Company: ANY
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001591956-25-000014
Chunk: 69

Company: Sphere 3D Corp.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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 million decrease was primarily due to lower hosting fees related to machines taken offline to be relocated and the transition of removing older mining machines and replacing them with newer generation machines.

General and Administrative Expense

General and administrative expenses were $7.1 million and $9.5 million for the first nine months of 2025 and 2024, respectively. The decrease of $2.4 million was primarily due to a decrease of $1.8 million in share-based compensation primarily related to forfeited awards, a decrease in legal fees of $0.8 million related to the resolution of the Gryphon Digital Mining, Inc. litigation, a decrease of $0.5 million in employee and related expenses primarily related to a decrease in headcount, a $0.3 million decrease in insurance expense, and a $0.2 million decrease in directors’ fees. These decreases were offset by an increase of $0.9 million in costs related to strategic business growth efforts and a $0.3 million provision for the remaining portion of the Rebel Mining Company settlement that is in default.

Depreciation and Amortization Expense

Depreciation and amortization expense was $5.0 million and $5.4 million for the first nine months of 2025 and 2024, respectively. The decrease of $0.4 million was primarily due to less depreciation related to our Bitcoin mining machines due to the disposal of machines. 

Loss on Disposal of Property and Equipment

Loss on disposal of property and equipment was $1.7 million and $0.7 million for the first nine months of 2025 and 2024, respectively, and primarily related to the sale of mining equipment.

Impairment of Property and Equipment

Impairment of property and equipment was $0.5 million and $0.9 million for the first nine months of 2025 and 2024, respectively, and related to unrepairable mining equipment and idle mining equipment not expected to return to use. 

27

Change in Fair Value of Bitcoin

Change in fair value of Bitcoin was $0.4 million and $0.7 million for the first nine months of 2025 and 2024, respectively. The gain in the first nine months of 2025 and 2024 was the change in fair value of Bitcoin held, as well as the gains and losses from when Bitcoin was sold.

Non-Operating Income and Expenses

Investment Gain 

Investment gain was $0.4 million and $7.5