• Like Marathon Digital Holdings, but with a carbon-neutral focus for Bitcoin mining.
• A smaller, specialized Dell Technologies for data centers and hybrid cloud solutions.

• Bitcoin Mining: Operates as a carbon-neutral bitcoin mining company.
• HVE-STACK: A high-density server providing compute and storage for data centers.
• HVE-VELOCITY: A high-availability dual enclosure storage area network for 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 requirements.
• Support Services: Provides self-service and direct support for its offerings.

Based on the description of DarkHorse Technologies (symbol: DRK), which is presented as Sphere 3D Corp., the company primarily sells its data management solutions and related products to other companies rather than individuals.

The provided background information does not list specific customer names. However, based on the products and services offered, the major categories of customers for DarkHorse Technologies would include:

• Enterprises and Small to Medium-sized Businesses (SMBs): Companies across various industries (e.g., finance, healthcare, manufacturing, retail, education, government) that require robust IT infrastructure, data storage, server solutions, virtualization platforms, and backup/recovery systems for their operations. These businesses would utilize products like HVE-STACK, HVE-VELOCITY, HVE 3DGFX, HVE STAGE, and HVE VAULT.
• Resellers and Professional Services Organizations: The company explicitly states it sells "directly and through its reseller network and professional services organization." These customers would purchase DarkHorse Technologies' products and solutions to integrate into their own service offerings or to provide IT consulting, implementation, and support to their end-clients.
• Cloud Service Providers (CSPs) and Data Centers: Organizations that provide cloud hosting, co-location, or managed IT services to other businesses. They might leverage DarkHorse Technologies' high-density servers (HVE-STACK) and high-availability storage area networks (HVE-VELOCITY) to build or expand their own infrastructure.

The company's bitcoin mining operations primarily generate revenue through block rewards and transaction fees rather than by selling a service to traditional "customers."

Joel Block, Chief Executive Officer

Joel Block assumed the role of Chief Executive Officer of the combined Sphere3D and Cathedra entity upon completion of the merger in June 2026. He brings over 20 years of experience in operations, sales, capital markets, and finance. Block previously served as Chief Financial Officer of US Bitcoin Corp., where he led its merger with Hut 8 Corp. He also led a $750 million spin-out during the Celsius Bankruptcy / Ionic Digital. Prior to that, he was CEO of Collegewise, one of the largest college admissions companies, and also served as its CFO from February 2015 to August 2021.

Kurt Kalbfleisch, Chief Financial Officer & Secretary

Kurt Kalbfleisch has served as Chief Financial Officer and Secretary of Sphere 3D Corp. since December 2014, a role he continues in the combined company. He previously held the positions of Acting Chief Executive Officer from January 2025 to November 2025, and then permanent Chief Executive Officer of Sphere 3D from November 2025 until June 2026. Before joining Sphere 3D, Kalbfleisch served as Chief Financial Officer of Overland Storage, Inc. from 2008 to 2022. He holds a BA in Business from Point Loma Nazarene University and an MBA from the University of San Diego.

Thomas Masiero, Head of Strategy

Thomas Masiero co-founded Kungsleden Inc.'s predecessor entities in 2022, where he served as Chief Executive Officer and grew Kungsleden's power capacity under management to an expected 90 megawatts. Before Kungsleden, Masiero co-founded Great American Mining in 2019, a prominent flare gas bitcoin mining infrastructure company that was acquired by Crusoe Energy in 2022.

Tiah Reppas, Chief Accounting Officer

Tiah Reppas serves as Chief Accounting Officer of Sphere3D Corp., bringing expertise in corporate accounting, financial reporting, and internal controls to the combined company's finance organization.

DarkHorse Technologies (symbol: DRK) primarily focuses on bitcoin mining and providing digital infrastructure for high-performance computing (HPC) and artificial intelligence (AI) workloads. The addressable markets for these services are substantial on a global scale.

Bitcoin Mining Market

The global cryptocurrency mining market, which encompasses bitcoin mining, was valued at approximately USD 2.66 billion in 2026 and is projected to reach about USD 4.90 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 9.1% during this period. Other estimates for the broader cryptocurrency mining market indicate a valuation of USD 31.76 billion in 2026, expected to increase to approximately USD 62.29 billion by 2035, with a CAGR of 7.77% from 2026 to 2035. Specifically for the global Bitcoin Miner Market, it is anticipated to be worth USD 11.72 billion in 2026 and is projected to reach USD 151.2 billion by 2035, growing at a significant CAGR of 26.7% from 2026 to 2035. Another report estimates the Bitcoin Miner Market to grow from USD 8.61 billion in 2025 to USD 50 billion by 2035, at a CAGR of 19.2%. North America is a dominant region in the cryptocurrency mining market, with the U.S. leading in Bitcoin mining capacity.

High-Performance Computing (HPC) Market

The global high-performance computing (HPC) market was valued at approximately USD 59.33 billion in 2025. It is projected to grow from USD 64.67 billion in 2026 to USD 128.84 billion by 2034, at a CAGR of 9.00%. Another forecast estimates the global HPC market to be worth around USD 64.33 billion in 2026, expanding to USD 132.9 billion by 2035 with a CAGR of 8.4%. North America holds the largest share of the global HPC market, accounting for approximately 40% in 2025.

AI Infrastructure Market

The global artificial intelligence (AI) infrastructure market was valued at approximately USD 58.78 billion in 2025. It is projected to grow from USD 75.40 billion in 2026 to USD 497.98 billion by 2034, exhibiting a CAGR of 26.60% over the forecast period. Other estimates indicate the market was valued at USD 72.02 billion in 2025 and is predicted to increase from USD 91.21 billion in 2026 to approximately USD 518.26 billion by 2035, expanding at a CAGR of 21.82%. The global AI infrastructure market could also reach approximately USD 1.2 trillion annually by 2030, according to S&P Global. North America dominated the AI infrastructure market with a revenue share of 37.10% in 2025.

1. Strategic Pivot to AI and High-Performance Computing (HPC) Infrastructure: DarkHorse Technologies is actively transitioning its existing energized power and data center assets from traditional Bitcoin mining to support higher-value Artificial Intelligence (AI) and High-Performance Computing (HPC) workloads. This strategic shift is anticipated to generate substantially greater revenue per megawatt-hour compared to its prior focus on Bitcoin mining, with third-party industry estimates suggesting full-stack AI compute economics could far exceed Bitcoin mining revenue. The company aims to convert its existing sites into modular AI data centers.
2. Expansion of Digital Infrastructure and Data Center Capacity: The company plans to significantly expand its operating capacity. DarkHorse Technologies currently operates approximately 50 MW of capacity across its data center sites in Kentucky and Tennessee and has identified a development pipeline of over 100 MW for additional expansion opportunities. This includes a proposed new 50 MW data center in Hopkinsville, Kentucky, which, if financed and built, would effectively double its current footprint and directly contribute to increased revenue from AI and HPC services.
3. Strategic Divestment and Capital Reallocation: DarkHorse is selling its legacy Bitcoin mining equipment and non-core assets, such as its Iowa site, to reallocate capital towards its AI and HPC infrastructure development. This move is intended to streamline operations, reduce the "diversification drag" from legacy mining assets, and fund the expansion into higher-margin compute infrastructure. The capital freed up from these divestitures is crucial for accelerating the new growth strategy.
4. Leveraging Energy Advantage and Optimized Power Costs: The company emphasizes a "power-first" digital infrastructure approach, leveraging long-term power contracts at competitive rates, reportedly around $49/MWh, and direct partnerships with energy producers. This energy optimization expertise and established relationships with utilities in regions like the Tennessee Valley Authority (TVA) are expected to provide a durable cost advantage, ensure reliable uptime, and enable faster deployment of new, power-intensive AI and HPC capacity by bypassing multi-year interconnection queues.

Share Issuance

• In the first half of 2026, Sphere 3D issued over 4.2 million new common shares through offerings, settlements, and equity for services, and 1,387,117 Series I preferred shares convertible into common shares.
• Following the second quarter of 2026, the company sold 911,274 common shares through an at-the-market program, generating $1.7 million in net proceeds, with an expanded program capacity of $10.3 million.
• In September 2026, the company completed a $5.0 million private placement, issuing 1,666,661 units, each comprising one common share and a five-year warrant, which could yield an additional $5.8 million upon full exercise.

Outbound Investments

• On June 1, 2026, Sphere 3D completed an all-stock acquisition of Cathedra Bitcoin Inc. for $7.34 million, establishing a vertically integrated data-center platform.
• During 2025, the company divested its remaining CORZ shares, resulting in a cumulative recovery of $9.4 million.
• In December 2023, the company sold its Service and Product segment.

Capital Expenditures

• Capital expenditures were $1.7 million for the six months ended June 30, 2026, and $6.27 million over the trailing 12 months up to September 2026.
• The company plans to develop a new 50 MW data center in Hopkinsville, Kentucky, supported by a 65 MW substation, at an estimated cost of $8 million to $10 million.
• Capital expenditures are primarily focused on replacing older generation mining equipment with newer, more efficient models and developing data center infrastructure for AI and high-performance computing.