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Hyperscale Data Inc. (GPUS+25.67%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $31,061,000, a decrease from $43,090,000 in the same quarter the previous year. Revenue from crypto assets mining decreased to $5,264,000 from $7,558,000.
Cost of revenue for the quarter was $22,516,000, compared to $34,358,000 in the same quarter of the previous year. Gross profit was $8,545,000, compared to $8,732,000 in the previous year.
Operating expenses totaled $33,140,000, up from $29,082,000 in the previous year, with research and development expenses increasing to $4,598,000 from $1,097,000.
Net loss for the quarter was $29,639,000, compared to a net loss of $28,082,000 in the previous year. After preferred dividends, net loss attributable to common stockholders was $26,875,000, compared to $22,183,000 in the previous year.
Cash and cash equivalents were $7,190,000 as of September 30, 2024. The company reported negative working capital of $151,464,000 and a history of net operating losses.
Hyperscale Data identified material weaknesses in its internal controls over financial reporting, including insufficient resources in the accounting department and inadequate segregation of duties.
The filing details various financial agreements, including a loan agreement with institutional investors and a note purchase agreement for a $5.4 million convertible promissory note.
The company does not anticipate cash dividend payments to common stockholders in the near future.
Hyperscale Data continues to focus on its crypto assets mining operations and other business segments, including crane operations and lending activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hyperscale Data Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.