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.

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