New Risk • Apr 15
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 Canadian stocks, typically moving 19% 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 Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue has declined by 8.4% over the past year. Market cap is less than US$10m (CA$9.11m market cap, or US$6.63m). Reported Earnings • Mar 27
Full year 2025 earnings released: CA$0.35 loss per share (vs CA$0.061 profit in FY 2024) Full year 2025 results: CA$0.35 loss per share (down from CA$0.061 profit in FY 2024). Revenue: CA$21.2m (down 8.4% from FY 2024). Net loss: CA$10.2m (down CA$11.7m from profit in FY 2024). New Risk • Mar 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.2m (US$9.75m) 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 Revenue has declined by 0.2% over the past year. Market cap is less than US$10m (CA$13.2m market cap, or US$9.75m). Minor Risk Share price has been volatile over the past 3 months (17% average weekly change). Aankondiging • 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. Aankondiging • Dec 04
Cathedra Bitcoin Inc. announced that it has received CAD 0.5375 million in funding Cathedra Bitcoin Inc. announced a non-brokered private placement to issue 430,000 units at an issue price of CAD 1.25 for gross proceeds of CAD 537,500 on December 3, 2025. Each unit consists of one subordinate voting share and one subordinate voting share purchase warrant, with each warrant entitling the holder thereof to acquire one additional subordinate voting share at an exercise price of CAD 1.88 per share for a period of two years following closing of the offering. Reported Earnings • Nov 20
Third quarter 2025 earnings released: CA$0.027 loss per share (vs CA$0.14 loss in 3Q 2024) Third quarter 2025 results: CA$0.027 loss per share (improved from CA$0.14 loss in 3Q 2024). Revenue: CA$5.51m (down 6.0% from 3Q 2024). Net loss: CA$784.5k (loss narrowed 76% from 3Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Software industry in Canada. New Risk • Oct 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (CA$35.6m market cap, or US$25.3m). Aankondiging • Oct 10
Cathedra Bitcoin Inc., Annual General Meeting, Dec 12, 2025 Cathedra Bitcoin Inc., Annual General Meeting, Dec 12, 2025. Location: british columbia, vancouver Canada Reported Earnings • Aug 31
Second quarter 2025 earnings released: CA$0.005 loss per share (vs CA$0.002 profit in 2Q 2024) Second quarter 2025 results: CA$0.005 loss per share (down from CA$0.002 profit in 2Q 2024). Revenue: CA$5.18m (down 9.0% from 2Q 2024). Net loss: CA$4.18m (down 447% from profit in 2Q 2024). New Risk • May 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$3.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-CA$3.9m free cash flow). Share price has been highly volatile over the past 3 months (29% average weekly change). Minor Risk Market cap is less than US$100m (CA$64.8m market cap, or US$47.2m). New Risk • May 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (29% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin). Market cap is less than US$100m (CA$47.5m market cap, or US$34.3m). Reported Earnings • May 07
Full year 2024 earnings released: EPS: CA$0.002 (vs CA$0.04 loss in FY 2023) Full year 2024 results: EPS: CA$0.002 (up from CA$0.04 loss in FY 2023). Revenue: CA$23.1m (up 112% from FY 2023). Net income: CA$1.49m (up CA$6.97m from FY 2023). Profit margin: 6.5% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. New Risk • Apr 01
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 Canadian stocks, typically moving 18% 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 (-CA$8.7m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risk Market cap is less than US$100m (CA$25.9m market cap, or US$18.1m). Aankondiging • Sep 19
Cathedra Bitcoin Inc. announced that it expects to receive CAD 2.5 million in funding Cathedra Bitcoin Inc. announced a non-brokered private placement that it will issue 25,000,000 units of the Company at an issue price of CAD 0.10 per unit for the gross proceeds of CAD 2,500,000 on September 19, 2024. Each Unit will consist of one subordinate voting share in the capital of the company and one Share purchase warrant. The Warrants shall have an expiry date of 5 years from the date of issue, and tiered exercise prices such that, of the Warrants underlying the Units subscribed for by each purchaser, 25% shall have an exercise price of CAD 0.12, 25% shall have an exercise price of CAD 0.14, 25% shall have an exercise price of CAD 0.16 and 25% shall have an exercise price of CAD 0.20. The closing date of the Offering is expected to occur on or about October 9, 2024 or such later date or dates as the Company may determine, and are subject to certain conditions including, but not limited to, the receipt of all necessary approvals including conditional approval from the TSX Venture Exchange. In consideration of the services to be rendered by one or more finders in connection with the Offering, the Company may pay to a Finder a commission consisting of a cash fee of 6% of the aggregate gross proceeds of the Offering raised from subscribers introduced to the Corporation by such Finder, payable on the Closing Date, and such number of finders' warrants bearing the same terms as the Warrants, to such Finder as is equal to 6% of the number of Units subscriber for by subscribers introduced to the Company by such Finder. Recent Insider Transactions • Sep 16
Chairman recently bought CA$62k worth of stock On the 10th of September, Jialin Qu bought around 800k shares on-market at roughly CA$0.077 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Jialin's only on-market trade for the last 12 months. Board Change • Aug 07
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Marty Dent was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.