Sphere 3D Corp. Q2 2024 10-Q Filed

TL;DR

Sphere 3D's Q2 2024 10-Q is in: check financials for Bitcoin mining & services segments.

AI Summary

Sphere 3D Corp. filed its Q2 2024 10-Q report on August 13, 2024, covering the period ending June 30, 2024. The company operates in the finance services sector, with a focus on Bitcoin mining and related services. The filing details financial performance and operational segments for the first six months of 2024 and the comparable period in 2023.

Why It Matters

This filing provides investors with an update on Sphere 3D's financial health and operational progress in the cryptocurrency and digital asset space, crucial for understanding its current market position.

Risk Assessment

Risk Level: medium — The company's involvement in cryptocurrency mining and services introduces volatility and regulatory risks inherent to the digital asset market.

Key Numbers

• Q2 2024 — Reporting Period (Covers the second quarter of 2024)
• June 30, 2024 — Period End Date (The end date for the financial data presented)
• August 13, 2024 — Filing Date (The date the 10-Q was officially submitted to the SEC)

Key Players & Entities

• Sphere 3D Corp. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240813 (date) — Date the report was filed
• Bitcoin Mining (business_segment) — Key operational segment
• Finance Services (industry) — Company's SIC code classification

FAQ

Filing Documents

• any-20240630.htm (10-Q) — 1055KB
• exhibit31163024.htm (EX-31.1) — 16KB
• exhibit31263024.htm (EX-31.2) — 16KB
• exhibit32163024.htm (EX-32.1) — 5KB
• exhibit3226302024.htm (EX-32.2) — 5KB
• 0001591956-24-000015.txt ( ) — 6358KB
• any-20240630.xsd (EX-101.SCH) — 52KB
• any-20240630_cal.xml (EX-101.CAL) — 55KB
• any-20240630_def.xml (EX-101.DEF) — 247KB
• any-20240630_lab.xml (EX-101.LAB) — 551KB
• any-20240630_pre.xml (EX-101.PRE) — 411KB
• any-20240630_htm.xml (XML) — 837KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements: Page Condensed Consolidated Balance Sheets (unaudited) - June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations (unaudited) - Three and Six Months Ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Shareholders' Equity (unaudited)- Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (unaudited) - Six Months Ended June 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 33

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 40

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 40

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 41 Signature 43

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Sphere 3D Corp. Condensed Consolidated Balance Sheets (in thousands of U.S. dollars, except shares) (unaudited) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 4,263 $ 586 Digital assets 450 986 Investment in equity securities 9,542 — Other current assets 3,018 11,938 Total current assets 17,273 13,510 Property and equipment, net 19,535 24,166 Intangible assets, net 3,838 4,581 Other non-current assets 3,380 3,406 Total assets $ 44,026 $ 45,663 Liabilities, Temporary Equity and Shareholders' Equity Current liabilities: Accounts payable $ 926 $ 2,374 Accrued liabilities 1,600 1,179 Accrued payroll and employee compensation 1,365 1,482 Warrant liabilities 44 205 Other current liabilities — 106 Total current liabilities 3,935 5,346 Commitments and contingencies (Note 12) Temporary equity: Series H preferred shares, no par value, unlimited shares authorized, 15,208 and 43,515 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 6,656 13,794 Shareholders' equity: Common shares, no par value; unlimited shares authorized, 20,334,921 and 15,373,616 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 484,953 475,702 Accumulated other comprehensive loss ( 1,814 ) ( 1,808 ) Accumulated deficit ( 449,704 ) ( 447,371 ) Total shareholders' equity 33,435 26,523 Total liabilities, temporary equity, and shareholders' equity $ 44,026 $ 45,663 See accompanying notes to condensed consolidated financial statements. 1 Sphere 3D Corp. Condensed Consolidated Statements of Operations (in thousands of U.S. dollars, except share and per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Bitcoin mining revenue $ 4,666 $ 4,966 $ 11,612 $ 7,490 Service and product revenue — 500 — 1,002 Total revenues 4,666 5,466 11,612 8,492 Operating costs and expe

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View this 10-Q filing on SEC EDGAR