UrtheCast Corp. Reports Impairment Charge for the First Quarter Ended March 31, 2020
June 29, 2020 at 05:08 pm EDT
UrtheCast Corp. reported impairment charge for the first quarter ended March 31, 2020. The COVID-19 pandemic volatility and uncertainty has contributed to a deterioration of market conditions and a reduced outlook for Earth Observation data sales for the Deimos Imaging business as at March 31, 2020, which has resulted in recognizing an impairment loss of $7.4 million in the results of its discontinued operation during the three months ended March 31, 2020.