Monitor the Cathedra Bitcoin merger completion and its impact on operational scale. The significant revenue decline and increased losses despite cost reductions raise concerns about near-term profitability, even with improved mining efficiency.
Price Chart
Executive Summary
Sphere 3D reported a decline in revenue and net loss for fiscal year 2025, driven by the Bitcoin halving event and equipment upgrades. Revenue fell 32.7% YoY to $11.2M, while net loss widened to $21.5M from $9.5M in 2024. The company announced a merger with Cathedra Bitcoin and improved mining efficiency by upgrading its fleet.
Key Financial Metrics
Key Facts
- Revenue decreased from $16.6M in 2024 to $11.2M in 2025 (-32.7% YoY)
- Net loss widened from $9.47M in 2024 to $21.48M in 2025
- Bitcoin mining revenue dropped from $16.6M to $11.2M due to halving and equipment transition
- Company announced merger with Cathedra Bitcoin in March 2026
- Replaced ~2,300 miners, improving fleet efficiency from 27.1 J/th to below 19.0 J/th
- Investment gains fell from $9.0M to $0.4M due to sale of CORZ shares in prior year
Financial Impact
Revenue down $5.4M YoY, net loss increased by $12M, investment gains down $8.6M
Risk Factors
- Continued revenue pressure from Bitcoin market conditions
- Execution risk in the Cathedra Bitcoin merger
- High operating losses despite cost-cutting measures
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001062993-26-001339 |
| Document: form8k.htm | 0001062993-26-001339 |
| Document: 0001062993-26-001339-index-headers.html | 0001062993-26-001339 |
| Document: 0001062993-26-001339-index.html | 0001062993-26-001339 |
| Document: 0001062993-26-001339.txt | 0001062993-26-001339 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | S-3 | $2.27 | awaiting T+20 | — | $1.94 (+14.54%) |
Oct 6, 2026 20d 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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