Carbon neutral bitcoin miner Sphere 3D costs outpace revenue in Q1

Green bitcoin (BTC-USD) miner Sphere 3D's (NASDAQ:ANY) Q1 earnings on Monday highlighted revenues being outpaced by surging expenses. It had 1K S19j Pro mining units installed in Q1, representing about 100 petahash of capacity to the network. Meanwhile, revenue of $1.4M in as of March 31 completely missed the average analyst estimate of $26.34M and gained from $940K in the year-ago period. General and administrative expenses, or the day-to-day costs a business incurs to operate, of $15.2M accounted for the bulk of its total operating expenses ($16.5M) in the first quarter, compared with just $2.22M in Q1 a year ago. In turn, loss from operations was $15.1M in Q1, down from a loss of $1.28M in Q1 2021. "Looking forward, our mining fleet will expand consistent with the amended delivery schedule below, and our production capacity will increase accordingly," said CEO Patti Trompeter. Shares of ANY are rising around 6% in afterhours trading. In