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Sphere 3d | 8-K: Current report

SEC announcement ·  Mar 13 17:25
Summary by Moomoo AI
Sphere 3D Corp., a Bitcoin mining company listed on NASDAQ under the symbol ANY, released its financial results for the fiscal year ended December 31, 2023, on March 13, 2024. The company reported a significant increase in revenue, which rose by $15.8 million to $21.9 million, primarily due to its digital mining operations. Sphere 3D mined 667 Bitcoin in 2023, marking a substantial increase from the previous year. The company also achieved an operating hashrate of 1.3 EH/s. Despite these gains, Sphere 3D experienced a net loss of $23.4 million, or $1.93 per share, which was an improvement from the net loss of $192.8 million, or $20.36 per share, in the previous fiscal year. The reduction in net loss was attributed to a decrease in operating costs and expenses, including significant reductions in impairments of...Show More
Sphere 3D Corp., a Bitcoin mining company listed on NASDAQ under the symbol ANY, released its financial results for the fiscal year ended December 31, 2023, on March 13, 2024. The company reported a significant increase in revenue, which rose by $15.8 million to $21.9 million, primarily due to its digital mining operations. Sphere 3D mined 667 Bitcoin in 2023, marking a substantial increase from the previous year. The company also achieved an operating hashrate of 1.3 EH/s. Despite these gains, Sphere 3D experienced a net loss of $23.4 million, or $1.93 per share, which was an improvement from the net loss of $192.8 million, or $20.36 per share, in the previous fiscal year. The reduction in net loss was attributed to a decrease in operating costs and expenses, including significant reductions in impairments of mining equipment and intangible assets. The company also sold its service and product segment, including HVE Inc. and Unified ConneXions, and streamlined operations by paying off all debt and liquidating non-strategic investments. Sphere 3D's CEO, Patricia Trompeter, expressed confidence in achieving positive cash flows on an adjusted EBITDA basis, especially with the recent rise in Bitcoin prices. The company also reported corporate developments, such as the termination of the Master Services Agreement with Gryphon Digital Mining, Inc., and the sale of its service and product segment to a related party, Joseph O'Daniel. Additionally, Sphere 3D entered into a settlement agreement with Core Scientific, Inc., receiving shares as part of Core Scientific's emergence from bankruptcy.

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