Sphere 3D, a company specializing in Bitcoin mining, reported a decrease in revenue from $5.7 million in Q3 2023 to $2.4 million in Q3 2024, primarily due to a hosting provider taking 22% of their mining machines offline for relocation. The company's operating expenses also saw a decrease, with cost of revenue dropping from $4.5 million to $2.7 million in the same period, attributed to lower hosting fees and the transition to newer mining equipment. General and administrative expenses slightly decreased from $3.4 million to $3.0 million. The company's depreciation and amortization expenses fell from $2.0 million to $1.7 million. Sphere 3D has sold its Service and Product segment, leaving Bitcoin Mining as its sole operating segment. The company has faced litigation, including a suit filed against Gryphon for breach of contract and...Show More

Sphere 3D, a company specializing in Bitcoin mining, reported a decrease in revenue from $5.7 million in Q3 2023 to $2.4 million in Q3 2024, primarily due to a hosting provider taking 22% of their mining machines offline for relocation. The company's operating expenses also saw a decrease, with cost of revenue dropping from $4.5 million to $2.7 million in the same period, attributed to lower hosting fees and the transition to newer mining equipment. General and administrative expenses slightly decreased from $3.4 million to $3.0 million. The company's depreciation and amortization expenses fell from $2.0 million to $1.7 million. Sphere 3D has sold its Service and Product segment, leaving Bitcoin Mining as its sole operating segment. The company has faced litigation, including a suit filed against Gryphon for breach of contract and fiduciary duties, with subsequent counterclaims by Gryphon. Sphere 3D disputes the allegations and intends to defend itself vigorously. The company's future plans include refreshing its mining fleet with newer-generation machines to improve efficiency and profitability, and expanding its hash rate with the deployment of additional high-efficiency miners. Sphere 3D also plans to phase out high-cost hosting contracts and reduce overall mining costs to improve its financial position.