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STAMFORD, Connecticut - Sphere 3D Corp. (NASDAQ: ANY), a company engaged in Bitcoin mining with a market capitalization of $8.9 million, has disclosed its financial outcomes for the fiscal year ending December 31, 2024, showcasing a reduction in net loss and operational shifts towards vertical integration. According to InvestingPro data, the company’s stock is currently trading near its 52-week low of $0.44, significantly below its high of $1.90, reflecting recent market challenges. The company, which has recently completed the launch of a new mining site, reported a net loss of $9.5 million or $0.48 per share, an improvement from the previous year’s net loss of $23.4 million or $1.93 per share.
Revenue for 2024 stood at $16.6 million, a decrease from the $21.9 million reported in 2023. This decline was partly due to the company’s strategic decision to phase out older mining equipment and introduce more advanced miners, a process expected to continue into 2025. InvestingPro analysis indicates a forecasted revenue decline of 25% for FY2024, though the company maintains a strong liquidity position with a current ratio of 4.09. Furthermore, the company saw a $2.2 million drop in revenue following the sale of its Service and Product segment in December 2023.
Operational costs and expenses decreased to $38.0 million in 2024 from $51.9 million in the prior year, reflecting the company’s efforts to streamline operations post the Bitcoin halving event in April 2024, which cut the block subsidy from 6.25 to 3.125 Bitcoin.
In terms of corporate developments, Sphere 3D settled litigation with Gryphon Digital Mining, Inc. in March 2025 without any payments and ended a hosting agreement with Rebel Mining Company LLC in January 2025, resulting in a $2.4 million settlement in Sphere 3D’s favor.
The company’s transition to owning and operating its infrastructure was marked by the energization of its Iowa site in March 2025, managed by Simple Mining LLC. Additionally, during the fourth quarter of 2024, Sphere 3D upgraded approximately 25% of its mining hardware, which boosted the hashrate performance significantly.
Sphere 3D’s Bitcoin assets, as of December 31, 2024, included a balance of 14.9 self-mined Bitcoin, carrying a value of approximately $1.4 million. The company’s focus remains on growing its digital asset mining operations and delivering shareholder value while adhering to environmental, social, and governance standards. Trading at just 0.25 times book value and showing high volatility with a beta of 3.12, the stock presents unique characteristics that warrant deeper analysis. For comprehensive insights and additional financial metrics, investors can access over 15 exclusive ProTips and detailed valuation models through InvestingPro.
This report is based on a press release statement from Sphere 3D Corp. and does not include any speculative content about the company’s future performance or broader market trends.
In other recent news, Sphere 3D Corp. has commenced operations at its new Bitcoin mining facility in Iowa, marking a shift to a fully owned and controlled infrastructure model. This strategic move is expected to enhance the company’s operational efficiency due to low energy costs and aligns with its vertical integration strategy. Additionally, Sphere 3D has settled litigation with Gryphon Digital Mining, resulting in the dismissal of all claims between the two parties. This resolution allows Sphere 3D to refocus its resources on strategic growth without the distraction of ongoing legal issues. Moreover, Sphere 3D has received a notification from Nasdaq regarding non-compliance with the minimum bid price rule, granting the company a 180-day period to address this issue. The company is considering strategies such as a reverse stock split to meet the requirements. In a significant organizational update, Sphere 3D announced the passing of its CEO, Patricia Trompeter, who was recognized for her leadership and mentorship. CFO Kurt Kalbfleisch is serving as interim CEO, continuing to lead the company through this transition.
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