Sphere 3D Corp (ANY)
NASDAQ:ANY
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Sphere 3D
(NASDAQ:ANY)
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Rating:49Neutral
Price Target:
$4.00
▲(2252.94% Upside)
Action:Reiterated
Date:06/04/26
The score is held down primarily by weak financial performance (shrinking revenue, negative gross profit, large losses, and ongoing cash burn), partially offset by a debt-free balance sheet. Technicals are strong (price above major moving averages and positive MACD) but look stretched (high RSI), while valuation remains pressured due to losses (negative P/E). Corporate events are supportive strategically, but add capital-structure complexity.
Positive Factors
Debt-free balance sheet
A zero-debt balance sheet materially lowers financial risk and interest burden, giving durable flexibility to fund operations, asset retrofits or expansion without immediate financing. This structural strength supports longer-term execution optionality for capital-intensive data center builds and hosting pivots.
Negative Factors
Material revenue contraction and negative gross profit
Sustained revenue decline and a return to negative gross profit indicate the core historical business is not covering direct costs. This structural shortfall undermines margin sustainability and requires either meaningful revenue diversification, cost restructuring, or asset redeployment to restore durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A zero-debt balance sheet materially lowers financial risk and interest burden, giving durable flexibility to fund operations, asset retrofits or expansion without immediate financing. This structural strength supports longer-term execution optionality for capital-intensive data center builds and hosting pivots.
Read all positive factors
Sphere 3D (ANY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.86M
Dividend YieldN/A
Average Volume (3M)5.70M
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue Growth-17.62%
EPS Growth4.83%
CountryUS
Employees2
SectorFinancial
Sector Strength70
IndustrySoftware - Application
Share Statistics
EPS (TTM)-71.70
Shares Outstanding6,649,122
10 Day Avg. Volume16,688,054
30 Day Avg. Volume5,704,355
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 Cap0.17
Enterprise Value/Revenue0.48
Enterprise Value/Gross Profit4.20
Enterprise Value/Ebitda-0.89
Forecast
1Y Price Target
$3.00Price Target Upside1664.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-2.76
Revenue Forecast (FY)$12.80M
Sphere 3D Business Overview & Revenue Model
Company Description
Sphere 3D Corp. focuses on operating as a carbon neutral bitcoin mining company. It also provides data management solutions through hybrid cloud, cloud, and on-premises implementations directly and through its reseller network and professional ser...
How the Company Makes Money
null...
Sphere 3D Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
55
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.28M | 11.18M | 16.61M | 21.91M | 6.08M | 3.72M |
| Gross Profit | 1.17M | 2.63M | 3.23M | 5.96M | 2.66M | 2.00M |
| EBITDA | -5.54M | -5.64M | -2.21M | -15.94M | -164.48M | -11.10M |
| Net Income | -16.80M | -21.48M | -9.47M | -23.41M | -192.80M | -17.29M |
Balance Sheet | ||||||
| Total Assets | 21.74M | 25.12M | 43.23M | 49.85M | 83.02M | 275.92M |
| Cash, Cash Equivalents and Short-Term Investments | 3.15M | 3.71M | 12.96M | 1.57M | 1.34M | 54.35M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.74M | 1.82M | 3.91M | 9.54M | 38.45M | 6.30M |
| Stockholders Equity | 20.00M | 23.30M | 39.31M | 40.32M | 34.87M | 269.63M |
Cash Flow | ||||||
| Free Cash Flow | -22.23M | -23.62M | -13.52M | -8.14M | -48.71M | -130.76M |
| Operating Cash Flow | -15.76M | -16.12M | -4.58M | -6.58M | -30.77M | -28.52M |
| Investing Cash Flow | 11.45M | 9.99M | 4.03M | 2.56M | -22.04M | -122.69M |
| Financing Cash Flow | 4.67M | 4.41M | 5.39M | 3.06M | 0.00 | 205.10M |
Sphere 3D Technical Analysis
Positive
0.17
Price Trends
1.87
Positive
1.90
Positive
3.94
Positive
Market Momentum
0.65
Negative
67.06
Neutral
71.67
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 0.17 is below the 20-day moving average (MA) of 2.46, below the 50-day MA of 1.87, and below the 200-day MA of 3.94, indicating a bullish trend. The MACD of 0.65 indicates Negative momentum. The RSI at 67.06 is Neutral, neither overbought nor oversold. The STOCH value of 71.67 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 55 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% | |
52 Neutral | $11.16M | ― | -106.67% | ― | -34.19% | 40.60% | |
50 Neutral | $42.59M | -2.22 | -67.05% | ― | 32.18% | -62350.00% | |
49 Neutral | $28.86M | -0.84 | -63.69% | ― | -17.62% | 4.83% | |
43 Neutral | $9.75M | -0.74 | -147.57% | ― | 271.41% | -19.81% |
* Financial Sector Average
ANY
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Sphere 3D Corporate Events
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...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsShareholder MeetingsStock Split
Sphere 3D Shareholders Approve Cathedra Bitcoin Merger Plans
Positive
May 21, 2026
Following a special meeting held on May 15, 2026, Sphere 3D shareholders approved all proposals tied to its business combination with Cathedra Bitcoin, including issuing new shares, setting the board at five directors and electing a new slate. Inv...
Executive/Board ChangesShareholder Meetings
Sphere 3D shareholders endorse directors and governance structure
Positive
May 14, 2026
On May 13, 2026, Sphere 3D Corp. held its annual meeting of shareholders, with 34.2% of outstanding common shares represented, establishing a quorum for the session. Shareholders approved a resolution setting the board size at three members, confi...
Business Operations and StrategyM&A Transactions
Sphere 3D-Cathedra combination progresses toward near-term closing
Positive
May 8, 2026
On May 7, 2026, Sphere 3D Corp. and Cathedra Bitcoin Inc. said their proposed business combination, first announced earlier this year, remains on track to close in the near term, subject to customary conditions and approvals. The deal is designed ...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Sphere 3D to Merge with Cathedra Bitcoin
Positive
Mar 11, 2026
On March 5, 2026, Sphere 3D and Cathedra Bitcoin agreed to combine in an all-stock transaction that will make Cathedra a wholly owned subsidiary of Sphere and leave the merged group listed on Nasdaq under the Sphere 3D name. Cathedra securityholde...
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.