% which was maintained at 20.93 % in this year.