Financial Performance - Sphere 3D reported a net loss of $8.8 million, or $0.32 per share, for Q1 2025, compared to a net loss of $4.5 million, or $0.27 per share, in Q1 2024[10]. - Revenue for Q1 2025 decreased to $2.8 million, down 59.7% from $6.9 million in Q1 2024, primarily due to weaker post-halving economics and downtime during the transition away from high-hosting contracts[7]. - Operating costs and expenses for the quarter were $8.0 million, a slight decrease from $8.8 million in Q1 2024[7]. - Investment loss for Q1 2025 was $3.7 million, compared to $2.7 million in Q1 2024[7]. Bitcoin Production - Bitcoin production in Q1 2025 was 30.5 Bitcoin, a significant decrease of 78.9% compared to 144.8 Bitcoin produced in Q1 2024[7]. - The company had a self-mined Bitcoin balance of 22.7 Bitcoin with a fair value of approximately $1.9 million as of March 31, 2025[5]. Cash and Assets - Cash and cash equivalents decreased to $2.8 million from $5.4 million at the end of 2024[14]. - Total assets decreased to $34.3 million as of March 31, 2025, down from $43.2 million at the end of 2024[14]. Legal and Operational Developments - The company reached a settlement agreement with Gryphon Digital Mining, resulting in the complete dismissal of outstanding litigation without any payments made[7]. - Sphere 3D's new hosting site in Iowa was fully energized in March 2025, and a managed services agreement was established with Simple Mining[7].

Sphere 3D Corp. (ANY) came out with a quarterly loss of $0.29 per share versus the Zacks Consensus Estimate of a loss of $0.26. This compares to loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -11.54%. A quarter ago, it was expected that this company would post a loss of $0.27 per share when it actually produced a loss of $0.29, delivering a surprise of -7.41%.Over the last four quarters, the company has surpasse ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from___________________________to ___________________________ Commission File Number: 001-36532 __________________________________ Sphere 3D Corp. (Exact name of Registrant a ...

Stamford, Connecticut--(Newsfile Corp. - May 14, 2025) - Sphere 3D Corp. (NASDAQ: ANY) ("Sphere 3D" or the "Company"), a Bitcoin mining company, today reported financial results for the first quarter of FY 2025 ended March 31, 2025.COMMENTS FROM SPHERE 3D LEADERSHIP"We remain focused on reducing reliance on third-party providers and taking greater control of our operations to improve cash flow and long-term profitability," says Interim CEO Kurt Kalbfleisch. He adds, "Over the past year, we have implemented ...

Financial Performance - Sphere 3D generated revenues of $16.6 million in fiscal year 2024, a decrease from $21.9 million in fiscal year 2023, reflecting a revenue drop of approximately 24%[10] - Operating costs and expenses decreased to $38.0 million in fiscal year 2024, down from $51.9 million in fiscal year 2023, representing a reduction of about 27%[10] - The net loss attributable to common shareholders for fiscal year 2024 was $9.5 million, or a net loss of $0.48 per share, compared to a net loss of $23.4 million, or $1.93 per share in fiscal year 2023, indicating an improvement of approximately 60%[10] Assets and Cash Position - The total assets of Sphere 3D as of December 31, 2024, were $43.2 million, a decrease from $45.7 million in 2023[15] - The company’s cash and cash equivalents increased to $5.4 million as of December 31, 2024, compared to $586,000 in 2023[15] Bitcoin Mining Operations - As of December 31, 2024, the company had a self-mined Bitcoin balance of 14.9 Bitcoin, with a carrying value of approximately $1.4 million[5] - The company replaced approximately 25% of its S19j Pro miners with newer generation S19 XPs and S21 Bitmain miners, increasing the nameplate hashrate by 40% and 100% respectively[4] Strategic Agreements and Developments - In November 2024, Sphere 3D entered into a securities purchase agreement for the issuance of 4,225,353 common shares at a purchase price of $1.42 per share[4] - The company reached a settlement agreement with Core Scientific for $10.0 million of Core Scientific's equity as part of its emergence from bankruptcy[4] - Sphere 3D's new hosting site in Iowa was fully energized in March 2025, marking a significant step towards vertical integration[10]

Revenue and Financial Performance - Revenue for 2024 was $16.6 million, a decrease of $5.3 million from $21.9 million in 2023, primarily due to a $3.1 million decline in Bitcoin mining revenue and a $2.2 million decrease from the sold Service and Product segment [180]. - Direct cost of revenues decreased to $13.4 million in 2024 from $15.9 million in 2023, primarily due to lower hosting fees and the transition to newer mining machines [182]. - General and administrative expenses decreased to $12.4 million in 2024 from $15.8 million in 2023, driven by reductions in legal fees and operating costs [185]. - Investment income for 2024 was $9.0 million, attributed to a $4.1 million realized gain and a $4.9 million unrealized gain on equity investment in Core Scientific Inc. [195]. - The company reported a net cash used in operating activities of $4.576 million for 2024, compared to $6.582 million in 2023, primarily due to a net loss of $9.5 million [207]. - Net cash provided by investing activities was $4.028 million in 2024, driven by $11.4 million from the sale of equity securities, offset by $7.1 million in capital expenditures for mining equipment [208]. - The company received $5.387 million from financing activities in 2024, an increase from $3.064 million in 2023, primarily from the issuance of common shares and warrants [209]. Mining Operations - Bitcoin mining operations experienced a reduction of 3,300 machines, or 22%, taken offline for relocation, impacting production and revenue [180]. - As of December 31, 2024, the company owned approximately 14,000 miners with a total hashrate capacity of 0.76 EH/s, and is transitioning to newer-generation machines [177]. - The company is focusing on reducing mining costs and refreshing its mining fleet to enhance efficiency and mitigate financial risks [205]. Compliance and Risks - The company has a period until September 2, 2025, to regain compliance with Nasdaq listing requirements after the bid price fell below $1.00 per share [181]. - Significant risks include potential shortfalls in projected mining earnings and increases in operating costs, which could adversely impact the company's ability to continue operations [206]. Cash and Funding - As of December 31, 2024, the company had cash and cash equivalents of $5.4 million, an increase from $0.6 million at December 31, 2023 [200]. - The company expects to raise up to $8.0 million through an At-the-Market Offering Program to fund working capital and corporate strategy initiatives [201]. - A Securities Purchase Agreement was executed on November 19, 2024, resulting in the issuance of 2,350,000 common shares at a price of $1.42 per share, generating approximately $5.4 million in net proceeds [203]. - The company has projected that cash on hand may not be sufficient to continue operations within 12 months if additional funding is not raised [204]. Asset Management - The fair value of Bitcoin held as of December 31, 2024, was approximately $1.4 million, with the company holding about 14.9 Bitcoin [178]. - The company recorded a loss on disposal of property and equipment of $3.5 million in 2024, related to the sale of 3,263 miners [187]. - The company early adopted ASU 2023-08, resulting in a $20,000 decrease to the opening balance of accumulated deficit and an increase to cryptocurrency assets [178]. Infrastructure Development - A new 8 MW mining site in Iowa was energized on March 10, 2025, with total payments of $2.8 million made towards infrastructure development [210][211].

Core Insights - Sphere 3D Corp. reported a transition year in 2024, focusing on reducing costs and moving towards vertical integration in Bitcoin mining operations [2] - The company generated revenues of $16.6 million in fiscal year 2024, a decrease from $21.9 million in 2023, attributed to the removal of older mining equipment and the sale of its former Service and Product segment [5][10] - The company replaced approximately 25% of its S19j Pro miners with newer generation miners, resulting in significant increases in hashrate [6] Financial Performance - Revenues for fiscal year 2024 were $16.6 million, down from $21.9 million in 2023, with Bitcoin mining revenue specifically decreasing from $19.7 million to $16.6 million [5][10] - Operating costs decreased to $38.0 million in 2024 from $51.9 million in 2023, leading to a reduced net loss of $9.5 million, or $0.48 per share, compared to a net loss of $23.4 million, or $1.93 per share, in the previous year [11][12] - The company had a self-mined Bitcoin balance of 14.9 Bitcoin with a carrying value of approximately $1.4 million as of December 31, 2024 [4] Operational Developments - The company entered into a securities purchase agreement for the issuance of 4,225,353 common shares at $1.42 per share, along with warrants for the same number of shares at an exercise price of $1.50 [6] - A significant operational milestone was achieved with the launch of a new mining site in Iowa in March 2025, marking a shift towards vertical integration [6][11] - The Bitcoin halving event in April 2024 reduced the block subsidy from 6.25 to 3.125 Bitcoin per block, impacting the overall mining landscape [6] Balance Sheet Overview - As of December 31, 2024, total assets were $43.2 million, a decrease from $45.7 million in 2023, with cash and cash equivalents increasing to $5.4 million from $586,000 [13][14] - Total liabilities decreased to $3.9 million from $5.3 million, while total shareholders' equity increased to $39.3 million from $26.5 million [14]

Core Viewpoint - Sphere 3D Corp. has launched its newest Bitcoin mining site in Iowa, marking a strategic shift towards full ownership and control of its mining infrastructure, moving away from third-party operations [1][2]. Company Strategy - By managing its own infrastructure and energy procurement, the company aims to enhance efficiency and profit margins, taking advantage of low energy prices below $4 per MWh [2]. - The transition to a vertically integrated model allows Sphere 3D to optimize operational efficiency and scalability, providing greater flexibility over its cost structure and energy strategy [2][3]. Leadership Perspective - The Acting CEO of Sphere 3D emphasized that this launch is a pivotal moment for the company, enabling more efficient operations and improved margins while preparing for future industry changes [3]. - The company is committed to scaling operations and maintaining leadership in high-margin, sustainable mining practices, with plans to explore further expansion of its vertically integrated model [3]. Company Overview - Sphere 3D Corp. is focused on growing its industrial-scale Bitcoin mining operations through efficient procurement of next-generation mining equipment and partnerships with top data center operators [4]. - The company is dedicated to increasing shareholder value while adhering to environmental, social, and governance standards [4].

Core Viewpoint - Sphere 3D Corp. has reached a confidential settlement with Gryphon Digital Mining, resolving all claims and dismissing the litigation, allowing the company to focus on its long-term strategy and growth [1][2]. Company Overview - Sphere 3D Corp. (NASDAQ: ANY) is a cryptocurrency mining company that is expanding its industrial-scale Bitcoin mining operations through efficient procurement of next-generation mining equipment and partnerships with leading data center operators [2]. - The company is committed to enhancing shareholder value while adhering to strict environmental, social, and governance standards [2].

Core Viewpoint - Sphere 3D Corp. announces the passing of its CEO Patricia Trompeter, highlighting her significant contributions and leadership during her tenure [2][4][5]. Company Leadership - Patricia Trompeter joined Sphere 3D as a Director in 2021 and became CEO in 2022, successfully navigating the complexities of the Bitcoin bear market [4]. - Kurt Kalbfleisch, the Chief Financial Officer, has been appointed as the acting CEO following Trompeter's passing to ensure business continuity [6]. Legacy and Impact - Trompeter was recognized for her achievements, including being named to Forbes' 50 Over 50 list in 2023, reflecting her impact in the business world [5]. - She was known for her mentorship and advocacy for women in business, leaving a lasting legacy of strength and determination [5]. Company Operations - Sphere 3D is focused on growing its industrial-scale Bitcoin mining operations through strategic partnerships and acquisitions [7].