Sphere 3D Reports Second Quarter Fiscal Year 2019 Financial Results
14 Agosto 2019 - 8:00AM
Sphere 3D Corp. (NASDAQ: ANY), a company delivering
containerization, virtualization, and data management solutions,
today reported financial results for its second quarter ended June
30, 2019.
“The second quarter revenue was negatively
impacted by our cash constraints and our move to new hardware
suppliers for our HVE line of products. Despite the drop in
revenue, we were able to reduce our net loss, quarter over quarter,
through a reduction in our operating expenses in Q2,” said Peter
Tassiopoulos, chief executive officer of Sphere3D, adding, “For the
first 6 months of 2019, when compared to the same period in 2018,
we were able to reduce our net loss by over 60% and will continue
to look for opportunities to improve operating results.”
On November 13, 2018, the Company closed the
divestiture of its Overland subsidiary and related business. The
financial results of Overland for the second quarter and six months
ended 2018 have been reflected in the Company’s consolidated
statements of operations as discontinued operations. Results below
exclude discontinued operations. Our results for the second quarter
and six months ended June 30, 2019 were as follows:
Second Quarter 2019 Financial
Results:
- Revenue for the second quarter of 2019 was $1.0 million,
compared to $2.7 million for the second quarter 2018.
- Gross margin for the second quarter of 2019 was 25.4%, compared
to 17.5% for the second quarter of 2018.
- Operating expenses for the second quarter of 2019 were $1.8
million, compared to $3.3 million for the second quarter of
2018.
- Share-based compensation expense for the second quarter of 2019
was $0.1 million, compared to $0.4 million for the second quarter
of 2018. Depreciation and amortization was $0.3 million in both the
second quarter of 2019 and 2018.
- Net loss from continuing operations for the second quarter of
2019 was $1.7 million, or a net loss of $0.72 per share, compared
to a net loss from continuing operations of $4.0 million, or a net
loss of $2.36 per share, for the second quarter of 2018.
- Net loss from discontinued operations for the second quarter of
2018 was $2.0 million, or a net loss of $1.16 per share.
Six Months Ended June 30, 2019 Financial
Results:
- Revenue for the first six months of 2019 was $3.1 million,
compared to $5.1 million for the first six months of 2018.
- Gross margin for the first six months of 2019 was 30.4%,
compared to 18.1% for the first six months of 2018.
- Operating expenses for the first six months of 2019 were $4.2
million, compared to $8.2 million for the first six months of
2018.
- Share-based compensation expense for the first six months of
2019 was $0.2 million, compared to $1.3 million for the first six
months of 2018. Depreciation and amortization was $0.5 million in
the first six months of 2019, compared to $1.1 million for the
first six months of 2018.
- Net loss from continuing operations for the first six months of
2019 was $3.5 million, or a net loss of $1.55 per share, compared
to a net loss from continuing operations of $9.2 million, or a net
loss of $6.86 per share, in the first six months of 2018.
- Net loss from discontinued operations for the first six months
of 2018 was $3.7 million, or a net loss of $2.75 per share.
Investor Conference Call:
Sphere 3D will not be hosting a second quarter fiscal year 2019
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+1-858-495-4211Investor.relations@sphere3d-overland.com
SPHERE 3D
CORP. |
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS |
(In thousands, except share and per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
Revenue |
|
$ |
963 |
|
|
$ |
2,698 |
|
|
$ |
3,093 |
|
|
$ |
5,071 |
|
Cost of
revenue |
|
|
718 |
|
|
|
2,225 |
|
|
|
2,153 |
|
|
|
4,155 |
|
Gross
profit |
|
|
245 |
|
|
|
473 |
|
|
|
940 |
|
|
|
916 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
491 |
|
|
|
740 |
|
|
|
944 |
|
|
|
1,521 |
|
|
Research and
development |
|
|
516 |
|
|
|
899 |
|
|
|
1,213 |
|
|
|
2,010 |
|
|
General and
administrative |
|
|
761 |
|
|
|
1,691 |
|
|
|
2,013 |
|
|
|
4,691 |
|
|
|
|
|
1,768 |
|
|
|
3,330 |
|
|
|
4,170 |
|
|
|
8,222 |
|
Loss from
operations |
|
|
(1,523 |
) |
|
|
(2,857 |
) |
|
|
(3,230 |
) |
|
|
(7,306 |
) |
|
Interest expense -
related party |
|
|
(144 |
) |
|
|
(1,212 |
) |
|
|
(286 |
) |
|
|
(1,770 |
) |
|
Interest expense |
|
|
(12 |
) |
|
|
- |
|
|
|
(15 |
) |
|
|
- |
|
|
Other income (expense),
net |
|
|
14 |
|
|
|
41 |
|
|
|
22 |
|
|
|
(85 |
) |
Net loss
from continuing operations |
|
|
(1,665 |
) |
|
|
(4,028 |
) |
|
|
(3,509 |
) |
|
|
(9,161 |
) |
Net loss
from discontinued operations |
|
|
- |
|
|
|
(1,974 |
) |
|
|
- |
|
|
|
(3,664 |
) |
Net
loss |
|
$ |
(1,665 |
) |
|
$ |
(6,002 |
) |
|
$ |
(3,509 |
) |
|
$ |
(12,825 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
|
|
Continuing
operations |
|
$ |
(0.72 |
) |
|
$ |
(2.36 |
) |
|
$ |
(1.55 |
) |
|
$ |
(6.86 |
) |
|
Discontinued
operations |
|
|
- |
|
|
|
(1.16 |
) |
|
|
- |
|
|
|
(2.75 |
) |
|
Net loss per share basic
and diluted. |
|
$ |
(0.72 |
) |
|
$ |
(3.52 |
) |
|
$ |
(1.55 |
) |
|
$ |
(9.61 |
) |
|
|
|
|
|
|
|
|
|
|
Shares used
in computing net loss per share: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
2,300,469 |
|
|
|
1,706,289 |
|
|
|
2,268,706 |
|
|
|
1,335,104 |
|
|
|
|
|
|
|
|
|
|
|
SPHERE 3D
CORP. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
ASSETS |
|
|
|
|
Cash and
cash equivalents |
|
$ |
151 |
|
|
$ |
341 |
|
Accounts
receivable, net |
|
|
500 |
|
|
|
1,142 |
|
Inventories |
|
|
1,170 |
|
|
|
1,230 |
|
Other
current assets |
|
|
703 |
|
|
|
784 |
|
|
Total current
assets |
|
|
2,524 |
|
|
|
3,497 |
|
Investment
in affiliate |
|
|
2,100 |
|
|
|
2,100 |
|
Property and
equipment, net |
|
|
5 |
|
|
|
6 |
|
Intangible
assets, net |
|
|
2,873 |
|
|
|
3,348 |
|
Goodwill |
|
|
1,385 |
|
|
|
1,385 |
|
Other
assets |
|
|
1,025 |
|
|
|
950 |
|
|
Total assets |
|
$ |
9,912 |
|
|
$ |
11,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
DEFICIT |
|
|
|
|
Current
liabilities |
|
$ |
10,493 |
|
|
$ |
9,639 |
|
Series A
redeemable preferred shares |
|
|
6,832 |
|
|
|
6,571 |
|
Other
long-term liabilities |
|
|
1,315 |
|
|
|
683 |
|
Total
shareholders' deficit |
|
|
(8,728 |
) |
|
|
(5,607 |
) |
|
Total liabilities and
shareholders' deficit |
|
$ |
9,912 |
|
|
$ |
11,286 |
|
|
|
|
|
|
|
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