Sphere 3D Corp. said its first-quarter normalized net income came to a loss of $2.71 per share, compared with the S&P Capital IQ consensus estimate of a loss of $3.63 per share.

The per-share loss narrowed 36.1% year over year from $4.24.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.0 million, compared with a loss of $5.9 million in the prior-year period.

The normalized profit margin climbed to negative 25.3% from negative 29.5% in the year-earlier period.

Total revenue declined year over year to $19.6 million from $20.1 million, and total operating expenses fell on an annual basis to $27.5 million from $27.8 million.

Reported net income came to a loss of $8.1 million, or a loss of $4.41 per share, compared to a loss of $9.5 million, or a loss of $6.82 per share, in the year-earlier period.