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UrtheCast announces Q1 financial results

Canada: UrtheCast has announced its financial results for the three months ending on March 31, 2014. Scott Larson, UrtheCast’s Chief Executive Officer, said “Despite the current political climate, our presence aboard the ISS has been increasingly advantageous, as the Station continues to be exempt from political conflict here on Earth. Our partnerships and business development efforts remain on track and we are looking forward to continually releasing more imagery and Ultra HD color video, as well as launching our interactive web platform. Further, our business development efforts continue to go well, with strong interest from additional distributors, which would add to our current annual commitments of $26 million.”

UrtheCast has reported that its total operating expenses in the first quarter of 2014 were $3.9 million (2013: $1.3 million), of which $0.9 million (2013: $0.3 million) was attributable to non-cash share-based payments. Total expenses, net of share-based payments for the three months ending March 31, 2014, were $3.0 million (2013: $1.0 million).

UrtheCast had cash reserves of $17 million at March 31, 2014 as compared to $22 million at December 31, 2013. During the quarter the net use of cash of $5.1 million was attributed to uses of $2.8 million and $3.8 million for operating and investing activities, respectively. This was reduced with the $1.5 million received from financing activities.

The company also released a new set of imagery captured by its medium-resolution camera Theia. Captured on April 30, 2014, at 10:15 am MST, the image spans from the north end of the Gulf of California to Ajo, Arizona, in the Sonoran Desert — the hottest desert in North America.

Source: UrtheCast