A
Sphere 3D Corp.
ANYCIK 0001591956NasdaqNon-AcceleratedSmaller ReportingFinance ServicesFY ends Dec 31
Period
FY 2025
Revenue
$11.18M
Net Income
—
Total Assets
$25.12M
Equity
$23.30M
Shares Out
3.77M
Op. Cash Flow
$-16.12M
Business
Sphere 3D Corp. operates as a bitcoin mining and blockchain-focused company that establishes and grows enterprise-scale mining operations. It offers bitcoin mining services by deploying and operating specialized ASIC mining equipment, providing hash calculation services to mining pool operators, and managing hosting and managed services agreements. The company’s key business segments include its Bitcoin mining operations, hosting agreements, and previously disposed service and product activities. Sphere 3D conducts operations across multiple U.S. sites and through third-party hosting partners and managed service arrangements.
Summary from filing dated 2025-03-28
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Bitcoin mining revenue | 11 | 17 | 22 | 6 | 4 | |
| Cost of revenue | 9 | 13 | — | — | — | |
| General and Administrative Expense | 8 | 12 | 16 | 24 | 13 | |
| Depreciation and amortization | 7 | 7 | 6 | 28 | 6 | |
| Impairment of property and equipment | 7 | 1 | 0 | 76 | — | |
| Loss on disposal of property and equipment | 2 | 4 | 960,000 | 0 | — | |
| Change in fair value of Bitcoin | 345,000 | −682,000 | 0 | — | — | |
| Impairment of other assets | 300,000 | 1 | 0 | — | — | |
| Costs and Expenses, Total | 33 | 38 | — | — | — | |
| Loss from Operations | −22 | −21 | −30 | −158 | −20 | |
| Investment gain | 438,000 | 9 | 0 | — | — | |
| Other income, net | 81,000 | 3 | 1 | — | — | |
| Net loss before taxes | −21 | −9 | — | — | — | |
| Provision for income taxes | 2,000 | 150,000 | 13,000 | 166,000 | −15,000 | |
| Net loss | −21 | −9 | — | — | — | |
| Loss Per Share, Basic | −7.37 | −4.78 | −1.93 | −20.36 | −0.58 | |
| Loss Per Share, Diluted | −7.37 | −4.78 | −1.93 | −20.36 | −0.58 | |
| Weighted Average Number of Shares Outstanding, Basic | 3 | 2 | 12 | 9 | 31 | |
| Weighted Average Number of Shares Outstanding, Diluted | 3 | 2 | 12 | 9 | 31 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents | 4 | 5 | 586,000 | 1 | 54 | |
| Bitcoin | 3 | 1 | 986,000 | 2 | 0 | |
| Investment in Equity Securities | 0 | 8 | 0 | — | — | |
| Other Current Assets | 2 | 3 | 12 | 3 | 22 | |
| Assets, Current | 9 | 18 | 14 | 10 | 78 | |
| Property and Equipment, Net | 15 | 22 | 24 | 34 | 0 | |
| Intangible Assets, Net | 2 | 3 | 5 | 9 | 63 | |
| Other Non-Current Assets | 225,000 | 379,000 | 3 | 19 | 103 | |
| Total Assets | 25 | 43 | 46 | 83 | 276 | |
| Accounts Payable | 427,000 | 1 | 2 | 3 | 1 | |
| Accrued Liabilities | 544,000 | 1 | 1 | 2 | 3 | |
| Accrued Payroll and Employee Compensation | 831,000 | 1 | 1 | 696,000 | 199,000 | |
| Other Current Liabilities | 0 | 31,000 | 311,000 | 974,000 | 297,000 | |
| Liabilities, Current | 2 | 4 | 5 | 6 | 5 | |
| Commitments and contingencies (Note 13) | — | — | — | — | — | |
| Series H preferred shares, no par value, unlimited shares authorized, 161 shares issued and outstanding as of both December 31, 2025 and 2024 | 18,000 | 18,000 | 14 | 36 | 42 | |
| Common shares, no par value; unlimited shares authorized, 3,392,541 and 2,545,342 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 503 | 498 | 476 | 456 | 444 | |
| Accumulated Other Comprehensive Loss | −2 | −2 | −2 | −2 | −2 | |
| Accumulated Deficit | −478 | −457 | −447 | −420 | −215 | |
| Total shareholders' equity | 23 | 39 | 27 | 35 | 227 | |
| Total liabilities, temporary equity, and shareholders equity | 25 | 43 | 46 | 83 | 276 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Realized gain on sale of investment in equity securities | −5 | −4 | 0 | — | — | |
| Unrealized (gain) loss on investment in equity securities | 5 | −5 | 0 | — | — | |
| Share-based compensation | 832,000 | 3 | 2 | 8 | 366,000 | |
| Change in fair value of Bitcoin | 345,000 | −682,000 | — | — | — | |
| Issuance of common shares to nonemployees | 232,000 | 0 | 214,000 | 2 | 3 | |
| Fair Value Adjustment of Warrants | −31,000 | −174,000 | −976,000 | 309,000 | 0 | |
| Bitcoin issued for services | 0 | 538,000 | 2 | 619,000 | 0 | |
| Proceeds from sale of Bitcoin | 0 | 15 | 19 | 0 | — | |
| Mining of Bitcoin | −11 | −17 | −20 | −3 | 0 | |
| Accounts payable and accrued liabilities | −833,000 | −262,000 | 3 | 1 | 4 | |
| Accrued payroll and employee compensation | −567,000 | 171,000 | 822,000 | 497,000 | −94,000 | |
| Other assets | 980,000 | 453,000 | −3 | −16 | −20 | |
| Other liabilities | 10,000 | −120,000 | 491,000 | −150,000 | 1 | |
| Net cash used in operating activities | −16 | −5 | −7 | −31 | −29 | |
| Proceeds from sale of Bitcoin | 9 | 2 | 0 | — | — | |
| Proceeds from sale of equity investment | 8 | 11 | 0 | — | — | |
| Payments for purchase of property and equipment | −7 | −9 | −2 | −18 | −102 | |
| Proceeds from Sale of Property, Plant, and Equipment | 555,000 | 0 | 4 | 0 | — | |
| Net cash provided by investing activities | 10 | 4 | 3 | −22 | −123 | |
| Proceeds from Warrant Exercises | 4 | 0 | — | 0 | 2 | |
| Proceeds from issuance of common shares and warrants | 733,000 | 5 | 0 | — | — | |
| Payments for issuance costs for common shares and warrants | −431,000 | −108,000 | 0 | — | — | |
| Net cash provided by financing activities | 4 | 5 | 3 | 0 | 205 | |
| Net (decrease) increase in cash, and cash equivalents | −2 | 5 | −957,000 | −53 | 54 |
Filings
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