Sphere 3D Q1 net loss $4.1M, revenue $1.9M; Bitcoin production down 17% YoY

Sphere 3D Corp.

Revenue $1.9M, down 32% YoY; net loss $4.1M ($1.18/share) improved from $8.8M loss.
Mined 25.3 Bitcoin vs 30.5 in Q1 2025; held 26.2 BTC at March 31.
Operating costs fell to $6.0M from $8.0M; G&A down 23% to $2.5M.
Proposed combination with Cathedra Bitcoin to create scaled digital infrastructure platform.

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