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Sphere 3D Corp. (ANY) Stock on a Steep Rise in Premarket Following a Tremendous Announcement

Sphere 3D Corp. (ANY), a company that provides data management as well as desktop and application virtualization solutions, has soared 20.35% in premarket trading session and consequently is trading at $2.78 at the time of the writing. During Thursday’s regular trading session, the stock slightly declined by 0.86% and closed the day at $2.31. The surge in premarket could be attributed to the announcement of growth in mining capacity by the company.

ANY for Growth in Bitcoin Mining

In the late hours of Thursday, ANY announced to enter into an agreement with NuMiner Global, Inc. for the purchase of 60,000 units of new NM440 bitcoin miners. NuMiner is considered to be the sole distributor of the products of NuMiner Technologies Inc. The company said that NM440 was introduced. It has a hash rate of 440 TH/s and has got a power efficiency ratio of 20.2 J/T. For the 60,000 NM440s, the purchase terms amount to a colossal maximum purchase price of $1.7 billion.

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Q3 2021 Results

In mid-November, Sphere 3D Corp. released the results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company’s revenue in the period was $1 million, increasing from the revenue of $0.9 million generated during the third quarter of fiscal 2020. The net loss for the company was $2.4 million, which was worse than the net loss of $1.2 million suffered by the company during the same period of fiscal 2020. As a result of the abysmal results, the share price of stock plummeted approximately 17%.

Executive Commentary

Peter Tassiopoulos, CEO of ANY, while commenting on the results said that the quarter has proven to be an eventful one for the company. The company was able to achieve success on numerous fronts during the quarter. The increase in bitcoin mining capacity has remained a premier goal for the company throughout the quarter.

Future Outlook for ANY

The last three months have seen ANY stock decline by approximately 60%, mostly owing to financial complications it endured during the third quarter of 2021. Looking ahead, the analysts believe that the stock holds several negative signals and is expected to perform weakly in the next couple of weeks.

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