Sphere 3D Reports Second Quarter 2024 Financial Results

Core Insights - Sphere 3D Corp. reported financial results for Q2 2024, highlighting a net income of $2.1 million, a significant turnaround from a net loss of $4.8 million in Q2 2023 [5][4] - The company mined 70.7 Bitcoin in Q2 2024, a decrease from 178.4 Bitcoin in the same quarter of the previous year [4][2] - Revenue for the quarter was $4.7 million, down from $5.5 million in Q2 2023, with Bitcoin mining revenue specifically decreasing from $5.0 million to $4.7 million [4][5] Financial Performance - Operating costs and expenses for Q2 2024 were $10.4 million, slightly up from $10.2 million in Q2 2023 [4][5] - The company recognized a $7.3 million unrealized gain on investments in equity securities during the quarter [5][2] - Depreciation and amortization expenses increased to $1.8 million from $1.4 million year-over-year [4][5] Operational Highlights - Sphere 3D's hashrate was approximately 1.2 EH/s as of June 30, 2024 [4][2] - The company ended the quarter with Bitcoin holdings valued at $0.5 million [4][2] - The CFO noted challenges such as a 50% reduction in block rewards and temporary interruptions from hosting partners, but emphasized the energization of the first shipment of S21s as a key milestone [3][5] Balance Sheet Overview - As of June 30, 2024, total assets were $44.0 million, a decrease from $45.7 million at the end of 2023 [11] - Cash and cash equivalents increased to $4.3 million from $0.6 million [11] - Total shareholders' equity rose to $33.4 million from $26.5 million [11]