stockrowSphere 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
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Sphere 3D Corp. (DRK) Altman Z-score
Sphere 3D Corp.'s Altman Z-score for fiscal 2025 is −25.91, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −25.91 | (13.12) |
| FY2024 | −12.79 | 1.13 |
| FY2023 | −13.93 | (0.94) |
| FY2022 | −12.99 | (13.18) |
| FY2021 | 0.19 | 24.43 |
| FY2020 | −24.24 | 9.86 |
| FY2019 | −34.11 | (7.51) |
| FY2018 | −26.60 | (23.51) |
| FY2017 | −3.09 | 0.44 |
| FY2016 | −3.53 | (2.74) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.27 | — | 0.33 | |
| Retained earnings / total assets | (19.04) | — | −26.66 | |
| EBIT / total assets | (0.88) | — | −2.89 | |
| Market value of equity / total liabilities | 4.77 | — | 2.86 | |
| Sales / total assets | 0.45 | — | 0.45 | |
| Altman Z-score | Distress zone | −25.91 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −52.72 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CHOW ChowChow Cloud International Holdings Limited compare | 5.6× |
| LHSW Lianhe Sowell International Group Ltd compare | 0.8× |
| AIFC AI Financial Corporation compare | 0.1× |
| ORIO Orion Digital Corp. compare | −2.0× |
| BIRD Smartbird, Inc. compare | −7.5× |
| INTZ Intrusion Inc. compare | −14.7× |
| DRK Sphere 3D Corp. | −25.9× |
| AZIO Azio AI Holdings, Inc. compare | −62.3× |
| TGHL The GrowHub Limited compare | −69.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets