Sphere 3D reports Q2 net income of $2.1M on $7.3M unrealized gain; Bitcoin mined down 60% YoY

Sphere 3D Corp.

2024-Q2 EPS reported -$0.13 revenue$11,612,000

Mined 70.7 Bitcoin vs 178.4 in Q2 2023; revenue fell to $4.7M from $5.5M.
Net income of $2.1M ($0.11 diluted EPS) vs net loss of $4.8M ($0.44 loss) YoY, driven by $7.3M unrealized gain on Core settlement equity.
Operating costs $10.4M, with depreciation up to $1.8M; hosted hashrate 1.2 EH/s at quarter end.
First shipment of S21 miners energized in July as part of fleet upgrade; CFO cites challenges from halving and hosting interruptions.
Bitcoin holdings of 7.2 BTC valued at $0.5M as of June 30, 2024.

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