Business
Sphere 3D Corp. Reports Second Quarter 2023 Financial Results and Operational Updates
Toronto, Ontario--(Newsfile Corp. - August 14, 2023) - Sphere 3D Corp. (NASDAQ: ANY) ("Sphere 3D" or the "Company"), dedicated to becoming the leading
About this update from Sphere 3d Corp.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - August 14, 2023) - Sphere 3D Corp. (NASDAQ: ANY) (\"Sphere 3D\" or the \"Company\"), dedicated to becoming the leading carbon-neutral Bitcoin mining company operating at an industrial scale, today reported financial results for the second quarter ended June 30, 2023.\nQ2 2023 Highlights and Recent Developments\n\nRevenue increased 189% year-over-year to $5.5 million.\nMined 178.4 Bitcoin, representing a 381% increase year-over-year.\nAs of June 30, 2023, the Company held 10.2 Bitcoin with a market value of $0.6 million.\nAs of August 11, 2023, the Company increased total operating hash rate to 1.35 EH/s.\n\nCEO Comments\n\"I'm pleased to report that we delivered very strong results and made significant progress in our operations during the quarter,\" said Patricia Trompeter, CEO of Sphere 3D. \"We increased our operating hashrate to 1.0 EH/s at the end of June 2023 from just under 0.1 EH/s in the same period last year. This resulted in a 381% increase in Bitcoin mined year-over-year from 37.1 to 178.4. Looking forward, we are excited to complete our near-term target of 1.5 EH/s and achieve positive operating cash flows on a run-rate basis at prevailing market levels.\"\nThree Months Ended June 30, 2023 Financial Results\n\nBitcoin production was 178.4 Bitcoin, compared to 37.1 in same period last year, an increase of 381%.\nRevenue was $5.5 million, compared to $1.9 million in same period last year, an increase of 189%.\nDigital mining revenue was $5.0 million, compared to $1.2 million in same period last year, an increase of 317%.\nOperating costs and expenses were $10.2 million, compared to $17.3 million in same period last year, a reduction of 41%.\nNet loss attributable to common shareholders was $4.8 million, or a net loss of $0.44 per share, compared to a net loss attributable to common shareholders of $40.7 million, or a net loss of $4.31 per share, in same period last year.\n\nSix Months Ended June 30, 2023 Financial Results\n\nBitcoin production was 348.5 Bitcoin, compared to 55.3 in same period last year, an increase of 530%.\nRevenue was $8.5 million, compared to $3.3 million in same period last year, an increase of 158%.\nDigital mining revenue was $7.5 million, compared to $2.0 million in same period last year, an increase of 275%.\nOperating costs and expenses were $16.9 million,...