Sphere 3D FY 2025 revenue $11.2M (down 32%); mined 111.6 BTC; merger with Cathedra pending

Sphere 3D Corp.

Revenue $11.2M vs $16.6M in FY 2024, down ~32% due to April 2024 halving and equipment replacement.
Operating costs decreased $4.8M to $33.2M; G&A reduced 33% to $8.3M.
Mined 111.6 Bitcoin in FY 2025; held 37.3 BTC at year-end.
In March 2026 announced definitive agreement to combine with Cathedra Bitcoin, Inc.
Replaced older miners with ~2,300 newer S21+ models; fleet efficiency improved to <19.0 J/th.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Sphere 3D Corp. reported fiscal year ended December 31, 2025 results: revenue $11.2 million.

Period: fiscal year ended December 31, 2025
Revenue: $11.2 million
Result: reported results

Exact text from the filing

Company mined 111.6 Bitcoin. As of December 31, 2025, the Company had a self-mined balance of 37.3 Bitcoin. FISCAL YEAR 2025 FINANCIAL RESULTS • The Company generated revenue of $11.2 million in fiscal year 2025 compared to $16.6 million in 2024, primarily due to the April 2024 halving event, and the process of removing our older mining equipment and replacing it with

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Source: SEC EDGAR

accession 0001062993-26-001339

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