Summary by Moomoo AI
Sphere 3D Corp. reported fiscal year 2024 financial results with total revenue of $16.6 million, down from $21.9 million in 2023. Bitcoin mining revenue decreased to $16.6 million from $19.7 million, primarily due to mining machines being taken offline for relocation and fleet upgrades. The company's net loss narrowed to $9.5 million from $23.3 million in the previous year.The company owned approximately 14,000 miners as of December 31, 2024, with 6,300 in service and a total hashrate capacity of 0.76 EH/s. Sphere 3D is focusing on strategic growth through refreshing its mining fleet with newer-generation machines and developing an 8MW site in Iowa. The company held 14.9 Bitcoin valued at $1.4 million at year-end.Management reported working capital of $13.9 million and cash of $5.4 million at year-end. The company secured additional funding through a $6 million registered offering in November 2024 and established an $8 million at-the-market offering program in January 2025. However, management noted substantial doubt about continuing as a going concern within 12 months without additional funding.
Comment(0)
Reason For Report