Sphere 3D Reports Second Quarter 2025 Financial Results
Sphere 3D (NASDAQ: ANY), a Bitcoin mining company, reported its Q2 2025 financial results with net income of $1.7 million ($0.06 per share). Revenue decreased to $3.0 million from $4.7 million in Q2 2024, while Bitcoin production dropped to 30.9 Bitcoin from 70.7 Bitcoin year-over-year.
The company achieved significant cost reductions with operating expenses down 46% to $5.6 million. As of June 30, 2025, Sphere 3D held 20.5 Bitcoin valued at approximately $2.2 million. The company is currently transitioning from high-cost hosting contracts and replacing older mining equipment with newer generation machines.
Sphere 3D (NASDAQ: ANY), una societ脿 di mining di Bitcoin, ha riportato i risultati finanziari del secondo trimestre 2025 con un utile netto di 1,7 milioni di dollari (0,06 dollari per azione). I ricavi sono diminuiti a 3,0 milioni di dollari rispetto ai 4,7 milioni del secondo trimestre 2024, mentre la produzione di Bitcoin 猫 scesa a 30,9 Bitcoin dai 70,7 Bitcoin dello stesso periodo dell'anno precedente.
L'azienda ha ottenuto significative riduzioni dei costi, con le spese operative in calo del 46% a 5,6 milioni di dollari. Al 30 giugno 2025, Sphere 3D deteneva 20,5 Bitcoin valutati approssimativamente 2,2 milioni di dollari. Attualmente, la societ脿 sta passando da contratti di hosting ad alto costo e sostituendo le vecchie apparecchiature di mining con macchine di nuova generazione.
Sphere 3D (NASDAQ: ANY), una empresa de miner铆a de Bitcoin, inform贸 sus resultados financieros del segundo trimestre de 2025 con un ingreso neto de 1,7 millones de d贸lares (0,06 d贸lares por acci贸n). Los ingresos disminuyeron a 3,0 millones de d贸lares desde 4,7 millones en el segundo trimestre de 2024, mientras que la producci贸n de Bitcoin cay贸 a 30,9 Bitcoin desde 70,7 Bitcoin interanual.
La compa帽铆a logr贸 reducciones significativas de costos con gastos operativos que bajaron un 46% a 5,6 millones de d贸lares. Al 30 de junio de 2025, Sphere 3D pose铆a 20,5 Bitcoin valorados en aproximadamente 2,2 millones de d贸lares. Actualmente, la empresa est谩 en proceso de transici贸n desde contratos de hosting costosos y reemplazando equipos de miner铆a antiguos por m谩quinas de nueva generaci贸n.
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Sphere 3D (NASDAQ: ANY), une entreprise de minage de Bitcoin, a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 avec un b茅n茅fice net de 1,7 million de dollars (0,06 dollar par action). Le chiffre d'affaires a diminu茅 脿 3,0 millions de dollars contre 4,7 millions au deuxi猫me trimestre 2024, tandis que la production de Bitcoin est pass茅e de 70,7 脿 30,9 Bitcoin d'une ann茅e sur l'autre.
L'entreprise a r茅alis茅 d'importantes r茅ductions de co没ts, les charges d'exploitation ayant diminu茅 de 46 % pour s'茅tablir 脿 5,6 millions de dollars. Au 30 juin 2025, Sphere 3D d茅tenait 20,5 Bitcoin 茅valu茅s 脿 environ 2,2 millions de dollars. La soci茅t茅 est actuellement en train de passer de contrats d'h茅bergement co没teux 脿 un remplacement de ses anciens 茅quipements de minage par des machines de nouvelle g茅n茅ration.
Sphere 3D (NASDAQ: ANY), ein Bitcoin-Mining-Unternehmen, meldete seine Finanzergebnisse f眉r das zweite Quartal 2025 mit einem Nettoeinkommen von 1,7 Millionen US-Dollar (0,06 US-Dollar pro Aktie). Der Umsatz sank von 4,7 Millionen US-Dollar im zweiten Quartal 2024 auf 3,0 Millionen US-Dollar, w盲hrend die Bitcoin-Produktion im Jahresvergleich von 70,7 auf 30,9 Bitcoin 锄耻谤眉肠办驳颈苍驳.
Das Unternehmen erzielte erhebliche Kosteneinsparungen, wobei die Betriebsausgaben um 46 % auf 5,6 Millionen US-Dollar sanken. Zum 30. Juni 2025 hielt Sphere 3D 20,5 Bitcoin, die mit etwa 2,2 Millionen US-Dollar bewertet wurden. Das Unternehmen befindet sich derzeit im 脺bergang von kostenintensiven Hosting-Vertr盲gen und ersetzt 盲ltere Mining-Ger盲te durch Maschinen der neuen Generation.
- Net income of $1.7 million achieved in Q2 2025
- Operating expenses reduced by 46% year-over-year
- Loss from operations decreased by 54% to $2.6 million
- Lowest quarterly operating expenses since beginning of 2022
- Revenue declined 35% to $3.0 million year-over-year
- Bitcoin production decreased 56% to 30.9 Bitcoin from 70.7 Bitcoin in Q2 2024
- Investment gain reduced to $4.3 million from $7.8 million year-over-year
- Cash and cash equivalents decreased to $4.7 million from $5.4 million in December 2024
Insights
Sphere 3D shows improved efficiency despite revenue decline, achieving net income through cost reduction and investment gains amid challenging mining conditions.
Sphere 3D's Q2 2025 results reveal a company navigating post-halving Bitcoin mining challenges through disciplined cost management. Despite revenue dropping to
The decline in Bitcoin production is significant - just 30.9 BTC mined versus 70.7 BTC in Q2 2024, representing a
Most impressive is their
The company's profitability this quarter was largely driven by a
The balance sheet shows cash and cash equivalents of
Stamford, Connecticut--(Newsfile Corp. - August 5, 2025) - Sphere 3D Corp. (NASDAQ: ANY) (“Sphere 3D” or the “Company”), a Bitcoin mining company, today reported financial results for the second quarter of fiscal year 2025 ended June 30, 2025.
COMMENTS FROM SPHERE 3D LEADERSHIP
“While market conditions have remained relatively steady this quarter, our strategy remains unchanged— strengthen our foundation, manage costs, and build a business that performs across cycles. As Bitcoin adoption continues to expand over the long term, we are committed to scaling with discipline and positioning the Company to capture that growth,” says Interim CEO Kurt Kalbfleisch.
2025 SECOND QUARTER HIGHLIGHTS
Achieved net income of
$1.7 million .Continued quarterly reduction in operating expenses, incurring the lowest quarterly operating expenses since the beginning of 2022.
BITCOIN ASSET AND VALUE
As of June 30, 2025, the Company had a self-mined Bitcoin balance of 20.5 with a fair value of approximately
SECOND QUARTER FY 2025 FINANCIAL RESULTS
Revenue was
$3.0 million for the second quarter of 2025, compared to$4.7 million for the second quarter of 2024. The decrease in revenue and Bitcoin production was primarily driven by weaker post-halving economics and downtime during our transition away from high-cost hosting contracts. In addition, the Company is in the process of de-commissioning its older mining equipment and replacing them with newer generation machines.Bitcoin production during the second quarter of 2025 was 30.9 Bitcoin, compared to 70.7 Bitcoin for the second quarter of 2024.
Operating costs and expenses for the quarter were reduced by
46% to$5.6 million , compared to$10.4 million for the second quarter of 2024.Depreciation and amortization was
$1.7 million for the second quarter of 2025, compared to$1.8 million for the second quarter of 2024.Loss from operations was reduced by
54% to$2.6 million in the second quarter of 2025, compared to$5.7 million for the second quarter of 2024.Investment gain was
$4.3 million for the second quarter of 2025, compared to$7.8 million for the second quarter of 2024.Net income was
$1.7 million , or a net income of$0.06 per share for the second quarter of 2025, compared to net income of$2.1 million , or net income of$0.11 per share, for the second quarter of 2024.
ABOUT SPHERE 3D
Sphere 3D Corp. (NASDAQ: ANY) is a Bitcoin miner, growing its digital asset mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with data center operators. Sphere 3D is dedicated to increasing shareholder value while honoring its commitment to strict environmental, social, and governance standards. For more information about Sphere 3D, please visit .
FORWARD-LOOKING STATEMENTS
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events, including the timing of the proposed transaction and other information related to the proposed transaction. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions. Expectations and beliefs regarding matters discussed herein may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described in filings with the SEC, including Sphere 3D's reports filed on Form 10-K, Form 10-Q and Form 8-K and in other filings made by Sphere 3D with the SEC from time to time and available at . These forward-looking statements are based on current expectations, which are subject to change.
Sphere 3D Contact
[email protected]
SPHERE 3D CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share and per share amounts)
| Three Months Ended | Six Months Ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Revenues: | (Unaudited) | (Unaudited) | |||||||||||
| Bitcoin mining revenue | $ | 3,018 | $ | 4,666 | $ | 5,835 | $ | 11,612 | |||||
| Operating costs and expenses: | |||||||||||||
| Cost of Bitcoin mining revenue (exclusive of depreciation and amortization shown below) | 2,301 | 3,959 | 4,495 | 8,266 | |||||||||
| General and administrative | 2,126 | 2,986 | 5,295 | 6,438 | |||||||||
| Depreciation and amortization | 1,667 | 1,816 | 3,273 | 3,637 | |||||||||
| Impairment of property and equipment | - | 860 | - | 860 | |||||||||
| Loss on disposal of property and equipment | 51 | 691 | 859 | 691 | |||||||||
| Change in fair value of Bitcoin | (500 | ) | 65 | (272 | ) | (703 | ) | ||||||
| Total operating costs and expenses | 5,645 | 10,377 | 13,650 | 19,189 | |||||||||
| Loss from operations | (2,627 | ) | (5,711 | ) | (7,815 | ) | (7,577 | ) | |||||
| Other income (expense): | |||||||||||||
| Investment gain | 4,309 | 7,791 | 659 | 5,051 | |||||||||
| Other (expense) income, net | (13 | ) | 46 | 40 | 175 | ||||||||
| Income (loss) before income taxes | 1,669 | 2,126 | (7,116 | ) | (2,351 | ) | |||||||
| Provision for income taxes | 2 | 2 | 2 | 2 | |||||||||
| Net income (loss) | $ | 1,667 | $ | 2,124 | $ | (7,118 | ) | $ | (2,353 | ) | |||
| Net income (loss) per share: | |||||||||||||
| Basic | $ | 0.06 | $ | 0.11 | $ | (0.26 | ) | $ | (0.13 | ) | |||
| Diluted | $ | 0.06 | $ | 0.10 | $ | (0.26 | ) | $ | (0.13 | ) | |||
| Shares used in computing net income (loss) per share: | |||||||||||||
| Basic | 27,700,956 | 18,711,718 | 27,454,024 | 17,644,315 | |||||||||
| Diluted | 27,723,956 | 20,884,287 | 27,454,024 | 17,644,315 | |||||||||
SPHERE 3D CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
| June 30, | December 31, | ||||||
| 2025 | 2024 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| ASSETS | |||||||
| Cash and cash equivalents | $ | 4,703 | $ | $ 5,425 | |||
| Bitcoin | 2,200 | 1,394 | |||||
| Investment in equity securities | 3,414 | 7,530 | |||||
| Other current assets | 1,000 | 3,438 | |||||
| Total current assets | 11,317 | 17,787 | |||||
| Property and equipment, net | 19,644 | 21,967 | |||||
| Intangible assets, net | 2,353 | 3,095 | |||||
| Other non-current assets | 1,104 | 379 | |||||
| Total assets | $ | 34,418 | $ | 43,228 | |||
| LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY | |||||||
| Current liabilities | $ | 1,692 | $ | 3,895 | |||
| Temporary equity | 18 | 18 | |||||
| Shareholders' equity | 32,708 | 39,315 | |||||
| Total liabilities, temporary equity, and shareholders' equity | $ | 34,418 | $ | 43,228 |
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