Sphere 3D Reports Third Quarter 2024 Financial Results
Sphere 3D Corp (NASDAQ: ANY) reported its Q3 2024 financial results, showing mixed performance. The company mined 38.7 Bitcoin during the quarter, down from 181.7 Bitcoin in Q3 2023. Mining revenue decreased to $2.4 million from $5.1 million year-over-year. However, other income increased to $5.8 million, including $3.0 million from a hosting contract buyout. Operating costs decreased to $7.5 million from $12.1 million. The company reported a net income of $0.1 million ($0.01 per basic share), compared to a net loss of $6.3 million in Q3 2023. Sphere 3D maintained 0.7 EH/s hashrate and held 1.3 Bitcoin valued at approximately $0.08 million as of September 30, 2024.
Sphere 3D Corp (NASDAQ: ANY) ha riportato i risultati finanziari del terzo trimestre 2024, mostrando una performance mista. Durante il trimestre, l'azienda ha estratto 38,7 Bitcoin, in calo rispetto ai 181,7 Bitcoin del terzo trimestre 2023. I ricavi da mining sono diminuiti a 2,4 milioni di dollari rispetto ai 5,1 milioni di dollari dell'anno precedente. Tuttavia, altri ricavi sono aumentati a 5,8 milioni di dollari, compresi 3,0 milioni di dollari da un contratto di hosting. I costi operativi sono diminuiti a 7,5 milioni di dollari rispetto ai 12,1 milioni di dollari. L'azienda ha riportato un utile netto di 0,1 milioni di dollari (0,01 dollari per azione base), rispetto a una perdita netta di 6,3 milioni di dollari nel terzo trimestre 2023. Sphere 3D ha mantenuto un hashrate di 0,7 EH/s e possedeva 1,3 Bitcoin del valore di circa 0,08 milioni di dollari al 30 settembre 2024.
Sphere 3D Corp (NASDAQ: ANY) informó sobre sus resultados financieros del tercer trimestre de 2024, mostrando un desempeño mixto. La compañía extrajo 38.7 Bitcoin durante el trimestre, una disminución de 181.7 Bitcoin en el tercer trimestre de 2023. Los ingresos por minería cayeron a 2.4 millones de dólares desde 5.1 millones de dólares en comparación con el año anterior. Sin embargo, otros ingresos aumentaron a 5.8 millones de dólares, incluyendo 3.0 millones de dólares provenientes de una compra de contrato de hosting. Los costos operativos disminuyeron a 7.5 millones de dólares desde 12.1 millones de dólares. La compañía reportó un ingreso neto de 0.1 millones de dólares (0.01 dólares por acción básica), en comparación con una pérdida neta de 6.3 millones de dólares en el tercer trimestre de 2023. Sphere 3D mantuvo una tasa de hash de 0.7 EH/s y poseía 1.3 Bitcoin valorados en aproximadamente 0.08 millones de dólares al 30 de septiembre de 2024.
Sphere 3D Corp (NASDAQ: ANY)은 2024년 3분기 재무 결과를 보고하며 혼합된 실적을 보여주었습니다. 회사는 분기 중 38.7 비트코인을 채굴했으며, 이는 2023년 3분기 181.7 비트코인에서 감소한 수치입니다. 채굴 수익은 작년 대비 2.4백만 달러로 줄어들었고, 이는 5.1백만 달러에서 감소한 금액입니다. 그러나 다른 수익은 호스팅 계약 인수에서 발생한 3.0백만 달러를 포함하여 5.8백만 달러로 증가했습니다. 운영 비용은 12.1백만 달러에서 7.5백만 달러로 줄었습니다. 회사는 순이익 0.1백만 달러(기본 주당 0.01달러)를 보고했으며, 이는 2023년 3분기 순손실 6.3백만 달러와 비교됩니다. Sphere 3D는 0.7 EH/s의 해시레이트를 유지하고 있으며, 2024년 9월 30일 기준으로 약 0.08백만 달러의 가치가 있는 1.3 비트코인을 보유하고 있었습니다.
Sphere 3D Corp (NASDAQ: ANY) a publié ses résultats financiers pour le troisième trimestre 2024, révélant une performance mixte. La société a extrait 38,7 Bitcoin au cours du trimestre, en baisse par rapport à 181,7 Bitcoin au troisième trimestre 2023. Les revenus miniers ont diminué à 2,4 millions de dollars, contre 5,1 millions de dollars l'année précédente. Cependant, d'autres revenus ont augmenté à 5,8 millions de dollars, y compris 3,0 millions de dollars d'une reprise de contrat d'hébergement. Les coûts d'exploitation ont diminué à 7,5 millions de dollars, contre 12,1 millions de dollars. La société a déclaré un revenu net de 0,1 million de dollars (0,01 dollar par action de base), par rapport à une perte nette de 6,3 millions de dollars au troisième trimestre 2023. Sphere 3D a maintenu un taux de hachage de 0,7 EH/s et détenait 1,3 Bitcoin d'une valeur d'environ 0,08 million de dollars au 30 septembre 2024.
Sphere 3D Corp (NASDAQ: ANY) hat seine finanziellen Ergebnisse für das 3. Quartal 2024 bekannt gegeben und eine gemischte Leistung gezeigt. Das Unternehmen hat im Quartal 38,7 Bitcoin abgebaut, was einem Rückgang gegenüber 181,7 Bitcoin im 3. Quartal 2023 entspricht. Die Einnahmen aus dem Mining sind von 5,1 Millionen Dollar im Vorjahr auf 2,4 Millionen Dollar gesunken. Die anderen Einkünfte hingegen stiegen auf 5,8 Millionen Dollar, einschließlich 3,0 Millionen Dollar aus einem Buy-out eines Hosting-Vertrags. Die Betriebskosten sanken von 12,1 Millionen Dollar auf 7,5 Millionen Dollar. Das Unternehmen meldete einen Nettogewinn von 0,1 Millionen Dollar (0,01 Dollar pro Basisaktie) im Vergleich zu einem Nettoverlust von 6,3 Millionen Dollar im 3. Quartal 2023. Sphere 3D erzielte eine Hashrate von 0,7 EH/s und hielt am 30. September 2024 1,3 Bitcoin im Wert von etwa 0,08 Millionen Dollar.
- Net income improved to $0.1 million from a $6.3 million loss year-over-year
- Operating costs reduced by 38% to $7.5 million
- Received $3.0 million from hosting contract buyout
- Entered LOI to acquire 12.5 MW site in Iowa with sub 4c energy costs
- Bitcoin production decreased 79% to 38.7 from 181.7 year-over-year
- Mining revenue declined 53% to $2.4 million from $5.1 million
- Bitcoin holdings dropped to just 1.3 BTC valued at $0.08 million
- Temporary downtime of mining machines due to hosting changes
Insights
Q3 results show mixed performance with significant operational changes.
The company's pivot from high-cost hosting partnerships demonstrates prudent cost management, with operating expenses decreasing by
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.
2024 Third Quarter Highlights
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.
CEO Comments
“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
Hashrate Update
Sphere 3D had approximately 0.7 EH/s hosted at September 30, 2024 operational.
Bitcoin Asset and Value
As of September 30, 2024, the Company had Bitcoin holdings of 1.3, with a market value of approximately
Third Quarter FY 2024 Financial Results
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 for the third quarter of 2023.Other 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.Operating costs and expenses for the quarter were
$7.5 million , down from$12.1 million for the third quarter of 2023.Depreciation and amortization was
$1.7 million , compared to$2.0 million for the third quarter of 2023.Net income was
$0.1 million , or$0.01 b asic earnings per share and$0.00 5 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.
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, 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.
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 | Nine Months Ended | |||||||||||||
| September 30, 2024 | September 30, 2024 | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenues: | (Unaudited) | (Unaudited) | ||||||||||||
| Bitcoin mining revenue | $ | 2,355 | $ | 5,102 | $ | 13,967 | $ | 12,592 | ||||||
| Service and product revenue | - | 622 | - | 1,624 | ||||||||||
| Total revenues | 2,355 | 5,724 | 13,967 | 14,216 | ||||||||||
| Operating costs and expenses: | ||||||||||||||
| Cost of Bitcoin mining revenue (exclusive of | ||||||||||||||
| depreciation and amortization shown below) | 2,731 | 4,292 | 10,997 | 10,331 | ||||||||||
| Cost of service and product revenue | - | 221 | - | 728 | ||||||||||
| Sales and marketing | - | 217 | - | 768 | ||||||||||
| Research and development | - | 362 | - | 859 | ||||||||||
| General and administrative | 3,032 | 3,399 | 9,470 | 10,504 | ||||||||||
| Depreciation and amortization | 1,737 | 2,028 | 5,374 | 4,428 | ||||||||||
| Impairment of acquired intangible assets | - | 1,231 | - | 1,231 | ||||||||||
| Impairmant of property and equipment | - | - | 860 | - | ||||||||||
| Loss on disposal of property and equipment | - | 315 | 691 | 566 | ||||||||||
| Change in fair value of Bitcoin | 8 | - | (695 | ) | - | |||||||||
| Realized gain on sale of Bitcoin | - | (136 | ) | - | (908 | ) | ||||||||
| Impairment of Bitcoin | - | 199 | - | 549 | ||||||||||
| Total operating costs and expenses | 7,508 | 12,128 | 26,697 | 29,056 | ||||||||||
| Loss from operations | (5,153 | ) | (6,404 | ) | (12,730 | ) | (14,840 | ) | ||||||
| Other income (expense): | ||||||||||||||
| Unrealized (loss) gain on investment in equity securities | (446 | ) | - | 4,093 | - | |||||||||
| Other income, net | 5,775 | 100 | 6,462 | 1,464 | ||||||||||
| Interest expense | - | (10 | ) | - | (1,183 | ) | ||||||||
| Income (loss) before income taxes | 176 | (6,314 | ) | (2,175 | ) | (14,559 | ) | |||||||
| Provision for income taxes | 72 | - | 74 | 4 | ||||||||||
| Net income (loss) | 104 | (6,314 | ) | (2,249 | ) | (14,563 | ) | |||||||
| Less: Non-controlling interest - income | - | (7 | ) | - | 76 | |||||||||
| Net income (loss) available to common shareholders | $ | 104 | $ | (6,307 | ) | $ | (2,249 | ) | $ | (14,639 | ) | |||
| Net income (loss) per share: | ||||||||||||||
| Basic | $ | 0.01 | $ | (0.50 | ) | $ | (0.12 | ) | $ | (1.29 | ) | |||
| Diluted | $ | 0.005 | $ | (0.50 | ) | $ | (0.12 | ) | $ | (1.29 | ) | |||
| Shares used in computing net income (loss) per share: | ||||||||||||||
| Basic | 20,733,022 | 12,653,413 | 18,681,399 | 11,340,973 | ||||||||||
| Diluted | 22,323,306 | 12,653,413 | 18,681,399 | 11,340,973 | ||||||||||
SPHERE 3D CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents | $ | 4,950 | $ | 586 | ||||
| Digital assets, net | 79 | 986 | ||||||
| Investment in equity securities | 6,950 | - | ||||||
| Other current assets | 2,522 | 11,938 | ||||||
| Total current assets | 14,501 | 13,510 | ||||||
| Property and equipment, net | 23,391 | 24,166 | ||||||
| Intangible assets, net | 3,467 | 4,581 | ||||||
| Other non-current assets | 2,896 | 3,406 | ||||||
| Total assets | $ | 44,255 | $ | 45,663 | ||||
| LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities | $ | 3,419 | $ | 5,346 | ||||
| Total temporary equity | 4,858 | 13,794 | ||||||
| Total shareholders' equity | 35,978 | 26,523 | ||||||
| Total liabilities, temporary equity, and shareholders' equity | $ | 44,255 | $ | 45,663 | ||||
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229953
FAQ
What was Sphere 3D's (ANY) Bitcoin production in Q3 2024?
How much revenue did Sphere 3D (ANY) generate from mining in Q3 2024?
What was Sphere 3D's (ANY) net income for Q3 2024?
What was Sphere 3D's (ANY) hashrate at the end of Q3 2024?
