UrtheCast Announces Quarter and Semi-annual Financial Results
UrtheCast has announced its financial results for both the second quarter and the first six months of this year.
The Vancouver-based company is in charge of distributing the software for the first publicly accessible HD cameras installed on the International Space Station (ISS).
A Dismal Quarter
When it comes to revenue excluding non-cash revenue, the company recorded $11.9 million in the second quarter of the year. Although this represents a slight increase in comparison with the first three months of 2017, it’s a year-on-year drop of 25.2%.
The number for the first half of the year also shows a decrease from $22.7 million to $21.3 million, which a little over 6%.
The recorded net loss of $3.9 million in the second quarter is twelve times higher than during the second quarter of 2016. However, if we compare the first half of the last year to the first half of this year, we’ll see that net loss decreased by $2.4 million.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) dropped from $5 million in Q2 2016 to $900,000, a staggering fall of 82%, with a decrease of 60% also recorded on a semi-annual basis for a total of $400,000.
Some Improvements Were Made
Operating costs in the second quarter of this year were $16.4 million, which is a year-on-year decrease of $6 million or 26.9%. If we compare the first half of 2017 with the same period of last year, we will notice that the operating costs dropped more than 31%, from $46.4 million to $32 million.
Revenue from Earth Observation sensors in space recorded a jump of 5% in the second quarter ($3.3 million), and were 104% higher than in the first three months of this year.
Wade Larson, UrtheCast President and Chief Executive Officer, said the results were in line with the company’s expectations for the year. He added the focus had been on progressing the firm’s strategic initiatives for long-term shareholder value, and that they were pleased with the progress made so far.