UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
CURRENT REPORT
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Item 7.01. Regulation FD Disclosure.
On September 11, 2023, Sphere 3D Corp. issued a press release providing Bitcoin production and mining updates for August 2023. The information contained in the press release is incorporated herein by reference and furnished as Exhibit 99.1.
The information set forth under Item 7.01 of this Current Report on Form 8-K (this "Current Report"), including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in Item 7.01 of this Current Report, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing, except as expressly set forth by specific reference in such a filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| 99.1 | Press release dated September 11, 2023 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: September 11, 2023
SPHERE 3D CORP.
By: /s/ Patricia Trompeter
Patricia Trompeter
Chief Executive Officer
Exhibit 99.1
Sphere 3D Corp. Provides August 2023 Production and Operation Updates
Toronto, Ontario--(Newsfile Corp. - September 11, 2023) - Sphere 3D Corp. (NASDAQ: ANY) ("Sphere 3D" or the "Company"), dedicated to becoming the leading carbon-neutral Bitcoin mining company operating at an industrial scale, provides results of its Bitcoin mining operation for August 2023.
Key Highlights:
- 58.3 Bitcoin mined in August, down 2.5% from July and up 359% YoY.
- Month-end operating hash rate was 1.3 EH/s, up 18% from July and 13x YoY.
- Operations achieved 74.1 BTC/EH efficiency.
- Uptime was 66%, down from July due to a significant increase in curtailments over the month as a result of record high temperatures at our hosting partner sites.
| Metrics | August 2022 | July 2023 | August 2023 |
| Bitcoin Mined | 12.7 | 59.8 | 58.3 |
| Bitcoin Sold | 0.0 | 70.1 | 65.7 |
| Mining Revenue* | $0.3 million | $1.8 million | $1.6 million |
| Bitcoin Holdings | 74.8 | 10.2 | 2.8 |
| Deployed Miners | ~1,000 | ~10,240 | ~12,450 |
| Month End Deployed Hash Rate (EH/s) | 100 PH/s | 1.1 EH/s | 1.3 EH/s |
*Unaudited
CEO Comments
"We energized an additional 2,210 miners during August, bringing our deployed hash rate to 1.3 EH/s," said Patricia Trompeter, CEO of Sphere 3D Corp. "Bitcoin mined were 58.3, representing a 359% increase year-over-year and 3% decrease from July. The lower production from July was due to continued curtailments related to record high temperatures at our Texas and Missouri hosting sites."
Core Scientific Update
As previously disclosed by the Company, on October 31, 2022, the Company filed an arbitration request against Core Scientific asserting various claims, including breach of contract and conversion. In December 2022, Core Scientific and certain of its affiliates (collectively, "Core") filed for Chapter 11 bankruptcy. In connection with the bankruptcy proceeding, Sphere has filed proofs of claims against Core. On May 9, 2023, Core filed objections to Sphere's proof of claims.
On June 9, 2023, Core filed a motion for summary judgment seeking the summary dismissal of Sphere's claims. On August 7, 2023, the bankruptcy court held a hearing on the motion for summary judgment. On August 9, 2023, the court entered an order denying the motion for summary judgment.
The bankruptcy court subsequently entered a scheduling order that calls for a merits hearing in the first quarter of 2024. Sphere 3d Corp. intends to continue to vigorously prosecute the matter.
About Sphere 3D
Sphere 3D Corp. (NASDAQ: ANY) is a net carbon-neutral cryptocurrency miner with decades of proven enterprise data-services expertise. The Company is growing its industrial-scale mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with best- in-class data center operators. Sphere 3D is dedicated to growing shareholder value while honoring its commitment to strict environmental, social, and governance standards. For more information about the Company, please visit Sphere3D.com.
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. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "experts," "plans," "anticipates," "could," "intends," "target," "project," "contemplates," "believes," "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 the 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 SEC, including Sphere 3D's reports filed on Form 10-K and Form 8-K and in other filings made by Sphere 3D with the SEC from time to time and available at www.sec.gov. These forward- looking statements are based on current expectations, which are subject to change.
Sphere 3D Contacts
Kurt Kalbfleisch CFO, Sphere 3D
Investor.relations@sphere3d.com
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/180155