Company: ANY
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001591956-25-000014
Chunk: 52

Company: Sphere 3D Corp.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 52
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 property and equipment of nil and 0.7 million during the three and nine months ended September 30, 2024, respectively.In March 2025, the infrastructure for an 8 MW site in Iowa was completed, and the Company entered into a management services agreement with Simple Mining LLC (“Simple Mining”) to manage the mining site.Impairment of Property and EquipmentFor both the three and nine months ended September 30, 2025, the Company recorded an impairment to property and equipment for the net book value of unrepairable mining equipment of $0.5 million. For the nine months ended September 30, 2024, the Company recorded an impairment to property and equipment for idle mining equipment not expected to return to use. The Company compared the indicated fair value to the carrying value of the mining equipment, and as a result of the analysis, an impairment charge of nil and $0.9 million was recorded for the three and nine months ended September 30, 2024, respectively. The estimated fair value of the Company’s mining equipment is classified in Level 3 of the fair value hierarchy. The following table summarizes other non-current assets (in thousands):September 30,2025December 31,2024Prepaid mining hosting deposit$88 $308 Utilities deposit225 — Prepaid services— 68 Other— 3 Other non-current assets$313 $379 

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7.    Intangible Assets

The following table summarizes intangible assets, net (in thousands):September 30,2025December 31,2024Supplier agreements$37,525 $37,525 Accumulated amortization(35,544)(34,430)Intangible assets, net$1,981 $3,095 Amortization expense for intangible assets was $0.4 million for both the three months ended September 30, 2025 and 2024. Amortization expense of intangible assets was $1.1 million for both the nine months ended September 30, 2025 and 2024. Estimated amortization expense for intangible assets is approximately $0.4 million for the remainder of 2025 and $1.5 million and $0.1 million in fiscal year 2026 and 2027, respectively.

8.Preferred Shares

Series H Preferred SharesOn October 1, 2021, the Company filed articles of amendment to create a series of preferred