The company's transition to mining has resulted in severe margin compression, with gross margins falling to -43.4% in 2026Q1 as operating expenses continue to outpace a shrinking revenue base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 |
|---|
| Sales/Revenue | 10.28M | 11.18M | 16.61M | 21.91M | 6.08M | 3.72M | 4.85M | 5.58M | 9.03M | 81.52M | 76.39M | 76.17M | 13.47M | 0 | 411.47K | 2.99K | 3K | 0 | 0 |
| Revenue Growth % | -17.62% | -32.68% | -24.19% | 260.47% | 63.36% | -23.27% | -13.1% | -38.22% | -88.92% | 6.72% | 0.3% | 465.48% | - | -100% | 13660.44% | -0.15% | - | - | - |
| Cost of Goods Sold | 9.11M | 8.55M | 13.38M | 15.94M | 3.42M | 1.72M | 2.6M | 3.73M | 7.35M | 56.84M | 54.05M | 53.55M | 8.13M | 0 | 358.54K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 76.5% | 80.55% | 72.78% | 56.23% | 46.18% | 53.61% | 66.77% | 81.41% | 69.72% | 70.76% | 70.3% | 60.38% | - | 87.14% | - | - | - | - |
| Gross Profit | 1.17M | 2.63M | 3.23M | 5.96M | 2.66M | 2M | 2.25M | 1.85M | 1.68M | 24.68M | 22.34M | 22.62M | 5.34M | 0 | 52.93K | 2.99K | 3K | 0 | 0 |
| Gross Margin % | 11.4% | 23.5% | 19.45% | 27.22% | 43.77% | 53.82% | 46.39% | 33.23% | 18.59% | 30.28% | 29.24% | 29.7% | 39.62% | - | 12.86% | 100% | 100% | - | - |
| Gross Profit Growth % | - | -18.67% | -45.82% | 124.14% | 32.87% | -10.98% | 21.31% | 10.42% | -93.2% | 10.5% | -1.24% | 323.89% | - | -100% | 1670.18% | -0.15% | - | - | - |
| Operating Expenses | 12.46M | 15.14M | 24.64M | 35.96M | 160.31M | 21.72M | 8.21M | 7.88M | 14.3M | 46.08M | 51.77M | 56.76M | 17.38M | 2.2M | 2.51M | 92.26K | 88.7K | 5.8K | 25.06K |
| OpEx % of Revenue | - | 135.44% | 148.37% | 164.16% | 2638.03% | 583.87% | 169.43% | 141.21% | 158.35% | 56.52% | 67.76% | 74.52% | 129% | - | 609.46% | 3085.41% | 2961.73% | - | - |
| Selling, General & Admin | 7.55M | 8.27M | 12.45M | 16.77M | 25.14M | 14.24M | 6.73M | 5.76M | 10.87M | 38.79M | 42.97M | 46.84M | 16.72M | 1.98M | 2.33M | 92.26K | 88.7K | 5.8K | 25.06K |
| SG&A % of Revenue | - | 73.93% | 74.93% | 76.57% | 413.74% | 382.9% | 138.74% | 103.17% | 120.42% | 47.59% | 56.25% | 61.5% | 124.14% | - | 566.55% | 3085.41% | 2961.73% | - | - |
| Research & Development | 0 | 0 | 0 | 1.03M | 605K | 971K | 1.2M | 2.05M | 3.42M | 7.28M | 8.79M | 9.92M | 655K | 29K | 41.91K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 4.68% | 9.96% | 26.1% | 24.79% | 36.78% | 37.93% | 8.93% | 11.51% | 13.02% | 4.86% | - | 10.19% | - | - | - | - |
| Other Operating Expenses | 2M | 6.88M | 12.2M | 18.16M | 134.56M | 6.5M | 286K | 70K | 10K | 0 | 0 | 0 | 0 | 211.89K | 176.55K | 0 | 0 | 0 | 0 |
| Operating Income | -11.29M | -12.52M | -21.41M | -30M | -157.65M | -19.72M | -5.96M | -6.02M | -12.62M | -23.91M | -63.82M | -44.84M | -12.04M | -2.2M | -2.45M | -89.27K | -85.7K | -4.45K | -20.8K |
| Operating Margin % | -109.83% | -111.95% | -128.92% | -136.94% | -2594.26% | -530.05% | -123.04% | -107.98% | -139.76% | -29.34% | -83.55% | -58.87% | -89.38% | - | -596.6% | -2985.43% | -2861.75% | - | - |
| Operating Income Growth % | - | 41.54% | 28.63% | 80.97% | -699.54% | -230.56% | 0.98% | 52.27% | 47.23% | 62.53% | -42.34% | -272.45% | -448.43% | 10.58% | -2649.84% | -4.17% | -1825.74% | 78.61% | - |
| EBITDA | -4.87M | -5.64M | -14.3M | -23.81M | -129.39M | -14.03M | -4.99M | -4.99M | -8.76M | -17.83M | -57.64M | -37.39M | -8.59M | -1.98M | -2.28M | -995.45K | -85.7K | -7.16K | -29.32K |
| EBITDA Margin % | -47.41% | -50.43% | -86.09% | -108.69% | -2129.18% | -377.23% | -103.01% | -89.51% | -97.04% | -21.87% | -75.45% | -49.09% | -63.75% | - | -553.69% | -33289.77% | -2861.75% | - | - |
| EBITDA Growth % | 72.67% | 60.56% | 39.95% | 81.6% | -822.04% | -181% | 0% | 43.01% | 50.85% | 69.07% | -54.16% | -335.46% | -332.92% | 12.95% | -128.87% | -1061.52% | -1097.33% | 75.58% | - |
| D&A (Non-Cash Add-back) | 6.42M | 6.88M | 7.11M | 6.19M | 28.26M | 5.68M | 971K | 1.03M | 3.86M | 6.09M | 6.19M | 7.45M | 3.45M | 211.89K | 176.55K | 0 | 0 | -2.71K | -8.51K |
| EBIT | -11.95M | -12.52M | -9.32M | -22.13M | -192.75M | -16.79M | -5.05M | -3.93M | -12.61M | -16.27M | -62.55M | -45.53M | -12.23M | -2.31M | -2.45M | -1.06M | -85.7K | -4.45K | -20.8K |
| Net Interest Income | 0 | 0 | 0 | -121K | 2.58M | 2.41M | 190K | 1.74M | -76K | 0 | -5.09M | -3.06M | -447K | 1.35K | -19.25K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 1.06M | 2.58M | 2.93M | 918K | 2.1M | 0 | 0 | 0 | 0 | 0 | 3.95K | 118 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 1.18M | 0 | 516K | 728K | 353K | 76K | 5.91M | 5.09M | 3.06M | 447K | 2.6K | 19.37K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -5.51M | -8.96M | 12.09M | 6.68M | -35.09M | 2.41M | 190K | 1.74M | -66K | 1.8M | -3.81M | -3.75M | -641K | -39.48K | -31.09K | -478 | 85.7K | 0 | 0 |
| Pretax Income | -16.8M | -21.48M | -9.32M | -23.32M | -192.75M | -17.3M | -5.78M | -4.28M | -12.69M | -27.82M | -67.64M | -48.59M | -12.68M | -2.23M | -2.47M | 0 | 0 | -4.45K | -20.8K |
| Pretax Margin % | -163.42% | -192.11% | -56.12% | -106.44% | -3171.73% | -465.16% | -119.12% | -76.73% | -140.49% | -34.12% | -88.54% | -63.8% | -94.14% | - | -601.28% | - | - | - | - |
| Income Tax | 3K | 2K | 150K | 13K | 166K | -15K | 4K | 0 | 0 | -1.63M | 825K | -1.37M | 42K | 39.56K | 0 | 89.27K | 85.7K | 0 | 0 |
| Effective Tax Rate % | -0.02% | -0.01% | -1.61% | -0.06% | -0.09% | 0.09% | -0.07% | 0% | 0% | 5.87% | -1.22% | 2.81% | -0.33% | -1.77% | 0% | - | - | 0% | 0% |
| Net Income | -16.8M | -21.48M | -9.47M | -23.41M | -192.8M | -17.29M | -5.78M | -4.28M | -26.21M | -26.18M | -68.46M | -47.23M | -12.72M | -2.23M | -2.47M | -89.27K | -85.7K | -4.45K | -20.8K |
| Net Margin % | -163.45% | -192.13% | -57.02% | -106.85% | -3172.63% | -464.76% | -119.2% | -76.73% | -290.23% | -32.12% | -89.62% | -62.01% | -94.45% | - | -601.28% | -2985.43% | -2861.75% | - | - |
| Net Income Growth % | -21.96% | -126.84% | 59.54% | 87.86% | -1015.17% | -199.17% | -34.99% | 83.67% | -0.09% | 61.75% | -44.96% | -271.22% | -469.63% | 9.73% | -2671.4% | -4.17% | -1825.74% | 78.61% | - |
| Net Income (Continuing) | -16.8M | -21.48M | -9.47M | -23.33M | -192.91M | -17.29M | -5.78M | -4.28M | -12.69M | -15.42M | -68.46M | -47.23M | -12.72M | -2.31M | -2.47M | -1.06M | -85.7K | -4.45K | -20.8K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 9.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.83 | -73.70 | -4.80 | -19.30 | -203.70 | -40.60 | -68.60 | -111.30 | -1105.90 | -2945.60 | -19270.90 | -17419.20 | -7381.10 | -1804.20 | -2906.60 | -413.30 | -743.30 | -40.90 | -162.90 |
| EPS Growth % | -1084.54% | -1435.42% | 75.13% | 90.53% | -401.72% | 40.82% | 38.36% | 89.94% | 62.46% | 84.71% | -10.63% | -136% | -309.11% | 37.93% | -603.27% | 44.4% | -1717.36% | 74.89% | - |
| EPS (Basic) | - | -73.70 | -4.80 | -19.30 | -203.70 | -40.60 | -68.60 | -111.30 | -1105.90 | -2945.60 | -19270.90 | -17419.20 | -7381.10 | -1804.20 | -2906.60 | -413.30 | -743.30 | -40.90 | -162.90 |
| Diluted Shares Outstanding | 3.48M | 291.46K | 1.98M | 1.21M | 947.06K | 440.89K | 84.06K | 38.46K | 23.7K | 8.89K | 3.55K | 2.71K | 1.72K | 1.24K | 851 | 216 | 115 | 109 | 128 |
| Basic Shares Outstanding | 3.48M | 291.46K | 1.98M | 1.21M | 947.06K | 440.89K | 84.06K | 38.46K | 23.7K | 8.89K | 3.55K | 2.71K | 1.72K | 1.24K | 851 | 216 | 115 | 109 | 128 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational scale and liquidity
As reported in recent financial filings, Sphere 3D experienced a 32.0% year-over-year revenue decline in 2026Q1, signaling that the company's transition toward digital asset mining has failed to offset the rapid erosion of its legacy data management business, which continues to shrink at an alarming rate.
The consistent double-digit revenue declines suggest that the company is struggling to find a viable product-market fit in either of its core segments. Investors should monitor whether the mining operations can achieve any meaningful scale, as the current trajectory indicates a business model that is losing relevance in both the legacy software and commodity mining markets.
Based on the company's 2026Q1 income statement, gross margins plummeted to -43.4%, reflecting a fundamental inability to cover the high energy and infrastructure costs associated with mining operations, which appears to be a significant departure from the more stable margins historically seen in the legacy software business.
The negative gross margin suggests that the cost of power and hardware depreciation currently exceeds the value of the Bitcoin produced, rendering the mining operations economically unviable at current network difficulty levels. This structural weakness implies that the company lacks the pricing power or operational efficiency required to compete with larger, better-capitalized peers in the digital asset space.
According to the latest quarterly data, Sphere 3D reported an operating margin of -113.9%, indicating that corporate overhead and fixed costs remain disproportionately high relative to the company's shrinking revenue base, which severely limits any potential for achieving operational break-even in the near term.
The inability to scale operating income alongside revenue suggests that the company's cost structure is too rigid for its current size. This lack of operating leverage may force management to continue relying on external financing, which could lead to further shareholder dilution given the company's persistent inability to generate positive operating cash flow.
While the company attempts to position itself as a carbon-neutral miner, the financial data reveals a net margin of -2.1% in 2026Q1, suggesting that the business is essentially a distressed option on Bitcoin prices rather than a sustainable, profit-generating enterprise with a clear path to long-term viability.
Short-sellers would likely focus on the company's limited cash reserves of $3.7 million, which appear insufficient to fund ongoing operations or necessary hardware upgrades. The reliance on non-core legacy assets to mask the underlying decline in mining profitability warrants further investigation into whether the company's current valuation is supported by any tangible operational success.
Quick answers to the most common questions about buying ANY stock.
For fiscal year 2025, Sphere 3D Corp. (ANY) reported total revenue of $11.2M.
Sphere 3D Corp. (ANY) reported a net loss of $21.5M for the fiscal year ending 2025.
Sphere 3D Corp. (ANY) reported an operating income of $-12.5M, resulting in an operating profit margin of -111.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Sphere 3D Corp. (ANY) generated $2.6M in gross profit for the year, representing a gross profit margin of 23.5%. This demonstrates the company's core pricing power and production efficiency.