Sphere 3D Reports First Quarter Fiscal Year 2021 Financial Results
- Written by Newsfile
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[1]) and in prior periodic reports filed with the United States Securities and Exchange Commission (www.sec.gov[2]). 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+1-858-495-4211Investor.relations@sphere3d.com[3]
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 | ||
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84131[4]
References
- ^ www.sedar.com (www.newsfilecorp.com)
- ^ www.sec.gov (www.newsfilecorp.com)
- ^ Investor.relations@sphere3d.com (www.newsfilecorp.com)
- ^ https://www.newsfilecorp.com/release/84131 (www.newsfilecorp.com)
