Company: ANY
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001591956-25-000009
Chunk: 36

Company: Sphere 3D Corp.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 36
---
 basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and do not include any adjustments that might result from the outcome of this uncertainty.

The following table shows a summary of our cash flows (used in) provided by operating activities, investing activities, and financing activities (in thousands):

Six MonthsEnded June 30,20252024Net cash used in operating activities$(9,928)$(3,354)Net cash provided by investing activities$9,098 $7,031 Net cash provided by financing activities$108 $— 

Net cash used in operating activities. The use of cash during the first six months of 2025 was primarily a result of our net loss of $7.1 million, offset by $3.6 million in non-cash items, which primarily included a realized gain on sale of investment in equity securities, unrealized loss on investment in equity securities, depreciation and amortization, share-based compensation expense, loss on disposal of property and equipment, and change in fair value of Bitcoin. 

27

Net cash provided by investing activities. During the first six months of 2025, we received $5.3 million from proceeds from the sale of Bitcoin, $4.8 million from proceeds from the sale of investment in equity securities, and $0.2 million for the sale of 950 miners originally included in mining equipment, offset by $1.2 million of payments for the purchase of property and equipment consisting of infrastructure for our Iowa mining site completed in 2025. During the first six months of 2024, we received $5.5 million from proceeds from the sale of investment in equity securities and $1.5 million from proceeds from the sale of Bitcoin. 

Net cash provided by financing activities. For the first six months of 2025, we received $0.1 million of net proceeds from the issuance of common shares through our AGP Agreement.

Off-Balance Sheet Information

During the ordinary course of business, we may provide standby letters of credit to third parties as required for certain transactions initiated by us. As of June 30, 2025, we have no standby letters of credit outstanding.

Critical Accounting Estimates

The discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The preparation of our condensed consolidated financial statements requires us to make estimates and judgments that