Sphere 3D Corp. (NASDAQ:ANY) shares were up 5.45% on Tuesday to $0.630 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.57 to $3.80. The company has a market cap of $30.61 million at 51.19 million shares outstanding.
Sphere 3D Corp is a company that delivers data management, and desktop and application virtualization solutions via hybrid Cloud, Cloud and on-premise implementations through its global reseller network. Along with its subsidiaries Overland Storage and Tandberg Data, it has a strong portfolio of brands such as Glassware 2.0, NEO, RDX, SnapCLOUD, SnapScale, SnapServer, SnapSync, and V3.
In its recent corporate update, Sphere 3D Corp shared that it has made continued improvements in operational efficiencies. These are expected to result to a minimum of $4 million in additional savings each year. Also, the company has received a formal expression of interest for the purchase of certain assets from a third party, which it is exploring to see if it can add to shareholder value.
The company has seen a number of positive signals around its business and remains focused on driving the adoption of our vertically integrated portfolio of hybrid Cloud, Cloud, and on-premise solutions,” said Eric Kelly, chairman and CEO of Sphere 3D Corp. “Our focus on operational efficiencies, profitability, increased liquidity and continuing to advance key corporate initiatives will provide the catalyst needed to achieve our business goals.”
In addition, Sphere 3D Corp is currently in late stage discussions with a number of financial institutions to gain additional capital. It concluded that the company continues to enjoy strong demand for its hardware and software products, and is pursuing large scale contracts which, if concluded, would significant alter the scale of its business. Last month, the company was able to report year-over-year growth in revenue for the second quarter of 2016.
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