Sphere 3D Reports $11.2M FY2025 Revenue, Plans 53MW Merger with Cathedra Bitcoin
Sphere 3D reported FY2025 revenue of $11.2M, down from $16.6M, and a net loss of $21.5M despite cutting G&A costs by 33% to $8.3M. It also agreed in March to merge with Cathedra Bitcoin, creating a 53MW, 1.2EH/s miner with expanded data-center footprint and AI/HPC ambitions.
1. Fiscal Year 2025 Results
Sphere 3D generated $11.2 million in revenue for the year ended December 31, 2025, compared to $16.6 million in 2024, and recorded a net loss of $21.5 million. The company reduced general and administrative expenses by 33% to $8.3 million, improved average fleet efficiency from 27.1 J/th to under 19 J/th by deploying 2,300 next-generation miners, and mined 111.6 Bitcoin, holding 37.3 BTC as of year-end.
2. Merger with Cathedra Bitcoin
In March 2026, Sphere 3D agreed to an all-stock merger with Cathedra Bitcoin, under which Cathedra shareholders will receive 49% of the combined company. The merged entity will operate 53 MW of capacity and 1.2 EH/s of hash rate across five data centers in Tennessee, Kentucky and Iowa, and will pursue up to 100 MW of additional AI/HPC expansion.