Sphere 3D Corporation, a Bitcoin mining company, has announced its financial results for the first quarter of fiscal year 2025, which ended on March 31, 2025. The company reported a significant decline in revenue, which decreased to $2.8 million from $6.9 million in the first quarter of 2024. This decrease was primarily attributed to weaker post-halving economics and downtime during the transition away from high-hosting contracts. Additionally, Bitcoin production fell to 30.5 Bitcoin from 144.8 Bitcoin in the same period of the previous year. The company experienced a net loss of $8.8 million for the first quarter of 2025, compared to a net loss of $4.5 million in the first quarter of 2024. Operating costs and expenses for the quarter were reduced to $8.0 million from $8.8 million in the same quarter of the previous year. Depreciation and amortization also decreased to $1.6 million from $1.8 million. Sphere 3D made several strategic moves during the quarter, including the settlement of litigation with Gryphon Digital Mining, Inc. without any payments. The company also terminated its hosting agreement with Rebel Mining Company LLC, resulting in a settlement of $2.4 million payable to Sphere 3D. Furthermore, a new hosting site in Iowa was fully energized, and a managed services agreement was entered with Simple Mining to operate the site. As of March 31, 2025, Sphere 3D had a self-mined Bitcoin balance of 22.7 with a fair value of approximately $1.9 million.