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Sphere 3D Reports FY22 Financial Results and Operational Updates; FY22 Revenue $6.1M; EPS $(2.91) Vs $(0.58) YoY

Author: Happy Mohamed | March 31, 2023 04:24pm

FISCAL YEAR 2022 FINANCIAL RESULTS

  • The Company generated revenues of $6.1 million in fiscal year 2022 compared to $3.7 million in fiscal year 2021. The $2.4 million increase in net revenue is due to the addition of $3.4 million in revenues from our digital asset mining operation, offset by a decrease of $1.0 million in service and product, primarily due to the sale of our SnapServer product line. The total Bitcoin mined by the Company since the launch of the digital asset mining program through December 31, 2022 was 131.01 Bitcoin. In fiscal year 2022, the Company sold 28 Bitcoin to fund operations. The majority of our miners received in 2022 went online in mid-December 2022. Our 2022 Bitcoin production was impacted by a two-month delay of 4,026 machines that were held in customs pending documentation from the supplier.
  • Operating costs and expenses for fiscal year 2022 totaled $163.7 million, compared to $23.4 million for fiscal year 2021. The increase in operating costs and expenses is primarily attributable to impairments of mining equipment of $75.9 million and intangible assets and provisions for losses of $29.3 million associated with adverse changes in the business climate, including the decline in the price of Bitcoin, two vendor bankruptcy filings, an increase in depreciation and amortization of $22.6 million, an increase of $8.1 million in share-based compensation and $4.5 million in professional services associated with the Company's expansion into the digital asset mining industry.
  • The net loss available to common shareholders in fiscal year 2022 was $192.8 million, or a net loss of $2.91 per share, compared to a net loss available to common shareholders of $17.8 million, or a net loss of $0.58 per share, in fiscal year 2021. The main drivers of the increase in net loss were attributable to the impairments of the mining equipment, provisions for losses on bankrupt hosting facilities and depreciation and amortization.

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