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Sphere 3D
(NASDAQ:ANY)
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Rating:49Neutral
Price Target:
$2.50
▲(3.73% Upside)
Action:Reiterated
Date:08/22/26
The score is held down primarily by weak financial performance—persistent large losses, sharply compressed margins, and ongoing negative operating/free cash flow—despite low leverage. Technicals are mixed (better vs. short-term averages but weak momentum and below the 200-day), while valuation is constrained by loss-making results and no dividend support. Corporate events provide some strategic upside from the acquisition and transition, but with added dilution/control complexity.
Positive Factors
Low leverage
Very low debt limits interest and refinancing pressure, giving Sphere 3D more flexibility to fund operations and pursue infrastructure investments. However, this advantage is tempered by the company’s shrinking equity base and ongoing losses.
Negative Factors
Contracting revenue and weak profitability
Falling revenue, sharply compressed gross margin, and large net losses indicate that the current operating model is not covering its cost base. Persistent weakness limits internal funding capacity and makes profitable scaling of the expanded platform uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Very low debt limits interest and refinancing pressure, giving Sphere 3D more flexibility to fund operations and pursue infrastructure investments. However, this advantage is tempered by the company’s shrinking equity base and ongoing losses.
Read all positive factors
Sphere 3D Key Performance Indicators (KPIs)
Sphere 3D (ANY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$21.85M
Dividend YieldN/A
Average Volume (3M)774.96K
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth-10.31%
EPS Growth-40.19%
CountryUS
Employees4
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-75.26
Shares Outstanding8,704,816
10 Day Avg. Volume1,363,493
30 Day Avg. Volume774,955
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.04
Price to Sales (P/S)0.08
P/FCF Ratio-0.04
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-2.76
Revenue Forecast (FY)$12.80M
Sphere 3D Business Overview & Revenue Model
Company Description
Sphere 3D Corp. is a bitcoin mining company. The firm is engaged in growing its digital asset mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with data center operators. Its bitcoin min...
How the Company Makes Money
Sphere 3D’s reported/communicated revenue model has primarily been tied to cryptocurrency mining: operating mining hardware to validate transactions on a blockchain network and earning block rewards and transaction fees denominated in cryptocurren...
Sphere 3D Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
54
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.71M | 11.18M | 16.61M | 21.91M | 6.08M | 3.72M |
| Gross Profit | 620.00K | 2.63M | 3.23M | 5.96M | 2.66M | 2.00M |
| EBITDA | -26.23M | -14.60M | -2.21M | -15.94M | -164.48M | -11.10M |
| Net Income | -32.30M | -21.48M | -9.47M | -23.41M | -192.80M | -17.29M |
Balance Sheet | ||||||
| Total Assets | 24.87M | 25.12M | 43.23M | 49.85M | 83.02M | 275.92M |
| Cash, Cash Equivalents and Short-Term Investments | 2.85M | 3.71M | 12.96M | 1.57M | 1.34M | 54.35M |
| Total Debt | 1.30M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 10.65M | 1.82M | 3.91M | 9.54M | 38.45M | 6.30M |
| Stockholders Equity | 14.22M | 23.30M | 39.31M | 40.32M | 34.87M | 269.63M |
Cash Flow | ||||||
| Free Cash Flow | -21.49M | -23.62M | -13.52M | -8.14M | -48.71M | -130.76M |
| Operating Cash Flow | -15.21M | -16.12M | -4.58M | -6.58M | -30.77M | -28.52M |
| Investing Cash Flow | 6.60M | 9.99M | 4.03M | 2.56M | -22.04M | -122.69M |
| Financing Cash Flow | 6.75M | 4.41M | 5.39M | 3.06M | 0.00 | 205.10M |
Sphere 3D Technical Analysis
Positive
2.41
Price Trends
2.33
Positive
2.22
Positive
2.58
Negative
Market Momentum
0.04
Negative
55.38
Neutral
54.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANY, the sentiment is Positive. The current price of 2.41 is above the 20-day moving average (MA) of 2.23, above the 50-day MA of 2.33, and below the 200-day MA of 2.58, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 55.38 is Neutral, neither overbought nor oversold. The STOCH value of 54.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ANY.
Sphere 3D Risk Analysis
Sphere 3D disclosed 60 risk factors in its most recent earnings report. Sphere 3D reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Sphere 3D Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
50 Neutral | $9.09M | -0.12 | -135.04% | ― | -20.40% | 32.15% | |
49 Neutral | $21.85M | -0.03 | -63.69% | ― | -10.31% | -40.19% | |
45 Neutral | $38.69M | -1.35 | -64.11% | ― | 49.99% | -1697.78% | |
44 Neutral | $4.41M | -0.36 | -120.34% | ― | 117.68% | -0.39% |
* Financial Sector Average
ANY
Sphere 3D
2.41
-3.45
-58.90%
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3.93
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CSAI
Cloudastructure, Inc. Class A
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-89.65%
Sphere 3D Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Sphere 3D Adopts Shareholder Rights Plan Amid Transition
Positive
Aug 10, 2026
On August 7, 2026, Sphere 3D Corp.’s board adopted a limited-duration shareholder rights plan, effective August 10, 2026, to address a substantial accumulation of its common shares and to guard against unsolicited or “creeping” t...
Private Placements and FinancingRegulatory Filings and Compliance
Sphere 3D Expands ATM Equity Offering Agreement
Neutral
Jul 31, 2026
On July 31, 2026, Sphere 3D Corp. amended and restated its existing sales agreement originally signed on January 3, 2025, adding Maxim Group LLC alongside A.G.P./Alliance Global Partners as sales agents while retaining the material terms of the pr...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Sphere 3D Completes Cathedra Bitcoin Acquisition and Restructuring
Positive
Jun 3, 2026
On June 1, 2026, Sphere 3D and Cathedra Bitcoin closed a court-approved business combination under a March 5, 2026 agreement, with Cathedra becoming a wholly owned subsidiary and the combined company retaining Sphere’s name and NASDAQ listin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.