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Sphere 3D Corp.

DRK Technology Software Infrastructure

Sphere 3D Corp.’s revenue for fiscal 2025 (year ended December 2025) was $11.2 million, down 32.7% from fiscal 2024.

Revenue
+15.6%
EPS
+56.7%
Free cash flow
+46.5%

Quarter to September 2026, against a year earlier

1.58 0.01 +0.64%
Market cap
$16.6M
P/E
0.0×
Fwd P/E
−0.6×
Dividend yield
—
F-score
4/9
Altman Z
−25.91
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.07
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — 2 — — — — — — — —
Insider Ownership 12.22%

Capital & Financial Ratios $m

Size
Market Cap 16.57
Revenue ttm 10.12
Net income ttm (33.83)
Free cash flow ttm (20.85)
Net debt Q (4.04)
Valuation
P/E 0.00
Forward P/E (0.60) (negative: loss-making)
Price / sales 1.38
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.98
Financial health
Current ratio Q 2.56 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (640.40)
Growth
Revenue growth Q +15.55% (above 0%: growing)
Operating income growth Q −43.49% (below 0%: shrinking)
EPS, this year +60.24% (at or above 15%: strong)
EPS, next year A +57.34% (at or above 15%: strong)
Revenue, next year A +77.80% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +11.55%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, against a ten-year median of 1.0×; over the ten years it ranged from −10.4× in 2018 to 26.2× in 2022.
P/S against its own 10 years 59.67%
10-year low 10-year high
P/B against its own 10 years 77.56%
10-year low 10-year high
EV/Sales against its own 10 years 52.89%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2 14 7 —
Receivables — — — 0
Inventory — — — —
Other 12 3 2 1
14 18 9 13
2023 2024 2025 Q'26
Payables 2 1 0 1
ST’ Debt — — — —
Other 0 0 — 2
5 4 2 5

Compound Annual Growth %

10y 5y 3y
Sales (17.46%) 18.19% 22.54%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (10.18%) 35.99% (12.32%)

EPS $

Mar Jun Sep Dec Year
’26 (1.18) (2.68) (0.65) — —
’25 (3.20) 0.60 (1.50) (3.25) (7.37)
’24 (2.70) 1.00 0.05 (3.60) (4.80)
’23 (3.50) (4.40) (5.00) (6.04) (19.30)
’22 (16.11) (43.42) (21.71) (123.25) (203.78)
’21 (18.91) (13.30) (4.90) (11.90) (40.62)
’20 (19.61) (28.71) (11.90) (11.90) (68.63)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2 2 3 — —
’25 3 3 3 3 11
’24 7 5 2 3 17
’23 3 5 6 8 22
’22 1 2 1 1 6
’21 1 1 1 1 4
’20 1 1 1 2 5
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) (5) (4) — —
’25 (4) (6) (3) (3) (16)
’24 0 (3) 0 (2) (5)
’23 0 (2) (4) (1) (7)
’22 (16) (9) (4) (3) (31)
’21 (1) (3) (1) (23) (29)
’20 0 (1) (1) (1) (3)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (4) (5) (3) — —
’25 (5) (6) (5) (7) (23)
’24 0 (3) (4) (6) (14)
’23 1 (1) (4) 0 (4)
’22 (26) (15) (5) (3) (49)
’21 (1) (3) (86) (41) (131)
’20 0 (1) (1) (1) (3)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 76 13 9 6 5 4 6 22 17 11 10 (19.2%) 20 20 34 +45.5%
Gross margin, % 29.24 24.96 18.59 33.23 46.39 53.82 43.77 27.22 19.45 23.50 0.00 (5.7) pt
EBT (68) (16) (13) (4) (6) (17) (193) (23) (9) (21) (34) (12.0%)
EBT margin, % (88.54) (129.15) (140.49) (76.73) (119.12) (465.16) (3,171.73) (106.44) (56.12) (192.11) (334.18) (103.6) pt
Net income (68) (26) (26) (4) (6) (17) (193) (23) (9) (21) (34) (12.1%)
Per share, $
Per share, $ Revenue 21,220.28 1,415.62 381.01 145.29 57.71 8.44 6.42 18.06 8.39 3.84 1.14 (61.6%)
Earnings (19,327.73) (2,946.78) (1,106.44) (111.34) (68.63) (40.62) (203.78) (19.30) (4.80) (7.37) (7.76) (58.3%)
Cash flow (4,853.61) (1,007.30) (321.56) (47.21) (30.74) (64.71) (32.49) (5.43) (2.31) (5.53) (1.84) (52.9%)
Capex (65.83) (13.82) (2.36) 0.00 0.00 (231.99) (18.94) 2.40 (4.52) (2.38) (0.52) (30.8%)
Free cash flow (4,919.44) (1,021.12) (323.92) (47.21) (30.74) (296.70) (51.43) (3.03) (6.83) (7.91) (2.36) (51.1%)
Book value 5,679.44 1,175.62 (236.58) 32.29 59.63 515.72 36.50 21.87 19.86 7.99 2.12 (51.8%)
Shares, m 0 0 0 0 0 0 1 1 2 3 5 +110.4%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 0.19 1.07 0.56 0.37 1.73 25.87 3.05 1.85 1.13 0.78 1.38 3.7
P/B 0.71 1.29 0.00 0.00 0.00 0.42 0.54 1.53 0.48 0.37 0.98 0.5
EV/Sales 0.68 6.43 3.28 0.53 2.07 11.39 2.60 1.83 0.32 0.25 1.08 2.9
EV/FCF (2.91) (4.50) (3.78) (1.45) (3.58) (0.32) (0.32) (10.13) (0.41) (0.12) (0.52) (2.8)
Cash, $m
Cash, $m Operating cash flow (17) (9) (8) (2) (3) (29) (31) (7) (5) (16) (16) (0.9%)
Capex 0 0 0 — — (102) (18) 3 (9) (7) (5) +45.5%
Free cash flow (18) (9) (8) (2) (3) (131) (49) (4) (14) (23) (21) +3.0%
Balance, $m
Balance, $m Working capital (13) 6 (6) (5) (4) 73 4 8 14 7 8 n/m
Net debt 37 (1) 7 0 2 (54) (3) (2) (14) (7) (4) n/m
Shareholders’ equity 20 10 (6) 1 5 227 35 27 39 23 19 +1.5%
Returns, %
Returns, % ROA (59.10) (29.78) (55.43) (43.48) (57.11) (12.39) (107.43) (36.38) (21.31) (62.86) (119.35) (3.8) pt
ROIC (68.91) (114.51) (702.36) (237.99) (56.10) (7.13) (314.53) (75.14) (53.60) (84.20) (113.19) (15.3) pt
ROE (154.56) (169.43) (1,079.41) 66.83 82.77 (16.16) (147.27) (76.63) (28.77) (68.62) 0.00 +85.9 pt
People
People Employees 387 388 41 28 32 25 27 5 4 4 — (39.8%)
Revenue/emp, $m 0.20 0.03 0.22 0.20 0.15 0.15 0.23 4.38 4.15 2.80 — +34.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Sphere 3D Corp. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ORIO Orion Digital Corp. $23.8M — (loss-making) — (loss-making) −0.56% (below 0%: shrinking) n/m +432.75% (above 0%: growing) 74.86% 7.54% Compare
AIFC AI Financial Corporation $22.5M — (loss-making) — (loss-making) −62.15% (below 0%: shrinking) n/m −16.14% (below 0%: shrinking) 97.56% (29.33%) Compare
DRK Sphere 3D Corp. $16.6M — (loss-making) — (loss-making) +15.55% (above 0%: growing) n/m +46.49% (above 0%: growing) 0.00% (191.03%)
BIRD Smartbird, Inc. $15.4M — (loss-making) — (loss-making) −93.05% (below 0%: shrinking) n/m −46.59% (below 0%: shrinking) 0.00% (387.78%) Compare
INTZ Intrusion Inc. $15.2M — (loss-making) — (loss-making) −22.42% (below 0%: shrinking) n/m −83.07% (below 0%: shrinking) 66.41% (171.58%) Compare
TGHL The GrowHub Limited $11.9M — — — — — — — Compare
AZIO Azio AI Holdings, Inc. $11.5M — (loss-making) — +154.34% (above 0%: growing) n/m −634.34% (below 0%: shrinking) 2.68% (215.45%) Compare
LHSW Lianhe Sowell International Group Ltd $11.4M — — — — −514.28% (below 0%: shrinking) — — Compare
CHOW ChowChow Cloud International Holdings Limited $11.1M — — — — — — — Compare
Median of peers $13.6M — — −22.42% — −64.83% 66.41% (171.58%)

All 183 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 13 July 2026

Ownership

Directors and executive officers, together 6.40%
Armistice Capital, LLC 9.99%
Thomas Masiero 6.70%
Jialin Qu 6.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Sphere 3D Corp. (DRK) Latest News

6 Nov

Impact 3 · · TMX Newsfile

6 Oct

Impact 4 · · TMX Newsfile

23 Sep

Impact 4 · · TMX Newsfile
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16 Sep

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10 Jun

Impact 4 · · blockspace.media

4 Jun

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21 May

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24 Mar

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18 Mar

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6 Mar

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4 Nov

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11 Sep

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7 Aug

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5 Aug

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14 May

Impact 3 · · Zacks
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30 Mar

Impact 3 · · Simply Wall St.

28 Mar

Impact 4 · · Newsfile

19 Nov

Impact 3 · · Simply Wall St.

14 Nov

Impact 4 · · Newsfile
Impact 3 · · Zacks

11 Nov

Impact 3 · · Simply Wall St.

17 Oct

Impact 4 · · Newsfile

9 Sep

Impact 4 · · Newsfile

19 Aug

Impact 3 ·

16 Aug

Impact 3 · · Simply Wall St.

13 Aug

Impact 4 · · Zacks
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stockrow.com/DRK · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com