Workflow
Sphere 3D Reports Fiscal Year 2024 Financial Results and Operational Updates
ANYSphere 3D(ANY) Newsfile·2025-03-28 20:05

Core Insights - Sphere 3D Corp. reported a transition year in 2024, focusing on reducing costs and moving towards vertical integration in Bitcoin mining operations [2] - The company generated revenues of 16.6millioninfiscalyear2024,adecreasefrom16.6 million in fiscal year 2024, a decrease from 21.9 million in 2023, attributed to the removal of older mining equipment and the sale of its former Service and Product segment [5][10] - The company replaced approximately 25% of its S19j Pro miners with newer generation miners, resulting in significant increases in hashrate [6] Financial Performance - Revenues for fiscal year 2024 were 16.6million,downfrom16.6 million, down from 21.9 million in 2023, with Bitcoin mining revenue specifically decreasing from 19.7millionto19.7 million to 16.6 million [5][10] - Operating costs decreased to 38.0millionin2024from38.0 million in 2024 from 51.9 million in 2023, leading to a reduced net loss of 9.5million,or9.5 million, or 0.48 per share, compared to a net loss of 23.4million,or23.4 million, or 1.93 per share, in the previous year [11][12] - The company had a self-mined Bitcoin balance of 14.9 Bitcoin with a carrying value of approximately 1.4millionasofDecember31,2024[4]OperationalDevelopments−Thecompanyenteredintoasecuritiespurchaseagreementfortheissuanceof4,225,353commonsharesat1.4 million as of December 31, 2024 [4] Operational Developments - The company entered into a securities purchase agreement for the issuance of 4,225,353 common shares at 1.42 per share, along with warrants for the same number of shares at an exercise price of 1.50[6]−AsignificantoperationalmilestonewasachievedwiththelaunchofanewminingsiteinIowainMarch2025,markingashifttowardsverticalintegration[6][11]−TheBitcoinhalvingeventinApril2024reducedtheblocksubsidyfrom6.25to3.125Bitcoinperblock,impactingtheoverallmininglandscape[6]BalanceSheetOverview−AsofDecember31,2024,totalassetswere1.50 [6] - A significant operational milestone was achieved with the launch of a new mining site in Iowa in March 2025, marking a shift towards vertical integration [6][11] - The Bitcoin halving event in April 2024 reduced the block subsidy from 6.25 to 3.125 Bitcoin per block, impacting the overall mining landscape [6] Balance Sheet Overview - As of December 31, 2024, total assets were 43.2 million, a decrease from 45.7millionin2023,withcashandcashequivalentsincreasingto45.7 million in 2023, with cash and cash equivalents increasing to 5.4 million from 586,000[13][14]−Totalliabilitiesdecreasedto586,000 [13][14] - Total liabilities decreased to 3.9 million from 5.3million,whiletotalshareholders′equityincreasedto5.3 million, while total shareholders' equity increased to 39.3 million from $26.5 million [14]