AI Analysis | Feedback

Here are 1-3 brief analogies to describe Sphere 3D:

• Sphere 3D is like a digital gold miner, similar to companies like Newmont or Barrick Gold, but instead of digging for physical gold, they use powerful computers to 'mine' Bitcoin.
• They operate like a specialized data center, similar in scale to infrastructure run by Amazon Web Services (AWS) or Microsoft Azure, but entirely dedicated to solving complex calculations to 'mine' new Bitcoin.

AI Analysis | Feedback

• Bitcoin Mining: Operates a fleet of specialized computers to validate transactions and earn new Bitcoin as a reward.
• Data Management Software Licensing: Licenses proprietary software solutions for data storage, protection, and disaster recovery.

AI Analysis | Feedback

Sphere 3D (symbol: ANY) operates primarily as a Bitcoin mining company. Its revenue is generated from the production and subsequent sale of Bitcoin on the open market.

Given this business model, Sphere 3D does not have traditional "major customers" in the sense of other companies or categories of individuals that directly purchase and consume its products or services under long-term agreements or concentrated sales. Instead, the Bitcoin it mines is sold into the broader cryptocurrency market through various exchanges.

Therefore, Sphere 3D does not have major customer companies with symbols, nor does it serve specific categories of individual customers in the manner described in the prompt, as its revenue source is tied to the market value and liquidity of Bitcoin rather than direct sales to a defined customer base.

AI Analysis | Feedback

• Bitmain Technologies Ltd.
• Terawulf Inc. (WULF)

AI Analysis | Feedback

Kurt L. Kalbfleisch
Chief Executive Officer

Mr. Kalbfleisch was appointed Chief Executive Officer of Sphere 3D on November 6, 2025, after serving as Interim CEO since the end of January 2025. He has also served as Chief Financial Officer and Secretary of Sphere 3D Corp. since December 1, 2014, and previously held the role of CFO for Overland Storage, Inc. from February 2008 until July 2022. Prior to joining Overland, he worked as a manufacturing budget analyst for McDonnell Douglas Corp. Mr. Kalbfleisch also served on the board of Paladin Group. He holds a Bachelor of Arts in Business from Point Loma Nazarene University and a Master of Business Administration from the University of San Diego.

AI Analysis | Feedback

Bitcoin Price Volatility and Crypto Market Headwinds

Operational Challenges and Scale Disadvantage

Persistent Losses and Need for Additional Funding

AI Analysis | Feedback

null

AI Analysis | Feedback

Sphere 3D (symbol: ANY) operates primarily in the Bitcoin mining business. The company also has a history in enterprise data management and data protection solutions.

Addressable Markets:

• Cryptocurrency Mining: The global cryptocurrency mining market was valued at approximately USD 1.55 billion in 2024 and is projected to reach approximately USD 2.83 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 7.8% from 2025 to 2032. North America is identified as a dominant region in this market, with the U.S. holding the largest share due to factors such as access to low-cost energy sources and a robust digital economy.
• Enterprise Data Management: The global enterprise data management market size was valued at approximately USD 101.04 billion in 2024. This market is projected to grow to approximately USD 243.48 billion by 2032, at a CAGR of 11.8% during the forecast period. North America held the largest market share in 2024.
• Data Protection: The global data protection market size was valued at approximately USD 150.38 billion in 2024. This market is projected to grow from approximately USD 172.67 billion in 2025 to approximately USD 505.98 billion by 2032, exhibiting a CAGR of 16.6% during the forecast period. North America dominated the global data protection market with a share of 32.7% in 2024.

AI Analysis | Feedback

Sphere 3D (symbol: ANY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives primarily focused on its Bitcoin mining operations:

1. Upgrade and Expansion of Bitcoin Mining Equipment: Sphere 3D is actively replacing its older generation miners with newer, more efficient machines. For instance, in the third quarter of fiscal year 2025, the company replaced 1,500 older miners with approximately 900 newer generation S21+ miners. Additionally, the company purchased additional S21 Pro and S21 XP miners in October 2025, which are expected to increase deployed exahash per second (EH/s) by approximately 25% during the fourth quarter of 2025. This focus on higher-efficiency equipment is crucial for increasing Bitcoin production, especially after halving events.
2. Transition to Vertically Integrated Mining and New Hosting Agreements: The company is strategically moving away from high-cost hosting contracts and towards owning and operating its own infrastructure. Sphere 3D launched its first vertically integrated Bitcoin mining facility in March 2025 and entered into a partnership in September 2024 to engineer, develop, and operate a mining site in Iowa. Furthermore, securing new hosting capacity is a stated objective to support additional miners, enhancing operational efficiency and control.
3. Leveraging Bitcoin Adoption and Price Appreciation: Sphere 3D's Interim CEO, Kurt Kalbfleisch, has stated the company's commitment to scaling its operations in anticipation of the long-term expansion of Bitcoin adoption. While not a direct company action, sustained or increased Bitcoin adoption and a potential rise in Bitcoin's price would directly increase the revenue generated from their mining activities, assuming consistent production levels.
4. Operational Optimization and Cost Management: While primarily impacting profitability, the company's strong emphasis on reducing operating expenses and optimizing operations is fundamental to sustaining and growing its mining business, particularly in a post-halving environment. Sphere 3D has significantly reduced general and administrative expenses (by approximately 40% in Q3 2025 compared to Q3 2024) and overall operating costs. These efficiencies are crucial for ensuring the economic viability of their mining efforts and supporting future expansion that leads to revenue growth.

AI Analysis | Feedback

Share Issuance

• Sphere 3D received approximately $4.1 million in gross proceeds from a warrant exercise inducement in October 2025, leading to an increase in common shares outstanding from 29,360,954 on September 30, 2025, to 33,729,165 on October 28, 2025.
• In October 2025, new unregistered warrants were issued to purchase up to 8,736,422 shares at an exercise price of $0.94, exercisable after stockholder approval.
• On June 28, 2023, the company completed a one-for-seven reverse stock split of its issued and outstanding common shares.

Inbound Investments

• Sphere 3D successfully raised $4.1 million in gross proceeds through a warrant inducement agreement in October 2025, with net proceeds intended for working capital and general corporate purposes.

Outbound Investments

• In December 2023, the company sold its service and product segment, which included HVE Inc. and Unified ConneXions.
• The company sold its remaining Core Scientific (CORZ) shares, resulting in a cumulative recovery of $9.4 million in excess of the settlement value.
• On December 19, 2023, Sphere 3D's 3,162,500 shares of MEOA's Class B common stock were cancelled, leading to the elimination of its ownership in MEOA and a recognized gain of $6.1 million.

Capital Expenditures

• Subsequent to the third quarter of 2025, Sphere 3D purchased $3.9 million of new miners, which are anticipated to increase deployed exahash per second (EH/s) by approximately 25% during the fourth quarter of 2025.
• The company is focused on refreshing its mining fleet to enhance mining efficiency and plans to increase its total hashrate capacity to 1.5 EH/s during 2025.
• In March 2025, Sphere 3D's new hosting site in Iowa became fully energized.