Revenue decline and shrinking Bitcoin balance signal operational headwinds despite cost cuts. The pending Cathedra merger is the primary catalyst — monitor for shareholder vote and regulatory approvals. Cash burn rate (~$0.6M/quarter) gives limited runway without deal closure or financing.
Price Chart
Executive Summary
Sphere 3D reported Q1 2026 revenue of $1.9M, down 32% YoY from $2.8M, and a net loss of $4.1M ($1.18/share) vs a loss of $8.8M ($3.23/share) in Q1 2025. Bitcoin production fell to 25.3 BTC from 30.5 BTC. The company continues to execute a fleet refresh and pursue its merger with Cathedra Bitcoin, but the top-line decline and ongoing losses keep the outlook negative.
Key Financial Metrics
Key Facts
- Q1 2026 revenue declined 32% YoY to $1.9M from $2.8M
- Bitcoin production fell to 25.3 BTC from 30.5 BTC YoY
- Net loss narrowed to $4.1M ($1.18/share) from $8.8M ($3.23/share) YoY, primarily due to absence of a $3.7M investment loss
- Operating costs decreased 24% YoY to $6.0M from $8.0M
- Self-mined Bitcoin balance fell to 26.2 BTC from 37.3 BTC at year-end 2025
- Merger with Cathedra Bitcoin remains pending; fleet refresh substantially completed
- Cash and equivalents declined to $3.1M from $3.7M at year-end 2025
Financial Impact
Revenue down ~$0.9M YoY; net loss improved $4.7M but driven by non-recurring investment loss comparison
Risk Factors
- Merger with Cathedra Bitcoin may not close, leaving company with shrinking cash and no scale
- Bitcoin price volatility directly impacts revenue and asset values
- Low cash balance ($3.1M) limits operational flexibility without additional capital
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001062993-26-002710 |
| Document: form8k.htm | 0001062993-26-002710 |
| Document: 0001062993-26-002710-index-headers.html | 0001062993-26-002710 |
| Document: 0001062993-26-002710-index.html | 0001062993-26-002710 |
| Document: 0001062993-26-002710.txt | 0001062993-26-002710 |
| 8-K Data (Synthetic) | 0001062993-26-002710 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | S-3 | $2.27 | awaiting T+20 | — | $1.96 (+13.66%) |
Oct 6, 2026 20d ago | SC 13D | $2.77 | awaiting T+20 | — | $1.96 (−29.24%) |
Sep 14, 2026 6w ago | 8-K | $2.93 | awaiting T+20 | — | $1.96 (−33.11%) |
Aug 14, 2026 10w ago | 8-K | $2.10 $2.93 | ▼ −39.52% | ▼ −41.52% | $1.96 (+6.67%) |
Aug 10, 2026 11w ago | 8-K | $2.05 $2.39 | ▲ +16.59% | ▲ +17.50% | $1.96 (−4.39%) |
Aug 7, 2026 11w ago | DEFA14A | $2.05 $2.39 | ▲ +16.59% | ▲ +17.50% | $1.96 (−4.39%) |
Jun 3, 2026 20w ago | 8-K | $4.34 $2.44 | ▼ −43.78% | ▼ −42.41% | $1.96 (−54.84%) |
May 21, 2026 22w ago | 8-K | $1.93 $3.31 | ▲ +71.50% | ▲ +71.17% | $1.96 (+1.55%) |
May 15, 2026 23w ago | 8-K | $1.68 $3.48 | ▼ −107.14% | ▼ −105.56% | $1.96 (−16.67%) |
May 7, 2026 24w ago | 8-K | $1.82 $4.04 | ▲ +121.98% | ▲ +121.95% | $1.96 (+7.69%) |
US Market Status
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