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Sphere 3D Corp.

ANY

Sphere 3D Corp. • NASDAQ
$0.53 ▲ 3.79% (+0.02)
Market Cap $14.04 M
52w High $1.67
52w Low $0.36
Dividend Yield 0%
P/E -0.68
Volume 139.50K
Outstanding Shares 26.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.623M ▼ $4.701M ▲ $-4.248M ▼ -161.952% ▼ $-0.15 ▼ $-2.524M ▼
Q2-2025 $3.018M ▲ $3.344M ▼ $1.667M ▲ 55.235% ▲ $0.06 ▲ $-1.409M ▲
Q1-2025 $2.817M ▲ $5.811M ▼ $-8.785M ▼ -311.857% ▼ $-0.37 ▼ $-2.546M ▲
Q4-2024 $2.641M ▲ $8.941M ▲ $-7.221M ▼ -273.419% ▼ $-0.36 ▼ $-5.406M ▼
Q3-2024 $2.355M $4.777M $104K 4.416% $0.005 $1.913M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.865M ▼ $31.115M ▼ $1.58M ▼ $29.535M ▼
Q2-2025 $8.117M ▼ $34.418M ▲ $1.71M ▼ $32.708M ▲
Q1-2025 $8.54M ▼ $34.275M ▼ $3.551M ▼ $30.724M ▼
Q4-2024 $12.955M ▲ $43.228M ▼ $3.913M ▲ $39.315M ▼
Q3-2024 $11.979M $44.255M $3.549M $40.706M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.248M ▼ $-3.467M ▲ $3.499M ▼ $542K ▲ $574K ▼ $-5.736M ▲
Q2-2025 $1.667M ▲ $-5.85M ▼ $7.766M ▲ $0 ▼ $1.916M ▲ $-6.05M ▼
Q1-2025 $-8.785M ▼ $-4.078M ▼ $1.332M ▲ $108K ▼ $-2.638M ▼ $-5.103M ▲
Q4-2024 $-7.221M ▼ $-1.512M ▼ $-3.4M ▼ $5.387M ▲ $475K ▼ $-5.824M ▼
Q3-2024 $104K $290K $397K $0 $687K $-4.342M

Revenue by Products

Product Q4-2023Q1-2024Q2-2024Q3-2024
Bitcoin Mining
Bitcoin Mining
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Service and product
Service and product
 $0 ▲$0 ▲$0 ▲$0 ▲
Digital Mining
Digital Mining
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Product and Service
Product and Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Sphere 3D is still very much in a build‑out phase. Revenue is tiny and only slowly emerging, while operating and net results remain in the red. Losses were especially heavy a few years ago and have narrowed more recently, but the business is not yet showing signs of meaningful scale or consistent profitability. The income statement reflects a company transitioning its core model rather than one with an established, stable earnings base.

Balance Sheet

Balance Sheet The balance sheet is small and lean, with no reported financial debt but also only modest cash and assets. Equity makes up most of the capital structure, which limits leverage risk but also highlights how limited the company’s financial resources are. Asset levels have fallen sharply from earlier years and then stabilized, suggesting past downsizing or write‑downs followed by a more cautious, capital‑light stance. Overall, financial flexibility appears constrained and dependent on careful cash management or future capital raises.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been weak to slightly negative, and free cash flow has stayed in negative territory as the company invests in its mining infrastructure. The most recent periods show somewhat lower cash burn than in the past, but the business does not yet fund itself organically. Continued investment in equipment and facilities means cash outflows are likely to remain a key consideration, and the company’s runway will depend on its ability to either grow cash inflows or access external funding.

Competitive Edge

Competitive Edge Sphere 3D is repositioning itself from a niche software and virtualization player into a focused Bitcoin miner. Its main competitive angles are control over its own mining site, access to relatively low‑cost power, and the use of newer, more efficient mining hardware. A commitment to sustainability and carbon offsets adds a differentiating story in a largely commodity‑like industry. However, its small scale, heavy exposure to Bitcoin price swings, and intense competition from much larger, better‑funded miners limit its current competitive strength. The company’s history as a software firm also means its mining track record is still relatively short.

Innovation and R&D

Innovation and R&D Innovation here is primarily operational rather than traditional lab‑style R&D. Sphere 3D is investing in next‑generation mining rigs, optimizing energy use, and vertically integrating its operations by running its own facility. Its background in managing IT and data center infrastructure supports this shift. The company also adopts a strategy of holding a portion of mined Bitcoin, which amplifies its link to the asset’s long‑term value. The main risk is that these innovations are tied to a single, highly volatile segment, so their payoff depends heavily on execution and the broader crypto environment rather than on a diversified product pipeline.

Summary

Sphere 3D is a very small, loss‑making company in the middle of a major pivot from enterprise software to Bitcoin mining. Financial statements show limited revenue, ongoing losses, and modest but debt‑free balance sheet resources, alongside steady cash burn to build out mining capacity. Strategically, management is betting on vertical integration, low‑cost power, modern hardware, and a sustainability angle to carve out a niche in a crowded field. Multiple reverse stock splits in recent years point to a history of share price pressure and potential dilution. Overall, the story is one of high uncertainty and execution risk, with outcomes closely tied to crypto markets and the company’s ability to scale efficiently from a very small base.

NEWS

November 6, 2025 · 8:00 AM UTC

Kurt Kalbfleisch Named Chief Executive Officer of Sphere 3D Following Interim Leadership Period

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November 4, 2025 · 4:05 PM UTC

Sphere 3D Reports Third Quarter 2025 Financial Results

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October 17, 2025 · 8:00 AM UTC

Sphere 3D Announces a Warrant Inducement Transaction for $4.0 Million in Gross Proceeds

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