Sphere 3D Corp Stock Price, News & Analysis

Sphere 3D (NASDAQ: ANY) reported its fiscal year 2024 financial results, marking a year of transition following the Bitcoin halving. The company generated revenues of $16.6 million in 2024, down from $21.9 million in 2023, while reducing operating costs to $38.0 million from $51.9 million. Net loss decreased to $9.5 million ($0.48 per share) from $23.4 million in 2023.

Key developments include:

• Replacement of 25% of S19j Pro miners with newer S19 XPs and S21 Bitmain miners, increasing hashrate by 40-100%
• Registered direct offering of 4.2M common shares at $1.42 per share
• Partnership with Simple Mining for Iowa mining site development
• Settlement agreements with Core Scientific and Gryphon Digital Mining
• As of December 31, 2024, held 14.9 Bitcoin valued at approximately $1.4 million

Sphere 3D Corp (NASDAQ: ANY) has announced the launch of its first self-owned Bitcoin mining facility in Iowa, marking a strategic shift from hosted and third-party operations to full infrastructure ownership and control. The new vertically integrated model enables the company to:

- Direct management of power procurement with energy costs below $4 per MWh
- Enhanced operational efficiency and cost structure control
- Improved profit margins through infrastructure ownership
- Greater flexibility in energy strategy

Acting CEO Kurt Kalbfleisch emphasized this launch as a pivotal moment for the company, highlighting how vertical integration strengthens their position in the competitive Bitcoin mining landscape. The Iowa facility represents the first phase of Sphere 3D's expansion plans for its vertically integrated model.

Sphere 3D Corp. (NASDAQ: ANY) has announced the passing of CEO Patricia Trompeter after a battle with cancer. Trompeter, who joined as Director in 2021 and became CEO in 2022, had previously taken a leave of absence on January 31, 2025.

During her tenure, she successfully navigated the company through her first Bitcoin bear market. Before joining Sphere 3D, she spent nearly two decades at General Electric, focusing on strategic mergers and acquisitions. In 2023, she was recognized on Forbes' 50 Over 50 list.

The company confirms that CFO Kurt Kalbfleisch, who was appointed as interim CEO during Trompeter's leave of absence, will continue to lead the company with a focus on strategic partnerships and acquisitions.

Sphere 3D Corp. (NASDAQ: ANY) announced that President and CEO Patricia Trompeter will take a temporary medical leave of absence for approximately four months to address an existing health condition. During this period, she will remain on the Board of Directors and continue participating in key strategic decisions.

Chief Financial Officer Kurt Kalbfleisch, who has served as Senior VP, CFO, and Secretary since December 2014, will assume the role of acting CEO, overseeing daily operations and maintaining business continuity. The Board of Directors has expressed full confidence in the management team's ability to execute strategic initiatives during this transition period.

Sphere 3D Corp (NASDAQ: ANY) has announced a $6 million financing through a registered direct offering and concurrent private placement. The company will issue 4,225,353 common shares at $1.42 per share to a single institutional investor, along with warrants to purchase an additional 4,225,353 shares at $1.50 per share. The warrants will be exercisable after six months and expire in 5.5 years. The proceeds will be used to improve mining efficiency, upgrade the mining fleet, integrate infrastructure, and for general corporate purposes. Additionally, existing warrants for 142,857 shares will be amended, reducing the exercise price from $66.50 to $1.50 per share.

Sphere 3D Corp (NASDAQ: ANY) reported mining 11.7 Bitcoin in October 2024, with a month-end deployed hash rate of 0.8 EH/s. The company achieved mining revenue of $0.8 million, selling 12.0 Bitcoin while maintaining 1.0 Bitcoin holdings. Development began on a new 12.5 MW site with a sub $0.04 power contract. The company deployed 875 of 1,000 planned Bitmain S21 machines and received 1,000 Bitmain S19 XPs. The strategic focus includes fleet upgrades, transitioning to lower-cost facilities, and potential growth through acquisitions. Production is expected to rebound in late December/early January as machines are redeployed to lower-cost facilities.

Sphere 3D Corp (NASDAQ: ANY) reported its Q3 2024 financial results, showing mixed performance. The company mined 38.7 Bitcoin during the quarter, down from 181.7 Bitcoin in Q3 2023. Mining revenue decreased to $2.4 million from $5.1 million year-over-year. However, other income increased to $5.8 million, including $3.0 million from a hosting contract buyout. Operating costs decreased to $7.5 million from $12.1 million. The company reported a net income of $0.1 million ($0.01 per basic share), compared to a net loss of $6.3 million in Q3 2023. Sphere 3D maintained 0.7 EH/s hashrate and held 1.3 Bitcoin valued at approximately $0.08 million as of September 30, 2024.

Sphere 3D Corp. (NASDAQ: ANY) provides an operational update for September 2024 and a strategic outlook. Key highlights include:

• 9.2 Bitcoin mined in September 2024
• Month-end deployed hash rate of 0.7 EH/s
• Development of a new 12.5 MW hosting site with sub $0.04 power contract

The company is transitioning to lower-cost hosting sites, which led to a decrease in mining production. A hosting provider buyout strengthened the balance sheet. Sphere 3D is adding higher-efficiency machines, including 1,000 Bitmain S21 units scheduled for Q4 2024 and Q1 2025. The new Iowa hosting site will begin energizing over 3,000 miners in December 2024. The company is deploying 875 of 1000 Q4 Bitmain Antminer S21s and has acquired 1,500 XP miners, adding 0.21 EH/s to the overall hash rate.

Sphere 3D Corp. (NASDAQ: ANY), a Bitcoin mining company, has provided a strategic and operational update for August 2024. Key highlights include:

• The arrival of the second batch of Antminer S21 fleet upgrades
• 12.7 Bitcoin mined in August 2024
• Month-end deployed hash rate of 1.0 EH/s

The company is developing a 12.5 MW site in Iowa with sub ~4 cent energy, targeting completion in early December 2024. Sphere 3D is progressing with its fleet refresh, now having over 800 Bitmain S21s and S21 Pros online or ordered, totaling .2 EH/s. The company anticipates a temporary drop in bitcoin mined next month due to exiting the Granbury site. CEO Patricia Trompeter stated that while there will be a temporary drop in exahash and bitcoin mined, the company believes controlling electricity costs and upgrading the fleet will position them well for profitability in the first half of 2025.