UrtheCast brings in first-ever revenue, posts profit of US$6 million

UrtheCast CEO Scott Larson

The Vancouver tech firm endeavouring to place the world’s first Ultra high-definition camera in space has accomplished another first: revenue.

UrtheCast (TSX:UR) brought in US$3.9 million in revenue during the fourth quarter of 2014, according to financial statements released March 23.

UrtheCast credited the first-ever revenue to a US$65 million contract signed in November with an undisclosed customer. UrtheCast is providing the client with engineering services, non-core services as well as Earth imagery.

And while the company reported losses of US$5.8 million throughout 2014, the contract generated a US$6-million profit in Q4 compared with a loss of US$4.8 million during the same period a year ago.

"I am extremely pleased with the financial results of the quarter," CEO Scott Larson said in a statement.

"The improvement of our cash and working capital positions, combined with the technical progress that we have made, puts (UrtheCast) in an excellent position for growth in 2015."

So far, the company has marked 2015 with the addition of Tish Long, former director of the National Geospatial-Intelligence Agency, to its board of directors.

And earlier this month, UrtheCast partnered with Pepsi to provide the beverage-maker with high-definition footage of Earth, as seen from space, for the 2015 Pepsi Challenge.