Business
Sphere 3D Reports Third Quarter Fiscal Year 2021 Financial Results
Toronto, Ontario--(Newsfile Corp. - November 15, 2021) - 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 15, 2021) - 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, 2021.\n\"It has been an eventful quarter and fiscal 2021 to date for the Company. We have successfully pivoted to the cryptocurrency mining industry with the purchase of our first 60,000 miners, capable of producing 6 exahash of capacity, with the company receiving confirmation that the first batch of machines will ship next week. In addition, we have secured an agreement with Gryphon Digital Mining to have Core Scientific host and manage about 230 megawatts of bitcoin mining capacity, which covers over 71,000 bitcoin mining machines,\" stated Peter Tassiopoulos, CEO of Sphere 3D, adding, \"This year has also seen us complete financings in the first nine months of this year that have bolstered our balance sheet by providing in excess of $200 million of cash and a significantly increased financial flexibility to grow our business. We also sponsored our first SPAC, Minority Equality Opportunities Acquisition which successfully closed on an upsized $126.5 million IPO during the quarter.\"\n\"Lastly, the Company continues to work closely with the management team at Gryphon Digital Mining on its previously announced merger. It has been a very busy six months for both Gryphon and our Company as we have each been focused on growth and transitioning our respective companies. Gryphon has successfully transitioned to full mining operations with over 1,200 Bitmain S19jPro miners now operational and mining bitcoin. The exciting changes that we have undergone have pushed our timelines out to seek the regulatory and shareholder approvals required to close, however, we are actively working towards completion of the merger, and plan to provide further updates as we move towards closing the transaction.\"\nThird Quarter 2021 Financial Results:\nOur results for third quarter 2021 were as follows:\n\n\nRevenue for the third quarter of 2021 was $1.0 million, compared to $0.9 million for the third quarter of 2020.\n\n\nGross margin for third quarter of 2021 was 46.6%, compared to 60.0% for the third quarter of 2020.\n\n\nOperating expenses for third quarter of 2021 were ...