Sphere 3D Reports Second Quarter 2024 Financial Results
Sphere 3D Corp. (NASDAQ: ANY), a Bitcoin mining company, reported its Q2 2024 financial results. Key highlights include:
- $7.3 million unrealized gain on investment in equity securities
- 70.7 Bitcoin mined during the quarter
- 1.2 EH/s hashrate at quarter-end
- Revenue of $4.7 million, down from $5.5 million in Q2 2023
- Net income of $2.1 million, or $0.11 basic EPS
- Bitcoin holdings of 7.2, valued at $0.5 million
The company faced challenges including a 50% reduction in block rewards and temporary hosting interruptions. However, they began energizing S21 miners in July, marking progress in their fleet upgrade strategy.
Sphere 3D Corp. (NASDAQ: ANY), un'azienda attiva nel mining di Bitcoin, ha riportato i risultati finanziari del secondo trimestre del 2024. Punti salienti includono:
- Guadagni non realizzati di 7,3 milioni di dollari sugli investimenti in titoli azionari
- 70,7 Bitcoin estratti durante il trimestre
- Hashrate di 1,2 EH/s alla fine del trimestre
- Ricavi di 4,7 milioni di dollari, in calo rispetto ai 5,5 milioni del secondo trimestre del 2023
- Utile netto di 2,1 milioni di dollari, equivalente a un EPS di base di 0,11 dollari
- Posizioni in Bitcoin di 7,2, valutate a 0,5 milioni di dollari
L'azienda ha affrontato sfide, inclusa una riduzione del 50% nei premi per blocco e interruzioni temporanee dell'hosting. Tuttavia, hanno iniziato a mettere in funzione i miner S21 a luglio, segnando progressi nella loro strategia di potenziamento della flotta.
Sphere 3D Corp. (NASDAQ: ANY), una empresa dedicada a la minería de Bitcoin, ha reportado los resultados financieros del segundo trimestre de 2024. Puntos destacados incluyen:
- Ganancias no realizadas de 7,3 millones de dólares en inversiones en valores de capital
- 70,7 Bitcoin minados durante el trimestre
- Tasa de hash de 1,2 EH/s al final del trimestre
- Ingresos de 4,7 millones de dólares, en comparación con 5,5 millones en el segundo trimestre de 2023
- Ingreso neto de 2,1 millones de dólares, o 0,11 dólares de EPS básico
- Tenencias de Bitcoin de 7,2, valoradas en 0,5 millones de dólares
La empresa enfrentó desafíos, incluyendo una reducción del 50% en las recompensas por bloque y interrupciones temporales en el hosting. Sin embargo, comenzaron a energizar los mineros S21 en julio, marcando avances en su estrategia de actualización de flota.
Sphere 3D Corp. (NASDAQ: ANY), 비트코인 채굴 회사가 2024년 2분기 재무 결과를 발표했습니다. 주요 내용은 다음과 같습니다:
- 주식 증권 투자에서 발생한 730만 달러의 미실현 이익
- 분기 동안 채굴한 비트코인 70.7개
- 분기 말 해시레이트 1.2 EH/s
- 4.7백만 달러의 수익, 2023년 2분기 5.5백만 달러에서 감소
- 순이익 210만 달러, 기본 EPS 0.11달러
- 72개 비트코인 보유, 가치 50만 달러
회사는 블록 보상 50% 감소와 일시적인 호스팅 중단 등의 어려움에 직면했습니다. 그러나 그들은 7월에 S21 채굴기를 가동하기 시작하며, 그들의 함대 업그레이드 전략에 진전을 보였습니다.
Sphere 3D Corp. (NASDAQ: ANY), une société de minage de Bitcoin, a annoncé ses résultats financiers pour le deuxième trimestre 2024. Les principaux points forts incluent :
- Un gain non réalisé de 7,3 millions de dollars sur les investissements en titres de participation
- 70,7 Bitcoin minés au cours du trimestre
- Un taux de hachage de 1,2 EH/s à la fin du trimestre
- Un chiffre d'affaires de 4,7 millions de dollars, en baisse par rapport à 5,5 millions de dollars au 2e trimestre 2023
- Un bénéfice net de 2,1 millions de dollars, soit un BPA de base de 0,11 dollar
- Des avoirs en Bitcoin de 7,2, évalués à 0,5 million de dollars
La société a fait face à des défis, notamment une réduction de 50% des récompenses de bloc et des interruptions temporaires d'hébergement. Cependant, elle a commencé à alimenter les mineurs S21 en juillet, marquant des progrès dans sa stratégie de mise à niveau de sa flotte.
Sphere 3D Corp. (NASDAQ: ANY), ein Unternehmen für Bitcoin-Mining, hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht. Wichtige Höhepunkte sind:
- 7,3 Millionen Dollar nicht realisierter Gewinn aus Investitionen in Eigenkapitalwerte
- 70,7 Bitcoin, die im Quartal ge minet wurden
- Hashrate von 1,2 EH/s am Quartalsende
- Umsatz von 4,7 Millionen Dollar, rückläufig von 5,5 Millionen Dollar im 2. Quartal 2023
- Nettogewinn von 2,1 Millionen Dollar oder 0,11 Dollar Grund-EPS
- Bitcoin-Bestände von 7,2, bewertet mit 0,5 Millionen Dollar
Das Unternehmen sah sich Herausforderungen gegenüber, darunter eine 50%ige Reduzierung der Blockbelohnungen und vorübergehende Hosting-Unterbrechungen. Dennoch haben sie im Juli mit der Energiebereitstellung für die S21-Miner begonnen und Fortschritte in ihrer Flottenaufrüstungsstrategie verzeichnet.
- $7.3 million unrealized gain on investment in equity securities
- Net income of $2.1 million, compared to a net loss of $4.8 million in Q2 2023
- Initiation of S21 miner deployment in July, advancing fleet upgrade strategy
- Bitcoin production decreased to 70.7 Bitcoin from 178.4 Bitcoin in Q2 2023
- Revenue declined to $4.7 million from $5.5 million in Q2 2023
- Operating costs increased slightly to $10.4 million from $10.2 million in Q2 2023
- 50% reduction in block rewards and temporary hosting interruptions impacted performance
Sphere 3D's Q2 2024 results present a mixed financial picture. The company reported a net income of
Revenue declined
The company's strategic shift towards upgrading its mining fleet with S21 miners is a positive step, but the impact on future performance remains to be seen. Investors should closely monitor the company's ability to improve its hashrate and mining efficiency in the coming quarters.
Sphere 3D's performance in Q2 2024 reflects the harsh realities of the current Bitcoin mining environment. The
The company's move to deploy S21 miners is important for maintaining competitiveness. However, with only 1.2 EH/s of hashrate and 7.2 Bitcoin holdings, Sphere 3D remains a relatively small player in the industry. The focus on potential mergers suggests that management recognizes the need for scale to survive in this capital-intensive sector.
Investors should be cautious about the company's ability to maintain profitability post-halving, especially given the thin margins evident in the financial results when excluding the unrealized gain on investments.
Stamford, Connecticut--(Newsfile Corp. - August 13, 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 June 30, 2024.
2024 Second Quarter Highlights
Sphere 3D recognized a
$7.3 million unrealized gain on investment in equity securities acquired through the Core settlement.Sphere 3D mined 70.7 Bitcoin during the quarter.
Sphere 3D ended the quarter with 1.2 EH/s.
CFO Comments
“Despite some challenges in the second quarter, including a
Hashrate Update
Sphere 3D had approximately 1.2 EH/s hosted at June 30, 2024.
Bitcoin Asset and Value
As of June 30, 2024, the Company had Bitcoin holdings of 7.2, with a market value of
Second Quarter FY 2024 Financial Results
Bitcoin production during the second quarter of 2024 was 70.7 Bitcoin, compared to 178.4 Bitcoin for the second quarter of 2023.
Revenue for the second quarter was
$4.7 million , compared to$5.5 million for the second quarter of 2023. Bitcoin mining revenue for the second quarter of 2024 was$4.7 million , compared to$5.0 million for the second quarter of 2023.Operating costs and expenses for the quarter were
$10.4 million , compared to$10.2 million for the second quarter of 2023.Depreciation and amortization was
$1.8 million , compared to$1.4 million for the second quarter of 2023.Net income was
$2.1 million , or$0.11 b asic earnings per share and$0.10 diluted earnings per share, compared to a net loss of$4.8 million , or a net loss of$0.44 per share, for the second quarter of 2023.Unrealized gain of
$7.3 million recognized during the second quarter of 2024 on investment in equity securities acquired through the Core settlement.
About Sphere 3D
Sphere 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.
Forward-Looking Statements
This 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 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.
Sphere 3D Contact
Kurt Kalbfleisch, CFO, Sphere 3D
Investor.relations@sphere3d.com
SPHERE 3D CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share and per share amounts)
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, 2024 | June 30, 2024 | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenues: | (Unaudited) | (Unaudited) | ||||||||||
| Bitcoin mining revenue | $ | 4,666 | $ | 4,966 | $ | 11,612 | $ | 7,490 | ||||
| Service and product revenue | - | 500 | - | 1,002 | ||||||||
| Total revenues | 4,666 | 5,466 | 11,612 | 8,492 | ||||||||
| Operating costs and expenses: | ||||||||||||
| Cost of Bitcoin mining revenue (exclusive of depreciation and amortization shown below) | 3,959 | 4,074 | 8,266 | 6,039 | ||||||||
| Cost of service and product revenue | - | 209 | - | 507 | ||||||||
| Sales and marketing | - | 277 | - | 551 | ||||||||
| Research and development | - | 227 | - | 497 | ||||||||
| General and administrative | 2,986 | 3,634 | 6,438 | 7,105 | ||||||||
| Depreciation and amortization | 1,816 | 1,375 | 3,637 | 2,400 | ||||||||
| Impairmant of property and equipment | 860 | - | 860 | - | ||||||||
| Loss on disposal of property and equipment | 691 | 251 | 691 | 251 | ||||||||
| Change in fair value of Bitcoin | 65 | - | (703 | ) | - | |||||||
| Realized gain on sale of Bitcoin | - | (139 | ) | - | (772 | ) | ||||||
| Impairment of Bitcoin | - | 254 | - | 350 | ||||||||
| Total operating costs and expenses | 10,377 | 10,162 | 19,189 | 16,928 | ||||||||
| Loss from operations | (5,711) | (4,696 | ) | (7,577 | ) | (8,436 | ) | |||||
| Other income (expense): | ||||||||||||
| Unrealized gain on investment in equity securities | 7,279 | - | 4,539 | - | ||||||||
| Interest income and other income, net | 558 | 1,113 | 687 | 1,364 | ||||||||
| Interest expense | - | (1,173 | ) | - | (1,173 | ) | ||||||
| Income (loss) before income taxes | 2,126 | (4,756 | ) | (2,351 | ) | (8,245 | ) | |||||
| Provision for income taxes | 2 | 4 | 2 | 4 | ||||||||
| Net income (loss) | 2,124 | (4,760 | ) | (2,353 | ) | (8,249 | ) | |||||
| Less: Non-controlling interest - income | - | 67 | - | 83 | ||||||||
| Net income (loss) available to common shareholders | $ | 2,124 | $ | (4,827 | ) | $ | (2,353 | ) | $ | (8,332 | ) | |
| Net income (loss) per share: | ||||||||||||
| Basic | $ | 0.11 | $ | (0.44 | ) | $ | (0.13 | ) | $ | (0.78 | ) | |
| Diluted | $ | 0.10 | $ | (0.44 | ) | $ | (0.13 | ) | $ | (0.78 | ) | |
| Shares used in computing net income (loss) per share: | ||||||||||||
| Basic | 18,711,718 | 11,051,588 | 17,644,315 | 10,673,876 | ||||||||
| Diluted | 20,884,287 | 11,051,588 | 17,644,315 | 10,673,876 | ||||||||
SPHERE 3D CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 4,263 | $ | 586 | ||||
| Digital assets, net | 450 | 986 | ||||||
| Investment in equity securities | 9,542 | - | ||||||
| Other current assets | 3,018 | 11,938 | ||||||
| Total current assets | 17,273 | 13,510 | ||||||
| Property and equipment, net | 19,535 | 24,166 | ||||||
| Intangible assets, net | 3,838 | 4,581 | ||||||
| Other non-current assets | 3,380 | 3,406 | ||||||
| Total assets | $ | 44,026 | $ | 45,663 | ||||
| LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities | $ | 3,935 | $ | 5,346 | ||||
| Total temporary equity | 6,656 | 13,794 | ||||||
| Total shareholders' equity | 33,435 | 26,523 | ||||||
| Total liabilities, temporary equity, and shareholders' equity | $ | 44,026 | $ | 45,663 | ||||
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219798
FAQ
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