UQM Technologies Inc (UQM) saw its loss narrow to $2.37 million, or $0.05 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $2.41 million, or $0.06 a share.
Revenue during the quarter plunged 41.14 percent to $1.02 million from $1.73 million in the previous year period. Gross margin for the quarter expanded 380 basis points over the previous year period to 23.95 percent.
Operating loss for the quarter was $2.38 million, compared with an operating loss of $2.42 million in the previous year period.
“Revenue was lower this quarter primarily because of higher sales of fuel cell systems last year,” said Joe Mitchell, UQM Technologies’ president and chief executive officer. ”We continue to see good traction on our China initiatives and believe higher volume shipments should begin in early 2017.”
Working capital drops significantly
UQM Technologies Inc has witnessed a decline in the working capital over the last year. It stood at $5.18 million as at Sep. 30, 2016, down 55.26 percent or $6.40 million from $11.58 million on Sep. 30, 2015. Current ratio was at 3.70 as on Sep. 30, 2016, down from 5.69 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 108 days for the quarter from 603 days for the last year period. Days sales outstanding went up to 40 days for the quarter compared with 29 days for the same period last year.
Days inventory outstanding has decreased to 143 days for the quarter compared with 610 days for the previous year period. At the same time, days payable outstanding went up to 76 days for the quarter from 36 for the same period last year.
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