(ADPnews) - Nov 30, 2010 - Laser wind sensors developer Catch the Wind Ltd (CVE:CTW.S) yesterday reported a net loss of USD 4.1 million (EUR 3m) for the third quarter of 2010 after a loss of USD 3.6 million the year before.
During the period, the company raised CAD 8.7 million (USD 8.5m/EUR 6.5m) from the sale of shares and units to finance the production optimisation, marketing and customer trials of its laser wind sensors.
Loss per share remained flat at USD 0.07.
Until July 2010, the company had operated as a development stage company and it recognised its first revenues of USD 7,500 during the third quarter. The amount came from a rental fee for laser wind sensors.
Driven by the company's growth, operating expenses for the period increased to USD 4.2 million from USD 3.6 million a year ago.
On September 30, cash and cash equivalents amounted to USD 3.2 million, down from USD 10.6 million at the end of 2009.