Sphere 3D(US:ANY) Newsfile·2025-05-14 20:15Core Viewpoint - Sphere 3D Corp. reported a significant decline in Bitcoin production and revenue for the first quarter of FY 2025, attributing the downturn to weaker post-halving economics and operational transitions [7]. Financial Results - Bitcoin production for Q1 FY 2025 was 30.5 Bitcoin, a decrease from 144.8 Bitcoin in Q1 FY 2024 [7]. - Revenue fell to $2.8 million in Q1 FY 2025, down from $6.9 million in Q1 FY 2024 [7]. - Operating costs and expenses were $8.0 million, compared to $8.8 million in the same quarter of the previous year [7]. - Net loss from operations was $5.2 million in Q1 FY 2025, compared to a net loss of $1.9 million in Q1 FY 2024 [7]. - The overall net loss was $8.8 million, or $0.32 per share, compared to a net loss of $4.5 million, or $0.27 per share, in Q1 FY 2024 [7][10]. Bitcoin Assets and Value - As of March 31, 2025, the company held a self-mined Bitcoin balance of 22.7 Bitcoin, valued at approximately $1.9 million [4]. Operational Developments - The company reached a settlement with Gryphon Digital Mining, resulting in the dismissal of all outstanding litigation without any payments made [6]. - A new hosting site in Iowa was fully energized, and a managed services agreement was established with Simple Mining for its operation [6]. - The company ended its hosting agreement with Rebel Mining Company LLC, resulting in a settlement amount of $2.4 million payable to Sphere 3D [6]. Leadership Comments - Interim CEO Kurt Kalbfleisch emphasized the focus on reducing reliance on third-party providers and improving cash flow and long-term profitability [2]. - The company is committed to scaling operations with discipline and positioning itself to benefit from Bitcoin's long-term adoption [2].