Business
Sphere 3D Reports Fiscal Year 2021 Financial Results
Toronto, Ontario--(Newsfile Corp. - March 31, 2022) - Sphere 3D Corp. (NASDAQ: ANY), a company dedicated to becoming the leading carbon-neutral bitcoin mining
About this update from Sphere 3d Corp.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - March 31, 2022) - Sphere 3D Corp. (NASDAQ: ANY), a company dedicated to becoming the leading carbon-neutral bitcoin mining company operating at enterprise scale and provider of data management solutions, today reported financial results for its year ended December 31, 2021.\n\"As I look back at 2021, I am proud of the progress made by the Company,\" said Peter Tassiopoulos, CEO of Sphere 3D. \"We successfully pivoted to pursue opportunities in the cryptocurrency mining industry and advance our ESG initiatives. We improved our balance sheet by raising more than $200 million during the year, finished the year with no long-term debt, and increased shareholder's equity from just over $5 million in 2020 to almost $270 million at the end of 2021.\n\"In 2021, we entered into an agreement to purchase 60,000 Bitmain S19j Pro Bitcoin Miners, representing over 6.0 exahash of capacity. We entered into agreements with Gryphon Digital Mining to manage the operation of the machines and with Core Scientific to host them. After the year-end, we began mining bitcoin with the first 1,000 S19j Pro miners activated. As deliveries of additional miners ramp up throughout 2022, we expect to see a significant increase in revenue.\"\nTassiopoulos added, \"During 2021, the Company also furthered its ESG commitment by sponsoring the Minority Equality Opportunities Acquisition SPAC, which raised $126.5 million through its IPO. The SPAC is primarily focused on pursuing opportunities to merge with a minority business enterprise and was the first minority-led SPAC to list on Nasdaq.\"\nFiscal Year Financial Results:\nOur results for fiscal year 2021 were as follows:\n\n\nNet revenue for 2021 was $3.7 million, compared to $4.8 million for 2020.\n\n\nGross margin for 2021 was 45.6%, compared to 46.4% for 2020.\n\n\nOperating expenses for 2021 were $21.4 million, compared to $8.2 million for 2020.\n\n\nDepreciation and amortization was $5.7 million for 2021, compared to $1.0 million for 2020.\n\n\nNet loss from operations for 2021 was $17.8 million, or a net loss of $0.58 per share, compared to a net loss from operations of $5.8 million, or a net loss of $0.98 per share, for 2020.\n\n\nInvestor Conference Call:\nSphere 3D will not host a fiscal year 2021 earnings conference call.\nAbout Sphere 3D:\nSphere 3D Corp. (NASDAQ: ANY)...