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    UrtheCast Signs US$30-million Contract with TerraTech

    Bala Yogesh
    Oct. 18, 2018 03:50PM PST
    Data Investing
    TSX:UR

    The contract is for the company’s upcoming UrtheDaily data service, set to launch in 2020. The US$30 million will bring UrtheCast’s total revenue backlog to US$255 million.

    UrtheCast (TSX:UR) announced on Thursday (October 18) the signing of a US$30-million contract for its UrtheDaily data services, bringing its total revenue backlog to US$255 million.

    The company, engaged in the geospatial and geo-analytics markets, said the contract with Moscow-based TerraTech is worth US$10 million annually over the first three years of service operation.

    TerraTech, a subsidiary of the Russian Space Agency Roscosmos and a commercial provider of Earth observation and geoinformation services, will have the option for an additional two years of UrtheDaily data services worth US$20 million above the initial contract.

    Designed to capture high quality optical imagery of the Earth’s entire landmass, UrtheDaily, an eight satellite constellation, is targeting in-market service for 2020.

    Built in partnership with Surrey Satellite Technology and with a design life of 10 years, UrtheDaily is designed to store the data it captures on a cloud-based platform.

    The Vancouver-based company announced a similar deal in September when it signed a binding contract for US$25 million with a commercial Earth Observation operator, providing value-added services on the Indian subcontinent.

    “This long-term revenue visibility and the continued support of a growing portfolio of sophisticated global customers give us confidence that the successful launch of UrtheDaily will establish UrtheCast as the world’s pre-eminent provider of data-rich geoanalytics solutions,” David Osborne, CEO of UrtheCast, said in the September release.

    UrtheCast currently operates and owns two Earth Observation satellites, Deimos-1 and Deimos-2 and operates additional 20 satellites through its exclusive partnerships. The company processes and distributes imagery data in multiple markets.

    Following the announcement on Thursday, UrtheCast closed the trading session at C$0.28 and was down 16.18 percent over the one day trading period. While shares of the the company lost 75 percent year-to-date, it has increased 35 percent in the last month.

    The stock has a “buy” ranking on TradingView with 13 verticals in favor, nine in neutral and four against. On TipRanks, the stock has a “moderate buy” ranking with an analyst target price of C$0.65; it has a high estimate of C$1 and a low of C$0.30.

    Don’t forget to follow us @INN_Technology for real-time news updates!

    Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.

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