Sphere 3D Reports Third Quarter 2024 Financial Results

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Stamford, Connecticut--(Newsfile Corp. - November 14, 2024) - Sphere 3D Corp. (NASDAQ: ANY) ("Sphere 3D"), a Bitcoin mining company operating at an industrial scale, today reported financial results ...

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(NASDAQ: ANY) (\"Sphere 3D\"), a Bitcoin mining company operating at an industrial scale, today reported financial results ...</p>\n\n<a href=\"https://finance.yahoo.com/news/sphere-3d-reports-third-quarter-211000412.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sphere 3D Reports Third Quarter 2024 Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSphere 3D Reports Third Quarter 2024 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-15 05:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/sphere-3d-reports-third-quarter-211000412.html><strong>Newsfile</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stamford, Connecticut--(Newsfile Corp. - November 14, 2024) - Sphere 3D Corp. (NASDAQ: ANY) (\"Sphere 3D\"), a Bitcoin mining company operating at an industrial scale, today reported financial results ...</p>\n\n<a href=\"https://finance.yahoo.com/news/sphere-3d-reports-third-quarter-211000412.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4585","symbol_name":"ETF&股票定投概念","start_time":0,"source_url":"https://finance.yahoo.com/news/sphere-3d-reports-third-quarter-211000412.html","article_id":"2483235386","we_media_id":null,"thumbnails":[],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/sphere-3d-reports-third-quarter-211000412.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2483235386","pubTimestamp":1731618600,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Stamford, Connecticut-- - Sphere 3D Corp.  , a Bitcoin mining company operating at an industrial scale, today reported financial results for the quarter ended September 30, 2024.Sphere 3D and Simple Mining LLC entered into a letter of intent to acquire a 12.5 MW site in Iowa featuring average sub 4c energy.Sphere 3D mined 38.7 Bitcoin during the quarter.Sphere 3D ended the quarter with 0.7 EH/s.Sphere 3D had approximately 0.7 EH/s hosted at September 30, 2024 operational.As of September 30, 2024, the Company had Bitcoin holdings of 1.3, with a market value of approximately $0.08 million.Bitcoin production during the third quarter of 2024 was 38.7 Bitcoin, compared to 181.7 Bitcoin for the third quarter of 2023. The decrease is due to a combination of machines temporarily coming offline for a hosting contract buyout, machine refresh and strategic planning following the changes in economics due to the halving.Mining revenue for the third quarter was $2.4 million, compared to $5.1 million","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","BK4594":"比特币ETF概念","BK4097":"系统软件","ANY":"Sphere 3D Corp","BK4588":"碎股","BK4023":"应用软件"},"translate_title":"Sphere 3D报告2024年第三季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ANY":1},"content_text":"Stamford, Connecticut--(Newsfile Corp. - November 14, 2024) - Sphere 3D Corp. (NASDAQ: ANY) (\"Sphere 3D\"), a Bitcoin mining company operating at an industrial scale, today reported financial results for the quarter ended September 30, 2024.\n2024 Third Quarter Highlights \n\nSphere 3D and Simple Mining LLC entered into a letter of intent to acquire a 12.5 MW site in Iowa featuring average sub 4c energy.\nSphere 3D mined 38.7 Bitcoin during the quarter.\nSphere 3D ended the quarter with 0.7 EH/s.\n\nCEO Comments\n“Our priority remains focused on our long-term strategy of reducing reliance on high-cost hosting partners and increasing vertical integration,” said Patricia Trompeter, CEO of Sphere 3D, “Recently, we took steps to reduce counterparty risk by exiting a hosting contract, which brought a $3.0 million inflow. This was the best decision given the less favorable economics post-halving. The temporary downtime of some machines is planned and part of our ongoing efforts to shift to improved hosting solutions and build out our own infrastructure. This approach enables us to take greater control of our future. Additionally, as we upgrade our fleet with the latest generation machines, we anticipate some short-term fluctuations in exahash and Bitcoin output. However, we’re confident these adjustments will enhance our efficiency and position us for sustainable growth.”\nHashrate Update\nSphere 3D had approximately 0.7 EH/s hosted at September 30, 2024 operational. \nBitcoin Asset and Value\nAs of September 30, 2024, the Company had Bitcoin holdings of 1.3, with a market value of approximately $0.08 million. \nThird Quarter FY 2024 Financial Results\n\nBitcoin production during the third quarter of 2024 was 38.7 Bitcoin, compared to 181.7 Bitcoin for the third quarter of 2023.  The decrease is due to a combination of machines temporarily coming offline for a hosting contract buyout, machine refresh and strategic planning following the changes in economics due to the halving.\nMining revenue for the third quarter was $2.4 million, compared to $5.1 million for the third quarter of 2023.  \nOther Income for the third quarter of 2024 was $5.8 million up from $0.1 million in the third quarter of 2023.  We received $3.0 million in the third quarter related to a hosting contract buyout with one of our former partners.\nOperating costs and expenses for the quarter were $7.5 million, down from $12.1 million for the third quarter of 2023.\nDepreciation and amortization was $1.7 million, compared to $2.0 million for the third quarter of 2023.\nNet income was $0.1 million, or $0.01 basic earnings per share and $0.005 diluted earnings per share, compared to a net loss of $6.3 million, or a net loss of $0.50 per share, for the third quarter of 2023.\n\nAbout Sphere 3D\nSphere 3D Corp. (NASDAQ: ANY) is a cryptocurrency miner growing its industrial-scale Bitcoin mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with best-in-class data center operators. Sphere 3D is dedicated to growing shareholder value while honoring its commitment to strict environmental, social, and governance standards. For more information about Sphere 3D, please visit Sphere3D.com.\nForward-Looking Statements\nThis communication contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements generally relate to future events, including the timing of the proposed transaction and other information related to the proposed transaction. In some cases, you can identify forward-looking statements because they contain words such as \"may,\" \"will,\" \"should,\" \"expects,\" \"plans,\" \"anticipates,\" \"could,\" \"intends,\" \"target,\" \"projects,\" \"contemplates,\" \"believes,\" \"estimates,\" \"predicts,\" \"potential\" or \"continue\" or the negative of these words or other similar terms or expressions.  Expectations and beliefs regarding matters discussed herein may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected.  The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described in filings with the SEC, including Sphere 3D's reports filed on Form 10-K, 10-Q and Form 8-K and in other filings made by Sphere 3D with the SEC from time to time and available at www.sec.gov.  These forward-looking statements are based on current expectations, which are subject to change.\n\nSphere 3D ContactKurt Kalbfleisch, CFO, Sphere 3DInvestor.relations@sphere3d.com\n\nSPHERE 3D CORP.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands of U.S. dollars, except share and per share amounts)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Three Months Ended \n\n\n Nine Months Ended \n\n\n\n\n\n\n\nSeptember 30, 2024\n\n\nSeptember 30, 2024\n\n\n\n\n\n\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\n\n Revenues: \n\n\n (Unaudited) \n\n\n (Unaudited)\n\n\n\n  Bitcoin mining revenue\n\n$\n2,355\n\n$\n5,102\n\n$\n13,967\n\n$\n12,592\n\n\n\n  Service and product revenue\n\n\n-\n\n\n622\n\n\n-\n\n\n1,624\n\n\n\n    Total revenues\n\n\n2,355\n\n\n5,724\n\n\n13,967\n\n\n14,216\n\n\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n Operating costs and expenses: \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n  Cost of Bitcoin mining revenue (exclusive of \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n   depreciation and amortization shown below)\n\n\n2,731\n\n\n4,292\n\n\n10,997\n\n\n10,331\n\n\n\n\n  Cost of service and product revenue\n\n\n-\n\n\n221\n\n\n-\n\n\n728\n\n\n\n\n  Sales and marketing\n\n\n-\n\n\n217\n\n\n-\n\n\n768\n\n\n\n\n  Research and development\n\n\n-\n\n\n362\n\n\n-\n\n\n859\n\n\n\n\n  General and administrative\n\n\n3,032\n\n\n3,399\n\n\n9,470\n\n\n10,504\n\n\n\n\n  Depreciation and amortization\n\n\n1,737\n\n\n2,028\n\n\n5,374\n\n\n4,428\n\n\n\n\n  Impairment of acquired intangible assets\n\n\n-\n\n\n1,231\n\n\n-\n\n\n1,231\n\n\n\n\n  Impairmant of property and equipment\n\n\n-\n\n\n-\n\n\n860\n\n\n-\n\n\n\n\n  Loss on disposal of property and equipment\n\n\n-\n\n\n315\n\n\n691\n\n\n566\n\n\n\n\n  Change in fair value of Bitcoin\n\n\n8\n\n\n-\n\n\n(695\n)\n\n-\n\n\n\n\n  Realized gain on sale of Bitcoin\n\n\n-\n\n\n(136\n)\n\n-\n\n\n(908\n)\n\n\n\n  Impairment of Bitcoin\n\n\n-\n\n\n199\n\n\n-\n\n\n549\n\n\n\n\n    Total operating costs and expenses\n\n\n7,508\n\n\n12,128\n\n\n26,697\n\n\n29,056\n\n\n\n Loss from operations\n\n\n(5,153\n)\n\n(6,404\n)\n\n(12,730\n)\n\n(14,840\n)\n\n\n Other income (expense): \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n  Unrealized (loss) gain on investment in equity securities\n\n\n(446\n)\n\n-\n\n\n4,093\n\n\n-\n\n\n\n\n  Other income, net\n\n\n5,775\n\n\n100\n\n\n6,462\n\n\n1,464\n\n\n\n\n  Interest expense\n\n\n-\n\n\n(10\n)\n\n-\n\n\n(1,183\n)\n\n\n Income (loss) before income taxes\n\n\n176\n\n\n(6,314\n)\n\n(2,175\n)\n\n(14,559\n)\n\n\n Provision for income taxes\n\n\n72\n\n\n-\n\n\n74\n\n\n4\n\n\n\n Net income (loss)\n\n\n104\n\n\n(6,314\n)\n\n(2,249\n)\n\n(14,563\n)\n\n\n Less: Non-controlling interest - income\n\n\n-\n\n\n(7\n)\n\n-\n\n\n76\n\n\n\n Net income (loss) available to common shareholders\n\n$\n104\n\n$\n(6,307\n)\n$\n(2,249\n)\n$\n(14,639\n)\n\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n Net income (loss) per share: \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n  Basic\n\n$\n0.01\n\n$\n(0.50\n)\n$\n(0.12\n)\n$\n(1.29\n)\n\n\n\n  Diluted\n\n$\n0.005\n\n$\n(0.50\n)\n$\n(0.12\n)\n$\n(1.29\n)\n\n\n Shares used in computing net income (loss) per share: \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n  Basic\n\n\n20,733,022\n\n\n12,653,413\n\n\n18,681,399\n\n\n11,340,973\n\n\n\n\n  Diluted\n\n\n22,323,306\n\n\n12,653,413\n\n\n18,681,399\n\n\n11,340,973\n\n\n\n\nSPHERE 3D CORP.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands of U.S. dollars)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSeptember 30, \n\n\nDecember 31,\n\n\n\n\n\n\n\n2024\n\n\n2023\n\n\n\n\n\n\n\n (Unaudited) \n\n\n (Unaudited) \n\n\n\n ASSETS \n\n\n\n\n\n\n\n\n\n Cash and cash equivalents\n\n$\n4,950\n\n$\n586\n\n\n\n Digital assets, net\n\n\n79\n\n\n986\n\n\n\n Investment in equity securities\n\n\n6,950\n\n\n-\n\n\n\n Other current assets\n\n\n2,522\n\n\n11,938\n\n\n\n\n  Total current assets\n\n\n14,501\n\n\n13,510\n\n\n\n Property and equipment, net\n\n\n23,391\n\n\n24,166\n\n\n\n Intangible assets, net\n\n\n3,467\n\n\n4,581\n\n\n\n Other non-current assets\n\n\n2,896\n\n\n3,406\n\n\n\n\n  Total assets\n\n$\n44,255\n\n$\n45,663\n\n\n\n\n\n\n\n \n\n\n \n\n\n\nLIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY\n\n\n \n\n\n\n Current liabilities\n\n$\n3,419\n\n$\n5,346\n\n\n\n Total temporary equity\n\n\n4,858\n\n\n13,794\n\n\n\n Total shareholders' equity\n\n\n35,978\n\n\n26,523\n\n\n\n\n  Total liabilities, temporary equity, and shareholders' equity\n\n$\n44,255\n\n$\n45,663\n\n\n\n\nTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/229953","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483235386"}