Sphere 3D Corp.
Sphere 3D Corp. operates as a Bitcoin mining company, generating revenue through cryptocurrency mining activities while facing substantial doubt regarding its ability to continue as a going concern due to recurring losses and negative cash flows.
Business. Sphere 3D Corp. operates as a Bitcoin mining company, generating revenue through cryptocurrency mining activities while facing substantial doubt regarding its ability to continue as a going concern due to recurring losses and negative cash flows.
At a glance
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- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Sphere 3D Corp. operates as a Bitcoin mining company, generating revenue through cryptocurrency mining activities while facing substantial doubt regarding its ability to continue as a going concern due to recurring losses and negative cash flows.
Sphere 3D Corp. maintains a debt-free capital structure with a debt-to-equity ratio of 0.0 and a current ratio of 3.9, indicating strong short-term liquidity coverage relative to liabilities. The company holds $3.15 million in cash and equivalents against total liabilities of $5.35 million, resulting in a market capitalization of $7.05 million and a price-to-book ratio of 0.47. Despite these liquidity metrics, the firm reported negative operating cash flow of $3.72 million in Q1 2026, driven by an operating loss of $4.13 million and a net loss of $4.11 million. The negative free cash flow matches the operating cash flow, as capital expenditures were zero during the period.
Profitability metrics are severely negative, with a return on equity of -107.44% and a return on assets of -98.82%, reflecting the company's inability to generate earnings from its asset base. The enterprise value-to-EBITDA ratio is negative, and the EV-to-revenue ratio stands at 0.35, suggesting the market values the company at a fraction of its recent revenue generation. The company reported revenue of $1.92 million in Q1 2026, but this is insufficient to cover operating costs, leading to significant net losses. The negative earnings per share of $7.37 further underscores the lack of profitability.
The company's operations are concentrated in Bitcoin mining, with approximately 12,600 miners owned as of December 31, 2025, of which 4,200 were in service, providing a total hashrate capacity of 0.73 exahash per second. The revenue model is directly tied to Bitcoin market prices and mining difficulty, with the company anticipating increased competition as Bitcoin proliferation continues. The company has subsidiaries including Sphere 3D Inc, Sphere 3D Mining Corp, S3D Acquisition Corp, and 101250 Investments Ltd, which likely support its mining operations and strategic initiatives.
Growth trajectory is uncertain, with the company facing substantial doubt about its ability to continue as a going concern within 12 months. The management has projected that cash on hand may not be sufficient to allow the company to continue operations if additional funding is not raised. The company's revenue and earnings have been volatile, with negative cash flows from operating activities persisting. The lack of capital expenditures in Q1 2026 suggests a pause in expansion, possibly due to financial constraints.
Risk factors are elevated, with high liquidity risk flagged due to the going-concern language in filings. The company faces medium dilution risk, as source documents mention dilution or offering risk. The key flags include references to going-concern or substantial-doubt language, indicating potential insolvency if funding is not secured. The company's reliance on Bitcoin prices and mining efficiency exposes it to significant market and operational risks.
Recent events include an 8-K filing with high severity, indicating material changes or agreements. The company has assigned its Joshi Hosting Agreement to Evolution Technology LLC effective January 2, 2026. The filings also highlight the company's forward-looking statements, which include expectations of increased Bitcoin demand and miner entry into the market. The partial coverage of company facts in recent filings has been backfilled, including total liabilities and shares outstanding.
- Sphere 3D Corp. faces substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flows.
- The company maintains a debt-free balance sheet with a current ratio of 3.9, but negative operating cash flow of $3.72 million in Q1 2026 raises liquidity concerns.
- Profitability is severely negative, with a return on equity of -107.44% and a net loss of $4.11 million in Q1 2026.
- The company's Bitcoin mining operations are concentrated, with 4,200 miners in service and a hashrate capacity of 0.73 EH/s.
- Medium dilution risk is present, with source documents mentioning dilution or offering risk.
- Recent 8-K filings indicate material changes, including the assignment of hosting agreements to Evolution Technology LLC.
Bull / Bear case
Generated · model-assistedIn focus — financials by report
Revenue $1.9M; Operating income -$4.1M.
- ▍Revenue $1.9M
- ▍Operating income -$4.1M
- ▍Net margin -214.3%
Revenue $8.5M; Operating income -$11.8M.
- ▍Revenue $8.5M
- ▍Operating income -$11.8M
- ▍Net margin -134.4%
Revenue $5.8M; Operating income -$7.8M.
- ▍Revenue $5.8M
- ▍Operating income -$7.8M
- ▍Net margin -122.0%
Revenue $11.2M; Operating income -$22.0M.
- ▍Revenue $11.2M
- ▍Operating income -$22.0M
- ▍Net margin -192.1%
Revenue $16.6M; Operating income -$21.4M.
- ▍Revenue $16.6M
- ▍Operating income -$21.4M
- ▍Operating margin -128.9%
Revenue $16.6M; Operating income -$21.4M.
- ▍Revenue $16.6M
- ▍Operating income -$21.4M
- ▍Net margin -57.0%
Revenue $21.9M; Operating income -$30.0M.
- ▍Revenue $21.9M
- ▍Operating income -$30.0M
- ▍Operating margin -136.9%
Revenue $21.9M; Operating income -$30.0M.
- ▍Revenue $21.9M
- ▍Operating income -$30.0M
- ▍Operating margin -136.9%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
Options
Short squeeze
Earnings-call key lines
Estimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Filings reference going-concern or substantial-doubt language.
- Source documents mention dilution or offering risk.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Director · Restricted Stock Unit (RSU) → Common SharesDisposed 74 074exercise · 2026-06-01
- Director, CFO and Director · Restricted Stock Unit (RSU) → Common StockDisposed 159 375exercise · 2026-06-01
- Chief Accounting Officer · Restricted Stock Unit (RSU) → Common StockDisposed 56 250exercise · 2026-06-01
- Director · Restricted Stock Unit (RSU) → Common SharesDisposed 74 074exercise · 2026-06-01
- Director · Restricted Stock Unit (RSU) → Common StockDisposed 12 630exercise · 2026-05-29
- Director · Restricted Stock Unit (RSU) → Common StockDisposed 12 630exercise · 2026-05-29
- CEO and CFO · Restricted Stock Unit (RSU) → Common StockDisposed 8 985exercise · 2026-05-20
- CEO and CFO · Restricted Stock Unit (RSU) → Common StockDisposed 18 358exercise · 2026-03-12
- Chief Accounting Officer · Restricted Stock Unit (RSU) → Common StockDisposed 16 250exercise · 2026-03-11
- Director · Restricted Stock Unit (RSU) → Common StockAcquired 74 074grant · 2026-03-04
- CEO and CFO · Restricted Stock Unit (RSU) → Common StockAcquired 150 000grant · 2026-03-04
- Director · Restricted Stock Unit (RSU) → Common StockAcquired 74 074grant · 2026-03-04
- Director · Restricted Stock Unit (RSU) → Common StockAcquired 74 074grant · 2026-03-04
- Chief Accounting Officer · Restricted Stock Unit (RSU) → Common StockAcquired 50 000grant · 2026-03-04
- Chief Executive Officer · Restricted Stock Unit (RSU) → Common StockDisposed 183 594exercise · 2025-12-08
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Cash Conversion Ratiooperating_cash_flow / net_income
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Ev To Revenueenterprise_value / revenue
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Return On Equitynet_income / total_equity
- Market Capmarket_price * shares_outstanding_diluted
- Sphere 3D Corp. company facts · 2026-08-01
- Sphere 3D Corp. 10-Q 2026-05-15 · 2026-08-01
- Sphere 3D Corp. 10-K 2026-03-27 · 2026-08-01
- Sphere 3D Corp. 10-Q 2025-11-04 · 2026-08-01
- Sphere 3D Corp. 10-Q 2025-08-05 · 2026-08-01
- 8-K (sec_8k_material) on ANY · 2026-08-01
- Sphere 3D Corp Market data — analyst estimates · 2026-08-01
- Sphere 3D Corp. HA canonical relationships · 2026-08-01
Ownership & reference
Top holders
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2025-12-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Brokerage Firms · as of 2026-03-310,00 %$0M
Insider activity
- Director, Chief Executive Officer · Common SharesOther 500 000 · 2026-06-08
- Director · Common SharesOther 50 000 · 2026-06-08
- Director · Common SharesOther 50 000 · 2026-06-08
- Director · Common SharesOther 50 000 · 2026-06-08
- Director, Chief Financial Officer · Common SharesOther 250 000 · 2026-06-08
- Chief Accounting Officer · Common SharesOther 30 000 · 2026-06-08
- Director · Common SharesOther 74 074 · 2026-06-01
- Chief Accounting Officer · Common SharesOther 8 700 @ $4,25$37K · 2026-06-01
- Director, CFO and Director · Common SharesOther 159 375 · 2026-06-01
- Director, CFO and Director · Common SharesOther 50 000 @ $3,06$153K · 2026-06-01
- Director, CFO and Director · Common SharesOther 7 000 @ $4,15$29K · 2026-06-01
- Chief Accounting Officer · Common SharesOther 10 200 @ $4,41$45K · 2026-06-01
- Chief Accounting Officer · Common SharesOther 1 498 @ $4,04$6K · 2026-06-01
- Chief Accounting Officer · Common SharesOther 56 250 · 2026-06-01
- Director · Common SharesOther 74 074 · 2026-06-01
- Director · Common StockOther 12 630 · 2026-05-29
- Director · Common StockOther 12 630 · 2026-05-29
- CEO and CFO · Common StockOther 8 985 · 2026-05-20
- CEO and CFO · Common StockSold 9 800 @ $1,59$16K · 2026-03-13
- CEO and CFO · Common StockOther 18 358 · 2026-03-12
- Chief Accounting Officer · Common StockSold 6 250 @ $1,61$10K · 2026-03-12
- Chief Accounting Officer · Common StockOther 16 250 · 2026-03-11
- Chief Executive Officer · Common StockSold 90 000 @ $0,47$42K · 2025-12-09
- Chief Executive Officer · Common StockOther 183 594 · 2025-12-08
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Revenue (annual): USD 11.18MUnknown
- Operating income (annual): USD -22MUnknown
- Current assets (annual): USD 8.68MUnknown
- Operating cash flow (annual): USD -16.12MUnknown
- Capex (annual): USD 7.5MUnknown
- Cost of revenue (annual): USD 8.55MUnknown
- Net income (annual): USD -21.48MUnknown
- EPS (diluted) (annual): USD-PER-SHARES -7Unknown
- Shareholders' equity (annual): USD 23.3MUnknown
- Cash & equivalents (annual): USD 3.71MUnknown
- Shares outstanding (annual): 3.39MUnknown
- EPS (basic) (annual): USD-PER-SHARES -7Unknown
- Total assets (annual): USD 25.12MUnknown
- Current liabilities (annual): USD 1.8MUnknown
- EPS (diluted) (annual): USD-PER-SHARES -5Unknown
- Cost of revenue (annual): USD 13.38MUnknown
- Revenue (annual): USD 16.61MUnknown
- Shareholders' equity (annual): USD 39.31MUnknown
- Current assets (annual): USD 17.79MUnknown
- Capex (annual): USD 8.94MUnknown
- Net income (annual): USD -9.47MUnknown
- Operating cash flow (annual): USD -4.58MUnknown
- EPS (basic) (annual): USD-PER-SHARES -5Unknown
- Operating income (annual): USD -21.41MUnknown