Shares of Urthecast (TSX:UR) are up today after the company reported its fourth quarter and fiscal 2014 results.
In 2014, the company lost $5.72-million on revenue of $3.94-million. The result compared favorably to the $19.2-million loss the company reported in fiscal 2013.
The fourth quarter saw Urthecast report its first ever revenue. The company generated $3.9 million, mostly from data and value-added engineering services work.
“I am extremely pleased with the financial results of the quarter,” said CEO Scott Larson. “The improvement of our cash and working capital positions, combined with the technical progress that we have made, puts the company in an excellent position for growth in 2015.”
Urthecast shored up its balance sheet, pocketing $7.75-million in the quarter from a business interruption insurance claim that totaled $11.5-million. The company says a lot of work remains on the Bi-axial Pointing Platform (BPP) on its High-Resolution Camera, but it is making progress.
An early entry into the fledgling Earth Observation market, Vancouver-based Urthcast aims to deliver a near realtime stream of Earth in Ultra-HD through cameras placed on the International Space Station. The company expects to target defense and government agencies, but also broader commercial markets such as the news media, agriculture and environmental monitoring.
At press time, shares of Urthecast were up 2% to $2.09.