Why Bitcoin- And Ethereum-Related Stock Sphere 3D Traded Higher Tuesday

Sphere 3D Corp ANY shares traded higher by 5.00% to $1.05 Tuesday. The company reported first-quarter earnings results during Monday's after-hours session.

Sphere 3D says first quarter 2022 revenue was $1.4 million, compared to $0.9 million for the first quarter of 2021. Sphere 3D added that operating costs and expenses for the quarter were $16.5 million, compared to $2.2 million for the first quarter of 2021.

Sphere 3D reported a first quarter net loss from operations of $14.6 million, or a net loss of 23 cents per share, compared to a net loss from operations of $2.6 million, or a net loss of 27 cents per share, for the first quarter of 2021.

"I am very excited about our future and remain committed to becoming a leading carbon-neutral Bitcoin mining company and to generating long-term value for our shareholders. Our Company's transition is progressing as anticipated, and I am grateful for the support of our shareholders and partners," said Patti Trompeter, CEO of Sphere 3D.

Sphere 3D is dedicated to becoming the leading carbon-neutral bitcoin mining company operating at an enterprise scale.

According to data from Benzinga Pro, Sphere 3D has a 52-week high of $11.98 and a 52-week low of $0.80.