Sphere 3D Corp. is a Bitcoin mining company that provides hash calculation services to mining pool operators in exchange for Bitcoin rewards based on the hashrate contributed to the network. The company operates a fleet of application-specific integrated circuit (ASIC) miners deployed across self-owned and hosted facilities, generating revenue directly through Bitcoin mining while pursuing a hybrid treasury strategy of holding or selling mined Bitcoin to fund operations. Competition in the business centers on achieving the lowest mining costs through power efficiency, securing hosting infrastructure, and maintaining hashrate growth, with the company differentiating through vertical integration, fleet modernization, and strategic facility deployment.
| USD millions | FY2025 |
|---|---|
| Revenue | 11 |
| Net Income | -21 |