Sphere 3D Corp. ANY
Sphere 3D was incorporated under the Business Corporations Act (Ontario) on May 2, 2007 as T.B. Mining Ventures Inc. On March 24, 2015, we completed a short-form amalgamation with a wholly-owned subsidiary. In connection with the short-form amalgamation, we changed our name to "Sphere 3D Corp." Any reference to the "Company", "Sphere 3D", "we", "our", "us", or similar terms refers to Sphere 3D Corp. and its subsidiaries. In January 2022, we commenced operations of our Bitcoin mining business and are dedicated to becoming a leader in the blockchain and cryptocurrency industry. We have established and continue to grow an enterprise-scale mining operation through the procurement of mining equipment and partnering with experienced service providers. In December 2023, we sold our service and product segment which focused on containerization and virtualization technologies along with data management products that enabled workload-optimized solutions. We plan to continue to focus on growing our Bitcoin mining operation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.2M | $16.6M | $21.9M | $6.1M | $3.7M | $4.8M | $5.6M | $9.0M | $12.6M | $76.4M |
| Cost of revenue | $8.6M | $13.4M | — | — | $2.0M | $2.6M | $3.7M | $7.4M | $3.7M | $3.6M |
| Gross profit | $2.6M | $3.2M | $6.0M | $2.7M | $1.7M | $2.2M | $1.9M | $1.7M | $3.1M | $22.3M |
| R&D | — | $0 | $1.0M | $605.0K | $971.0K | $1.2M | $2.1M | $3.4M | $5.9M | $8.8M |
| SG&A | $8.3M | $12.4M | $15.8M | $24.1M | $12.9M | $5.5M | $3.9M | $7.5M | $9.7M | $20.7M |
| Total operating expenses | $33.2M | $38.0M | $51.9M | $163.7M | $23.4M | $8.2M | $7.9M | $14.3M | $21.2M | $86.2M |
| Operating income | -$22.0M | -$21.4M | -$30.0M | -$157.7M | -$19.7M | -$6.0M | -$6.0M | -$12.6M | -$18.1M | -$63.8M |
| Interest expense | — | — | — | $1.0M | — | — | $22.0K | $0 | $3.4M | $2.0M |
| Pre-tax income | -$21.5M | -$9.3M | -$23.3M | -$192.7M | -$17.3M | -$5.8M | -$4.3M | -$12.6M | -$16.3M | -$67.6M |
| Income tax | $2.0K | $150.0K | $13.0K | $166.0K | $15.0K | $4.0K | $0 | $0 | $852.0K | $825.0K |
| Net income | -$21.5M | -$9.5M | -$23.3M | -$192.9M | -$17.3M | -$5.8M | -$4.3M | -$26.2M | -$26.2M | -$68.5M |
| EPS, basic | -7.37 | -4.78 | -1.93 | -20.36 | -0.58 | — | — | — | — | — |
| EPS, diluted | -7.37 | -4.78 | -1.93 | -20.36 | -0.58 | -0.98 | -1.59 | -15.80 | -42.08 | -34.42 |
| Shares, diluted (wtd. avg.) | $2.9M | $2.0M | $12.1M | $9.5M | $30.9M | — | $2.7M | $1.7M | $622.2K | $2.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.7M | $5.4M | $586.0K | $1.5M | $54.4M | $461.0K | $149.0K | $341.0K | $4.6M | $5.1M |
| Receivables | — | — | $0 | $174.0K | $181.0K | $264.0K | $369.0K | $1.1M | $1.9M | $11.6M |
| Inventory | — | — | — | — | $0 | $558.0K | $753.0K | $1.2M | $1.4M | $10.0M |
| Total current assets | $8.7M | $17.8M | $13.5M | $10.3M | $78.4M | $2.1M | $1.9M | $3.5M | $76.4M | $30.3M |
| Property, plant and equipment | $14.6M | $22.0M | $24.2M | $34.3M | $0 | $0 | $2.0K | $6.0K | $24.0K | $3.1M |
| Goodwill | — | — | — | — | $0 | $1.4M | $1.4M | $1.4M | $1.4M | $863.0K |
| Other intangibles | $1.6M | $3.1M | $4.6M | $9.5M | $63.0M | $2.6M | $2.3M | $3.3M | $5.2M | $47.7M |
| Total assets | $25.1M | $43.2M | $45.7M | $83.0M | $275.9M | $11.8M | $8.4M | $11.3M | $83.3M | $92.6M |
| Accounts payable | $427.0K | $1.2M | $2.4M | $3.0M | $1.3M | $2.0M | $4.1M | $4.6M | $3.1M | $10.6M |
| Short-term debt | — | — | — | — | — | — | — | — | $18.2M | $17.3M |
| Total current liabilities | $1.8M | $3.9M | $5.3M | $6.2M | $5.2M | $5.8M | $6.6M | $9.6M | $70.6M | $42.9M |
| Total liabilities | — | — | $5.3M | $12.0M | $6.3M | $6.8M | $7.2M | $16.9M | $72.8M | $72.1M |
| Retained earnings | -$478.3M | -$456.8M | -$447.4M | -$419.7M | -$215.2M | -$197.4M | -$191.6M | -$187.3M | -$161.4M | -$135.2M |
| Total equity | $23.3M | $39.3M | $26.5M | $34.6M | $227.3M | $5.0M | $1.2M | -$5.6M | $10.5M | $20.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$16.1M | -$4.6M | -$6.6M | -$30.8M | -$28.5M | -$2.6M | -$1.8M | -$7.6M | -$9.0M | -$17.5M |
| Depreciation and amortisation | $6.9M | $7.1M | $6.2M | $28.3M | $5.7M | $971.0K | $1.0M | $3.9M | $6.1M | $6.2M |
| Stock-based compensation | $832.0K | $2.8M | $2.4M | $8.5M | $366.0K | $5.0K | $637.0K | $1.6M | $7.8M | $9.1M |
| Capital expenditure | $7.5M | $8.9M | $1.6M | $17.6M | $102.2M | $0 | $0 | $56.0K | $123.0K | $237.0K |
| Investing cash flow | $10.0M | $4.0M | $2.6M | -$22.0M | -$122.7M | -$2.0M | $0 | $944.0K | -$1.2M | -$237.0K |
| Financing cash flow | $4.4M | $5.4M | $3.1M | $0 | $205.1M | $4.9M | $1.6M | $2.4M | $9.5M | $14.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001185185-26-001404.
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