Sphere 3D Corporation (ANY) saw its loss narrow to $7.81 million, or $0.10 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $8.07 million, or $0.18 a share. On an adjusted basis, loss per share was at $0.10 for the quarter compared with loss of $0.18 a share in the same period last year.

Revenue during the quarter grew 10.80 percent to $21.74 million from $19.62 million in the previous year period. Gross margin for the quarter expanded 107 basis points over the previous year period to 31.42 percent. Operating margin for the quarter stood at negative 21.74 percent as compared to a negative 40.01 percent for the previous year period.

Operating loss for the quarter was $4.73 million, compared with an operating loss of $7.85 million in the previous year period.

Adjusted EBITDA for the quarter stood at negative $0.97 million compared to negative $3.08 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 4.44 percent for the quarter compared to negative 15.69 percent in the last year period.

"This quarter we continued to see the results from the strategic initiatives we implemented in the second half of 2016," said Eric Kelly, chairman and chief executive officer of Sphere 3D. "Through the restructuring and execution on the virtualization strategy, specifically through our acquisition of HVE and UCX, we are able to deliver new large deals for our converged and virtualization product offerings. Meanwhile, our storage products continued to perform well in the market in the first quarter. We continue to make progress towards positioning the Company for revenue growth and financial stability"