The company is burning cash while pivoting to AI/HPC infrastructure. Monitor the August 24 shareholder meeting for the DarkHorse rebrand vote and any updates on Bitdeer co-mining deployment and Hopkinsville conversion. Cash runway appears limited given current burn rate.
Price Chart
Executive Summary
Sphere 3D reported Q2 2026 revenue of $2.45M (down 18.8% YoY) and a net loss of $13.8M, including $7.6M in impairment charges, as the company absorbed the Cathedra Bitcoin combination and transitioned toward AI/HPC infrastructure. Cash and Bitcoin holdings declined to $2.8M and $1.2M respectively, highlighting ongoing cash burn.
Key Financial Metrics
Key Facts
- Revenue $2.452M, down 18.8% YoY from $3.018M
- Net loss of $13.829M vs net income of $1.667M in Q2 2025
- EPS ($2.68) vs $0.60 in prior year
- Impairment of property & equipment $7.039M and intangible assets $0.588M
- Cash & equivalents $2.846M (down from $3.707M at Dec 2025)
- Bitcoin holdings $1.197M (down from $3.263M)
- Completed Cathedra Bitcoin combination on June 1, 2026
- Entered 30 MW co-mining agreements with Bitdeer
- Proposed rebrand to DarkHorse Technologies (ticker DRK) subject to shareholder vote on Aug 24
- Approximately 53 MW operating capacity with >100 MW potential expansion
Financial Impact
Revenue declined 18.8% YoY; net loss widened by $15.5M vs prior year; $7.6M in impairment charges; cash burn of ~$0.9M in Q2
Risk Factors
- Cash burn may require dilutive financing within 2-3 quarters
- Bitcoin price volatility impacts mining revenue and asset values
- Execution risk on AI/HPC conversion and co-mining agreements
- Shareholder approval needed for rebrand and potential name change
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001062993-26-004391 |
| Document: form8k.htm | 0001062993-26-004391 |
| Document: 0001062993-26-004391-index-headers.html | 0001062993-26-004391 |
| Document: 0001062993-26-004391-index.html | 0001062993-26-004391 |
| Document: 0001062993-26-004391.txt | 0001062993-26-004391 |
| 8-K Data (Synthetic) | 0001062993-26-004391 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 18d ago | S-3 | $2.27 | awaiting T+20 | — | $1.94 (+14.54%) |
Oct 6, 2026 21d ago | SC 13D | $2.77 | awaiting T+20 | — | $1.94 (−29.96%) |
Sep 14, 2026 6w ago | 8-K | $2.93 | awaiting T+20 | — | $1.94 (−33.79%) |
Aug 14, 2026 10w ago | 8-K | $2.10 $2.93 | ▼ −39.52% | ▼ −41.52% | $1.94 (+7.62%) |
Aug 10, 2026 11w ago | 8-K | $2.05 $2.39 | ▲ +16.59% | ▲ +17.50% | $1.94 (−5.37%) |
Aug 7, 2026 11w ago | DEFA14A | $2.05 $2.39 | ▲ +16.59% | ▲ +17.50% | $1.94 (−5.37%) |
Jun 3, 2026 20w ago | 8-K | $4.34 $2.44 | ▼ −43.78% | ▼ −42.41% | $1.94 (−55.30%) |
May 21, 2026 22w ago | 8-K | $1.93 $3.31 | ▲ +71.50% | ▲ +71.17% | $1.94 (+0.52%) |
May 15, 2026 23w ago | 8-K | $1.68 $3.48 | ▼ −107.14% | ▼ −105.56% | $1.94 (−15.48%) |
May 7, 2026 24w ago | 8-K | $1.82 $4.04 | ▲ +121.98% | ▲ +121.95% | $1.94 (+6.59%) |
US Market Status
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