First Quarter FY 2022 Financial Results:
-
Revenue was
$1.4 million , compared to$0.9 million for the first quarter of 2021. -
Operating costs and expenses for the quarter were
$16.5 million , compared to$2.2 million for the first quarter of 2021. -
Interest expense was nil, compared to
$0.5 million for the first quarter of 2021. -
Other income (expenses) net for the period totaled
$0.5 million , net, compared to ($0.5 million ) of other expenses, net, for the first quarter of 2021. -
Digital mining revenue was
$0.7 million . - Bitcoin production during the first quarter of 2022 was 18.15 coins. This is the first quarter the Company has produced Bitcoin.
-
Depreciation and amortization was
$6.4 million , compared to$0.2 million for the first quarter of 2021. -
Net loss from operations was
$14.6 million , or a net loss of$0.23 per share, compared to a net loss from operations of$2.6 million , or a net loss of$0.27 per share, for the first quarter of 2021.
CEO Comments
"I am very excited about our future and remain committed to becoming a leading
"Being named CEO of
"Our mining operation continues to grow and produce as expected. We are excited to be on track as we look to expand our fleet of S19j Pros by the end of 2022," added
"During the quarter we announced the termination of the Gryphon merger. It is our belief that terminating the merger was in the best our shareholders, as the transaction was expected to cause significant dilution, and is also in the best interest of our long-term growth opportunities.
"Looking forward, our mining fleet will expand consistent with the amended delivery schedule below, and our production capacity will increase accordingly. We are working with
First Quarter FY 2022 Operational Updates Results:
Management and Board of Director Changes
Bitcoin Production and Holdings Update
New Auditor Appointment
The Company appointed
The Board would like to thank
BTC Antminer S19j Pro miners Delivery Schedule
As previously disclosed,
|
Receipt date |
Miners Delivered |
Total PH/s Installed |
|
Received and operational |
~1,000 |
100 |
|
|
2,000 |
300 |
|
|
2,000 |
500 |
|
|
2,000 |
700 |
|
|
5,000 |
1,200 |
|
|
12,000 |
2,400 |
|
|
12,000 |
3,600 |
|
|
12,000 |
4,800 |
|
|
12,000 |
6,000 |
|
Total |
60,000 |
6,000 |
Merger termination insights
On
NM440 miner purchase update
In
About
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events, including the timing of the proposed transaction and other information related to the proposed transaction. In some cases, you can identify forward-looking statements because they contain words such as "may,” "will,” "should,” "expects,” "plans,” "anticipates,” "could,” "intends,” "target,” "projects,” "contemplates,” "believes,” "estimates,” "predicts,” "potential" or "continue" or the negative of these words or other similar terms or expressions. Expectations and beliefs regarding matters discussed herein may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described in filings with the
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
| (In thousands of |
|||||||||
| Three Months Ended | |||||||||
|
|
2022 |
|
|
2021 |
|
||||
| Revenues: | (Unaudited) | ||||||||
| Digital mining revenue |
$ |
747 |
|
$ |
- |
|
|||
| Service and product revenue |
|
625 |
|
|
940 |
|
|||
| Total revenues |
|
1,372 |
|
|
940 |
|
|||
| Operating costs and expenses: | |||||||||
| Cost of digital mining revenue |
|
474 |
|
|
- |
|
|||
| Cost of service and product revenue |
|
359 |
|
|
509 |
|
|||
| Sales and marketing |
|
231 |
|
|
304 |
|
|||
| Research and development |
|
114 |
|
|
237 |
|
|||
| General and administrative |
|
15,214 |
|
|
1,165 |
|
|||
| Impairment of digital assets |
|
91 |
|
|
- |
|
|||
| Total operating expenses |
|
16,483 |
|
|
2,215 |
|
|||
| Loss from operations |
|
(15,111 |
) |
|
(1,275 |
) |
|||
| Other income (expense): | |||||||||
| Interest expense |
|
- |
|
|
(509 |
) |
|||
| Interest and other income (expense), net |
|
464 |
|
|
(588 |
) |
|||
| Net loss |
|
(14,647 |
) |
|
(2,372 |
) |
|||
| Dividends on preferred shares |
|
- |
|
|
193 |
|
|||
| Net loss available to common shareholders |
$ |
(14,647 |
) |
$ |
(2,565 |
) |
|||
| Net loss per share: | |||||||||
| Basic and diluted |
$ |
(0.23 |
) |
$ |
(0.27 |
) |
|||
| Shares used in computing net loss per share: | |||||||||
| Basic and diluted |
|
63,841,403 |
|
|
9,421,717 |
|
|||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (In thousands of |
|||||||
|
2022 |
2021 |
||||||
| (Unaudited) | (Unaudited) | ||||||
| ASSETS | |||||||
| Cash and cash equivalents |
$ |
25,659 |
$ |
54,355 |
|||
| Accounts receivable, net |
|
205 |
|
181 |
|||
| Notes receivable |
|
3,439 |
|
1,859 |
|||
| Other current assets |
|
32,849 |
|
22,027 |
|||
| Total current assets |
|
62,152 |
|
78,422 |
|||
| Notes receivable |
|
13,617 |
|
11,988 |
|||
| Investments |
|
19,949 |
|
19,949 |
|||
| Mining equipment, net |
|
4,268 |
|
- |
|||
| Intangible assets, net |
|
56,771 |
|
63,017 |
|||
| Other assets |
|
108,078 |
|
102,548 |
|||
| Total assets |
$ |
264,835 |
$ |
275,924 |
|||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Current liabilities |
$ |
6,658 |
$ |
5,208 |
|||
| Other long-term liabilities |
|
1,115 |
|
1,090 |
|||
| Total shareholders' equity |
|
257,062 |
|
269,626 |
|||
| Total liabilities and shareholders' equity |
$ |
264,835 |
$ |
275,924 |
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220516006046/en/
Sphere 3D IR and Media
Sphere3d@nmnadvisors.com
Kurt.kalfleisch@sphere3d.com
Source:
