Sphere 3D(US:ANY) TMX Newsfile·2026-03-06 22:30Core Viewpoint - Sphere 3D Corp. reported its financial results for the fiscal year ended December 31, 2025, highlighting a strategic merger with Cathedra Bitcoin to enhance operational capabilities and growth opportunities [1][2]. Financial Performance - The company generated revenues of $11.2 million in fiscal year 2025, a decrease from $16.6 million in 2024, primarily due to the April 2024 halving event and the transition to newer mining equipment [7]. - Operating costs and expenses decreased by $4.8 million to $33.2 million in 2025, compared to $38.0 million in 2024 [7]. - General and administrative expenses were reduced by approximately 33% to $8.3 million in 2025, down from $12.4 million in 2024 [7]. - The net loss for fiscal year 2025 was $21.5 million, compared to a net loss of $9.5 million in 2024, with a net loss per share of $7.37 [6][7]. Bitcoin Mining Operations - During 2025, the company mined a total of 111.6 Bitcoin, with a self-mined balance of 37.3 Bitcoin as of December 31, 2025 [2]. - The company replaced older generation miners with approximately 2,300 newer generation S21+, S21 XP, and S21 Pro miners, improving average fleet efficiency from 27.1 J/th to below 19.0 J/th [7]. Assets and Liabilities - As of December 31, 2025, total assets were reported at $25.1 million, a significant decrease from $43.2 million in 2024 [8]. - Cash and cash equivalents decreased to $3.7 million from $5.4 million in 2024, while Bitcoin holdings increased to $3.3 million from $1.4 million [8].