Bitcoin miner Sphere 3D's Q3 operating loss narrows, production declines

Darkhorse Technologies

04/11/2025 22:08

Overview

Sphere 3D's Q3 revenue rises to $2.6 mln from $2.4 mln

Company reduced Q3 operating loss by 23% yr/yr to $4.0 mln

Bitcoin production decreased due to fewer miners online and higher curtailments

Outlook

Sphere 3D expects a 25% increase in deployed EH/s in Q4 2025

Company focuses on cost management and operational optimization

Sphere 3D aims to enhance efficiency and resilience

Result Drivers

MINER UPGRADE - Sphere 3D replaced 1,500 older miners with 900 newer S21+ models to enhance efficiency

COST MANAGEMENT - General and administrative expenses reduced by 40% to $1.8 mln, aiding in lowering operating loss

CAPITAL RAISE - Executed warrant inducement generating $4.1 mln to support expansion and operations

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
$2.60 mln


Analyst Coverage

The one available analyst rating on the shares is "buy"

The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

Wall Street's median 12-month price target for Sphere 3D Corp is $3.00, about 77.3% above its November 3 closing price of $0.68

Press Release: ID:nNFC832Hs6

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)