Business
Sphere 3D Reports Third Quarter Fiscal Year 2020 Financial Results
Toronto, Ontario--(Newsfile Corp. - November 16, 2020) - Sphere 3D Corp. (NASDAQ: ANY) (the "Company" or "Sphere 3D"), a company delivering containerization,
About this update from Sphere 3d Corp.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - November 16, 2020) - Sphere 3D Corp. (NASDAQ: ANY) (the \"Company\" or \"Sphere 3D\"), a company delivering containerization, virtualization, and data management solutions, today reported financial results for its third quarter ended September 30, 2020.\nThird Quarter 2020 Financial Results:\nOur results for third quarter 2020 were as follows:\n\n\nRevenue for the third quarter of 2020 was $0.9 million, compared to $1.4 million for the third quarter of 2019.\n\n\nGross margin for third quarter of 2020 was 60.0%, compared to 35.5% for the third quarter of 2019.\n\n\nOperating expenses for third quarter of 2020 were $2.2 million, compared to $1.8 million for the third quarter of 2019.\n\n\nDepreciation and amortization was $0.3 million for both the third quarter of 2020 and 2019.\n\n\nNet loss from operations for third quarter of 2020 was $1.2 million, or a net loss of $0.17 per share, compared to a net income from operations of $0.9 million, or a net income of $0.33 per share, for the third quarter of 2019.\n\n\nNine Months Ended September 30, 2020 Financial Results:\n\n\nRevenue for the first nine months of 2020 was $2.8 million, compared to $4.5 million for the first nine months of 2019.\n\n\nGross margin for the first nine months of 2020 was 51.6%, compared to 31.9% for the first nine months of 2019.\n\n\nOperating expenses for the first nine months of 2020 were $6.2 million, compared to $6.0 million for the first nine months of 2019.\n\n\nDepreciation and amortization for the first nine months of 2020 was $0.7 million, compared to $0.8 for the first nine months of 2019.\n\n\nNet loss from operations for the first nine months of 2020 was $4.2 million, or a net loss of $0.81 per share, compared to a net loss from operations of $2.6 million, or a net loss of $1.09 per share, in the first nine months of 2019.\n\n\nInvestor Conference Call:\nSphere 3D will not be hosting a third quarter 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 cust...