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Sphere 3D Corp., trading under NASDAQ: ANY, provided its April 2024 update. The company mined 29.9 Bitcoin in April, a decrease from April 2023 but an increase from March 2024. Revenue for April stood at $1.4 million, with Bitcoin holdings increasing to 2.6. The month-end deployed hash rate was 0.9 EH/s, reduced due to machine transit and operational issues.
Sphere 3D is partnering with Sunnyside Digital to upgrade its fleet and aims to pursue M&A opportunities for long-term growth. The company plans to replace older machines with more efficient ones, leveraging the recent rise in Bitcoin prices. CEO Patricia Trompeter emphasized their debt-free status and focus on cost reduction.
However, the company expects fluctuations in Bitcoin production during the fleet upgrade process. Operational challenges at hosting sites in Springfield, MO, and Granbury, TX, have prompted a focus on finding a merger partner for vertical integration to control uptime and costs.
Sphere 3D, a Bitcoin mining company, announced its Q1 2024 financial results. Revenue increased by 130% to $6.9 million, and Bitcoin production rose to 144.8 BTC, compared to 110.3 BTC in Q1 2023. Despite these gains, the net loss was $4.5 million, or $0.27 per share, up from $3.5 million, or $0.34 per share, in Q1 2023. Operating expenses rose to $8.8 million, with depreciation costs at $1.8 million. Sphere 3D plans to refresh its fleet with more efficient machines in 2024 to improve profitability. The company ended the quarter with a hashrate of 1.3 EH/s.
