Business
Sphere 3D Reports Fiscal Year 2020 Financial Results
Toronto, Ontario--(Newsfile Corp. - April 8, 2021) - Sphere 3D Corp. (NASDAQ: ANY), a company delivering containerization, virtualization, and data management
About this update from Sphere 3d Corp.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - April 8, 2021) - Sphere 3D Corp. (NASDAQ: ANY), a company delivering containerization, virtualization, and data management solutions, today reported financial results for its year ended December 31, 2020.\nFiscal Year Financial Results:\nOur results for fiscal year 2020 were as follows:\n\n\nNet revenue for 2020 was $4.8 million, compared to $5.6 million for 2019.\n\n\nGross margin for 2020 was 46.4%, compared to 33.2% for 2019.\n\n\nOperating expenses for 2020 were $8.2 million, compared to $7.9 million for 2019.\n\n\nDepreciation and amortization was $1.8 million for 2020, compared to $1.9 million for 2019.\n\n\nNet loss from operations for 2020 was $5.8 million, or a net loss of $0.98 per share, compared to a net loss from operations of $4.3 million, or a net loss of $1.59 per share, for 2019.\n\n\nSubsequent to Year End:\nDuring fiscal year 2020, Sphere 3D entered into a definitive merger agreement (the \"Rainmaker Merger Agreement\") pursuant to which it would acquire all of the outstanding securities of Rainmaker Worldwide Inc. (\"Rainmaker\"), a global Water-as-a-Service (\"WaaS\") provider. On February 12, 2021, the Rainmaker Merger Agreement was terminated as the Company was unable to obtain all necessary regulatory approvals relating to the proposed transaction prior to the agreed date of January 31, 2021. No break-fee or termination costs were paid by either party.\nInvestor Conference Call:\nSphere 3D will not be hosting a fiscal year 2020 earnings conference call.\nAbout Sphere 3D:\nSphere 3D Corp. (NASDAQ: ANY) delivers containerization, virtualization, and data management solutions via hybrid cloud, cloud and on-premise implementations through its global reseller network and professional services organization. Sphere 3D has a portfolio of brands, including HVE ConneXions, UCX ConneXions, and SnapServer® dedicated to helping customers achieve their IT goals. For more information, visit www.sphere3d.com. Follow us on Twitter @Sphere3D and @HVEconneXions\nSafe Harbor Statement:\nThis press release contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties including,...