Why Did Sphere 3D (ANY) Stock Go 9% Higher During In After-Hour Session On Tuesday?

In Tuesday’s after-hours trading, shares of Sphere 3D Corp. (Nasdaq: ANY) increased 9.07% to $0.338 following the company’s announcement that its production capacity had been increased.

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How much has capacity risen, if at all?

Sphere 3D (ANY) revealed yesterday that by activating more than 2,665 additional miners, it has increased its production capacity by 267 percent. The firm continues to work towards promptly activating the remaining 4,026 orders, thus the expansion in production capacity is excellent news for Sphere 3D and its stockholders. The over 12,000 miners who are presently traveling to the United States and are expected to arrive before the year is through are also eagerly anticipated by ANY.

In the near future, Sphere 3D’s manufacturing capacity is expected to increase significantly, which is predicted to have a positive effect on the Company’s continued financial performance. The 4,026 miners that were recently ordered and shipped to Compute North at its Wolf Hollow serving facility in Grandbury, Texas, are the ones that have recently been powered on. A further 671 miners should be powered in the upcoming days, and around 690 machines remain in storage as a result of Compute North’s bankruptcy, in addition to the 2,665 miners that were just powered on.

Yesterday at 11:00 a.m. ET, Sphere 3D also had its annual general meeting. According to a recent statement from the business, Sphere 3D made great progress in November. ANY anticipates the delivery and activation of thousands of additional miners as a result of the recently disclosed rearrangement of its BitFuFu contract. More than 11,000 miners from BitFuFu have been sent to the United States, and Sphere 3D anticipates their arrival in the next few weeks. These devices will significantly boost ANY’s manufacturing capability once they are powered on.

In a parallel effort, Sphere 3D is collaborating closely with the site’s new operator at Wolf Hollow to reactivate the 3,336 installed miners. Legal limitations related to Compute North’s insolvency proceedings have made energization delays more difficult, but ANY anticipated that a sizable part of these miners would resume hashing in the next few days and is taking all reasonable steps to hasten their energization.

How will ANY advance?

In order to be prepared to take advantage of its enhanced manufacturing capability when the market recovers, Sphere 3D (ANY) has developed a targeted macro strategy. The upcoming month would see a paradigm shift when ANY officially entered the 2023 race.


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