exactEarth Ltd. announced consolidated earnings results for the fourth quarter and full year ended October 31, 2017. For the quarter, the company reported revenue of CAD 2,852,000 against CAD 3,308,000 a year ago. The change in revenue was primarily due to CAD 0.68 million of non-cash revenue generated in fourth quarter 2016 from an Asset Transfer Agreement with Communitech related to the EV9 satellite transfer. Loss from operations was CAD 29,236,000 against CAD 2,467,000 a year ago. Net loss was CAD 28,966,000 against CAD 4,135,000 a year ago. Basic and diluted loss per share was CAD 1.34 against CAD 0.19 a year ago. Cash flows used in operations were CAD 1,568,000 against CAD 1,432,000 a year ago. Acquisition of property, plant and equipment was CAD 344,000 against CAD 255,000 a year ago. Adjusted LBITDA was CAD 1.5 million against CAD 0.96 million a year ago. EBITDA was negative CAD 28,033,000 against negative CAD 3,176,000 a year ago.

For the year, the company reported revenue of CAD 12,833,000 against CAD 18,918,000 a year ago. Loss from operations was CAD 35,158,000 against CAD 32,903,000 a year ago. Net loss was CAD 33,834,000 against CAD 35,963,000 a year ago. Basic and diluted loss per share was CAD 1.57 against CAD 1.90 a year ago. Cash flows used in operations were CAD 7,707,000 against CAD 2,857,000 a year ago. Acquisition of property, plant and equipment was CAD 780,000 against CAD 2,372,000 a year ago. Acquisition of intangible assets was CAD 121,000 against CAD 6,307,000 a year ago. Adjusted LBITDA was CAD 4.5 million against adjusted EBITDA of CAD 0.52 a year ago. The year-over-year decrease in adjusted EBITDA was primarily due to lower revenue from the GoC contract, offset in part by lower operating expenses. EBITDA was negative CAD 29,967,000 against negative CAD 30,969,000 a year ago.

For the fourth quarter of 2017, the company reported impairment losses of CAD 26,886,000.