Sphere 3D Corp Financials
This page shows Sphere 3D Corp (ANY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Sphere 3D's economics are dominated by cash burn: gross profit is too small to cover a fixed cost base despite low leverage.
SG&A cuts were real, falling from$15.8M in FY2023 to$8.3M in FY2025. But net loss still deepened because sales and gross profit shrank while depreciation stayed near$6.9M , which means the company has not right-sized costs enough for its current revenue base.
The balance sheet looks conservative: FY2025 liabilities were only
Cash conversion is worse than the income statement alone suggests. FY2025 free cash flow was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Sphere 3D Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Sphere 3D Corp scores -23.82, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($15.0M) relative to total liabilities ($1.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Sphere 3D Corp passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Sphere 3D Corp generates $0.75 in operating cash flow (-$16.1M OCF vs -$21.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Sphere 3D Corp generated $11.2M in revenue in fiscal year 2025. This represents a decrease of 32.7% from the prior year.
Sphere 3D Corp's EBITDA was -$15.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 5.8% from the prior year.
Sphere 3D Corp reported -$21.5M in net income in fiscal year 2025. This represents a decrease of 126.8% from the prior year.
Sphere 3D Corp earned $-7.37 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 54.2% from the prior year.
Cash & Balance Sheet
Sphere 3D Corp generated -$23.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 74.7% from the prior year.
Sphere 3D Corp held $3.7M in cash against $0 in long-term debt as of fiscal year 2025.
Sphere 3D Corp had 3M shares outstanding in fiscal year 2025. This represents an increase of 33.3% from the prior year.
Margins & Returns
Sphere 3D Corp's gross margin was 23.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.0 percentage points from the prior year.
Sphere 3D Corp's operating margin was -196.8% in fiscal year 2025, reflecting core business profitability. This is down 67.8 percentage points from the prior year.
Sphere 3D Corp's net profit margin was -192.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 135.1 percentage points from the prior year.
Sphere 3D Corp's ROE was -92.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 68.1 percentage points from the prior year.
Capital Allocation
Sphere 3D Corp invested $7.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 16.2% from the prior year.
ANY Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9M-29.6% | $2.7M+3.8% | $2.6M-13.1% | $3.0M+7.1% | $2.8M+6.7% | $2.6M+12.1% | $2.4M-49.5% | $4.7M |
| Cost of Revenue | $1.6M-23.7% | $2.1M+7.4% | $2.0M-15.0% | $2.3M+4.9% | $2.2M-7.9% | $2.4M-12.8% | $2.7M-31.0% | $4.0M |
| Gross Profit | $313K-49.6% | $621K-6.8% | $666K-7.1% | $717K+15.1% | $623K+139.6% | $260K+169.1% | -$376K-153.2% | $707K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 |
| SG&A Expenses | $2.5M+106.7% | $1.2M-33.6% | $1.8M-16.0% | $2.1M-32.9% | $3.2M+6.5% | $3.0M-1.9% | $3.0M+1.5% | $3.0M |
| Operating Income | -$4.1M+59.3% | -$10.1M-151.5% | -$4.0M-53.6% | -$2.6M+49.4% | -$5.2M+40.2% | -$8.7M-68.5% | -$5.2M+9.8% | -$5.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Income Tax | $1K | $0 | $0-100.0% | $2K | $0 | N/A | $72K+3500.0% | $2K |
| Net Income | -$4.1M+59.4% | -$10.1M-138.1% | -$4.2M-354.8% | $1.7M+119.0% | -$8.8M-21.7% | -$7.2M-7043.3% | $104K-95.1% | $2.1M |
| EPS (Diluted) | N/A | N/A | $-0.15-350.0% | $0.06+118.8% | $-0.32 | N/A | $0.01-95.0% | $0.10 |
ANY Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $21.7M-13.5% | $25.1M-19.3% | $31.1M-9.6% | $34.4M+0.4% | $34.3M-20.7% | $43.2M-2.3% | $44.3M+0.5% | $44.0M |
| Current Assets | $6.7M-22.5% | $8.7M-12.6% | $9.9M-12.3% | $11.3M+16.5% | $9.7M-45.4% | $17.8M+22.7% | $14.5M-16.0% | $17.3M |
| Cash & Equivalents | $3.1M-15.2% | $3.7M-29.8% | $5.3M+12.2% | $4.7M+68.7% | $2.8M-48.6% | $5.4M+9.6% | $5.0M+16.1% | $4.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.7M-4.2% | $1.8M+13.9% | $1.6M-6.5% | $1.7M-52.1% | $3.6M-8.8% | $3.9M-53.5% | $8.4M-20.6% | $10.6M |
| Current Liabilities | $1.7M-4.2% | $1.8M+14.1% | $1.6M-6.6% | $1.7M-52.4% | $3.6M-8.8% | $3.9M+9.7% | $3.5M-9.8% | $3.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $20.0M-14.2% | $23.3M-21.1% | $29.5M-9.8% | $32.7M+6.5% | $30.7M-21.9% | $39.3M+9.7% | $35.8M+7.2% | $33.4M |
| Retained Earnings | -$482.4M-0.9% | -$478.3M-2.2% | -$468.2M-0.9% | -$463.9M+0.4% | -$465.6M-1.9% | -$456.8M-1.6% | -$449.6M0.0% | -$449.7M |
ANY Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.7M-36.5% | -$2.7M+21.5% | -$3.5M+40.7% | -$5.8M-43.5% | -$4.1M-169.7% | -$1.5M-621.4% | $290K+108.8% | -$3.3M |
| Capital Expenditures | $0-100.0% | $4.0M+76.5% | $2.3M+1034.5% | $200K-80.5% | $1.0M-76.2% | $4.3M-6.9% | $4.6M | $0 |
| Free Cash Flow | -$3.7M+44.7% | -$6.7M-17.3% | -$5.7M+5.2% | -$6.0M-18.6% | -$5.1M+12.4% | -$5.8M-34.1% | -$4.3M-31.7% | -$3.3M |
| Investing Cash Flow | $2.8M+207.0% | -$2.6M-174.4% | $3.5M-54.9% | $7.8M+483.0% | $1.3M+139.2% | -$3.4M-956.4% | $397K-92.8% | $5.5M |
| Financing Cash Flow | $368K-90.2% | $3.8M+593.4% | $542K | $0-100.0% | $108K-98.0% | $5.4M | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ANY Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.3%-6.5pp | 22.8%-2.6pp | 25.4%+1.6pp | 23.8%+1.6pp | 22.1%+12.3pp | 9.8%+25.8pp | -16.0%-31.1pp | 15.2% |
| Operating Margin | -215.6%+157.2pp | -372.7%-218.9pp | -153.8%-66.8pp | -87.0%+97.1pp | -184.2%+144.5pp | -328.7%-109.9pp | -218.8%-96.4pp | -122.4% |
| Net Margin | -214.3%+157.2pp | -371.5%-209.5pp | -161.9%-217.2pp | 55.2%+367.1pp | -311.9%-38.4pp | -273.4%-277.8pp | 4.4%-41.1pp | 45.5% |
| Return on Equity | -20.5%+22.9pp | -43.4%-29.0pp | -14.4%-19.5pp | 5.1%+33.7pp | -28.6%-10.2pp | -18.4%-18.7pp | 0.3%-6.1pp | 6.3% |
| Return on Assets | -18.9%+21.4pp | -40.3%-26.6pp | -13.7%-18.5pp | 4.8%+30.5pp | -25.6%-8.9pp | -16.7%-16.9pp | 0.2%-4.6pp | 4.8% |
| Current Ratio | 3.90-0.9 | 4.82-1.5 | 6.28-0.4 | 6.69+4.0 | 2.74-1.8 | 4.57+0.5 | 4.09-0.3 | 4.39 |
| Debt-to-Equity | 0.090.0 | 0.08+0.0 | 0.050.0 | 0.05-0.1 | 0.12+0.0 | 0.10-0.1 | 0.23-0.1 | 0.32 |
| FCF Margin | -194.0%+53.0pp | -247.1%-28.4pp | -218.7%-18.2pp | -200.5%-19.3pp | -181.2%+39.4pp | -220.5%-36.2pp | -184.4%-113.7pp | -70.6% |
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Frequently Asked Questions
What is Sphere 3D Corp's annual revenue?
Sphere 3D Corp (ANY) reported $11.2M in total revenue for fiscal year 2025. This represents a -32.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sphere 3D Corp's revenue growing?
Sphere 3D Corp (ANY) revenue declined by 32.7% year-over-year, from $16.6M to $11.2M in fiscal year 2025.
Is Sphere 3D Corp profitable?
No, Sphere 3D Corp (ANY) reported a net income of -$21.5M in fiscal year 2025, with a net profit margin of -192.1%.
What is Sphere 3D Corp's EBITDA?
Sphere 3D Corp (ANY) had EBITDA of -$15.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Sphere 3D Corp's gross margin?
Sphere 3D Corp (ANY) had a gross margin of 23.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Sphere 3D Corp's operating margin?
Sphere 3D Corp (ANY) had an operating margin of -196.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Sphere 3D Corp's net profit margin?
Sphere 3D Corp (ANY) had a net profit margin of -192.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Sphere 3D Corp's return on equity (ROE)?
Sphere 3D Corp (ANY) has a return on equity of -92.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Sphere 3D Corp's free cash flow?
Sphere 3D Corp (ANY) generated -$23.6M in free cash flow during fiscal year 2025. This represents a -74.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Sphere 3D Corp's operating cash flow?
Sphere 3D Corp (ANY) generated -$16.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Sphere 3D Corp's total assets?
Sphere 3D Corp (ANY) had $25.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Sphere 3D Corp's capital expenditures?
Sphere 3D Corp (ANY) invested $7.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Sphere 3D Corp's current ratio?
Sphere 3D Corp (ANY) had a current ratio of 4.82 as of fiscal year 2025, which is generally considered healthy.
What is Sphere 3D Corp's debt-to-equity ratio?
Sphere 3D Corp (ANY) had a debt-to-equity ratio of 0.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Sphere 3D Corp's return on assets (ROA)?
Sphere 3D Corp (ANY) had a return on assets of -85.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Sphere 3D Corp's cash runway?
Based on fiscal year 2025 data, Sphere 3D Corp (ANY) had $3.7M in cash against an annual operating cash burn of $16.1M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Sphere 3D Corp's Altman Z-Score?
Sphere 3D Corp (ANY) has an Altman Z-Score of -23.82, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Sphere 3D Corp's Piotroski F-Score?
Sphere 3D Corp (ANY) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sphere 3D Corp's earnings high quality?
Sphere 3D Corp (ANY) has an earnings quality ratio of 0.75x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Sphere 3D Corp?
Sphere 3D Corp (ANY) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.