Sphere 3D Corp.
Sphere 3D Corp.’s revenue for fiscal 2025 (year ended December 2025) was $11.2 million, down 32.7% from fiscal 2024. In the quarter to June 2026, revenue fell 18.8%, EPS fell 546.7% and free cash flow grew 12.3%, each against the same quarter a year earlier.
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Sphere 3D Corp. (DRK) Piotroski F-score
Sphere 3D Corp.'s Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | (1.00) |
| FY2024 | 5 | 0.00 |
| FY2023 | 5 | 2.00 |
| FY2022 | 3 | (1.00) |
| FY2021 | 4 | 1.00 |
| FY2020 | 3 | (2.00) |
| FY2019 | 5 | 3.00 |
| FY2018 | 2 | (2.00) |
| FY2017 | 4 | 2.00 |
| FY2016 | 2 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (62.86%) | (21.31%) | Fail | 0 |
| Positive operating cash flow | (16.12m) | (4.58m) | Fail | 0 |
| Rising return on assets | (62.86%) | (21.31%) | Fail | 0 |
| Cash flow above net income | 5.36m | 4.89m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 4.82 | 4.57 | Pass | 1 |
| No new shares issued | 2,915,000 | 1,980,000 | Fail | 0 |
| Rising gross margin | 23.50% | 19.45% | Pass | 1 |
| Rising asset turnover | 0.33 | 0.37 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| BGDE Mawson Infrastructure Group Inc. compare | 5 |
| DRK Sphere 3D Corp. | 4 |
| ARBK Argo Blockchain PLC Sponsored ADR compare | 3 |
| ATCH AtlasClear Holdings, Inc. compare | 3 |
| AXG Solowin Holdings compare | 3 |
| MDBH MDB Capital Holdings, LLC compare | 3 |
| PLUT Plutus Financial Group Limited compare | 2 |
| GRAN Grande Group Limited compare | 1 |
| FLD Fold Holdings, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover