Stamford, Connecticut--(Newsfile Corp. - February 6, 2026) - Sphere 3D Corp. (NASDAQ: ANY) ("Sphere 3D" or the "Company"), a Bitcoin mining company, today provided an update on its operational focus, creating a foundation for growth and financial progress over the past year, reflecting a continued discipline on cost control and long-term positioning and announced that it will effect a share consolidation (also known as a reverse stock split) of its common shares on a 1-for-10 basis, which was previously ap ...

Group 1 - The special meeting of shareholders of Sphere 3D Corp. is being conducted virtually to ensure accessibility for all shareholders [2] - Duncan McEwan serves as the Chairman of the Board and is present at the meeting along with other directors and the CEO [2] - The meeting is officially called to order with the appointment of a Secretary and a scrutineer to oversee the proceedings [3] Group 2 - Only registered shareholders who have signed in with their control number are eligible to vote and ask questions during the meeting [4] - A notice regarding access to the company's proxy materials was mailed to registered shareholders on December 5, 2025, with a declaration of mailing provided by TSX Trust Company [4] - The company's bylaws stipulate that a quorum for the meeting requires at least 2 persons present, holding or represented by proxy, not less than 33.3333% of the total number of shares [5]

Financial Performance - Sphere 3D reported revenue of $2.6 million for Q3 2025, an increase of 8.8% compared to $2.4 million in Q3 2024[6] - Loss from operations decreased by 23% to $4.0 million in Q3 2025, compared to $5.2 million in Q3 2024[9] - Total operating costs and expenses for Q3 2025 were $6.7 million, a decrease from $7.5 million in Q3 2024[9] Bitcoin Mining Operations - The company mined 23.0 Bitcoin during Q3 2025, a decrease of 40.5% from 38.7 Bitcoin in Q3 2024 due to higher curtailments and fewer miners online[6] - Sphere 3D replaced 1,500 older generation miners with approximately 900 newer generation S21+ miners[6] - As of September 30, 2025, Sphere 3D had a self-mined Bitcoin balance of 22.7 Bitcoin with a fair value of approximately $2.6 million[4] Cost Management - General and administrative expenses were reduced by approximately 40% to $1.8 million in Q3 2025, down from $3.0 million in Q3 2024[6] - Sphere 3D's total assets as of September 30, 2025, were $31.1 million, down from $43.2 million as of December 31, 2024[13] Capital Raising and Agreements - The company raised $4.1 million in gross proceeds through a warrant inducement[6] - The company entered into a new hosting agreement to support additional miners, enhancing its operational capacity[6]

Core Insights - Sphere 3D Corp. reported a quarterly loss of $0.13 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.11, marking an earnings surprise of -18.18% [1] - The company generated revenues of $2.62 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 12.57% [2] - Sphere 3D shares have declined approximately 28% year-to-date, contrasting with the S&P 500's gain of 16.5% [3] Financial Performance - Over the last four quarters, Sphere 3D has only surpassed consensus EPS estimates once [2] - The current consensus EPS estimate for the upcoming quarter is -$0.11 on revenues of $3.4 million, and for the current fiscal year, it is -$0.47 on revenues of $12.2 million [7] Market Outlook - The company's earnings outlook will be crucial for its stock performance, with management's commentary on the earnings call being a key factor [3][4] - The Zacks Rank for Sphere 3D is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - Sphere 3D operates within the Zacks Financial - Miscellaneous Services industry, which is currently in the top 32% of over 250 Zacks industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry performance can significantly impact individual stock performance [5][8]

Revenue and Financial Performance - For the third quarter of 2025, revenue was $2.6 million, an increase of 8.3% from $2.4 million in the third quarter of 2024, primarily due to the increase in the fair value of Bitcoin[116]. - Revenue for the first nine months of 2025 was $8.5 million, down from $14.0 million in 2024, a decrease of $5.5 million primarily due to the April 2024 halving event and equipment upgrades[125]. Costs and Expenses - Direct cost of revenues decreased by 25.9% to $2.0 million in the third quarter of 2025 from $2.7 million in the same period of 2024, attributed to lower hosting fees and the transition to newer generation machines[117]. - Direct cost of revenues decreased to $6.5 million in 2025 from $11.0 million in 2024, a reduction of $4.5 million attributed to lower hosting fees and the transition to newer mining machines[126]. - General and administrative expenses were $1.8 million for the third quarter of 2025, down 40% from $3.0 million in the third quarter of 2024, mainly due to reduced legal fees and share-based compensation[118]. - General and administrative expenses fell to $7.1 million in 2025 from $9.5 million in 2024, a decrease of $2.4 million mainly due to reduced share-based compensation and legal fees[127]. Mining Operations - The company mined 84.3 Bitcoin during the nine months ended September 30, 2025, a decrease of 40.4% compared to 141.5 Bitcoin mined in the same period of 2024[109]. - As of September 30, 2025, the company held approximately 22.7 Bitcoin, with a fair value of approximately $2.6 million[110]. - The company owned approximately 12,000 miners as of September 30, 2025, with 4,900 in service and a total hashrate capacity of 0.75 EH/s[108]. - New generation mining machines were purchased for $3.9 million, expected to increase deployed EH/s by approximately 25% during the fourth quarter of 2025[114]. Investment Activities - The company reported a loss of $0.2 million from investment activities in the third quarter of 2025, compared to a gain of $2.4 million in the same period of 2024[123]. - Investment gain decreased to $0.4 million in 2025 from $7.5 million in 2024, reflecting lower realized and unrealized gains on equity investments[132]. Cash Flow and Liquidity - Net cash used in operating activities was $(13,395) thousand in 2025 compared to $(3,064) thousand in 2024, reflecting a significant increase in cash outflow[139]. - Cash and cash equivalents as of September 30, 2025, were $5.3 million, a slight decrease from $5.4 million at December 31, 2024[134]. - The company expects to fund operations with existing cash, anticipated revenue from Bitcoin mining, and potential future financing, indicating a focus on liquidity management[134]. - The company issued 1,127,879 common shares under the At-the-Market Offering Program for $0.7 million of net proceeds during the first nine months of 2025[136]. Concerns and Future Outlook - Management expressed substantial doubt about the company's ability to continue as a going concern within 12 months if additional funding is not raised[137]. - The company experienced a loss on disposal of property and equipment of $0.8 million in the third quarter of 2025, related to the sale of mining equipment[120]. - The company reported a loss on disposal of property and equipment of $1.7 million in 2025, up from $0.7 million in 2024, primarily related to mining equipment sales[129].

Core Insights - Sphere 3D Corp. reported financial results for Q3 FY 2025, indicating a focus on long-term growth and operational efficiency [1][2] Financial Performance - Revenue for Q3 FY 2025 was $2.6 million, an increase from $2.4 million in Q3 FY 2024 [8] - Bitcoin production decreased to 23.0 Bitcoin in Q3 FY 2025 from 38.7 Bitcoin in Q3 FY 2024, attributed to higher curtailments and fewer miners online [8] - General and administrative expenses were reduced by approximately 40% to $1.8 million compared to $3.0 million in Q3 FY 2024 [8] - Total operating costs and expenses decreased to $6.7 million from $7.5 million year-over-year [8] - Loss from operations was reduced by 23% to $4.0 million in Q3 FY 2025, compared to $5.2 million in Q3 FY 2024 [8] Bitcoin Assets - As of September 30, 2025, the company held a self-mined Bitcoin balance of 22.7 Bitcoin, valued at approximately $2.6 million [5] Operational Developments - The company replaced 1,500 older generation miners with about 900 newer generation S21+ miners [7] - Sphere 3D mined 23.0 Bitcoin during the quarter and sold its remaining CORZ shares, recovering $9.4 million in excess of settlement value [7] - Capital was raised through a warrant inducement, generating $4.1 million in gross proceeds [7] - Additional S21 Pro and S21 XP miners were purchased in October 2025, expected to increase deployed EH/s by approximately 25% in Q4 FY 2025 [7] - A new hosting agreement was entered to support additional miners [7] Balance Sheet Highlights - Total assets as of September 30, 2025, were $31.1 million, down from $43.2 million at the end of 2024 [12][13] - Cash and cash equivalents were $5.3 million, while Bitcoin holdings increased to $2.6 million from $1.4 million [12][13] - Shareholders' equity decreased to $29.5 million from $39.3 million [13]

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to prevent access issues [1] Group 1 - The article highlights that users may face blocks if ad-blockers are enabled [1]

Core Viewpoint - Sphere 3D Corp. has announced a warrant inducement transaction that will generate approximately $4.0 million in gross proceeds through the immediate exercise of existing warrants at a reduced price [1][2]. Group 1: Transaction Details - The company entered into a warrant inducement agreement with an institutional investor for the immediate exercise of existing warrants to purchase up to 4,368,211 shares of common stock at a reduced exercise price of $0.94 [1]. - The investor will receive new unregistered warrants to purchase up to 8,736,422 shares of common stock, also at an exercise price of $0.94, which will be exercisable upon stockholder approval [2]. - The closing of the transaction is expected to occur on or about October 17, 2025, subject to customary closing conditions [2]. Group 2: Financial Advisor and Compliance - A.G.P./Alliance Global Partners acted as the exclusive financial advisor for the transaction [3]. - The new warrants were offered in a private placement and have not been registered under the Securities Act, being available only to accredited investors [4].

Company Actions - Antalpha 的子公司 Prestige Wealth 以每单位 4021.81 美元的价格购买了价值 1.34 亿美元的代币化黄金 Tether Gold (XAUT) [1] - 该公司计划更名为 "Aurelion Inc"，目前正在等待例行审批 [1]

Core Viewpoint - Sphere 3D Corp. has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is based solely on a company's changing earnings picture, tracking the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - The Zacks rating upgrade reflects an optimistic earnings outlook for Sphere 3D, which could lead to increased buying pressure and a rise in stock price [4][6]. Impact of Earnings Estimate Revisions - Changes in future earnings potential, as shown by earnings estimate revisions, are strongly correlated with near-term stock price movements [5]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, influencing their buying and selling actions, which subsequently affects stock prices [5]. Performance of Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - The system maintains a balanced distribution of "buy" and "sell" ratings across over 4,000 stocks, ensuring that only the top 20% receive a "Strong Buy" or "Buy" rating [10][11]. Specifics on Sphere 3D - Sphere 3D is projected to earn -$0.47 per share for the fiscal year ending December 2025, with no year-over-year change expected [9]. - Over the past three months, the Zacks Consensus Estimate for Sphere 3D has increased by 22.8%, indicating a positive trend in earnings estimates [9].