Sphere 3D Corp. reported net income of $1.7 million, or $0.06 per share, for the second quarter of 2025, compared to net income of $2.1 million, or $0.11 per share, in the second quarter of 2024. This net income was achieved despite a revenue decline to $3.0 million, down from $4.7 million in the prior year period.
Bitcoin production for the quarter was 30.9 Bitcoin, a decrease from 70.7 Bitcoin in the second quarter of 2024. The reduction in revenue and Bitcoin production was primarily attributed to weaker post-halving economics and downtime during the company's transition away from high-cost hosting contracts and the decommissioning of older mining equipment.
Operating costs and expenses for the quarter were significantly reduced by 46% to $5.6 million, compared to $10.4 million in the second quarter of 2024. This marks the lowest quarterly operating expense figure since early 2022, highlighting the company's focus on cost management and efficiency.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.