Business
Sphere 3D Reports Fiscal Year 2023 Financial Results and Operational Updates
Stamford, Connecticut--(Newsfile Corp. - March 13, 2024) - Sphere 3D Corp. (NASDAQ: ANY) ("Sphere 3D" or the "Company"), a Bitcoin mining company operating at
About this update from Sphere 3d Corp.
[{"type":"text","content":"Stamford, Connecticut--(Newsfile Corp. - March 13, 2024) - Sphere 3D Corp. (NASDAQ: ANY) (\"Sphere 3D\" or the \"Company\"), a Bitcoin mining company operating at an industrial scale, is pleased to announce financial results for its fiscal year ended December 31, 2023.\nCOMMENTS FROM SPHERE 3D LEADERSHIP\n\"I'm pleased to report that once again we delivered very strong results and made significant progress in our operations during 2023. I am very proud of the Sphere 3D team!\" said Patricia Trompeter, CEO of Sphere 3D. \"We increased our operating hashrate to 1.3 EH/s from just under 0.1 EH/s last year, resulting in an approximately 409% increase in Bitcoin mined year-over-year, to 667 Bitcoin. We streamlined our operations by reducing SG&A, selling non-core businesses, paying off all debt and liquidating non-strategic investments. Looking forward, with the recent rise in Bitcoin, we believe we can achieve our goal of positive cash flows on an adjusted EBITDA basis. We are focusing on not only existing operations, but on executing a plan to weather the halving anticipated in the second quarter of 2024.\"\n2023 HIGHLIGHTS\n\n\nRevenue increased by $15.8 million, to $21.9 million during the year ended December 31, 2023, due to an increase in revenues from our digital mining operation;\n\n\nThe Company mined 667 Bitcoin in 2023;\n\n\nThe Company ended the year with 1.3 EH/s;\n\n\nThe Company sold its service and product segment, including HVE Inc. and Unified ConneXions.\n\n\nBITCOIN ASSET AND VALUE\nAs of December 31, 2023, the Company had a self-mined Bitcoin balance of 23.8 with a carrying value of $1.0 million and an additional 21.6 Bitcoin held by Gryphon Digital Mining, Inc. on our behalf.\nFISCAL YEAR 2023 FINANCIAL RESULTS\n\nThe Company generated revenues of $21.9 million in fiscal year 2023 compared to $6.1 million in fiscal year 2022. The $15.8 million increase in revenue is due to the increase of $16.3 million in revenues from the Company's digital mining operation, offset by a decrease of $0.5 million in the Company service and product segment.\n\n\nOperating costs and expenses for fiscal year 2023 totaled $51.9 million, compared to $163.7 million for fiscal year 2022. The $111.8 million decrease in operating costs and expenses is primarily attributable to decreases in impairments of mining equipment of $75.9 million a...