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Sphere 3D Reports First Quarter Fiscal Year 2021 Financial Results

Toronto, Ontario--(Newsfile Corp. - May 14, 2021) - Sphere 3D Corp. (NASDAQ: ANY) (the "Company" or "Sphere 3D"), a company delivering containerization, virtualization, and data management solutions, today reported financial results for its first quarter ended March 31, 2021.

First Quarter 2021 Financial Results:

Our results for first quarter 2021 were as follows:

  • Revenue for the first quarter of 2021 was $0.9 million, compared to $1.0 million for the first quarter of 2020.

  • Gross margin for the first quarter of 2021 was 45.9%, compared to 45.8% for the first quarter of 2020.

  • Operating expenses for the first quarter of 2021 were $1.7 million, compared to $1.6 million for the first quarter of 2020.

  • Interest expense for the first quarter of 2021 was $509,000, compared to $9,000 for the first quarter of 2020.

  • Other income (expense), net for the first quarter of 2021 was $588,000 of expense, net, compared to $70,000 of income, net, for the first quarter of 2020.

  • Depreciation and amortization was $154,000 for the first quarter of 2021, compared to $247,000 for the first quarter of 2020.

  • Net loss available to common shareholders for the first quarter of 2021 was $2.6 million, or a net loss of $0.27 per share, compared to $1.1 million, or a net loss of $0.28 per share, for the first quarter of 2020.

  • Net loss, before dividends on preferred shares, for the first quarter of 2021 was $2.4 million.

  • Dividends on preferred shares for the first quarter of 2021 was $193,000 compared to nil for the first quarter of 2020.

Investor Conference Call:

Sphere 3D will not be hosting a first quarter fiscal year 2021 earnings conference call.

About Sphere 3D:

Sphere 3D Corp. (NASDAQ: ANY) delivers containerization, virtualization, and data management solutions via hybrid cloud, cloud and on-premise implementations through its global reseller network and professional services organization. Sphere 3D has a portfolio of brands, including HVE ConneXions, UCX ConneXions, and SnapServer® dedicated to helping customers achieve their IT goals. For more information, visit www.sphere3d.com. Follow us on Twitter @Sphere3D and @HVEconneXions.

Safe Harbor Statement:

This press release contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties including, without limitation, our inability to obtain additional debt or equity financing; any increase in our cash needs; the Company's ability to maintain listing with the NASDAQ Capital Market; market adoption and performance of our products; the level of success of our collaborations and business partnerships; possible actions by customers, partners, suppliers, competitors or regulatory authorities; and other risks detailed from time to time in our periodic reports contained in our Annual Information Form and other filings with Canadian securities regulators (www.sedar.com) and in prior periodic reports filed with the United States Securities and Exchange Commission (www.sec.gov). Sphere 3D undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.

Investor Contact:

Kurt Kalbfleisch
+1-858-495-4211
Investor.relations@sphere3d.com

 

SPHERE 3D CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

 

 

        Three Months Ended
        March 31,
        2021     2020
           (Unaudited)    
               
Revenue   $   940   $   1,010
Cost of revenue     509     547
Gross profit     431     463
               
Operating expenses:            
  Sales and marketing     304     304
  Research and development     237     339
  General and administrative     1,165       984
        1,706     1,627
Loss from operations     (1,275)     (1,164)
  Interest expense - related party     (496)     -
  Interest expense     (13)     (9)
  Other (expense) income, net     (588)     70
Net loss     (2,372)     (1,103)
Dividends on preferred shares     193     -
Net loss available to common shareholders   $   (2,565)   $   (1,103)
               
Net loss per share:            
  Basic and diluted   $   (0.27)   $   (0.28)
Shares used in computing net loss per share:            
  Basic and diluted     9,421,717     3,947,657

 

SPHERE 3D CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)
 






 
    March 31,     December 31,  
        2021     2020  
        (Unaudited)     (Unaudited)  
ASSETS              
Cash and cash equivalents    $   493      $   461  
Accounts receivable, net     115     264  
Inventories     531     558  
Other current assets     525     807  
  Total current assets     1,664     2,090  
Note receivable     3,277     3,207  
Investment in affiliate     2,100     2,100  
Intangible assets, net     2,458     2,608  
Goodwill     1,385     1,385  
Other assets     400     443  
  Total assets    $   11,284   $   11,833  
                 
                 
LIABILITIES AND SHAREHOLDERS' EQUITY              
Current liabilities    $   5,457   $ $ 5,805  
Long-term debt     1,122     672  
Other long-term liabilities     261     347  
Total shareholders' equity     4,444     5,009  
  Total liabilities and shareholders' equity    $   11,284   $ 11,833  

 

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