Company: ANY
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001591956-25-000014
Chunk: 72

Company: Sphere 3D Corp.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 72
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 funding necessary to continue its operations at current levels. These factors, among others, should they occur may result in our inability to continue as a going concern within 12 months from the date of issuance of our financial statements. The accompanying consolidated financial statements have been prepared on a going concern 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):

Nine MonthsEnded September 30,20252024Net cash used in operating activities$(13,395)$(3,064)Net cash provided by investing activities$12,597 $7,428 Net cash provided by financing activities$650 $— 

Net cash used in operating activities. The use of cash during the first nine months of 2025 was primarily a result of our net loss of $11.4 million, offset by $7.4 million in non-cash items, which primarily included a realized gain on sale of investment in equity securities, depreciation and amortization, share-based compensation expense, loss on disposal of property and equipment, impairment of property and equipment, provision for loss on other assets, change in fair value of Bitcoin, and nonemployee share-based compensation performance award expense. 

Net cash provided by investing activities. During the first nine months of 2025, we received $7.6 million from proceeds from the sale of Bitcoin, $8.0 million from proceeds from the sale of investment in equity securities, and $0.5 million for the sale of miners originally included in mining equipment, offset by $3.5 million of payments for the purchase of property and equipment consisting of infrastructure for our Iowa mining site completed in 2025 and newer generation mining machines. During the first nine months of 2024, we received $10.5 million from proceeds from the sale of investment in equity securities and $1.5 million from proceeds from the sale of Bitcoin, offset by $4.6 million of payments for the purchase of property and equipment consisting of newer generation mining machines. 

Net cash provided by financing activities. For the first nine months of 2025, we received $0.7 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