Summary by Moomoo AI
Sphere 3D Corp. reported Q2 2024 financial results with total revenue of $4.7 million, down from $5.5 million in Q2 2023. The decrease was primarily due to the Bitcoin halving event in April 2024 and miner relocation impacts, partially offset by higher Bitcoin prices. The company posted a net income of $2.1 million compared to a net loss of $4.8 million in the prior year period.Operating costs totaled $10.4 million, including $3.9 million in mining costs and $3.0 million in general and administrative expenses. The company recorded an unrealized gain of $7.3 million on investment in equity securities and a $0.7 million loss on disposal of mining equipment. As of June 30, 2024, Sphere 3D owned approximately 13,100 miners with 11,400 in service.The company ended the quarter with $4.3 million in cash and working capital of $13.3 million. Management noted substantial doubt about continuing as a going concern within 12 months without additional funding, citing recurring losses and negative cash flows. Sphere 3D plans to refresh its mining fleet with newer generation machines to improve efficiency and is exploring options to lower mining costs.
