Sphere 3D Corp. (ANY), a prominent Bitcoin mining company operating at an industrial scale, has unveiled its financial results for the first quarter of fiscal year 2024, concluding on March 31, 2024.
First Quarter Highlights and Recent Developments
Revenue surged to $6.9 million during the quarter ended March 31, 2024.
Sphere 3D successfully mined 144.8 Bitcoin within the same period.
The company concluded the quarter with a robust 1.3 EH/s.
CEO Commentary
Patricia Trompeter, CEO of Sphere 3D, expressed optimism about the company’s trajectory, stating, “As we move past the first quarter of 2024 and the bitcoin halving, we are proactively strategizing for Sphere 3D’s future growth. During 2024, we intend to refresh a significant portion of our fleet with newer-gen machines to bolster our efficiency.”
Trompeter elaborated on the strategy, highlighting the anticipated benefits of newer, more efficient machines, which typically consume less power and yield higher Bitcoin production. She outlined plans to commence the process of replacing older machines during the second quarter, with a phased approach expected throughout the remainder of the year.
Hashrate Update
As of March 31, 2024, Sphere 3D boasted approximately 1.3 EH/s in its mining arsenal.
First Quarter FY 2024 Financial Results
Bitcoin production for the first quarter of 2024 totaled 144.8 Bitcoin, marking a significant increase from 110.3 Bitcoin recorded in the first quarter of 2023.
Revenue surged by 130% to $6.9 million compared to $3.0 million in the first quarter of 2023.
Operating costs and expenses for the quarter amounted to $8.8 million, compared to $6.8 million in the first quarter of 2023.
Digital mining revenue saw a remarkable uptick of 175% to $6.9 million, compared to $2.5 million in the first quarter of 2023.
Depreciation and amortization stood at $1.8 million, up from $1.0 million in the first quarter of 2023.
Net loss from operations decreased to $1.9 million for the first quarter of 2024, down from $3.7 million in the first quarter of 2023.
Overall net loss amounted to $4.5 million, translating to a net loss of $0.27 per share, compared to a net loss of $3.5 million, or a net loss of $0.34 per share, in the first quarter of 2023.
An unrealized loss of $2.7 million was recognized during the first quarter of 2024 on investment in equity securities acquired through the Core settlement.
About Sphere 3D
Sphere 3D Corp. (ANY) is dedicated to expanding its industrial-scale Bitcoin mining operation by strategically acquiring next-generation mining equipment and partnering with top-tier data center operators. The company remains committed to enhancing shareholder value while upholding strict environmental, social, and governance standards.
