Sphere 3D Corp. Provides July 2024 Update

Core Insights - Sphere 3D Corp. has provided a strategic and operational update for July 2024, highlighting its focus on growth through operational improvements and strategic partnerships [1] Group 1: Operational Performance - The first batch of Antminer S21 fleet upgrade has arrived, contributing to the company's mining operations [2] - In July 2024, Sphere 3D mined 16.8 Bitcoin, a decrease from 59.8 Bitcoin in July 2023 and 20.4 Bitcoin in June 2024 [3] - The month-end deployed hash rate was 1.2 EH/s, consistent with June 2024 but an increase from 1.1 EH/s in July 2023 [3] Group 2: Financial Metrics - Mining revenue for July 2024 was $1.0 million, down from $1.8 million in July 2023 and $1.4 million in June 2024 [3] - Bitcoin holdings decreased to 2.0 Bitcoin in July 2024 from 10.2 Bitcoin in July 2023 and 7.2 Bitcoin in June 2024 [3] - The company sold 22.0 Bitcoin in July 2024, compared to 70.1 Bitcoin in July 2023 and 15.7 Bitcoin in June 2024 [3] Group 3: Strategic Initiatives - The company is gradually replacing older machines with the latest generation models, with the first order of Bitmain Antminer S21s now operational [4] - Sphere 3D is in discussions with several potential partners for a merger focused on vertical integration [4][5] - The company is addressing operational issues with its Grandbury TX hosting partner to ensure optimal fleet performance [6]