Exhibit 99.1 STAMFORD, Connecticut, August 5, 2025 - Sphere 3D Corp. (NASDAQ: ANY) ("Sphere 3D" or the "Company"), a Bitcoin mining company, today reported financial results for the second quarter of fiscal year 2025 ended June 30, 2025. Sphere 3D Reports Second Quarter 2025 Financial Results COMMENTS FROM SPHERE 3D LEADERSHIP "While market conditions have remained relatively steady this quarter, our strategy remains unchanged- strengthen our foundation, manage costs, and build a business that performs acro ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from___________________________to ___________________________ Commission File ...

Core Insights - Sphere 3D Corp. reported its financial results for Q2 2025, highlighting a net income of $1.7 million, a decrease from $2.1 million in Q2 2024 [6][7] - The company aims to strengthen its foundation and manage costs while scaling its operations in response to the long-term growth of Bitcoin adoption [2] Financial Performance - Revenue for Q2 2025 was $3.0 million, down from $4.7 million in Q2 2024, attributed to weaker post-halving economics and downtime during the transition from high-cost hosting contracts [7][9] - Bitcoin production decreased to 30.9 Bitcoin in Q2 2025 from 70.7 Bitcoin in Q2 2024 [7] - Operating costs and expenses were reduced by 46% to $5.6 million compared to $10.4 million in Q2 2024 [7][9] - Loss from operations decreased by 54% to $2.6 million in Q2 2025 from $5.7 million in Q2 2024 [7][9] - Investment gain for Q2 2025 was $4.3 million, down from $7.8 million in Q2 2024 [7][9] Bitcoin Assets - As of June 30, 2025, the company held a self-mined Bitcoin balance of 20.5 Bitcoin, with a fair value of approximately $2.2 million [3][11] Balance Sheet Highlights - Total assets decreased to $34.4 million as of June 30, 2025, from $43.2 million at the end of 2024 [10][11] - Shareholders' equity also declined to $32.7 million from $39.3 million during the same period [11]

Financial Performance - Sphere 3D reported a net loss of $8.8 million, or $0.32 per share, for Q1 2025, compared to a net loss of $4.5 million, or $0.27 per share, in Q1 2024[10]. - Revenue for Q1 2025 decreased to $2.8 million, down 59.7% from $6.9 million in Q1 2024, primarily due to weaker post-halving economics and downtime during the transition away from high-hosting contracts[7]. - Operating costs and expenses for the quarter were $8.0 million, a slight decrease from $8.8 million in Q1 2024[7]. - Investment loss for Q1 2025 was $3.7 million, compared to $2.7 million in Q1 2024[7]. Bitcoin Production - Bitcoin production in Q1 2025 was 30.5 Bitcoin, a significant decrease of 78.9% compared to 144.8 Bitcoin produced in Q1 2024[7]. - The company had a self-mined Bitcoin balance of 22.7 Bitcoin with a fair value of approximately $1.9 million as of March 31, 2025[5]. Cash and Assets - Cash and cash equivalents decreased to $2.8 million from $5.4 million at the end of 2024[14]. - Total assets decreased to $34.3 million as of March 31, 2025, down from $43.2 million at the end of 2024[14]. Legal and Operational Developments - The company reached a settlement agreement with Gryphon Digital Mining, resulting in the complete dismissal of outstanding litigation without any payments made[7]. - Sphere 3D's new hosting site in Iowa was fully energized in March 2025, and a managed services agreement was established with Simple Mining[7].

分组1 - Sphere 3D Corp. reported a quarterly loss of $0.29 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.26, and compared to a loss of $0.14 per share a year ago, indicating an earnings surprise of -11.54% [1] - The company posted revenues of $2.82 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 28.05%, but this was a decline from year-ago revenues of $6.95 million [2] - Sphere 3D shares have underperformed the market, losing about 14.2% since the beginning of the year, while the S&P 500 gained 0.1% [3] 分组2 - The current consensus EPS estimate for the coming quarter is -$0.13 on revenues of $3.6 million, and for the current fiscal year, it is -$0.55 on revenues of $14.9 million [7] - The Zacks Industry Rank for Financial - Miscellaneous Services is in the top 38% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8] - Sphere 3D has a Zacks Rank 2 (Buy), suggesting that the shares are expected to outperform the market in the near future [6]

Financial Performance - For Q1 2025, Sphere 3D reported revenues of $2.8 million, a decrease of 59.4% from $6.9 million in Q1 2024, primarily due to 22% of mining machines being taken offline[103]. - The direct cost of revenues for Q1 2025 was $2.2 million, down 48.8% from $4.3 million in Q1 2024, attributed to lower hosting fees and the transition to newer generation machines[104]. - The company experienced a loss on disposal of property and equipment of $0.8 million in Q1 2025, compared to nil in Q1 2024[107]. - General and administrative expenses decreased to $3.2 million in Q1 2025 from $3.5 million in Q1 2024, primarily due to reduced share-based compensation and employee-related expenses[105]. - For the three months ended March 31, 2025, the company reported a net cash used in operating activities of $4.078 million, compared to $58,000 in the same period of 2024[116]. - The company experienced a net loss of $8.8 million during the first three months of 2025, which was offset by $6.3 million in non-cash items[116]. Mining Operations - Sphere 3D mined 30.5 Bitcoin in Q1 2025, a 5.0% decrease from 32.1 Bitcoin in Q4 2024, due to strategic changes in operations[97]. - As of March 31, 2025, Sphere 3D owned approximately 13,000 miners, with 6,400 in service and a total hashrate capacity of 0.82 EH/s[97]. - The company anticipates achieving approximately 1.5 EH/s of total hashrate in operation during 2025 based on existing operations and expected miner deployments[97]. - The company plans to lower mining costs and refresh its mining fleet to enhance efficiency[113]. Cash and Liquidity - As of March 31, 2025, Sphere 3D had cash and cash equivalents of $2.8 million, down from $5.4 million at December 31, 2024[110]. - Cash on hand may not be sufficient for the company to continue operations within 12 months if additional funding is not raised[113]. - The company received $2.1 million from the sale of Bitcoin during the first three months of 2025[117]. - The company provided $0.1 million of net proceeds from financing activities in the first three months of 2025[118]. Future Outlook and Funding - Sphere 3D entered into an At-the-Market Offering Program with a potential aggregate offering price of up to $8.0 million for working capital and corporate strategy purposes[111]. - The company expects working capital needs to increase in the future as operations expand[113]. - Significant risks include potential shortfalls in projected mining earnings and increases in operating costs, which could impact funding access[114]. Share Issuance - The company issued 210,448 common shares for approximately $0.1 million net proceeds under the AGP Agreement[112]. Other Information - As of March 31, 2025, the company had no standby letters of credit outstanding[119]. - The fair value of Bitcoin held by Sphere 3D as of March 31, 2025, was approximately $1.9 million[98].

Core Viewpoint - Sphere 3D Corp. reported a significant decline in Bitcoin production and revenue for the first quarter of FY 2025, attributing the downturn to weaker post-halving economics and operational transitions [7]. Financial Results - Bitcoin production for Q1 FY 2025 was 30.5 Bitcoin, a decrease from 144.8 Bitcoin in Q1 FY 2024 [7]. - Revenue fell to $2.8 million in Q1 FY 2025, down from $6.9 million in Q1 FY 2024 [7]. - Operating costs and expenses were $8.0 million, compared to $8.8 million in the same quarter of the previous year [7]. - Net loss from operations was $5.2 million in Q1 FY 2025, compared to a net loss of $1.9 million in Q1 FY 2024 [7]. - The overall net loss was $8.8 million, or $0.32 per share, compared to a net loss of $4.5 million, or $0.27 per share, in Q1 FY 2024 [7][10]. Bitcoin Assets and Value - As of March 31, 2025, the company held a self-mined Bitcoin balance of 22.7 Bitcoin, valued at approximately $1.9 million [4]. Operational Developments - The company reached a settlement with Gryphon Digital Mining, resulting in the dismissal of all outstanding litigation without any payments made [6]. - A new hosting site in Iowa was fully energized, and a managed services agreement was established with Simple Mining for its operation [6]. - The company ended its hosting agreement with Rebel Mining Company LLC, resulting in a settlement amount of $2.4 million payable to Sphere 3D [6]. Leadership Comments - Interim CEO Kurt Kalbfleisch emphasized the focus on reducing reliance on third-party providers and improving cash flow and long-term profitability [2]. - The company is committed to scaling operations with discipline and positioning itself to benefit from Bitcoin's long-term adoption [2].

Financial Performance - Sphere 3D generated revenues of $16.6 million in fiscal year 2024, a decrease from $21.9 million in fiscal year 2023, reflecting a revenue drop of approximately 24%[10] - Operating costs and expenses decreased to $38.0 million in fiscal year 2024, down from $51.9 million in fiscal year 2023, representing a reduction of about 27%[10] - The net loss attributable to common shareholders for fiscal year 2024 was $9.5 million, or a net loss of $0.48 per share, compared to a net loss of $23.4 million, or $1.93 per share in fiscal year 2023, indicating an improvement of approximately 60%[10] Assets and Cash Position - The total assets of Sphere 3D as of December 31, 2024, were $43.2 million, a decrease from $45.7 million in 2023[15] - The company’s cash and cash equivalents increased to $5.4 million as of December 31, 2024, compared to $586,000 in 2023[15] Bitcoin Mining Operations - As of December 31, 2024, the company had a self-mined Bitcoin balance of 14.9 Bitcoin, with a carrying value of approximately $1.4 million[5] - The company replaced approximately 25% of its S19j Pro miners with newer generation S19 XPs and S21 Bitmain miners, increasing the nameplate hashrate by 40% and 100% respectively[4] Strategic Agreements and Developments - In November 2024, Sphere 3D entered into a securities purchase agreement for the issuance of 4,225,353 common shares at a purchase price of $1.42 per share[4] - The company reached a settlement agreement with Core Scientific for $10.0 million of Core Scientific's equity as part of its emergence from bankruptcy[4] - Sphere 3D's new hosting site in Iowa was fully energized in March 2025, marking a significant step towards vertical integration[10]

Revenue and Financial Performance - Revenue for 2024 was $16.6 million, a decrease of $5.3 million from $21.9 million in 2023, primarily due to a $3.1 million decline in Bitcoin mining revenue and a $2.2 million decrease from the sold Service and Product segment [180]. - Direct cost of revenues decreased to $13.4 million in 2024 from $15.9 million in 2023, primarily due to lower hosting fees and the transition to newer mining machines [182]. - General and administrative expenses decreased to $12.4 million in 2024 from $15.8 million in 2023, driven by reductions in legal fees and operating costs [185]. - Investment income for 2024 was $9.0 million, attributed to a $4.1 million realized gain and a $4.9 million unrealized gain on equity investment in Core Scientific Inc. [195]. - The company reported a net cash used in operating activities of $4.576 million for 2024, compared to $6.582 million in 2023, primarily due to a net loss of $9.5 million [207]. - Net cash provided by investing activities was $4.028 million in 2024, driven by $11.4 million from the sale of equity securities, offset by $7.1 million in capital expenditures for mining equipment [208]. - The company received $5.387 million from financing activities in 2024, an increase from $3.064 million in 2023, primarily from the issuance of common shares and warrants [209]. Mining Operations - Bitcoin mining operations experienced a reduction of 3,300 machines, or 22%, taken offline for relocation, impacting production and revenue [180]. - As of December 31, 2024, the company owned approximately 14,000 miners with a total hashrate capacity of 0.76 EH/s, and is transitioning to newer-generation machines [177]. - The company is focusing on reducing mining costs and refreshing its mining fleet to enhance efficiency and mitigate financial risks [205]. Compliance and Risks - The company has a period until September 2, 2025, to regain compliance with Nasdaq listing requirements after the bid price fell below $1.00 per share [181]. - Significant risks include potential shortfalls in projected mining earnings and increases in operating costs, which could adversely impact the company's ability to continue operations [206]. Cash and Funding - As of December 31, 2024, the company had cash and cash equivalents of $5.4 million, an increase from $0.6 million at December 31, 2023 [200]. - The company expects to raise up to $8.0 million through an At-the-Market Offering Program to fund working capital and corporate strategy initiatives [201]. - A Securities Purchase Agreement was executed on November 19, 2024, resulting in the issuance of 2,350,000 common shares at a price of $1.42 per share, generating approximately $5.4 million in net proceeds [203]. - The company has projected that cash on hand may not be sufficient to continue operations within 12 months if additional funding is not raised [204]. Asset Management - The fair value of Bitcoin held as of December 31, 2024, was approximately $1.4 million, with the company holding about 14.9 Bitcoin [178]. - The company recorded a loss on disposal of property and equipment of $3.5 million in 2024, related to the sale of 3,263 miners [187]. - The company early adopted ASU 2023-08, resulting in a $20,000 decrease to the opening balance of accumulated deficit and an increase to cryptocurrency assets [178]. Infrastructure Development - A new 8 MW mining site in Iowa was energized on March 10, 2025, with total payments of $2.8 million made towards infrastructure development [210][211].

Core Insights - Sphere 3D Corp. reported a transition year in 2024, focusing on reducing costs and moving towards vertical integration in Bitcoin mining operations [2] - The company generated revenues of $16.6 million in fiscal year 2024, a decrease from $21.9 million in 2023, attributed to the removal of older mining equipment and the sale of its former Service and Product segment [5][10] - The company replaced approximately 25% of its S19j Pro miners with newer generation miners, resulting in significant increases in hashrate [6] Financial Performance - Revenues for fiscal year 2024 were $16.6 million, down from $21.9 million in 2023, with Bitcoin mining revenue specifically decreasing from $19.7 million to $16.6 million [5][10] - Operating costs decreased to $38.0 million in 2024 from $51.9 million in 2023, leading to a reduced net loss of $9.5 million, or $0.48 per share, compared to a net loss of $23.4 million, or $1.93 per share, in the previous year [11][12] - The company had a self-mined Bitcoin balance of 14.9 Bitcoin with a carrying value of approximately $1.4 million as of December 31, 2024 [4] Operational Developments - The company entered into a securities purchase agreement for the issuance of 4,225,353 common shares at $1.42 per share, along with warrants for the same number of shares at an exercise price of $1.50 [6] - A significant operational milestone was achieved with the launch of a new mining site in Iowa in March 2025, marking a shift towards vertical integration [6][11] - The Bitcoin halving event in April 2024 reduced the block subsidy from 6.25 to 3.125 Bitcoin per block, impacting the overall mining landscape [6] Balance Sheet Overview - As of December 31, 2024, total assets were $43.2 million, a decrease from $45.7 million in 2023, with cash and cash equivalents increasing to $5.4 million from $586,000 [13][14] - Total liabilities decreased to $3.9 million from $5.3 million, while total shareholders' equity increased to $39.3 million from $26.5 million [14]