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 [email protected]
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
SOURCE Sphere 3D Corporation