Sphere 3D

ANY

Software - Application · Technology

Price

$1.70

+0.03 (+1.80%)

Market Cap

$7.2M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−33.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 441K (2021) → 291K (2025)

Sphere 3D Corp. is a small technology company that focuses on two main areas: cryptocurrency mining and virtualization software. On the mining side, it operates Bitcoin mining machines that earn cryptocurrency as a reward. Its software products help businesses run older applications on newer computer systems, serving small and mid-sized companies.

The company earns money from Bitcoin mining rewards and from selling or licensing its virtualization software. It operates primarily in North America and is a very small player in both industries it competes in. Its financials show significant strain — an operating margin of nearly -110% means it spends far more than it earns. The biggest risk Sphere 3D faces is its heavy dependence on Bitcoin prices, which are highly unpredictable, combined with its thin gross margins and ongoing losses that raise questions about its long-term financial stability.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-32.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+68.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

2.7%ownership

Relatively low insider ownership

Cash Runway

~3 months

$3M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Sphere 3D has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-43.4%

Thin — -43.4% gross margin

Operating Margin

-113.9%

Losing money on operations — -113.9%

ROCE

-10.9%

Weak — -10.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-17.6%

Shrinking sales (-17.6% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-216.3%

Burning cash (-216.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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