Sphere 3D (ANY) AI Stock Analysis

• Market Cap: $10.96M
• Dividend Yield: N/A
• Average Volume (3M): 933.30K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.67
• 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: 1.20
• Enterprise Value/Revenue: 1.18
• Enterprise Value/Gross Profit: 5.79
• Enterprise Value/Ebitda: -1.10
• 1Y Price Target: $3.00
• Price Target Upside: 809.09% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $0.33 ▲(1.21% Upside)

The score is held down primarily by persistent losses and negative free cash flow, reinforced by weak technicals (price below key moving averages and negative MACD). A debt-free balance sheet and positive leadership changes provide some support, but valuation is constrained by negative earnings and no stated dividend yield.

Positive Factors

Strong Balance Sheet

A strong balance sheet with no debt provides financial stability and flexibility, allowing the company to invest in growth opportunities without the burden of interest payments.

New Leadership

The appointment of a new CFO and Interim CEO can bring fresh strategic direction and improve operational efficiencies, potentially addressing existing financial performance challenges.

Cloud Services Focus

Focusing on cloud services and virtualization positions Sphere 3D to capitalize on growing demand for scalable IT solutions, potentially driving long-term revenue growth.

Negative Factors

Profitability Challenges

Ongoing profitability challenges and net losses can hinder the company's ability to reinvest in its business and may affect long-term financial health and shareholder value.

Inconsistent Revenue Growth

Inconsistent revenue growth indicates potential market or operational issues, which can impact the company's ability to scale and compete effectively in the long term.

Cash Flow Management Issues

Negative cash flow suggests challenges in cash management, which can limit the company's ability to fund operations and growth initiatives, affecting long-term sustainability.

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

Sphere 3D exhibits a mixed financial profile characterized by a strong balance sheet with no debt and adequate equity, but persistent profitability challenges and inconsistent revenue growth. Operational inefficiencies are impacting margins, and cash flow remains a concern. The company needs to address these issues to drive sustainable financial performance.

Income Statement

The company's income statement reveals challenges in profitability with a consistent pattern of net losses. Gross profit margin improved slightly year over year, but net profit margin remains negative. Revenue growth is inconsistent, with a recent decline suggesting potential market or operational challenges. The EBIT and EBITDA margins are negative, reflecting ongoing operational inefficiencies.

Balance Sheet

The balance sheet shows a strong equity position with no debt, which is a positive aspect indicating financial stability. The equity ratio is solid, suggesting the company is not heavily leveraged. However, the company's return on equity is negative due to consistent net losses, highlighting profitability issues.

Cash Flow

Cash flow analysis indicates negative free cash flow and operating cash flow, suggesting cash management issues. The company has not demonstrated positive free cash flow growth. Although there is some improvement in cash flow management compared to previous years, it still faces significant challenges in achieving sustainable cash generation.

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: 0.33
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 0.33 is below the 20-day moving average (MA) of 0.36, below the 50-day MA of 0.46, and below the 200-day MA of 0.61, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 36.56 is Neutral, neither overbought nor oversold. The STOCH value of 40.05 is Neutral, 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	$32.98M	-3.50	-36.46%	―	-18.37%	-1304.71%
CXAI	43 Neutral	$10.61M	-0.56	-80.59%	―	-27.47%	83.06%
CSAI	43 Neutral	$18.65M	-2.00	-216.29%	―	―	―
ANY	42 Neutral	$10.96M	-0.43	-52.92%	―	-48.75%	-6.62%

Sphere 3D Corporate Events

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.