Company: ANY
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001591956-25-000014
Chunk: 85

Company: Sphere 3D Corp.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 85
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 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 million for the first nine months of 2025 and 2024, respectively, and related to realized and unrealized gains on our equity investment in Core Scientific Inc.

Other Income, Net

Other income, net was immaterial and $3.1 million of income, net, for the first nine months of 2025 and 2024, respectively. The first nine months of 2024 other income, net, primarily related to a $3.0 million for the early termination of a hosting agreement, and a $0.2 million fair value adjustment for warrant liabilities.

Liquidity and Capital Resources

Our principal sources of liquidity are our existing cash, cash equivalents, and our At-the-Market (“ATM”) facility. We expect to fund our operations going forward with existing cash resources, anticipated revenue from our Bitcoin mining operation, and cash that we may raise through future financing transactions. At September 30, 2025, we had cash and cash equivalents of $5.3 million compared to cash and cash equivalents of $5.4 million at December 31, 2024. As of September 30, 2025, we had working capital of $8.3 million, reflecting a decrease of $5.5 million since December 31, 2024. Cash management continues to be a priority and we are phasing out high-cost hosting contracts, leveraging our access to capital, and reducing our overall mining costs.

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