New Risk • May 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$22m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Market cap is less than US$10m (US$8.77m market cap). Reported Earnings • May 18
First quarter 2026 earnings released: US$1.18 loss per share (vs US$3.23 loss in 1Q 2025) First quarter 2026 results: US$1.18 loss per share (improved from US$3.23 loss in 1Q 2025). Revenue: US$1.92m (down 32% from 1Q 2025). Net loss: US$4.11m (loss narrowed 53% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. New Risk • Apr 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 44% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$24m free cash flow). Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Market cap is less than US$10m (US$5.73m market cap). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). 공시 • Mar 16
Sphere 3D Corp., Annual General Meeting, May 13, 2026 Sphere 3D Corp., Annual General Meeting, May 13, 2026. Reported Earnings • Mar 10
Full year 2025 earnings released: US$7.37 loss per share (vs US$4.78 loss in FY 2024) Full year 2025 results: US$7.37 loss per share (further deteriorated from US$4.78 loss in FY 2024). Revenue: US$11.2m (down 33% from FY 2024). Net loss: US$21.5m (loss widened 127% from FY 2024). Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has fallen by 56% per year, which means it is significantly lagging earnings. 공시 • Mar 06
Sphere 3D Corp. (NasdaqCM:ANY) entered into a definitive agreement to acquire Cathedra Bitcoin Inc. (TSXV:CBIT) for approximately CAD 7.1 million. Sphere 3D Corp. (NasdaqCM:ANY) entered into a definitive agreement to acquire Cathedra Bitcoin Inc. (TSXV:CBIT) for approximately CAD 7.1 million on March 5, 2026. Upon completion of the Transaction, Cathedra security holders will receive common shares of Sphere and/or securities exercisable or convertible into Sphere Common Shares totaling approximately 49% of al of the issued and outstanding share capital of Sphere immediately following closing on a partially diluted basis. The combined company is expected to retain Sphere's name and listing on NASDAQ under the symbol "ANY". Holders of Cathedra subordinate voting shares ("Cathedra SV Shares") will receive 0.123014 of a Sphere Common Share for each Cathedra SV Share held and holders of Cathedra multiple voting shares will receive 12.3014 Sphere Common Shares for each Cathedra MV Share held.
Upon closing of the Transaction and subject to applicable approvals, the combined company’s board of directors is expected to include Tim Hanley (Chair), Marcus Dent, Kurt Kalbfleisch, Nicholas Gates, and Joel Block, while the management team will consist of Joel Block as Chief Executive Officer, Kurt Kalbfleisch as Chief Financial Officer, and Tiah Reppas as Chief Accounting Officer.
The transaction is subject to British Columbia Supreme Court approval, approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board, approval of offer by target shareholders, and approval by 66?% of the votes cast by holders of Cathedra SV Shares, Cathedra MV Shares, Cathedra warrants, Cathedra stock options and Cathedra restricted share units, voting as a single class. The board of directors of Cathedra and Sphere have unanimously approved the transaction.
DuMoulin Black LLP acted as legal advisor for Cathedra Bitcoin Inc. Greenberg Traurig, LLP acted as legal advisor for Cathedra Bitcoin Inc. Evans & Evans, Inc. acted as fairness opinion provider for Cathedra Bitcoin Inc. Meretsky Law Firm acted as legal advisor for Sphere 3D Corp. Pryor Cashman LLP acted as legal advisor for Sphere 3D Corp. Rosenblatt Securities Inc. acted as fairness opinion provider for Sphere 3D Corp. Second Gate Advisory LLC is acting as strategic advisor to Sphere. 공시 • Mar 01
Sphere 3D Corp. Receives Notice of Regained Compliance with Nasdaq Listing Bid Price Rule As previously disclosed, on March 6, 2025, Sphere 3D Corp., (the "Company") received a notification letter from The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company did not satisfy the requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) to maintain a minimum bid price of $1.00 per share. On February 26, 2026, the Company received written notice from Nasdaq informing the Company that it has regained compliance with Rule 5550(a)(2) and this matter is now closed. New Risk • Jan 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.87m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$23m free cash flow). Earnings have declined by 1.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Market cap is less than US$10m (US$9.87m market cap). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Board Change • Dec 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. Independent Director Sue Harnett was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Third quarter 2025 earnings released: US$0.15 loss per share (vs US$0.005 profit in 3Q 2024) Third quarter 2025 results: US$0.15 loss per share (down from US$0.005 profit in 3Q 2024). Revenue: US$2.62m (up 11% from 3Q 2024). Net loss: US$4.25m (down US$4.35m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Recent Insider Transactions Derivative • Sep 08
CFO, Acting CEO & Secretary exercised options and sold US$52k worth of stock On the 3rd of September, Kurt Kalbfleisch exercised options to acquire 85k shares at no cost and sold these for an average price of US$0.61 per share. This trade did not impact their existing holding. For the year to December 2018, Kurt's total compensation was 29% salary and 71% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, Kurt's direct individual holding has increased from 146.52k shares to 469.65k. Company insiders have collectively sold US$268k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: US$0.06 (vs US$0.11 in 2Q 2024) Second quarter 2025 results: EPS: US$0.06 (down from US$0.11 in 2Q 2024). Revenue: US$3.02m (down 35% from 2Q 2024). Net income: US$1.67m (down 22% from 2Q 2024). Profit margin: 55% (up from 46% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. Recent Insider Transactions Derivative • Jun 10
CFO, Acting CEO exercised options and sold US$99k worth of stock On the 5th of June, Kurt Kalbfleisch exercised options to acquire 134k shares at no cost and sold these for an average price of US$0.74 per share. This trade did not impact their existing holding. For the year to December 2018, Kurt's total compensation was 29% salary and 71% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2024, Kurt's direct individual holding has increased from 128.47k shares to 154.03k. Company insiders have collectively sold US$635k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • May 15
First quarter 2025 earnings released: US$0.32 loss per share (vs US$0.27 loss in 1Q 2024) First quarter 2025 results: US$0.32 loss per share (further deteriorated from US$0.27 loss in 1Q 2024). Revenue: US$2.82m (down 59% from 1Q 2024). Net loss: US$8.79m (loss widened 96% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 53% per year, which means it is significantly lagging earnings. New Risk • Apr 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 47% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (47% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (US$13.2m market cap). 공시 • Apr 01
Sphere 3D Corp., Annual General Meeting, May 29, 2025 Sphere 3D Corp., Annual General Meeting, May 29, 2025. Reported Earnings • Mar 30
Full year 2024 earnings released: US$0.48 loss per share (vs US$1.93 loss in FY 2023) Full year 2024 results: US$0.48 loss per share (improved from US$1.93 loss in FY 2023). Revenue: US$16.6m (down 24% from FY 2023). Net loss: US$9.47m (loss narrowed 60% from FY 2023). New Risk • Mar 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.96m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 38% per year over the past 5 years. Market cap is less than US$10m (US$9.96m market cap). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). 공시 • Mar 08
Sphere 3D Corp. Receives Non-Compliance Letter from Nasdaq Regarding Bid Price Rule On March 6, 2025, Sphere 3D Corp. ("the Company") received a notice from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") stating that the bid price of the Company's common shares for the last 30 consecutive trading days had closed below the minimum $1.00 per share required for continued listing under Listing Rule 5550(a)(2) (the "Listing Rule"). The Company has a period of 180 calendar days, or until September 2, 2025, to regain compliance with the Listing Rule. The notice from Nasdaq has no immediate effect on the listing or trading of the Company's common shares on The Nasdaq Capital Market. If the Company does not regain compliance with Nasdaq Listing Rule 5550(a)(2) by September 2, 2025, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period. The Company intends to monitor the closing bid price of its common shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse stock split of its outstanding securities, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 48% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 38% per year over the past 5 years. Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (US$21.2m market cap). 공시 • Jan 04
Sphere 3D Corp. has filed a Follow-on Equity Offering in the amount of $8 million. Sphere 3D Corp. has filed a Follow-on Equity Offering in the amount of $8 million.
Security Name: Common Shares
Security Type: Common Stock
Transaction Features: At the Market Offering Recent Insider Transactions Derivative • Dec 15
CEO & Director exercised options and sold US$65k worth of stock On the 12th of December, Patricia Trompeter exercised options to acquire 50k shares at no cost and sold these for an average price of US$1.30 per share. This trade did not impact their existing holding. For the year to December 2021, Patricia's total compensation was 25% salary and 75% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2024, Patricia's direct individual holding has increased from 128.08k shares to 429.69k. Company insiders have collectively sold US$492k more than they bought, via options and on-market transactions in the last 12 months. 공시 • Nov 21
Sphere 3D Corp. has filed a Follow-on Equity Offering in the amount of $5.999814 million. Sphere 3D Corp. has filed a Follow-on Equity Offering in the amount of $5.999814 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 2,350,000
Price\Range: $1.42
Discount Per Security: $0.1
Security Name: Pre-Funded Warrants
Security Type: Equity Warrant
Securities Offered: 1,875,353
Price\Range: $1.4199
Discount Per Security: $0.0994
Transaction Features: Registered Direct Offering 공시 • Nov 19
Sphere 3D Receives Notice from Nasdaq Regarding Regains Compliance Under Listing Rule 5550(a)(2) As previously disclosed, on October 12, 2024, Sphere 3D Corp., received a notification letter from The Nasdaq Stock Market LLC (Nasdaq") indicating that the Company did not satisfy the requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) to maintain a minimum bid price of $1.00 per share over the previous 30 consecutive business days. On November 15, 2024, the Company received written notice from Nasdaq informing the Company that it has regained compliance with Rule 5550(a)(2) and this matter is now closed. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: US$0.005 (vs US$0.50 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.005 (up from US$0.50 loss in 3Q 2023). Revenue: US$2.36m (down 59% from 3Q 2023). Net income: US$104.0k (up US$6.41m from 3Q 2023). Profit margin: 4.4% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Revenue is expected to decline by 8.3% p.a. on average during the next 2 years, while revenues in the Software industry in the US are expected to grow by 12%. 공시 • Oct 14
Sphere 3D Receives Notice from Nasdaq Regarding Non-Compliance with the Minimum Bid Price Requirement under Listing Rule 5550(a)(2) On October 10, 2024, Sphere 3D Corp. (‘the Company’) received a notice from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC (‘Nasdaq’) stating that the bid price of the Company's common shares for the last 30 consecutive trading days had closed below the minimum $1.00 per share required for continued listing under Listing Rule 5550(a)(2) (the ‘Listing Rule’). The Company has a period of 180 calendar days, or until April 8, 2025, to regain compliance with the Listing Rule. The notice from Nasdaq has no immediate effect on the listing or trading of the Company's common shares on The Nasdaq Capital Market. If the Company does not regain compliance with Nasdaq Listing Rule 5550(a)(2) by April 8, 2025, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period. The Company intends to monitor the closing bid price of its common shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse stock split of its outstanding securities, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: US$0.11 (vs US$0.44 loss in 2Q 2023) Second quarter 2024 results: EPS: US$0.11 (up from US$0.44 loss in 2Q 2023). Revenue: US$4.67m (down 15% from 2Q 2023). Net income: US$2.12m (up US$6.95m from 2Q 2023). Profit margin: 46% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Recent Insider Transactions • Jun 13
CEO & Director recently sold US$171k worth of stock On the 11th of June, Patricia Trompeter sold around 150k shares on-market at roughly US$1.14 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Patricia has been a net seller over the last 12 months, reducing personal holdings by US$315k. Reported Earnings • May 15
First quarter 2024 earnings released: US$0.27 loss per share (vs US$0.34 loss in 1Q 2023) First quarter 2024 results: US$0.27 loss per share. Revenue: US$6.95m (up 130% from 1Q 2023). Net loss: US$4.48m (loss widened 28% from 1Q 2023). New Risk • Mar 15
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 73% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$8.1m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 62% per year over the past 5 years. Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$24.6m market cap). Reported Earnings • Mar 15
Full year 2023 earnings released: US$1.93 loss per share (vs US$20.36 loss in FY 2022) Full year 2023 results: US$1.93 loss per share (improved from US$20.36 loss in FY 2022). Revenue: US$21.9m (up 261% from FY 2022). Net loss: US$23.4m (loss narrowed 88% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has fallen by 59% per year, which means it is performing significantly worse than earnings. 공시 • Mar 02
Sphere 3D Corp., Annual General Meeting, May 15, 2024 Sphere 3D Corp., Annual General Meeting, May 15, 2024. 공시 • Jan 05
Sphere 3D Corp. Announces Resignation of Joseph O'Daniel as President Sphere 3D Corp. announced that In connection with entering into the SPA, on December 28, 2023, Joseph O'Daniel resigned from his position as President of the Company. New Risk • Dec 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$11m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 70% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (46% increase in shares outstanding). Market cap is less than US$100m (US$11.5m market cap). New Risk • Dec 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$8.97m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$11m free cash flow). Earnings have declined by 70% per year over the past 5 years. Market cap is less than US$10m (US$8.97m market cap). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (46% increase in shares outstanding). Reported Earnings • Nov 16
Third quarter 2023 earnings released: US$0.50 loss per share (vs US$2.14 loss in 3Q 2022) Third quarter 2023 results: US$0.50 loss per share (improved from US$2.14 loss in 3Q 2022). Revenue: US$5.72m (up 322% from 3Q 2022). Net loss: US$6.31m (loss narrowed 69% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has fallen by 53% per year, which means it is performing significantly worse than earnings. 공시 • Sep 29
Sphere 3D Corp., Annual General Meeting, Dec 05, 2023 Sphere 3D Corp., Annual General Meeting, Dec 05, 2023. Reported Earnings • Aug 16
Second quarter 2023 earnings released: US$0.44 loss per share (vs US$4.31 loss in 2Q 2022) Second quarter 2023 results: US$0.44 loss per share (improved from US$4.31 loss in 2Q 2022). Revenue: US$5.47m (up 185% from 2Q 2022). Net loss: US$4.83m (loss narrowed 88% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has fallen by 53% per year, which means it is performing significantly worse than earnings. 공시 • Jul 18
Sphere 3D Corp. Regains Compliance with Nasdaq Minimum Bid Price Requirement As previously disclosed, on July 25, 2022, Sphere 3D Corp., (the "Company") received a notification letter from The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company did not satisfy the requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) to maintain a minimum bid price of $1.00 per share over the previous 30 consecutive business days. On July 14, 2023, the Company received written notice from Nasdaq informing the Company that it has regained compliance with Rule 5550(a)(2) and this matter is now closed. Reported Earnings • May 13
First quarter 2023 earnings released: US$0.049 loss per share (vs US$0.23 loss in 1Q 2022) First quarter 2023 results: US$0.049 loss per share (improved from US$0.23 loss in 1Q 2022). Revenue: US$3.03m (up 121% from 1Q 2022). Net loss: US$3.51m (loss narrowed 76% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 33% per year whereas the company’s share price has fallen by 37% per year. 공시 • Jan 26
Nasdaq Grants Sphere 3D an Additional 180-Day Grace Period, or Until July 24, 2023, to Regain Compliance As previously disclosed, on July 25, 2022, Sphere 3D Corp. ("the Company") received a notice from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") stating that the bid price of theCompany's common stock for the last 30 consecutive trading days had closed below the minimum $1.00 per share required for continued listing under Listing Rule 5550(a)(2) (the "Listing Rule"). The Company had a period of180 calendar days, or until January 23, 2023, to regain compliance with the Listing Rule. On January 24, 2023, the Company received notification from Nasdaq indicating that the Company will have an additional 180-day grace period, or until July 24, 2023, to regain compliance with the Listing Rule's $1.00 minimum bid requirement. The notification indicated that the Company did not regain compliance during the initial 180-day grace period provided under the Listing Rule. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company is eligible for the additional grace period because it meets the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the bid price requirement, and the Company's written notice to Nasdaq of its intention to cure the deficiency by effecting a reverse stock split, if necessary. If the Company does not regain compliance by July 24, 2023, or if the Company fails to satisfy another Nasdaq requirement for continued listing, Nasdaq staff could provide notice that the Company's common shares will become subject to delisting. In such event, Nasdaq rules permit the Company to appeal any delisting determination to a Nasdaq Hearings Panel. Accordingly, there can be no guarantee that the Company will be able to maintain its Nasdaq listing. The Company intends to actively monitor the closing bid price for its common shares and will consider available options to resolve the deficiency and regain compliance with the Listing Rule. Seeking Alpha • Aug 03
Sphere 3D Seeks Bitcoin Miner Ramp As Gryphon Merger Deal Ends Sphere 3D recently mutually terminated its proposed merger with Gryphon Digital Mining.
Despite this, the company intends to work with Gryphon to ramp up its Bitcoin mining capacity.
Sphere expects to receive delivery of at least 60,000 miners by the end of 2022.
The stock will largely follow the ups and downs of Bitcoin's price; I'm on Hold for ANY until we see miner installation progress.
A Quick Take On Sphere 3D
Sphere 3D (ANY) recently reported its Q1 2022 financial results on May 16, 2022 after mutually agreeing to terminate its proposed merger with Gryphon Digital Mining.
The company is seeking to grow its Bitcoin (BTC-USD) mining operations and will continue to work with Gryphon as it builds out its mining capabilities.
Until we see more data on the firm’s installation of additional miners and on the outlook for a rally in the price of Bitcoin, I’m on Hold for Sphere in the near term.
Sphere 3D Overview
Toronto, Canada based Sphere 3D was founded to provide a range of data center products and services.
It has since changed its focus to become a net carbon neutral Bitcoin and other cryptocurrency mining company with operations in North America.
The firm is headed by Chief Executive Officer Patricia Trompeter, who was previously co-founder and Managing Partner of Ceres Capital Ventures.
The global market for Bitcoin mining is currently in significant flux, with the recent bans on mining in China having caused a large amount of that country's hashpower to exit the network while those operators look for more suitable locations.
Many mining concerns have relocated to the United States, due to its largely predictable regulatory and legal environment and pro-business approaches in a number of states.
The market value for mining depends on the price of Bitcoin, since the majority of value going to the miner is a function of the current Bitcoin reward rate of 6.25 Bitcoin per successfully mined block.
At a price of $25,000 per Bitcoin, the annual mining rewards for the entire industry would be approximately $8.21 billion.
Major industry participants include:
Bitfarms (BITF)
Argo Blockchain (ARBKF)
DMG Blockchain (DMGGF)
Hive Blockchain (HIVE)
Hut 8 Mining (HUT)
HashChain Technology
DPW Holdings
Layer1 Technologies
Riot Blockchain (RIOT)
Marathon Digital Holdings (MARA)
Others
Sphere 3D’s Recent Financial Performance
Total revenue by quarter has been uneven as the firm has operated a relatively small number of mining computers:
5 Quarter Total Revenue (Seeking Alpha)
Gross profit by quarter has followed approximately the same trajectory as that of total revenue:
5 Quarter Gross Profit (Seeking Alpha)
Selling, G&A expenses as a percentage of total revenue by quarter have remained quite high:
5 Quarter Selling, G&A % Of Revenue (Seeking Alpha)
Operating losses have worsened as the firm has pursued capital and expense intensive cryptocurrency mining operations:
5 Quarter Operating Income (Seeking Alpha)
Earnings per share (Diluted) have remained negative as the chart shows below:
5 Quarter Earnings Per Share (Seeking Alpha)
(All data in above charts is GAAP)
In the past 12 months, ANY’s stock price has fallen 80.7% vs. the U.S. S&P 500 index’s drop of around 5.9%, as the chart below indicates:
52-Week Stock Price (TradingView)
Valuation And Other Metrics For Sphere 3D
Below is a table of relevant capitalization and valuation figures for the company:
Measure
Amount
Enterprise Value
$56,690,000
Market Capitalization
$40,000,000
Enterprise Value / Sales [TTM]
13.65
Revenue Growth Rate [TTM]
-13.10%
Operating Cash Flow [TTM]
-$43,500,000
Earnings Per Share (Fully Diluted)
-$0.64
(Source - Seeking Alpha)
Commentary On Sphere 3D
In its last earnings announcement (Source - Seeking Alpha), covering Q1 2022’s results, management highlighted its expansion plans for receiving contracted delivery of 60,000 Antminer S19j Pro mining computers by the end of 2022.
It’s likely the company will receive these miners on time as the overall supply of miners has increased in recent months due to a downturn in Bitcoin price reducing demand in some respects.
At the earnings announcement date (May 16, 2022), the firm had not received its initial test shipment of 12 NM440 Bitcoin miners as part of its 60,000 NM440 order. The company has contract termination rights. Seeking Alpha • Jul 08
Sphere 3D June bitcoin production down 3% sequentially Sphere 3D (NASDAQ:ANY) produced 12.19 bitcoin, or 0.41 bitcoin daily, in June 2022 - down 3.02% from the 12.57 coins produced in May 2022.
Based on a bitcoin price of $19,889 on June 30, 2022, the equivalent approximate valuation of Sphere 3D's production totaled $242,500 for the month.
The bitcoin miner has produced 55.26 coins, since it began its mining operations in Q122. It held held 49.23 Bitcoin on June 30. This represented a valuation of ~$1.0M based on the bitcoin price on June 30.
Approximately 1,000 S19j Pros miners were deployed as of June 30, delivering a production capacity of about 100 PH/s. Sphere 3D operated at 128 BTC/EH efficiency in the month, with an average 97.0% uptime.
Sphere 3D expects to take delivery of about 4,000 (400 PH/s) new S19j Pros from BitFuFu, the global strategic arm of Bitmain, during July 2022. The miners are scheduled to arrive in multiple shipments and ports in early July.
"August 2022 production should increase significantly due to the addition of approximately 400 PH/s of production to our mining operation between now and the end of August, 2022,", the company stated.
Shares are up 9.5% after-hours.