Business
Sphere 3D Reports Fiscal Year 2022 Financial Results and Operational Updates
Toronto, Ontario--(Newsfile Corp. - March 31, 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. - March 31, 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, is pleased to announce financial results for its fiscal year ended December 31, 2022.\nComments from Sphere 3D Leadership\n\"Last year, 2022, was a difficult, unrelenting year for the entire digital asset mining industry. For Sphere 3D it was a particularly exigent time as we focused on entering the digital asset mining industry in a volatile market, while aggressively restructuring above-market contracts and stabilizing the Company. It was one of the most challenging years for us.\" said Patricia Trompeter, CEO. \"As I focus on the future, I am filled with hope entering 2023. We are currently executing 1.5 Eh/s and are forging new hosting partnerships as a result of hosting deficits from industry bankruptcies. We have navigated cautiously through a volatile time and we believe we have come out stronger as a Company. Our team is working hard to position us for growth in digital asset mining and computing solutions in the future.\"\n\"We believe that we have successfully managed our finances through the fourth quarter of 2022, navigating through equipment devaluation, Bitcoin price declines and increased energy prices,\" said Kurt Kalbfleisch, CFO. At year-end, we assessed the impact of the market volatility on the Company and its vendors, which resulted in significant impairments and provisions. While this was a difficult process, we believe we are well positioned for 2023.\"\n2022 HIGHLIGHTS\n\n\nRevenue increased by $2.4 million, to $6.1 million during the year ended December 31, 2022, with our entry into the digital asset mining industry.\n\n\nThe Company mined 131.01 Bitcoin in 2022, our first year mining Bitcoin.\n\n\nThe Company ended the year with 370 PH/s.\n\n\nThe Company renegotiated an above-market fixed price contract for Bitmain Antminer S19J Pros.\n\n\nHASHRATE UPDATE\nSphere 3D had approximately 0.4 EH/s hashing at December 31, 2022, with 1.5 EH/s expected to be hashing by mid-May 2023.\nBITCOIN ASSET AND VALUE\nAs of December 31, 2022, the Company had a self-mined Bitcoin balance of 103.01 with a market value of $1.7 million.\nFISCAL YEAR 2022 FINANCIAL RESULTS\n\nThe Company generated reven...