Sphere 3D Corp Stock Price, News & Analysis

Sphere 3D Corp. (Nasdaq: ANY) reported Q1 FY 2022 financial results, with revenue of $1.4 million, up from $0.9 million in Q1 2021. Operating expenses soared to $16.5 million, leading to a net loss of $14.6 million or $0.23 per share. The company produced 18.15 Bitcoin in its first mining quarter. CEO Patti Trompeter emphasized the commitment to becoming a carbon-neutral Bitcoin mining leader. Notably, the company terminated its merger with Gryphon to avoid shareholder dilution and is still awaiting key mining units from NuMiner.

Sphere 3D Corp. (Nasdaq: ANY) announced plans to release its Q1 2022 financial results on May 16, 2022, after market close. The earnings report will include key updates such as first-quarter financial results, CEO comments, Bitcoin production and holdings, miner delivery updates, and insights regarding a merger termination. The company aims to provide a monthly Bitcoin production and holdings update, starting with the Q1 results announcement. Sphere 3D continues to focus on becoming a carbon-neutral Bitcoin mining leader with significant mining equipment deliveries planned for 2022.

Sphere 3D Corp. (NASDAQ: ANY) is exploring debt financing options to support its growth ambitions and enhance shareholder value. The company aims to finance the purchase of additional S19j Pro bitcoin miners and expand its mining operations. Sphere 3D currently operates 1,000 miners, with plans to add 59,000 more by the end of 2022. CEO Patricia Trompeter emphasized the need for capital to achieve growth objectives. Jefferies LLC is advising the company, but there is no assurance that a financing agreement will be concluded.

Sphere 3D Corp. (Nasdaq: ANY) has signed the Crypto Climate Accord (CCA) and will purchase 1 million carbon offset credits over the next 14 months, underscoring its commitment to net-carbon-neutral bitcoin mining operations. The company, which aims to operate a fleet of 60,000 S19j Pro miners by year-end 2022, has maintained a 100% carbon-neutral status since initiating its mining activities. CEO Patricia Trompeter highlighted the significance of these initiatives in reducing carbon emissions within the cryptocurrency sector.

Sphere 3D Corp. (NASDAQ: ANY) has appointed Patricia Trompeter as its new CEO, effective April 5, 2022, marking her as the first minority female CEO in the public cryptocurrency mining sector. Trompeter aims to expand the company's carbon-neutral bitcoin mining operations, targeting a capacity of 6.0 EH/s with significant equipment deliveries planned. The company will increase its Board of Directors to five members and establish an executive advisory board for strategic guidance. Compensation for Trompeter and the Board will heavily utilize bitcoin, reflecting the company's commitment to the cryptocurrency space.

Sphere 3D Corp. has mutually agreed to terminate its merger agreement with Gryphon Digital Mining, originally announced on June 3, 2021, due to changing market conditions. The two companies will continue their collaboration via a Master Services Agreement, allowing Sphere 3D to leverage Gryphon’s bitcoin mining expertise. Sphere 3D has 1,000 miners operational and expects delivery of 4,000 more in 2022, becoming a net carbon-neutral bitcoin miner. Gryphon also expands its operations, aiming for a total hashrate of approximately 2.1 exahash by year-end 2022.

Sphere 3D Corp. (NASDAQ: ANY) received a deficiency notice from Nasdaq due to non-compliance with Rule 5605(c)(2)(A), which mandates audit committee independence. The issue arose from a discretionary bonus payment to Audit Committee member Patricia Trompeter, who resigned from the committee on March 7, 2022, but remains on the Board. The notice does not affect the company's Nasdaq listing or operations. Sphere 3D is preparing a compliance plan, including appointing a new audit committee member.

Sphere 3D Corp. (NASDAQ: ANY) has announced a significant agreement to acquire 60,000 next-generation NM440 bitcoin miners, enhancing its position as a carbon-neutral bitcoin mining leader. The deal, worth up to $1.7 billion, includes $400 million in stock, $29 million in cash, and potential milestone payments. The NM440 miners offer a hash rate of 440 TH/s, with deployment expected to increase capacity by 440% over 13 months. The acquisition will enable Sphere 3D to achieve a total hash rate of 32.4 EH/s, representing approximately 14% of the current global network hash rate.

NuMiner Technologies has launched the NM440 bitcoin miner, which boasts a hash rate of 440 TH/s and a power efficiency ratio of 20.2 J/TH, establishing a new standard in the industry. The company entered a $1.7 billion sale agreement with Sphere 3D for 60,000 NM440 miners, expected to represent ~15% of the global network hash rate. Deliveries are set to begin in the second quarter of 2022. This agreement emphasizes both companies' commitment to sustainable and renewable energy usage in cryptocurrency mining.