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Sphere 3d | 8-K: Sphere 3D Reports First Quarter 2024 Financial Results

SEC announcement ·  May 15 01:05
Summary by Futu AI
Sphere 3D Corp., a Bitcoin mining company listed on NASDAQ under the ticker ANY, released its financial results for the first quarter of fiscal year 2024 on May 13, 2024. The company reported a significant increase in revenue, reaching $6.9 million, which is a 130% rise compared to the $3.0 million in the first quarter of 2023. Bitcoin production also saw an increase, with 144.8 Bitcoin mined in the quarter, up from 110.3 Bitcoin in the same period the previous year. Despite the revenue growth, Sphere 3D experienced a net loss of $4.5 million, or $0.27 per share, which is an improvement from the net loss of $3.5 million, or $0.34 per share, in the first quarter of 2023. The company's CEO, Patricia Trompeter, outlined plans for future growth, including upgrading their mining fleet with newer-generation machines to improve efficiency and profitability. The company ended the quarter with a hashrate of approximately 1.3 EH/s. Sphere 3D's commitment to environmental, social, and governance standards was also emphasized in their announcement.
Sphere 3D Corp., a Bitcoin mining company listed on NASDAQ under the ticker ANY, released its financial results for the first quarter of fiscal year 2024 on May 13, 2024. The company reported a significant increase in revenue, reaching $6.9 million, which is a 130% rise compared to the $3.0 million in the first quarter of 2023. Bitcoin production also saw an increase, with 144.8 Bitcoin mined in the quarter, up from 110.3 Bitcoin in the same period the previous year. Despite the revenue growth, Sphere 3D experienced a net loss of $4.5 million, or $0.27 per share, which is an improvement from the net loss of $3.5 million, or $0.34 per share, in the first quarter of 2023. The company's CEO, Patricia Trompeter, outlined plans for future growth, including upgrading their mining fleet with newer-generation machines to improve efficiency and profitability. The company ended the quarter with a hashrate of approximately 1.3 EH/s. Sphere 3D's commitment to environmental, social, and governance standards was also emphasized in their announcement.
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