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Here’s the Reason Why Sphere 3D Corp. (ANY) Stock is Sharply Declining in Aftermarket

Sphere 3D Corp. (ANY), a company providing data management, and desktop and application virtualization solutions, has declined 10.95% in aftermarket trading sessions. Consequently, ANY stock is changing hands at $6.02 at the time of the writing. On Monday, ANY declined 2.17% during the mid-day session and closed the day at $6.76. The constant decline could be attributed to the announcement of quarterly results.

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Why ANY declining?

On Monday, ANY released the financial results for the third quarter of the fiscal year 2021, which ended on 30th September 2021. The company generated revenue of $1.04 million during the quarter against $0.89 million for the same quarter of 2020. The gross profit for the period was $0.48 million against $0.53 million for the same period of 2020. The total operating expenses for the period were $3.03 million against $2.19 million for the same period of 2020. The company suffered a net loss of $2.4 million during the quarter against $1.19 million for the same quarter of 2020. The net loss per basic and diluted share for the period was $0.07 against $0.17 for the same period of 2020.

Executive Commentary

Peter Tassiopoulos, CEO of ANY, while commenting on the results said that the third quarter has proved to be an eventful quarter for the company as the company successfully pivoted the cryptocurrency mining industry and secured an agreement to have Core Scientific host. He further said that exciting developments undergone during the quarter have pushed the company’s financial stature toward stability.

Purchase of Bitcoin Antiminers

On 21st September, ANY announced that it had made an $85 million payment toward its purchase order of 60,000 bitcoin mining rigs. The company purchased 60,000 Antminer S19j Pros, which was to start delivery in November 2021. Upon the closing of the company’s merger with Gryphon Digital Mining, the combined entity was to have a total capacity of 6.7 exahash and was to be capable of producing more than 1300 bitcoins per month based on the current difficulty rates.

Future Outlook for ANY Stock

During the last 6 months, ANY stock has surged more than 300%. The prime reason for such a colossal rise in the stock is the monumental increase that bitcoin enjoyed during the last few months, ultimately impacting the stock of companies associated with the bitcoin industry. Analysts believe that due to the high capriciousness of bitcoin, ANY stock could face volatility in the future. Hence, potential investors should take an informed decision regarding their investments.

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