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UQM Technologies fiscal Q1 loss widens 37.0% YOY

UQM Technologies Inc. said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 2 cents per share, compared with a loss of 2 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $818,770, compared with a loss of $597,740 in the year-earlier period.

The normalized profit margin declined to negative 80.3% from negative 30.7% in the year-earlier period.

Total revenue fell 47.7% on an annual basis to $1.0 million from $1.9 million, and total operating expenses decreased 19.6% from the prior-year period to $2.3 million from $2.9 million.

Reported net income totaled a loss of $1.3 million, or a loss of 3 cents per share, compared to a loss of $916,350, or a loss of 2 cents per share, in the year-earlier period.