Electric Motor Maker UQM Technologies Raises $5.3 Million in Additional Funding
The year of 2014 has started out rather well for Colorado-based UQM Technologies.
At the end of January, the company announced that it raised $5.3 million from institutional investors for common stocks sold at $1.85 per share.
This was best moment in over a year for the stock’s value.
“UQM Technologies, Inc. (NYSE MKT: UQM) today announced that it has entered into definitive agreements with institutional investors to purchase an aggregate of approximately $5.3 million of its common stock in a registered direct offering at a price of $1.85 per share. In addition, for each share of common stock purchased, investors will receive a warrant to purchase 0.5 of a share of UQM common stock with an exercise price of $2.1275 per share, which warrants shall be exercisable six months from the date of issuance and expire four years and six months from the date of issuance.”
UQM Technologies also released one of its best quarterly reports in the last few year with very small net loss of only $66,000.
“Total revenue was $2.04 million, an increase of 6% from $1.9 million for the same quarter last year. Net loss for the third quarter was $66,000, or $0.00 per common share, including a reduction of an accrued liability related to import duty fees of $727,000. This compares to a net loss of $4.6 million, or $0.12 per common share for the same period last year, which included a charge of $3.8 million for the Coda bankruptcy.”
Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer stated:
“Our strong performance in the third quarter was the result of the continued execution of our strategy to expand sales of our industry-leading products worldwide. Our focus on new markets began to pay off this quarter with the delivery of our first units for electric buses into China and Indonesia. We are excited for the opportunities ahead and believe that our ongoing focus on product innovation, quality, and costs positions us well for future growth.”
For the whole of 2012, UQM reported losses of $10 million and for 2013 UQM was $3 million in the minus. These losses seem to be diminishing, so maybe in 2014 we will finally see some earnings.