Sphere 3D (ANY) AI Stock Analysis

• Market Cap: $7.93M
• Dividend Yield: N/A
• Average Volume (3M): 933.30K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.75
• Revenue Growth: -48.75%
• EPS Growth: -6.62%
• Country: US
• Employees: 2
• Sector: Financial
• Sector Strength: 70
• Industry: Software - Application
• EPS (TTM): -0.15
• Shares Outstanding: 33,729,164
• 10 Day Avg. Volume: 599,063
• 30 Day Avg. Volume: 933,299
• PEG Ratio: 0.03
• Price to Book (P/B): 0.48
• Price to Sales (P/S): 1.13
• P/FCF Ratio: -1.38
• Enterprise Value/Market Cap: 0.10
• Enterprise Value/Revenue: 0.07
• Enterprise Value/Gross Profit: 0.35
• Enterprise Value/Ebitda: -0.07
• 1Y Price Target: $3.00
• Price Target Upside: 1204.35% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: $0.24 ▲(2.17% Upside)

The score is primarily held down by weak financial performance—persistent losses and continued cash burn—despite a debt-free balance sheet. Technicals also remain negative with the stock below key moving averages and a negative MACD. Corporate events are mildly supportive, but valuation is constrained by negative earnings and no dividend.

Positive Factors

Debt-free balance sheet

A net-cash, debt-free balance sheet materially reduces refinancing and interest-rate risk, giving management flexibility to fund operations or strategic moves over the medium term. This structural liquidity cushion improves resilience while the company works toward profitability.

Top-line momentum

Sustained revenue improvement suggests recovering demand or better monetization of offerings, which is a durable driver of potential margin expansion if fixed costs are leveraged. Continued top-line growth is a prerequisite for scaling toward positive operating leverage.

Strengthened finance leadership

Adding an experienced CPA as CAO with performance-linked incentives and meaningful equity grants strengthens accounting controls and financial reporting quality, improving execution and credibility with investors and creditors—supporting longer-term capital-raising and strategic transactions.

Negative Factors

Weak cash generation

Persistent negative operating and free cash flow indicates the business consumes cash rather than funds itself, raising durable funding and dilution risk. Ongoing cash burn constrains reinvestment, limits strategic optionality, and heightens dependence on external financing over months ahead.

Sustained unprofitability and negative margins

Deep negative margins and continued operating losses signal structural cost or scale issues. Without durable margin recovery, profitability remains out of reach, undermining free cash flow conversion and long-term viability unless business model or cost base is materially adjusted.

Eroding equity base

A declining equity base and negative ROE reflect cumulative losses that erode shareholder capital and reduce financial flexibility. Over time this can limit the firm's ability to absorb future losses, raise capital on attractive terms, or invest in growth without significant dilution.

Sphere 3D Business Overview & Revenue Model

Company Description

Sphere 3D Corp. focuses on operating as a carbon neutral bitcoin mining company. It also provides data management solutions through hybrid cloud, cloud, and on-premises implementations directly and through its reseller network and professional services organization. Its products portfolio includes HVE-STACK high density server, which provides computer and storage appliance for the data centers; HVE-VELOCITY, a high availability dual enclosure storage area network that offers reliability and integrity for optimal data storage, protection, and recovery; HVE 3DGFX, a virtual desktop infrastructure solution; HVE STAGE, a server virtualization platform; and HVE VAULT, an appliance designed to handle requirements for backup and replication storage. In addition, it offers self-service and support services. Sphere 3D Corp. is based in Toronto, Canada.

How the Company Makes Money

Sphere 3D generates revenue through the sale of its technology products and services, which include virtual desktop infrastructure solutions, storage systems, and cloud services. The company earns money by licensing its software solutions, selling hardware products, and providing ongoing support and maintenance services to its clients. Additionally, Sphere 3D may engage in partnerships and collaborations with other tech companies to expand its market reach and enhance its product offerings, contributing to its revenue streams.

Sphere 3D Financial Statement Overview

Summary

Revenue is improving, and the balance sheet is helped by a debt-free/net-cash posture (lower financial risk). However, results are still dominated by sizable operating/net losses and ongoing negative operating and free cash flow, which increases dilution/funding risk if cash burn persists.

Income Statement

TTM (Trailing-Twelve-Months) revenue is up sharply versus the prior annual period, showing some top-line momentum. However, profitability remains weak: the company is still generating sizable operating losses and a large net loss, and margins are deeply negative in TTM, indicating the cost structure is not yet scaled to current revenue levels. While losses improved materially from the extreme 2022 results, the overall earnings profile is still highly challenged.

Balance Sheet

The balance sheet is supported by a net cash/debt-free posture (total debt is reported at zero in recent periods), which meaningfully reduces financial risk and refinancing pressure. That said, equity has trended down from 2021 levels and returns on equity remain negative, reflecting ongoing losses that can continue to erode the capital base over time. Overall leverage is low, but sustained unprofitability is the key balance-sheet risk.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative in both TTM (Trailing-Twelve-Months) and recent annual periods, implying the business is consuming cash rather than funding itself internally. Free cash flow is worse than operating cash flow, suggesting continued cash needs beyond core operations (e.g., investing or working-capital demands). While free cash flow growth is positive in TTM, the absolute cash burn remains significant and elevates funding/dilution risk if it persists.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	11.10M	16.61M	21.91M	6.08M	3.72M	4.85M
Gross Profit	2.27M	3.23M	5.96M	2.66M	2.00M	2.25M
EBITDA	-11.88M	-2.21M	-15.94M	-164.48M	-11.10M	-4.08M
Net Income	-18.59M	-9.47M	-23.41M	-192.80M	-17.29M	-5.78M
Balance Sheet
Total Assets	31.11M	43.23M	49.85M	83.02M	275.92M	11.83M
Cash, Cash Equivalents and Short-Term Investments	7.87M	12.96M	1.57M	1.34M	54.35M	461.00K
Total Debt	0.00	0.00	0.00	0.00	0.00	2.50M
Total Liabilities	1.58M	3.91M	9.54M	38.45M	6.30M	6.82M
Stockholders Equity	29.54M	39.31M	40.32M	34.87M	269.63M	5.01M
Cash Flow
Free Cash Flow	-22.71M	-13.52M	-8.14M	-48.71M	-130.76M	-2.58M
Operating Cash Flow	-14.91M	-4.58M	-6.58M	-30.77M	-28.52M	-2.58M
Investing Cash Flow	9.20M	4.03M	2.56M	-22.04M	-122.69M	-2.00M
Financing Cash Flow	6.04M	5.39M	3.06M	0.00	205.10M	4.90M

Sphere 3D Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.23
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANY, the sentiment is Negative. The current price of 0.23 is below the 20-day moving average (MA) of 0.29, below the 50-day MA of 0.37, and below the 200-day MA of 0.59, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 24.40 is Positive, neither overbought nor oversold. The STOCH value of 3.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ANY.

Sphere 3D Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CREX	54 Neutral	$33.98M	-3.68	-36.46%	―	-18.37%	-1304.71%
CXAI	48 Neutral	$8.86M	-0.44	-80.59%	―	-27.47%	83.06%
ANY	43 Neutral	$7.93M	-0.29	-52.92%	―	-48.75%	-6.62%
CSAI	43 Neutral	$13.09M	-1.34	-216.29%	―	―	―

Sphere 3D Corporate Events

Sphere 3D Shareholders Approve Warrant Inducement and Name Change

On January 15, 2026, Sphere 3D Corp. held a special meeting of shareholders at which approximately 36% of the company’s outstanding common shares were represented, constituting a quorum. Shareholders approved a warrant inducement transaction, a potential name change for the company, and the ability to adjourn or postpone the meeting or transact other proper business, signaling support for management’s capital-structure initiative and providing flexibility for future corporate branding and governance actions.

The most recent analyst rating on (ANY) stock is a Sell with a $0.30 price target. To see the full list of analyst forecasts on Sphere 3D stock, see the ANY Stock Forecast page.

Sphere 3D Appoints New Chief Accounting Officer Reppas

On December 17, 2025, Sphere 3D Corp. appointed longtime finance executive and active CPA Tiah Reppas as Chief Accounting Officer, making her the company’s principal financial and accounting officer after prior roles including Vice President of Accounting and Finance and Corporate Controller at Sphere 3D and other public companies. The company simultaneously entered into a new employment agreement providing her with a $280,000 base salary, eligibility for a discretionary bonus of up to 60% of salary, performance-based equity awards, defined severance and accelerated vesting protections in certain termination scenarios, a one-time $75,000 bonus tied to the completion of a significant corporate transaction, and a grant of 500,000 restricted stock units vesting between March 2026 and December 2027, underscoring Sphere 3D’s effort to strengthen its finance leadership and align executive incentives with future corporate milestones.

The most recent analyst rating on (ANY) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Sphere 3D stock, see the ANY Stock Forecast page.

Sphere 3D Appoints Kurt Kalbfleisch as CEO

On November 11, 2025, Sphere 3D Corp. finalized a new employment agreement with Kurt Kalbfleisch, appointing him as Chief Executive Officer while he continues as Chief Financial Officer. Kalbfleisch, who served as Interim CEO since January 2025, is recognized for maintaining business continuity and operational discipline, positioning the company for future growth. The Board’s confidence in his leadership is expected to drive strategic growth initiatives and align with the company’s long-term vision.

The most recent analyst rating on (ANY) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Sphere 3D stock, see the ANY Stock Forecast page.