Sphere 3D Q1 revenue falls on lower Bitcoin prices

Darkhorse Technologies

15/05/2026 21:28

Overview

US Bitcoin miner's Q1 revenue fell yr/yr due to lower Bitcoin value and fleet transition

Net loss for Q1 narrowed from a year ago as operating costs declined

Company agreed to combine with Cathedra Bitcoin to build a scalable digital infrastructure platform

Outlook

Company expects combination with Cathedra Bitcoin to enhance operational flexibility and growth potential

Result Drivers

BITCOIN VALUE - Revenue decline was primarily driven by a decrease in the fair value of Bitcoin

FLEET UPGRADE - Replacement of older mining equipment with newer machines temporarily reduced active mining capacity and Bitcoin production

COST REDUCTIONS - Operating costs and general and administrative expenses declined as part of efforts to improve efficiency

Company press release: ID:nNFC4bz8dM

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
$1.90 mln
Q1 Net Income
-$4.10 mln


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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.)