Summary by Moomoo AI
Sphere 3D Corp., a Bitcoin mining company, announced its financial results for the second fiscal quarter ended June 30, 2024, on August 13, 2024. The company reported a net income of $2.1 million, or $0.11 basic earnings per share and $0.10 diluted earnings per share, a significant improvement from a net loss of $4.8 million in the same quarter of the previous year. The positive results were partly due to an unrealized gain of $7.3 million on investment in equity securities. Despite a 50% reduction in block rewards and temporary interruptions from hosting partners, Sphere 3D mined 70.7 Bitcoin during the quarter and ended with a hashrate of 1.2 EH/s. The company's Bitcoin holdings were valued at $0.5 million as of June 30, 2024. Revenue for the quarter was $4.7 million, down from $5.5 million in the second quarter of 2023, while operating costs and expenses were slightly higher at $10.4 million. Sphere 3D's CFO, Kurt Kalbfleisch, highlighted the energizing of the first shipment of S21s in July as an important milestone and reiterated the company's commitment to strategic opportunities, including potential mergers, for sustained growth.
