Company: ANY
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001591956-25-000009
Chunk: 14

Company: Sphere 3D Corp.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.Assets and Liabilities that are Measured at Fair Value on a Recurring BasisThe Company’s financial instruments include cash equivalents, investment in equity securities, accounts payable, accrued liabilities, and warrant liabilities. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The carrying amount of cash equivalents, accounts payable and accrued liabilities are generally considered to be representative of their respective fair values because of the short-term nature of those instruments. The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis (in thousands):June 30, 2025Fair ValueLevel 1Level 2Level 3Assets:Investment in equity securities$3,414 $3,414 $— $— Bitcoin2,200 2,200 — — Total$5,614 $5,614 $— $— Liabilities:Warrant liabilities$2 $— $— $2 December 31, 2024Fair ValueLevel 1Level 2Level 3Assets:Investment in equity securities$7,530 $7,530 $— $— Bitcoin1,394 1,394 — — Total$8,924 $8,924 $— $— Liabilities:Warrant liabilities$31 $— $— $31 

11

The Company’s investment is in publicly held equity securities which have readily determinable fair values. During the three and six months ended June 30, 2025, an unrealized gain of $1.2 million and unrealized loss of $2.5 million, respectively, was recognized within investment gain in the consolidated statements of operations related to the fair value change of the investment in equity securities. During the three and six months ended June 30, 2024, an unrealized gain of $7.3 million and $4.5 million, respectively, was recognized within investment gain in the