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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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  • Dividends on preferred shares for the first nine months of 2021 was $530,000 compared to nil for the first nine months of 2020.

Investor Conference Call:
Sphere 3D will not be hosting a third quarter fiscal year 2021 earnings conference call.

About Sphere 3D: Sphere 3D Corp. /zigman2/quotes/208465717/composite ANY -3.33% delivers containerization, virtualization, and data management solutions via hybrid cloud, cloud and on-premise implementations both directly and through its reseller network and professional services organization. Sphere 3D has a portfolio of brands, including HVE ConneXions, and UCX ConneXions, dedicated to helping customers achieve their IT goals. For more information, visit www.sphere3d.com . Follow us on Twitter @Sphere3D and @HVEconneXions.

Safe Harbor Statement:

This press release contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties including, without limitation, our inability to obtain additional debt or equity financing; any increase in our cash needs; the Company's ability to maintain listing with the NASDAQ Capital Market; market adoption and performance of our products; the level of success of our collaborations and business partnerships; possible actions by customers, partners, suppliers, competitors or regulatory authorities; and other risks detailed from time to time in our periodic reports and other filings with the United States Securities and Exchange Commission ( www.sec.gov ) and with Canadian securities regulators ( www.sedar.com ). Sphere 3D undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.

Investor Contact:
Kurt Kalbfleisch
+1-858-495-4211
Investor.relations@sphere3d.com


SPHERE 3D CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except share and per share data)




Three Months Ended

Nine Months Ended



September 30,

September 30,



2021

2020

2021

2020



(Unaudited)




(Unaudited)



Revenue $ 1,041
$ 890
$ 2,875
$ 2,791
Cost of revenue
556

356

1,568

1,352
Gross profit
485

534

1,307

1,439



 

 

 

 
Operating expenses:
 

 

 

 

     Sales and marketing
287

336

998

872

     Research and development
297

264

803

947

     General and administrative
2,446

1,590

6,868

4,406



3,030

2,190

8,669

6,225
Loss from operations
(2,545 )
(1,656 )
(7,362 )
(4,786 )
Other income (expense):
 

 

 

 

     Interest expense - related party
-

(191 )
(496 )
(309 )

     Interest expense
(1 )
(57 )
(20 )
(142 )

     Interest income and other, net
146

715

225

1,002
Loss before income taxes
(2,400 )
(1,189 )
(7,653 )
(4,235 )
Provision for income taxes
-

1

-

4
Net loss
(2,400 )
(1,190 )
(7,653 )
(4,239 )
Dividends on preferred shares
168

-

530

-
Net loss available to common shareholders $ (2,568 ) $ (1,190 ) $ (8,183 ) $ (4,239 )



 

 

 

 
Net loss per share:
 

 

 

 

     Basic and diluted $ (0.07 ) $ (0.17 ) $ (0.41 ) $ (0.81 )
Shares used in computing net loss per share:
 

 

 

 

     Basic and diluted
34,327,302

6,949,010

20,004,425

5,240,003

 

SPHERE 3D CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)




September 30,

December 31,



2021

2020



(Unaudited)

(Unaudited)
ASSETS





Cash and cash equivalents $ 100,521
$ 461
Accounts receivable, net
226

264
Inventories
501

558
Notes receivable
2,140

-
Other current assets
1,686

807

    Total current assets
105,074

2,090
Notes receivable
11,386

3,207
Investment in special purpose acquisition company
5,420

-
Investment
2,100

2,100
Intangible assets, net.
13,186

2,608
Goodwill
1,385

1,385
Other assets
85,300

443

    Total assets $ 223,851
$ 11,833



 

 



 

 
LIABILITIES AND SHAREHOLDERS' EQUITY
 

 
Current liabilities $ 3,239
$ 5,805
Long-term debt
-

672
Other long-term liabilities
1,140

347
Total shareholders' equity
219,472

5,009

    Total liabilities and shareholders' equity $ 223,851
$ 11,833

 

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103633

COMTEX_396990420/2523/2021-11-15T17:10:56

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copyright (c) newsfile corp. 2021. all rights reserved

/zigman2/quotes/208465717/composite
US : U.S.: Nasdaq
$ 0.68
-0.02 -3.33%
Volume: 1.39M
June 27, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$45.31 million
Rev. per Employee
N/A
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