Sphere 3D Q2 revenue up 189% to $5.5M; net loss narrows to $4.8M; raises $3.5M via preferred shares and warrants

Sphere 3D Corp.

2023-Q2 EPS reported -$0.78 revenue$8,492,000

Revenue $5.5M (+189% YoY); mined 178.4 Bitcoin (+381% YoY); hash rate 1.0 EH/s at Q2 end, up from 0.1 EH/s prior year; 1.35 EH/s as of Aug 11.
Net loss attributable to common shares $4.8M ($0.44/sh) vs $40.7M ($4.31) in Q2 2022; operating costs down 41% to $10.2M.
Issued 13,764 Series H Preferred Shares and 1,966,292 warrants at $2.75 exercise price for $3.5M total proceeds to two institutional investors.
Entered amended agreement with Hertford Group for 1,376 Series H shares and 800,000 warrants; repaid $1M LDA Note on Aug 14.

item 1.01 item 2.02 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Sphere 3D Corp. reported second quarter ended June 30, 2023 results: revenue $5.5 million, net income Net loss attributable to common shareholders was $4.8 million, or a net loss of $0.44 per share.

Period: second quarter ended June 30, 2023
Revenue: $5.5 million
Net income: Net loss attributable to common shareholders was $4.8 million, or a net loss of $0.44 per share
Result: reported results

Exact text from the filing

scale, today reported financial results for the second quarter ended June 30, 2023. Q2 2023 Highlights and Recent Developments Revenue increased 189% year-over-year to $5.5 million. Mined 178.4 Bitcoin, representing a 381% increase year-over-year. As of June 30, 2023, the Company held 10.2 Bitcoin with a market value of $0.6 million. As of August 11, 2023,

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sphere 3D Corp. amended Amended and Restated Agreement with Hertford Advisors Ltd. and certain other parties listed in the Hertford Amendment (together, the "Hertford Group") (effective 2023-08-11).

Action: amendment
Agreement: equity purchase
Counterparty: Hertford Advisors Ltd. and certain other parties listed in the Hertford Amendment (together, the "Hertford Group")
Effective: 2023-08-11

Exact text from the filing

the Company entered into an Amended and Restated Agreement (the " Hertford Amendment ") with Hertford Advisors Ltd. and certain other parties listed in the Hertford Amendment (together, the “Hertford Group”), which amends and restates in its entirety the purchase agreement between the Company and Hertford Advisors Ltd. dated July 31, 2021, as modified by the amendment to such agreement dated November 7, 2022 (together, the " Original Hertford Agreement ").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sphere 3D Corp. terminated LDA Agreement with LDA Capital Limited valued at $1,000,000 (effective 2023-08-14).

Action: termination
Agreement: credit facility
Counterparty: LDA Capital Limited
Value: $1,000,000
Effective: 2023-08-14

Exact text from the filing

On August 14, 2023, in accordance with the terms of the LDA Agreement, the Company repaid the full amount of the LDA Note.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sphere 3D Corp. entered into Securities Purchase Agreement with two institutional accredited investors valued at $3,500,000 (effective 2023-08-11).

Action: entry
Agreement: equity purchase
Counterparty: two institutional accredited investors
Value: $3,500,000
Effective: 2023-08-11

Exact text from the filing

Sphere 3D Corp. (the " Company ") entered into a Securities Purchase Agreement (the " Purchase Agreement ") pursuant to which the Company issued to two institutional accredited investors (the " Investors "), a total of 13,764 of the Company's Series H Preferred Shares (the " Series H Shares ") and a total of 1,966,292 Common Share Purchase Warrants (the " Warrants "), each of which entitled the holder to purchase one common share of the Company (the " Warrant Shares "). Per the terms of the Purchase Agreement, the Company will receive $3,500,000.

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Sphere 3D Corp. filing history →

Source: SEC EDGAR

accession 0001062993-23-016441

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