share_log

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

SEC ·  Aug 13, 2024 20:57

Summary by Futu AI

Sphere 3D reported Q2 2024 financial results with revenue of $4.7M, down from $5.5M in Q2 2023. The company recorded a net income of $2.1M ($0.11 per share), compared to a net loss of $4.8M in the prior year, primarily driven by a $7.3M unrealized gain on investment in equity securities from the Core settlement.Bitcoin mining operations produced 70.7 Bitcoin during Q2, a significant decrease from 178.4 Bitcoin in Q2 2023, with mining revenue at $4.7M compared to $5.0M year-over-year. The company maintained a hashrate of 1.2 EH/s and held 7.2 Bitcoin valued at $0.5M as of June 30, 2024.Operating costs remained stable at $10.4M, with depreciation and amortization increasing to $1.8M from $1.4M YoY. The company has begun upgrading its equipment with the first shipment of S21s energized in July, as management continues to pursue strategic opportunities including potential mergers for future growth.
Sphere 3D reported Q2 2024 financial results with revenue of $4.7M, down from $5.5M in Q2 2023. The company recorded a net income of $2.1M ($0.11 per share), compared to a net loss of $4.8M in the prior year, primarily driven by a $7.3M unrealized gain on investment in equity securities from the Core settlement.Bitcoin mining operations produced 70.7 Bitcoin during Q2, a significant decrease from 178.4 Bitcoin in Q2 2023, with mining revenue at $4.7M compared to $5.0M year-over-year. The company maintained a hashrate of 1.2 EH/s and held 7.2 Bitcoin valued at $0.5M as of June 30, 2024.Operating costs remained stable at $10.4M, with depreciation and amortization increasing to $1.8M from $1.4M YoY. The company has begun upgrading its equipment with the first shipment of S21s energized in July, as management continues to pursue strategic opportunities including potential mergers for future growth.

The information provided by Futu AI is automatically generated by third-party artificial intelligence (AI) software based on news content.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.