Quarterly ResultMay 15, 2026, 05:08 PM
Sphere 3D Q1 Net Loss $4.1M; Revenue $1.9M; Advances Cathedra Merger
AI Summary
Sphere 3D Corp. reported a net loss of $4.1 million, or $1.18 per share, on revenue of $1.9 million for the first quarter of fiscal year 2026. This compares to a net loss of $8.8 million and revenue of $2.8 million in Q1 2025. The company also highlighted its ongoing strategic initiatives, including a definitive agreement to combine with Cathedra Bitcoin, Inc., aimed at building a stronger Bitcoin infrastructure business and improving operational efficiency through a mining fleet refresh.
Key Highlights
- Announced definitive agreement to combine with Cathedra Bitcoin, Inc.
- Q1 2026 net loss was $4.1 million, compared to $8.8 million in Q1 2025.
- Q1 2026 revenue was $1.9 million, down from $2.8 million in Q1 2025.
- Q1 2026 net loss per share was $1.18, improved from $3.23 in Q1 2025.
- Bitcoin production in Q1 2026 was 25.3 BTC, down from 30.5 BTC in Q1 2025.
- Operating costs and expenses decreased by $2.0 million to $6.0 million.
- General and administrative expenses reduced by 23% to $2.5 million.
- Self-mined Bitcoin balance as of March 31, 2026, was 26.2 BTC.
Price Impact
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