ANY

MKT CAP:$4M

Sphere 3D Corp.

Market Cap

$4M

Technology·Software - Application·🇨🇦 Canada·NASDAQ

Technology·Software App·🇨🇦·NASDAQ

Stock Price

$1.39-$1.92 (-58.01%)

Apr 21, 2026

Company Details

Sphere 3D Corp. focuses on operating as a carbon neutral bitcoin mining company. It also provides data management solutions through hybrid cloud, cloud, and on-premises implementations directly and through its reseller network and professio...

CEO

Kurt L. Kalbfleisch

IPO Date

Aug 12, 2013

Website

www.sphere3d.com

Key Metrics TTM

Revenue

$11M

-32.7% YoY

Net Income

-$21M

EPS (Diluted)

-$74.22

Free Cash Flow

-$24M

Revenue / Share

$77.11

Gross Margin

6.7%

Operating Margin

-127.9%

Net Margin

-192.1%

FCF Margin

-211.2%

P/S

0.4x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 27, 2026

$11M-32.7%EPS -$73.70

Q4 2025

Mar 27, 2026

$3M+3.1%EPS -$69.62

Q3 2025

Nov 4, 2025

$3M+11.4%EPS -$1.50

Q2 2025

Aug 5, 2025

$3M-35.3%EPS $0.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$845.0K	$391.0K	-$12M
Q1 22	$1M	$658.0K	-$15M
Q2 22	$2M	$961.0K	-$15M
Q3 22	$1M	$507.0K	-$10M
Q1 23	$3M	$763.0K	-$4M
Q2 23	$5M	$1M	-$5M
Q3 23	$6M	$1M	-$6M
Q4 23	$8M	$3M	-$15M
Q1 24	$7M	$3M	-$2M
Q2 24	$5M	$707.0K	-$6M
Q3 24	$2M	-$376.0K	-$5M
Q4 24	$3M	$260.0K	-$9M
Q1 25	$3M	$623.0K	-$5M
Q2 25	$3M	$717.0K	-$3M
Q3 25	$3M	$666.0K	-$4M
Q4 25	$3M	-$1M	-$2M

Valuation

Quarter	P/S	P/E
Q4 21	60.1x	—
Q1 22	39.1x	—
Q2 22	8.7x	—
Q3 22	5.6x	—
Q1 23	3.5x	—
Q2 23	2.3x	—
Q3 23	1.1x	—
Q4 23	2.2x	—
Q1 24	1.1x	—
Q2 24	0.9x	—
Q3 24	0.8x	—
Q4 24	1.1x	—
Q1 25	0.9x	—
Q2 25	1.5x	—
Q3 25	1.9x	—
Q4 25	0.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$16M	-$26M
Q2 22	-$9M	-$15M
Q3 22	-$4M	-$5M
Q4 22	-$3M	-$3M
Q1 23	-$164.0K	-$2M
Q2 23	-$2M	-$2M
Q3 23	-$4M	-$4M
Q4 23	-$558.0K	-$558.0K
Q1 24	-$58.0K	-$58.0K
Q2 24	-$3M	-$3M
Q3 24	$290.0K	-$4M
Q4 24	-$2M	-$6M
Q1 25	-$4M	-$5M
Q2 25	-$6M	-$6M
Q3 25	-$3M	-$6M
Q4 25	-$3M	-$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$10M
Q2 22	$6M
Q3 22	$1M
Q4 22	$308.0K
Q1 23	$2M
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$5M
Q4 24	$4M
Q1 25	$1M
Q2 25	$200.0K
Q3 25	$2M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-58.9%	+307.9%
Q1 22	+46.0%	+644.0%
Q2 22	+114.9%	+290.3%
Q3 22	+30.3%	+226.0%
Q1 23	+258.1%	-48.7%
Q2 23	+298.4%	-38.3%
Q3 23	+198.0%	-30.0%
Q4 23	+467.1%	+95.5%
Q1 24	+129.5%	+30.2%
Q2 24	-14.6%	+2.1%
Q3 24	-58.9%	-38.1%
Q4 24	-65.7%	-50.4%
Q1 25	-59.4%	-9.2%
Q2 25	-35.3%	-45.6%
Q3 25	+11.4%	-11.3%
Q4 25	+3.1%	-54.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$117.0K	8.5%
Q2 22	$7M	374.8%
Q3 22	$592.0K	43.7%
Q4 22	$551.0K	—
Q1 23	$485.0K	16.0%
Q2 23	$719.0K	13.2%
Q3 23	$807.0K	14.1%
Q4 23	$470.0K	6.1%
Q1 24	$1M	15.6%
Q2 24	$772.0K	16.5%
Q3 24	$511.0K	21.7%
Q4 24	$469.0K	17.8%
Q1 25	$71.0K	2.5%
Q2 25	$318.0K	10.5%
Q3 25	$0	0.0%
Q4 25	$231.0K	8.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$168.0K	$11M	$319.0K	—
Q1 22	$114.0K	$9M	$231.0K	—
Q2 22	$139.0K	$8M	$264.0K	—
Q3 22	$139.0K	$3M	$236.0K	—
Q1 23	$270.0K	$3M	$274.0K	—
Q2 23	$227.0K	$4M	$277.0K	—
Q3 23	$362.0K	$3M	$217.0K	—
Q4 23	$167.0K	$5M	$180.0K	—
Q1 24	—	$3M	—	—
Q2 24	—	$3M	—	—
Q3 24	—	$3M	—	—
Q4 24	—	$3M	—	—
Q1 25	—	$3M	—	—
Q2 25	—	$2M	—	—
Q3 25	—	$2M	—	—
Q4 25	—	—	—	$1M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	-58.9%	-568.2%	-627.1
Q1 22	46.0%	-630.9%	-584.9
Q2 22	114.9%	-1728.4%	-1613.5
Q3 22	30.3%	-953.2%	-923.0
Q1 23	258.1%	-107.5%	150.6
Q2 23	298.4%	-40.4%	258.0
Q3 23	198.0%	-74.7%	123.3
Q4 23	467.1%	-91.0%	376.1
Q1 24	129.5%	-11.7%	117.8
Q2 24	-14.6%	84.5%	69.8
Q3 24	-58.9%	81.2%	22.4
Q4 24	-65.7%	-204.7%	-270.4
Q1 25	-59.4%	-90.4%	-149.8
Q2 25	-35.3%	-46.7%	-82.0
Q3 25	11.4%	-96.2%	-84.8
Q4 25	3.1%	-20.7%	-17.6

Rule of 40

Revenue Segments

Quarter	Digital Mining	Product and Service	Bitcoin Mining
Q1 22	$747.0K	$625.0K	—
Q2 22	$1M	$710.0K	—
Q3 22	$787.0K	$569.0K	—
Q1 23	$3M	$502.0K	—
Q2 23	$5M	$500.0K	—
Q3 23	$5M	$622.0K	—
Q4 23	$7M	$552.0K	—
Q1 24	—	—	$7M
Q2 24	—	—	$5M
Q3 24	—	—	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$26M	$0	$26M
Q2 22	$11M	$0	$11M
Q3 22	$4M	$0	$4M
Q4 22	$1M	$0	$1M
Q1 23	$3M	$0	$3M
Q2 23	$708.0K	$626.0K	$1M
Q3 23	$613.0K	$0	$613.0K
Q4 23	$586.0K	$986.0K	$2M
Q1 24	$2M	$7M	$9M
Q2 24	$4M	$10M	$14M
Q3 24	$5M	$7M	$12M
Q4 24	$5M	$8M	$13M
Q1 25	$3M	$6M	$9M
Q2 25	$5M	$3M	$8M
Q3 25	$5M	$3M	$8M
Q4 25	$4M	$3M	$7M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	908K	+85.2%	+708.0%
Q1 22	912K	+0.4%	+577.6%
Q2 22	945K	+3.6%	+313.7%
Q3 22	957K	+1.3%	+95.3%
Q1 23	1M	+7.5%	+13.3%
Q2 23	1M	+7.4%	+21.2%
Q3 23	1M	+14.5%	+33.9%
Q4 23	1M	-2.1%	+29.4%
Q1 24	2M	+33.8%	+61.1%
Q2 24	2M	+26.0%	+89.0%
Q3 24	2M	+6.9%	+76.4%
Q4 24	2M	-9.6%	+62.8%
Q1 25	2M	+17.8%	+43.3%
Q2 25	3M	+16.7%	+32.8%
Q3 25	3M	+2.8%	+27.7%
Q4 25	145K	-94.9%	-92.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$30.2K	28
Q1 22	$49.0K	28
Q2 22	$68.6K	28
Q3 22	$48.4K	28
Q1 23	$108.1K	28
Q2 23	$195.2K	28
Q3 23	$204.4K	28
Q4 23	$2M	5
Q1 24	$1M	5
Q2 24	$933.2K	5
Q3 24	$471.0K	5
Q4 24	$660.3K	4
Q1 25	$704.3K	4
Q2 25	$754.5K	4
Q3 25	$655.8K	4
Q4 25	$680.8K	4

Revenue / Employee