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Nov. 15, 2021, 5:11 p.m. EST

Sphere 3D Reports Third Quarter Fiscal Year 2021 Financial Results

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Toronto, Ontario, Nov 15, 2021 (Newsfile Corp via COMTEX) -- Toronto, Ontario--(Newsfile Corp. - November 15, 2021) - Sphere 3D Corp. /zigman2/quotes/208465717/composite ANY -7.48% (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.

"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."

"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."

Third Quarter 2021 Financial Results:

Our results for third quarter 2021 were as follows:

  • Revenue for the third quarter of 2021 was $1.0 million, compared to $0.9 million for the third quarter of 2020.

  • Gross margin for third quarter of 2021 was 46.6%, compared to 60.0% for the third quarter of 2020.

  • Operating expenses for third quarter of 2021 were $3.0 million, compared to $2.2 million for the third quarter of 2020.

  • Depreciation and amortization for third quarter of 2021 was $0.5 million, compared to $0.3 million for the third quarter of 2020.

  • Net loss from operations for third quarter of 2021 was $2.6 million, or a net loss of $0.07 per share, compared to a net loss from operations of $1.2 million, or a net loss of $0.17 per share, for the third quarter of 2020.

  • Net loss, before dividends on preferred shares, for the third quarter of 2021 was $2.4 million.

  • Dividends on preferred shares for the third quarter of 2021 was $168,000 compared to nil for the third quarter of 2020.

Nine Months Ended September 30, 2021 Financial Results:

  • Revenue for the first nine months of 2021 was $2.9 million, compared to $2.8 million for the first nine months of 2020.

  • Gross margin for the first nine months of 2021 was 45.5%, compared to 51.6% for the first nine months of 2020.

  • Operating expenses for the first nine months of 2021 were $8.7 million, compared to $6.2 million for the first nine months of 2020.

  • Depreciation and amortization for the first nine months of 2021 was $0.8 million, compared to $0.7 for the first nine months of 2020.

  • Net loss from operations for the first nine months of 2021 was $8.2 million, or a net loss of $0.41 per share, compared to a net loss from operations of $4.2 million, or a net loss of $0.81 per share, in the first nine months of 2020.

/zigman2/quotes/208465717/composite
US : U.S.: Nasdaq
$ 0.99
-0.08 -7.48%
Volume: 1.17M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$69.03 million
Rev. per Employee
N/A
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