UQM Technologies Reports $1.4 Million Loss In Fourth Quarter

3 years ago by Mark Kane 9

UQM PowerPhase HD 220

UQM PowerPhase HD 220

UQM Non-Rare Earth Magnet Electric Motor

UQM Non-Rare Earth Magnet Electric Motor

UQM Technologies announced that revenues for the quarter ending December 31, 2014 fell by almost 60% year-over-year to $836,000.

Lower revenues typically translate to higher losses and here we see $1.4 million.

“UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the third quarter ended December 31, 2014. Total revenue for the quarter was $836,000 compared to $2.0 million for the same quarter last year. Net loss for the third quarter was $1.4 million, or $0.03 per common share. This compares to a net loss of $66,000, or $0.00 per common share for the same period last year, which included a one-time benefit of $727,000.”

Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer stated:

”While our results this quarter reflect the sluggish domestic market and the timing of orders from our customers, we are very pleased with our ongoing progress outside of the US. Our newly-announced China certification and strategic customer agreements in Asia reflect our significant efforts to secure high volume contracts and penetrate that large and growing market opportunity.”

Well, it’s not easy to be a green electric motor supplier, especially since all the large EV manufacturers (Nissan, GM, Tesla, BMW, VW) opted to produce drivetrains in-house.

Smaller companies are more willing to place orders, but as in case of CODA, the risk is high. UQM is still sitting on the large inventory for CODA:

“We carry a large inventory balance originally acquired for CODA and may not be able to sell this inventory.”

“At December 31 , 2014, we had aged inventory of $7. 8 million of PowerPhase Pro ® systems on our books originally acquired for now-bankrupt CODA. We believe the PowerPhase Pro ® system is right sized for many medium-duty truck, marine, passenger vehicle and stationary power applications, and this inventory is now for sale to other customers. While we believe that there continues to be a strong market for these products, a change in market conditions or technology advancements could make this inventory obsolete, or the actual realizable value upon sale of this inventory to be substantially less than its book value, causing a material adverse effect on our results of operations.”

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9 responses to "UQM Technologies Reports $1.4 Million Loss In Fourth Quarter"

  1. Jay Donnaway says:

    And how is UQM making this inventory available? Since their inception, Unobtainable Quality Motors has refused to deal with hobbyists and hot-rodders and the companies that supply us. Right now there is exactly one Coda-surplus drivetrain for sale at EVTV, and it’s not running UQM software, also lacking UQM support or documentation.

    1. Big Solar says:

      I was wondering the same thing. Did they get any govt funding?

    2. vdiv says:

      This is very disconcerting. Maybe they want to sell them in bulk or refuse to offer an indemnity.

      Why isn’t this publication reporting on this?

    3. Warren says:

      My understanding…

      The CODA version of these motor/inverter systems has CODA proprietary encryption in the coding and UQM can’t change it. The electronics geeks at EVTV have developed a black box for getting around this firewall for this and many OEM systems.

      http://store.evtv.me/proddetail.php?prod=UQM100

    4. Randy says:

      I am in complete agreement. Other than the few Coda motors that became available from Jack Rickard over at EVTV, UQM has refused to deal with with those who would purchase and promote their product but seem willing to sell to OEM projects at a much reduced price that they offer the ev converters.

  2. Mike I says:

    What about the re-birth of the Coda developed car by Mullen Motors? Are they not for real, or have they sourced other motors?

    1. Londo Bell says:

      Mullen’s not in production currently – so it’s all talk “for now.” It “can” be in the future, but that means new contracts, sales terms, etc. even if they stick with UQM.

      More importantly, if the new Mullens do indeed use new batteries and parts as reported, they may make these “old” PowerPhrase Pro obsolete, just as it states in the press release (or to the very least, more rigorous testing may be necessary)!

      Now the question becomes, who will buy $7.8 million worth of inventory, and how many are there exactly?

  3. Lensman says:

    It is hardly a surprise that major EV makers have chosen to build their electric motors in-house. How often do major auto makers buy gas motors from third parties? Occasionally, but not often.

    Of course, Tesla did supply the electric drivetrain for the Toyota RAV4 EV, but that just shows Toyota wasn’t interested in paying for full development of what was nothing but a compliance car. “The exception that proves the rule.”

  4. CherylG's_DirtyLittleSecret says:

    UQM is just plain too expensive period.
    I give them 2 years maybe and they follow Fiskar to the BK courts.

    They would have a better chance selling to the diy EV enthusiasts but they have declined to.

    BK, here they come!!!