UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
CURRENT REPORT
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Emerging growth company
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Item 7.01. Regulation FD Disclosure.
On March 18, 2025, Sphere 3D Corp. issued a press release announcing that its newest Bitcoin mining site in Iowa is officially online. This milestone represents a significant strategic shift for the Company as it moves away from hosted and third-party mining operations toward full ownership and control of its infrastructure. The information contained in the press release is incorporated herein by reference and furnished as Exhibit 99.1.
The information set forth under Item 7.01 of this Current Report on Form 8-K (this "Current Report"), including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in Item 7.01 of this Current Report, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing, except as expressly set forth by specific reference in such a filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 | Press release dated March 18, 2025 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: March 18, 2025
SPHERE 3D CORP.
By: /s/ Kurt Kalbfleisch
Kurt Kalbfleisch
Acting Chief Executive Officer and CFO
Exhibit 99.1
Sphere 3D Launches First Vertically Integrated Bitcoin Mining Facility
STAMFORD, Connecticut, March 18, 2025 - Sphere 3D Corp. (NASDAQ: ANY) ("Sphere 3D" or the "Company") today announced that its newest Bitcoin mining site in Iowa is officially online. This milestone represents a significant strategic shift for the Company as it moves away from hosted and third-party mining operations toward full ownership and control of its infrastructure.
By directly managing its infrastructure and energy procurement, the Company is poised to significantly improve efficiency and increase profit margins, leveraging historically low energy prices below $4 per MWh. The transition to a vertically integrated model allows Sphere 3D to directly control power procurement, optimize operational efficiency, and enhance long-term scalability. By owning the facility end-to-end, the Company gains greater flexibility over its cost structure and energy strategy, positioning itself for sustainable growth in an evolving market.
"This launch marks a pivotal moment for our Company," said Kurt Kalbfleisch, Acting CEO of Sphere 3D. "By taking full control of our mining infrastructure, we can operate more efficiently, improve margins, and future-proof our business against shifting industry dynamics. Vertical integration is the next step in our evolution and strengthens our ability to thrive in an increasingly competitive Bitcoin mining landscape."
As Bitcoin mining continues to evolve, Sphere 3D remains committed to scaling its operations, improving efficiency, and maintaining its leadership in high-margin, sustainable mining practices. The launch of this facility marks the beginning of a new growth phase, as the Company explores additional opportunities to expand its vertically integrated model in strategic locations.
About Sphere 3D
Sphere 3D Corp. (NASDAQ: ANY) is a cryptocurrency miner growing its industrial-scale Bitcoin mining operation through the capital-efficient procurement of next-generation mining equipment and partnering with best-in-class data center operators. Sphere 3D is dedicated to growing shareholder value while honoring its commitment to strict environmental, social, and governance standards. For more information about Sphere 3D, please visit Sphere3D.com.
Safe Harbor
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to the Company's executive team continuing to execute on the Company's strategy, in addition to other matters discussed in this press release that are not purely historical data. We do not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by such statements. For more information concerning these and other possible risks, please refer to our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 13, 2024 and other filings with the Securities and Exchange Commission, as well as recent press releases. These filings can be accessed over the Internet at http://www.sec.gov/edgar/searchedgar/companysearch.html.
Sphere 3D Contacts
Investor.relations@sphere3d.com
Document and Entity Information Document |
Mar. 18, 2025 |
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Document Information [Line Items] | |
Document Type | 8-K |
Document Creation Date | Mar. 18, 2025 |
Document Period End Date | Mar. 18, 2025 |
Amendment Flag | false |
Entity Registrant Name | Sphere 3D Corp. |
Entity Address, Address Line One | 243 Tresser Blvd, 17th Floor |
Entity Address, City or Town | Stamford |
Entity Address, State or Province | CT |
Entity Address, Country | US |
Entity Address, Postal Zip Code | 06901 |
Entity Incorporation, State Country Name | A6 |
City Area Code | 647 |
Local Phone Number | 952 5049 |
Entity File Number | 001-36532 |
Entity Central Index Key | 0001591956 |
Entity Emerging Growth Company | false |
Entity Tax Identification Number | 98-1220792 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Shares |
Trading Symbol | ANY |
Security Exchange Name | NASDAQ |