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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sphere 3D Corporation | NASDAQ:ANY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0278 | -3.00% | 0.90 | 0.9278 | 0.97 | 7,045 | 09:35:22 |
“2018 was a year of transition with a number of challenges that needed to be overcome in order to complete the divestiture of Overland-Tandberg and restructuring of our credit facilities,” said Peter Tassiopoulos, chief executive officer of Sphere3D. “The impact of our focusing on the restructuring, coupled with our limited financial resources, negatively impacted the Company’s performance. With that behind us, we can now focus on seeking to create shareholder value.”
Fiscal Year Financial Results:
On November 13, 2018, the Company closed the divestiture of its Overland subsidiary and related business. Beginning in the fourth quarter of 2018, the financial results of Overland for fiscal years 2018 and 2017 have been reflected in the Company’s consolidated statements of operations as discontinued operations. All results below exclude discontinued operations. Our results for fiscal year 2018 were as follows:
Grant of Inducement Award:
In March 2019, the Company’s Board of Directors granted 100,000 inducement restricted stock units to Stoney Hall, who has joined the sales and marketing team of the Company. This grant vests over an 18-month vesting period. These RSUs were granted as an inducement material to employment in accordance with NASDAQ Listing Rule 5635 (c)(4).
Investor Conference Call: Sphere 3D will not be hosting a fiscal year 2018 earnings conference call.
About Sphere 3DSphere 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 per share data) | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
2018 | 2017 | ||||||||
(Unaudited) | |||||||||
Net revenue | $ | 9,030 | $ | 12,599 | |||||
Cost of revenue | 7,351 | 9,454 | |||||||
Gross profit | 1,679 | 3,145 | |||||||
Operating expenses: | |||||||||
Sales and marketing | 3,375 | 3,402 | |||||||
Research and development | 3,425 | 5,867 | |||||||
General and administrative | 7,499 | 9,653 | |||||||
Impairment of acquired intangible assets | - | 2,294 | |||||||
14,299 | 21,216 | ||||||||
Loss from operations | (12,620 | ) | (18,071 | ) | |||||
Interest expense - related party | (76 | ) | - | ||||||
Other income, net | 10 | 1,799 | |||||||
Loss before income taxes | (12,686 | ) | (16,272 | ) | |||||
Benefit from income taxes | - | (852 | ) | ||||||
Net loss from continuing operations | (12,686 | ) | (15,420 | ) | |||||
Net loss from discontinued operations | (13,522 | ) | (10,764 | ) | |||||
Net loss | $ | (26,208 | ) | $ | (26,184 | ) | |||
Net loss per share: | |||||||||
Continuing operations | $ | (7.65 | ) | $ | (24.78 | ) | |||
Discontinued operations | (8.15 | ) | (17.30 | ) | |||||
Net loss per share basic and diluted | $ | (15.80 | ) | $ | (42.08 | ) | |||
Shares used in computing net loss per share: | |||||||||
Basic and diluted | 1,658,862 | 622,203 | |||||||
SPHERE 3D CORP. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(In thousands) | ||||||||
December 31, | December 31, | |||||||
2018 | 2017 | |||||||
(Unaudited) | (Unaudited) | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 341 | $ | 600 | ||||
Accounts receivable, net | 1,142 | 1,911 | ||||||
Inventories | 1,230 | 1,449 | ||||||
Other current assets | 784 | 418 | ||||||
Assets of discontinued operations | - | 72,009 | ||||||
Total current assets | 3,497 | 76,387 | ||||||
Intangible assets, net | 3,348 | 5,198 | ||||||
Goodwill | 1,385 | 1,385 | ||||||
Other assets | 3,056 | 310 | ||||||
Total assets | $ | 11,286 | $ | 83,280 | ||||
LIABILITIES AND (DEFICIT) EQUITY | ||||||||
Current liabilities | $ | 9,639 | $ | 6,800 | ||||
Liabilities of discontinued operations | - | 63,780 | ||||||
Series A redeemable preferred shares | 6,571 | - | ||||||
Other long-term liabilities | 683 | 2,237 | ||||||
Total shareholders' (deficit) equity | (5,607 | ) | 10,463 | |||||
Total liabilities and shareholders' (deficit) equity | $ | 11,286 | $ | 83,280 | ||||
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1 Month Sphere 3D Chart |
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