$DRK

Sphere 3D Corp

CIK:0001591956|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Revenues	$ 2,452	$ 3,018	$ 4,368	$ 5,835
Operating Costs and Expenses:
Cost of Revenue (exclusive of depreciation and amortization shown below)	2,287	2,301	3,890	4,495
General and administrative	4,831	2,126	7,282	5,295
Depreciation and amortization	1,319	1,667	2,464	3,273
Impairment of property and equipment	7,039	0	7,039	0
Impairment of intangible assets	588	0	588	0
Loss on disposal of property and equipment	0	51	241	859
Change in fair value of Bitcoin	210	(500)	816	(272)
Costs and Expenses, Total	16,274	5,645	22,320	13,650
Loss from operations	(13,822)	(2,627)	(17,952)	(7,815)
Other income (expense):
Investment gain	0	4,309	0	659
Other (expense) income, net	(5)	(13)	20	40
Net (loss) income before taxes	(13,827)	1,669	(17,932)	(7,116)
Provision for income taxes	2	2	3	2
Net (loss) income	$ (13,829)	$ 1,667	$ (17,935)	$ (7,118)
Net income (loss) per share:
Net income (loss) per share, basic and diluted (in USD per share)	$ (2.68)	$ 0.60	$ (4.14)	$ (2.59)
Net income (loss) per share, diluted (in USD per share)	$ (2.68)	$ 0.60	$ (4.14)	$ (2.59)
Weighted Average Number of Shares Outstanding, Diluted
Basic and diluted (in shares)	5,166,486	2,774,780	4,328,230	2,748,060
Diluted (in shares)	5,166,486	2,777,080	4,328,230	2,748,060

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income (loss)	$ (17,935)	$ (7,118)
Adjustments to reconcile net loss to cash used in operating activities:
Impairment of property and equipment	7,039	0
Depreciation and amortization	2,464	3,273
Share-based compensation	1,222	389
Change in fair value of Bitcoin	816	(272)
Impairment of Intangible Assets, Finite-Lived	588	0
Loss on disposal of property and equipment	241	859
Issuance of Stock and Warrants for Services or Claims	231	0
Operating Lease, Right-of-Use Asset, Periodic Reduction	15	0
Realized gain on sale of investment in equity securities	0	(3,137)
Unrealized loss on investment in equity securities	0	2,478
Change in fair value of warrant liabilities	0	(29)
Changes in operating assets and liabilities:
Mining of Bitcoin	(4,003)	(5,835)
Increase (Decrease) in Accounts Receivable	54	0
Accounts payable and accrued liabilities	610	(1,252)
Accrued payroll and employee compensation	87	(1,010)
Other assets and liabilities, net	(452)	1,726
Net cash used in operating activities	(9,023)	(9,928)
Investing activities:
Proceeds from sale of Bitcoin	5,260	5,301
Cash Acquired from Acquisition	450	0
Proceeds from sale of investment in equity securities	0	4,775
Payments for purchase of property and equipment	0	(1,225)
Proceeds from sale of property and equipment	0	247
Net cash provided by investing activities	5,710	9,098
Financing Activities [Abstract]
Proceeds from issuance of common shares, net	2,545	108
Payments of Stock Issuance Costs	(93)	0
Net cash provided by financing activities	2,452	108
Net (decrease) increase in cash, cash equivalents and restricted cash	(861)	(722)
Cash and cash equivalents, beginning of period	3,707	5,425
Cash and cash equivalents, end of period	2,846	4,703
Supplemental disclosures of non-cash investing activities:
Property and equipment exchanged for new mining equipment	1,165	0
Issuance of common shares for settlement of liabilities	232	0
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	124	0
Amount accrued for purchases of property and equipment	0	157
Other Significant Noncash Transaction, Value of Consideration Given	$ 0	$ 69

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents	$ 2,846	$ 3,707
Bitcoin	1,197	3,263
Accounts receivable, net	346	0
Other current assets	1,731	1,707
Total current assets	6,120	8,677
Property and equipment, net	10,706	14,608
Operating Lease, Right-of-Use Asset	1,451	0
Goodwill	3,282	0
Total intangible assets, net	754	1,610
Other assets	2,554	225
Total assets	24,867	25,120
Accounts payable	2,146	427
Accrued liabilities	1,231	544
Accrued payroll and employee compensation	1,334	831
Other current liabilities	1,205	0
Total current liabilities	5,916	1,802
Operating Lease, Liability, Noncurrent	1,298	0
Deferred Income Tax Liabilities	760	0
Total liabilities	7,974	1,802
Commitments and contingencies (Note 15)
Series H preferred shares, no par value, unlimited shares authorized, 161 shares issued and outstanding as of June 30, 2026 and December 31, 2025	18	18
Preferred Stock, Value, Outstanding	2,677	0
Common shares, no par value; unlimited shares authorized, 7,639,893 and 3,392,541 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	512,245	503,414
Accumulated other comprehensive loss	(1,809)	(1,811)
Accumulated deficit	(496,238)	(478,303)
Total shareholders’ equity	16,875	23,300
Total liabilities, temporary equity, and shareholders’ equity	$ 24,867	$ 25,120