Urthecast Corp. announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported revenues of CAD 9,396,000 compared with CAD 12,152,000 for the same period a year ago. Operating loss was CAD 6,146,000 compared with CAD 11,833,000 for the same period a year ago. Loss before income taxes was CAD 6,565,000 compared with CAD 12,546,000 for the same period a year ago. Net loss was CAD 5,079,000 or CAD 0.05 per basic and diluted share compared with CAD 11,100,000 or CAD 0.11 per basic and diluted share for the same period a year ago. NON-IFRS revenue was CAD 9,396,000 compared with CAD 6,818,000 for the same period a year ago. Adjusted LBITDA was CAD 1,339,000 compared with CAD 5,979,000 for the same period a year ago. LBITDA was CAD 1,649,000 compared with CAD 5,461,000 for the same period a year ago. The net loss improved by CAD 6.0 million, or 54%, over the prior year, primarily due to an overall decrease in UrtheCast's operating costs resulting from its continued focus on cost-savings initiatives, including consolidating certain software development and operations activities and reducing cloud storage costs.

For fiscal 2017, the Company expects to achieve revenue of between CAD 52 and CAD 60 million and adjusted EBITDA of between CAD 7 and CAD 12 million.