Sphere 3D Reports Second Quarter Fiscal Year 2017 Financial Results

SAN JOSE, Calif., Aug. 14, 2017 (GLOBE NEWSWIRE) — Sphere 3D Corp.  (NASDAQ:ANY), a containerization, virtualization, and data management solutions provider, today reported financial results for its second quarter ended June 30, 2017.

“The HVE/UCX acquisition revenue in its first 5 months currently puts us on an annualized run-rate to exceed 50% growth for HVE/UCX, and its integration with the Sphere 3D core technology portfolio will allow us to continue to be a technology leader in several of the fastest growing sectors in the industry,” said Eric Kelly, chairman and chief executive officer of Sphere 3D. “As our virtualization business gains momentum, we are leveraging our existing Sphere 3D partnerships as well as building new ones both domestically and internationally and have a renewed focus on driving growth in the second half of the year. Meanwhile, we have continued to work toward the goal of improving our operational efficiencies, achieving greater than a 52% improvement in adjusted EBITDA in the first half of the year.”

Financial Highlights   Three Months Ended     Three Months Ended     Six Months Ended     Six Months Ended  
(in millions) June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016
Net revenue $ 19.4   $ 19.6   $ 41.2   $ 39.2  
Gross profit $ 5.4   $ 5.8   $ 12.2   $ 11.8  
Non-GAAP Gross profit (1) $ 5.9   $ 6.4   $ 13.3

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