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For Sphere 3D:

• 'Barrick Gold for digital currency (bitcoin).'
• 'A niche Dell or VMware for enterprise IT infrastructure.'

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• Carbon Neutral Bitcoin Mining: Operates as a carbon neutral bitcoin mining company.
• Data Management Solutions: Provides hybrid cloud, cloud, and on-premises data management solutions.
• HVE-STACK: A high-density server providing computer and storage appliance for data centers.
• HVE-VELOCITY: A high-availability dual enclosure storage area network for optimal data storage, protection, and recovery.
• HVE 3DGFX: A virtual desktop infrastructure solution.
• HVE STAGE: A server virtualization platform.
• HVE VAULT: An appliance designed for backup and replication storage.
• Self-Service and Support Services: Offers self-service and support for its products and solutions.

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Based on the provided background information, Sphere 3D Corp. (symbol: ANY) primarily sells its data management solutions, hardware products, and professional services to other companies and organizations.

The background description does not identify specific major customer companies by name or symbol. However, its product portfolio and service offerings indicate that its customer base would consist of businesses and organizations that require:

• Comprehensive data management solutions, including hybrid cloud, cloud, and on-premises implementations.
• Data centers and enterprises in need of high-density servers, high-availability storage area networks, and related computer and storage appliances.
• Organizations utilizing virtual desktop infrastructure solutions and server virtualization platforms.
• Businesses seeking specialized appliances for backup and replication storage.

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• Bitmain Technologies Limited

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Kurt L. Kalbfleisch, Chief Executive Officer and Chief Financial Officer

Mr. Kalbfleisch was appointed Chief Executive Officer of Sphere 3D on November 6, 2025, after serving as Interim CEO since late January 2025. He has also served as the Company's Chief Financial Officer and Secretary since December 1, 2014. Prior to his current roles at Sphere 3D, Mr. Kalbfleisch was the Chief Financial Officer of Overland Storage, Inc. from February 2008 until July 2022, where he also held other positions, including Senior Vice President, Secretary, and Vice President of Finance, since July 2007. Earlier in his career, he worked as a manufacturing budget analyst for McDonnell Douglas Corp. He has also served on the board of Paladin Group. Mr. Kalbfleisch holds a Bachelor of Arts in Business from Point Loma Nazarene University and a Master of Business Administration from the University of San Diego.

Tiah Reppas, Chief Accounting Officer

Ms. Reppas has served as Sphere 3D's Chief Accounting Officer since December 17, 2025. Her tenure with the company also includes serving as Vice President of Accounting and Finance from April 2025 to December 2025, Vice President of Finance and Corporate Controller from November 2017 to January 2019, and Corporate Controller from December 2014 to January 2019. From January 2019 to July 2021, Ms. Reppas held the position of Corporate Controller at Ra Medical Systems, Inc., where she also served as Chief Accounting Officer and Vice President. Since July 2021, she has provided her expertise as a fractional Chief Accounting Officer, Controller, and advisor to various small public and private companies, assisting with accounting functions, SEC compliance, audits, tax, banking, and supporting capital raises and merger and acquisition activities. She began her career as an auditor with Deloitte & Touche LLP. Ms. Reppas is a Certified Public Accountant and earned a Bachelor of Arts in business economics with an accounting emphasis from the University of California at Santa Barbara.

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The key risks to Sphere 3D (symbol: ANY) are primarily concentrated around its focus on Bitcoin mining, along with its overall financial health.

1. Volatility of Cryptocurrency Prices: As a company primarily focused on Bitcoin mining, Sphere 3D's revenue and profitability are directly and significantly impacted by fluctuations in the price of Bitcoin. A substantial decline in Bitcoin's value could render mining operations unprofitable.

2. Operational and Regulatory Challenges in Cryptocurrency Mining: This encompasses several risks inherent to the Bitcoin mining industry. These include increasing network difficulty, which makes it harder to mine Bitcoin and reduces rewards, and Bitcoin "halving" events that cut block rewards. Additionally, high energy consumption for mining leads to sensitivity to power costs, and the evolving global regulatory landscape for cryptocurrencies can introduce new restrictions, compliance costs, or operational hurdles.

3. Financial Health and Liquidity Concerns: Sphere 3D has faced ongoing financial challenges, including reported operating losses and negative free cash flow. The company's smaller scale compared to rivals and its valuation suggest market doubts about its profitability and growth outlook. There is also a risk of needing to raise capital, potentially through share dilution, to fund operations or upgrades.

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Two clear emerging threats for Sphere 3D primarily concern its data management solutions business:

• Accelerated Adoption of Public Cloud and Hyperconverged Infrastructure (HCI) Solutions: The increasing dominance and comprehensive offerings of major public cloud providers (such as AWS, Microsoft Azure, and Google Cloud Platform) present a significant threat to Sphere 3D's traditional on-premises and hybrid data management products like HVE-STACK (servers), HVE-VELOCITY (SAN), HVE STAGE (server virtualization), and HVE VAULT (backup/replication). These cloud giants continually expand their services, offering scalable, cost-effective, and integrated solutions that often eliminate the need for specialized on-premises hardware and software. Concurrently, the rise of hyperconverged infrastructure (HCI) solutions from companies like Nutanix and VMware integrates compute, storage, and networking into a single, software-defined platform, simplifying IT operations and making traditional, separate server and storage components less competitive. These trends fundamentally challenge the market for the data center hardware and software Sphere 3D provides, offering alternative models that prioritize agility, scalability, and simplified management.

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The addressable markets for Sphere 3D's main products and services are as follows:

Bitcoin Mining

• The global cryptocurrency mining market size was valued at USD 2.77 billion in 2025 and is projected to increase to approximately USD 9.18 billion by 2035.
• Within this market, the Bitcoin segment is expected to hold a significant share, projected at 56.45% during the forecast period.

Data Management Solutions (Hybrid Cloud, Cloud, and On-Premises Implementations)

This category encompasses several of Sphere 3D's offerings. The broader Enterprise Data Management market provides an overall size:

• The global enterprise data management market is valued at USD 119.1 billion in 2025 and is expected to reach USD 266.8 billion by 2035.

Hybrid Cloud

• The global hybrid cloud market size was valued at USD 222.45 billion in 2026 and is projected to reach USD 611.33 billion by 2034.

Cloud Computing (General)

As Sphere 3D also provides general cloud solutions, the overall cloud computing market is relevant:

• The global cloud computing market size is projected to grow from USD 905.33 billion in 2026 to USD 2,904.52 billion by 2034.

On-Premises Data Centers

Sphere 3D's on-premises implementations relate to the data center market:

• The global data center market size is estimated at USD 386.71 billion in 2025 and is predicted to increase to approximately USD 1,103.70 billion by 2035.

HVE-STACK (High-Density Servers)

This product falls under the Data Center Server market:

• The global Data Center Server Market size is expected to increase from USD 110.01 billion in 2025 to USD 268.39 billion by 2031.

HVE-VELOCITY (Storage Area Network - SAN)

• The global storage area network (SAN) solutions market size was valued at USD 27.32 billion in 2024 and is expected to reach USD 87.75 billion by 2032.

HVE 3DGFX (Virtual Desktop Infrastructure - VDI)

• The global virtual desktop infrastructure market size was valued at USD 19.6 billion in 2024 and is expected to grow to USD 77.9 billion by 2034.

HVE STAGE (Server Virtualization Platform)

• The global server virtualization software market size is valued at USD 10.79 billion in 2026 and is projected to reach USD 20.88 billion by 2034.

HVE VAULT (Backup and Replication Storage)

• The global enterprise backup and recovery software market size was valued at USD 11.78 billion in 2025 and is projected to grow to USD 29.72 billion by 2034.

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Here are 3-5 expected drivers of future revenue growth for Sphere 3D (ANY) over the next 2-3 years:

• Expansion of Bitcoin Mining Capacity and Efficiency: Sphere 3D is focused on increasing its Bitcoin mining operations through the capital-efficient procurement and deployment of next-generation mining equipment. The company has been replacing older miners with newer, more efficient S21 Pro and S21 XP models, aiming to boost hashing power and improve fleet efficiency. This strategic upgrade is expected to directly increase the amount of Bitcoin mined and, consequently, revenue.
• Strategic Merger with Cathedra Bitcoin: The recently announced definitive agreement to combine with Cathedra Bitcoin, Inc. is a significant driver. This merger is projected to substantially expand Sphere 3D's operational footprint and strategic opportunities, creating a larger platform for Bitcoin mining across multiple data centers. This increased scale and integration of resources are expected to enhance market competitiveness and drive revenue growth for the combined entity.
• Optimization of Bitcoin Mining Operations and Cost Reduction: The company is actively working to enhance the operational efficiency of its Bitcoin mining activities and reduce associated costs. This includes relocating miners to more cost-effective facilities, such as the new 8MW facility in Iowa with a favorable power rate, and entering into new hosting agreements to support additional miners at lower operating costs. Improved efficiency and reduced expenses contribute to higher net Bitcoin production and improved profitability, thereby positively impacting revenue growth.
• Growth in Data Management Solutions: While the primary focus has shifted to Bitcoin mining, Sphere 3D continues to maintain its data management and virtualization solutions business. Advancements in its data management offerings and rising global demand for efficient digital storage and management solutions could position the company for future growth in this segment. Strategic partnerships in technology may also help fortify this part of the business and contribute to revenue.

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Share Issuance

• In September 2021, Sphere 3D Corp. closed a US$192.1 million Registered Direct Offering, issuing 22,600,000 common shares and warrants for 11,300,000 common shares. The proceeds were earmarked, in part, for purchasing 60,000 crypto mining machines.
• In November 2024, the company executed a registered direct offering and a concurrent private placement, raising approximately $6 million in gross proceeds through the issuance of 4,225,353 common shares (or equivalents) and warrants. These funds were intended to enhance efficiency, acquire/upgrade its mining fleet, facilitate vertical integration, and serve general corporate purposes.
• Sphere 3D conducted a warrant inducement transaction in October 2025, generating approximately $4.0 million in gross cash proceeds from the immediate exercise of 4,368,211 existing warrants at a reduced exercise price of $0.94. New warrants to purchase up to 8,736,422 shares were issued in a concurrent private placement, with proceeds allocated for working capital and general corporate purposes.

Inbound Investments

• Sphere 3D received approximately US$192.1 million from a Registered Direct Offering in September 2021, with funds partly allocated for the purchase of 60,000 crypto mining machines.
• The company secured about $6 million in gross proceeds through a Registered Direct Offering and a concurrent Private Placement in November 2024, involving a single institutional investor.
• An existing institutional investor exercised warrants in October 2025 through a warrant inducement transaction, providing Sphere 3D with approximately $4.0 million in gross cash proceeds.

Outbound Investments

• In March 2026, Sphere 3D Corp. entered into a definitive all-stock merger agreement to acquire Cathedra Bitcoin Inc. for approximately CAD 7.1 million.
• Upon completion of the Cathedra Bitcoin Inc. acquisition, Cathedra security holders are expected to collectively own approximately 49% of Sphere 3D's issued and outstanding share capital on a partially diluted basis.
• This acquisition aims to create a larger, vertically integrated bitcoin and compute infrastructure platform, increasing Sphere 3D's power capacity to 53 MW and proprietary bitcoin mining hash rate to approximately 1.2 EH/s across five U.S. data centers.

Capital Expenditures

• In September 2021, Sphere 3D made a US$85 million payment for 60,000 Antminer S19j Pro bitcoin mining rigs, which were scheduled for delivery starting in November 2021 and were expected to provide 6.0 exahash of capacity.
• During 2025, the company invested in upgrading its mining fleet by replacing older miners with approximately 2,300 newer generation S21+, S21 XP, and S21 Pro miners to enhance efficiency.
• A new 8MW facility in Iowa was fully energized in March 2025, facilitating the relocation of certain miners from higher-cost sites to reduce operating expenses.