We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 3.92% | 1.06 | 1.04 | 1.05 | 1.08 | 1.04 | 1.04 | 271,312 | 00:38:54 |
“We are making meaningful progress in realizing our strategy of becoming a significant and trusted provider of virtualization, containerization and hybrid cloud solutions,” said Eric Kelly, CEO of Sphere 3D. “The key partnerships we have forged over the last year have provided us the framework to build and grow our business as we continue to drive adoption and to increase our sales pipeline. As we grow the roster of enterprise customers and go-to-market partners, we expect to transition to top line growth, as we simultaneously focus on operational improvements to drive shareholder value.”
Fourth Quarter 2015 Financial Results:
The following financial results for the fourth quarter of 2015 include contribution from our 2014 acquisition of Overland Storage for the full three months and reflect contribution for a partial period from December 2, 2014 through December 31, 2014. Contribution from our 2015 purchase of RDX assets from Imation is included for the full three months of the fourth quarter of 2015, and is not reflected in the comparative results for the fourth quarter of 2014.
Adjusted EBITDA for the fourth quarter of 2015 was a net loss of $4.4 million, or a net loss of $0.10 per share, based on 42.2 million weighted average shares outstanding, compared to adjusted EBITDA net loss of $2.1 million, or net loss of $0.07 per share based on 27.8 million weighted average shares outstanding for the fourth quarter of 2014. Adjusted EBITDA is a non-GAAP measure presented as net loss before interest expense, income taxes, acquisition costs, depreciation and amortization, share-based compensation, warrant liability revaluation and impairment of acquired intangible assets. For additional information regarding the non-GAAP financial measures discussed in this release, please see “Use of GAAP and Non-GAAP Financial Measures” and "Non-GAAP Reconciliations" below.
Fiscal Year Financial Results: The following financial results for the year ended December 31, 2015 reflect contribution from the Overland Storage acquisition for the full year and the contribution from the Imation RDX acquisition from August 10, 2015. The Overland Storage acquisition is reflected for a partial period from December 2, 2014 through December 31, 2014 in the comparative results for the prior year and the contribution from the Imation RDX acquisition is not reflected in the comparative results for the prior year.
Corporate Financing Update:
We have entered into a non-binding proposal with a commercial bank which sets forth proposed terms upon which such bank would provide us up to $20.0 million in debt financing. We are in the process of negotiating definitive documentation relating to the new proposed financing with the bank, which consummation will be subject to a number of customary closing conditions for a transaction of this nature. Assuming the closing of the financing, we expect to use portions of the proceeds to repay our existing credit facility with Silicon Valley Bank and to repay $5.0 million of our related party credit facility. We would also expect the remaining $5.0 million under our related party credit facility to be refinanced into the outstanding convertible note. As of the date of this report, uncertainty exists as to the ultimate completion of these proposed transactions, and there are no assurances that our negotiation efforts will result in any definitive agreements.
The Company has entered into a warrant exchange agreement (the "Warrant Exchange Agreement") with an existing holder pursuant to which the Company agreed to issue a warrant (the "New Warrant") for the purchase of up to 7,199,216 common shares (the “Warrant Shares”), no par value (the "Common Shares"), in a privately negotiated exchange under Section 3(a)(9) of the Securities Act of 1933, as amended, in exchange for the surrender and cancellation of previously outstanding warrants for the purchase of up to, in aggregate, 3,031,249 Common Shares (the "Previously Outstanding Warrants"). The Previously Outstanding Warrants were issued pursuant to certain purchase and subscription agreements entered into in May, August and September 2015.
Use of GAAP and Non-GAAP Financial Measures:
To supplement Sphere 3D’s consolidated financial statements presented in accordance with GAAP, the Company uses Adjusted EBITDA, a non-GAAP financial measure that excludes from the statement of operations the effects of interest expense, income taxes, acquisition costs, depreciation and amortization, share-based compensation, warrant liability revaluation and impairment of acquired intangible assets. The Company also uses Non-GAAP gross profit and Non-GAAP gross-margin, non-GAAP financial measures that exclude the effect of intangible asset amortization. Sphere 3D uses the above non-GAAP financial measures internally to understand, manage and evaluate its business. Management believes it is useful for itself and investors to review, as applicable, both GAAP information and these non-GAAP measures in order to assess the performance of continuing operations and for planning and forecasting in future periods. The presentation of these non-GAAP measures is intended to provide investors with an understanding of the Company’s operational results and trends that enables them to analyze the base financial and operating performance and facilitate period-to-period comparisons and analysis of operational trends. Sphere 3D believes the presentation of these non-GAAP financial measures is useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for, or superior to, GAAP results. In addition, our non-GAAP financial measures may not be comparable to similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as we do.
Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the most comparable GAAP measures, which are provided in the attached table after the text of this release.
Investor Conference Call:
Sphere 3D will host an investor conference call today at 5:00 p.m. EST (2:00 p.m. PST) to discuss the Company’s 2015 fourth quarter and fiscal year financial results. To access the call, dial (844) 268-1747 (Toll Free) or (918) 559-5655 (International) and give the participant pass code 74336246. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. In addition, a live and archived webcast of the conference call will be available at www.sphere3d.com in the Investor Relations section. A replay of the conference call will also be available via telephone by dialing (855) 859-2056 (Toll Free U.S. and Canada) or +1 (404) 537-3406 (International) and entering replay access code 74336246. The replay will be available beginning approximately two hours after the call and will remain available for one week.
About Sphere 3DSphere 3D Corp. (NASDAQ:ANY) delivers containerization and virtualization technologies along with data management products that enable workload-optimized solutions. We achieve this through a combination of containerized applications, virtual desktops, virtual storage and physical hyper-converged platforms. Sphere 3D’s value proposition is simple and direct—we allow organizations to deploy a combination of public, private or hybrid cloud strategies while backing them up with state of the art storage solutions. Sphere 3D, along with its wholly-owned subsidiaries Overland Storage and Tandberg Data, has a strong portfolio of brands including Glassware 2.0™, SnapCLOUD™, SnapScale®, SnapServer®, V3®, RDX®, and NEO®. For more information, visit www.sphere3d.com.
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, unforeseen changes in the course of Sphere 3D’s business or the business of its wholly-owned subsidiaries, including, without limitation, Overland Storage and Tandberg Data; our inability to obtain additional debt or equity financing; any increase in our future cash needs; 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 Sphere 3D’s 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.
SPHERE 3D CORP. | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Net revenue | $ | 18,869 | $ | 9,467 | $ | 76,165 | $ | 13,469 | |||||||||
Cost of revenue | 13,493 | 5,906 | 53,546 | 8,133 | |||||||||||||
Gross profit | 5,376 | 3,561 | 22,619 | 5,336 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 6,314 | 2,851 | 23,569 | 5,153 | |||||||||||||
Research and development | 2,579 | 655 | 9,916 | 655 | |||||||||||||
General and administrative | 5,419 | 4,937 | 23,271 | 11,567 | |||||||||||||
Impairment of acquired intangible assets | 10,702 | - | 10,702 | - | |||||||||||||
25,014 | 8,443 | 67,458 | 17,375 | ||||||||||||||
Loss from operations | (19,638 | ) | (4,882 | ) | (44,839 | ) | (12,039 | ) | |||||||||
Interest expense - related party | (594 | ) | (207 | ) | (2,710 | ) | (207 | ) | |||||||||
Interest expense | (105 | ) | (26 | ) | (355 | ) | (240 | ) | |||||||||
Other income (expense), net | 193 | (281 | ) | (689 | ) | (194 | ) | ||||||||||
Loss before income taxes | (20,144 | ) | (5,396 | ) | (48,593 | ) | (12,680 | ) | |||||||||
(Benefit from) provision for income taxes | (1,545 | ) | 42 | (1,366 | ) | 42 | |||||||||||
Net loss | $ | (18,599 | ) | $ | (5,438 | ) | $ | (47,227 | ) | $ | (12,722 | ) | |||||
Net loss per share: | |||||||||||||||||
Basic and diluted | $ | (0.44 | ) | $ | (0.20 | ) | $ | (1.24 | ) | $ | (0.53 | ) | |||||
Shares used in computing | |||||||||||||||||
net loss per share: | |||||||||||||||||
Basic and diluted | 42,163 | 27,843 | 37,957 | 24,131 | |||||||||||||
SPHERE 3D CORP. | |||||||||
SELECTED BALANCE SHEETS INFORMATION | |||||||||
(In thousands) | |||||||||
December 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Unaudited) | (Unaudited) | ||||||||
ASSETS | |||||||||
Cash and cash equivalents | $ | 8,661 | $ | 4,258 | |||||
Accounts receivable | 13,401 | 15,488 | |||||||
Inventories | 11,326 | 9,936 | |||||||
Other current assets | 3,155 | 2,457 | |||||||
Total current assets | 36,543 | 32,139 | |||||||
Property and equipment, net | 3,972 | 4,427 | |||||||
Intangible assets, net | 54,019 | 73,271 | |||||||
Goodwill | 44,132 | 38,821 | |||||||
Other assets | 445 | 605 | |||||||
Total assets | $ | 139,111 | $ | 149,263 | |||||
LIABILITIES AND EQUITY | |||||||||
Current liabilities | $ | 46,397 | $ | 37,051 | |||||
Long-term debt — related party | 19,500 | 19,500 | |||||||
Long-term deferred tax liabilities | 2,755 | 4,387 | |||||||
Other long-term liabilities | 2,319 | 3,185 | |||||||
Shareholders' equity | 68,140 | 85,140 | |||||||
Total liabilities and equity | $ | 139,111 | $ | 149,263 | |||||
SPHERE 3D CORP. | ||||||||||||||||
NON-GAAP RECONCILIATIONS | ||||||||||||||||
(In thousands except per share data) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Revenue | $ | 18,869 | $ | 9,467 | $ | 76,165 | $ | 13,469 | ||||||||
Gross Profit - GAAP | $ | 5,376 | $ | 3,561 | $ | 22,619 | $ | 5,336 | ||||||||
Intangible asset amortization | 647 | - | 2,608 | - | ||||||||||||
Gross Profit - Non -GAAP | $ | 6,023 | $ | 3,561 | $ | 25,227 | $ | 5,336 | ||||||||
Gross Margin Percentages | ||||||||||||||||
GAAP | 28.5 | % | 37.6 | % | 29.7 | % | 39.6 | % | ||||||||
Non-GAAP | 31.9 | % | 37.6 | % | 33.1 | % | 39.6 | % | ||||||||
Net loss | $ | (18,599 | ) | $ | (5,438 | ) | $ | (47,227 | ) | $ | (12,722 | ) | ||||
Less: | ||||||||||||||||
Interest | 699 | 233 | 3,065 | 447 | ||||||||||||
Tax | (1,545 | ) | 42 | (1,366 | ) | 42 | ||||||||||
Impairment of acquired intangible assets | 10,702 | - | 10,702 | - | ||||||||||||
Depreciation and amortization | 1,713 | 1,127 | 7,450 | 3,453 | ||||||||||||
Share-based compensation | 3,137 | 658 | 7,154 | 3,253 | ||||||||||||
Acquisition costs | - | 1,308 | 218 | 2,166 | ||||||||||||
Warrant revaluation gain | (478 | ) | - | (478 | ) | - | ||||||||||
Adjusted EBITDA | $ | (4,371 | ) | $ | (2,070 | ) | $ | (20,482 | ) | $ | (3,361 | ) | ||||
Net loss per share: | ||||||||||||||||
Basic and diluted | $ | (0.44 | ) | $ | (0.20 | ) | $ | (1.24 | ) | $ | (0.53 | ) | ||||
Adjusted Net loss per share: | ||||||||||||||||
Basic and diluted | $ | (0.10 | ) | $ | (0.07 | ) | $ | (0.54 | ) | $ | (0.14 | ) | ||||
Shares used in computing | ||||||||||||||||
net loss and adjusted net loss per share: | ||||||||||||||||
Basic and diluted | 42,163 | 27,843 | 37,957 | 24,131 | ||||||||||||
Non-GAAP Financial Measures:To supplement Sphere 3D’s consolidated financial statements presented in accordance with GAAP, the Company uses non-GAAP financial measures that exclude from the statement of operations the effects of interest expense, income taxes, impairment of acquired technology, depreciation and amortization, share-based compensation, acquisition costs, and warrant liability revaluation. These non-GAAP financial measures are non-GAAP gross margin and adjusted EBITDA. Sphere 3D uses the above non-GAAP financial measures internally to understand, manage and evaluate its business. Management believes it is useful for itself and investors to review, as applicable, both GAAP information and these non-GAAP measures in order to assess the performance of continuing operations and for planning and forecasting in future periods. The presentation of these non-GAAP measures is intended to provide investors with an understanding of the Company’s operational results and trends that enables them to analyze the base financial and operating performance and facilitate period-to-period comparisons and analysis of operational trends. Sphere 3D believes the presentation of these non-GAAP financial measures is useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for or superior to GAAP results. In addition, our non-GAAP financial measures may not be comparable to similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as we do.
Investor Contact: The Blueshirt Group Mike Bishop Tel: +1 415-217-4968 mike@blueshirtgroup.com
1 Year Sphere 3D Chart |
1 Month Sphere 3D Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions