Sphere 3d 2025 Q3 Earnings Net Loss Widens 4184.6% Amid Revenue Growth

Sphere 3D (ANY) reported fiscal 2025 Q3 results on Nov 4, 2025, with mixed performance. The company posted a $0.15-per-share loss, missing the Zacks estimate of $0.11, while revenue rose 11.4% year-over-year. Leadership emphasized operational efficiency improvements but noted ongoing financial challenges.

Revenue

Sphere 3D’s total revenue increased by 11.4% to $2.62 million in 2025 Q3, driven entirely by Bitcoin mining activities, which accounted for the full $2.62 million in revenue. This marks a year-over-year improvement from $2.35 million in 2024 Q3, reflecting the company’s focus on core mining operations despite broader market headwinds.

Earnings/Net Income

The company swung to a $0.15-per-share loss in 2025 Q3, a 1600% negative change from a $0.01-per-share profit a year earlier. Net loss widened to $4.25 million, a 4184.6% deterioration from $104,000 net income in 2024 Q3. Sustained losses over nine consecutive quarters highlight persistent operational and market challenges. This performance indicates a significant decline in profitability.

Post-Earnings Price Action Review

Sphere 3D’s stock price declined 2.22% on the day of the earnings release, 16.12% over the subsequent week, and 24.81% month-to-date as of Nov 4, 2025. The negative reaction underscores investor concerns over the company’s financial health and operational efficiency. While revenue growth provided some upside potential in specific quarters (e.g., +18.7% in Q2 2023), the stock has largely underperformed, with a -12.3% average 30-day return over the past three years. Market conditions, Bitcoin price volatility, and operational risks—including equipment delays and regulatory uncertainty—have heavily influenced post-earnings performance.

[CEO Commentary]

Interim CEO Kurt Kalbfleisch emphasized progress in streamlining operations and reducing general and administrative costs by 40%. He noted recent actions, including expanding mining capacity and securing new hosting agreements, as steps to build a more efficient and resilient business. Leadership expressed cautious optimism about long-term opportunities but emphasized short-term cost discipline.

[Guidance]

The CEO stated expectations for revenue stabilization in Q4 2025, with a focus on improving gross margins through targeted investments. No explicit numerical targets were provided, with qualitative guidance centered on leveraging existing customer relationships and accelerating R&D in high-margin product lines.

[Additional News]

Sphere 3D sold its remaining CORZ shares, realizing $9.4 million in cumulative recovery, and executed a $4.1 million warrant inducement to fund operational expansions. The company also announced plans to increase deployed EH/s by ~25% in Q4 2025 through October 2025 equipment purchases. Leadership highlighted these moves as critical to enhancing production efficiency. Meanwhile, the Zacks Rank for the stock remains at #3 (Hold), reflecting mixed earnings estimate revisions and market alignment.