UrtheCast Corp. said its first-quarter normalized net income amounted to a loss of 8 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 6 cents per share.

The per-share loss increased year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$7.8 million, compared with a loss of C$1.3 million in the year-earlier period.

The normalized profit margin dropped to negative 64.5% from negative 38.4% in the year-earlier period.

Total revenue increased on an annual basis to C$12.2 million from C$3.3 million, and total operating expenses increased year over year to C$24.0 million from C$5.7 million.

Reported net income totaled a loss of C$11.3 million, or a loss of 11 cents per share, compared to income of C$250,000, or 0 cents per share, in the prior-year period.