0001591956-26-000004 | 10-K | XBRL Viewer

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Preferred Shares (Notes)	12 Months Ended
Preferred Shares (Notes)	Dec. 31, 2025
Equity [Abstract]
Preferred Stock [Text Block]	Preferred Shares Series H Preferred Shares On October 1, 2021, the Company filed articles of amendment to create a series of preferred shares, being, an unlimited number of Series H Preferred Shares and to provide for the rights, privileges, restrictions and conditions attaching thereto. The Series H Preferred Shares are convertible provided (and only if and to the extent) that prior shareholder approval of the issuance of all Sphere 3D common shares issuable upon conversion of the Series H Preferred Shares has been obtained in accordance with the rules of the Nasdaq Stock Market, at any time from time to time, at the option of the holder thereof, into 14.286 Sphere 3D common shares for every Series H Preferred Share. Each holder of the Series H Preferred Shares, may, subject to prior shareholder approval, convert all or any part of the Series H Preferred Shares provided that after such conversion the common shares issuable, together with all the common shares held by the shareholder in the aggregate would not exceed 9.99% of the total number of outstanding common shares of the Company. Each Series H Preferred Share has a stated value of $1,000. The Series H Preferred Shares are non-voting and do not accrue dividends. These features include, in the event of the liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, deemed liquidation or any other distribution of the assets of the Company among its shareholders for the purpose of winding-up its affairs, the Series H Preferred Shares shall entitle each of the holders thereof to receive an amount equal to the Series H subscription price per Series H Preferred Share, as defined in the agreement, to be paid before any amount is paid or any assets of the Company are distributed to the holders of its common shares. In accordance with the authoritative guidance for distinguishing liabilities from equity, the Company has determined that its Series H preferred shares carry certain redemption features beyond the control of the Company. Accordingly, the Series H Preferred Shares are presented as temporary equity. For the years ended December 31, 2025 and 2024, the Company issued nil and 619,348 common shares, respectively, for the conversion of nil and 4,341 Series H Preferred Shares, respectively.

Warrant Inducement (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 19, 2024	Dec. 31, 2025	Dec. 31, 2024	Oct. 16, 2025
Class of Warrant or Right [Line Items]
Issuance of common shares	235,000	112,791
Shares issued (in dollars per share)	$ 14.20
Issuance of common shares and warrants, net		$ 685	$ 5,387
Payments of Stock Issuance Costs		431	108
Common Shares
Class of Warrant or Right [Line Items]
Issuance of common shares and warrants, net	$ 5,400	$ 4,100	$ 6,000
November 21, 2024
Class of Warrant or Right [Line Items]
Issuance of common shares		436,823
Shares issued (in dollars per share)	$ 15.00
Exercise price of warrants (in dollars per share)	$ 15.00
Warrants outstanding (in shares)	422,537
November 21, 2024 reissued
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 15.00		$ 665.00	$ 9.40
Warrants outstanding (in shares)	14,286
Warrant fair value at time of issuance	$ 2,600	$ 200
October 16, 2025
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)		$ 9.40
Payments of Stock Issuance Costs		$ 400
Warrants outstanding (in shares)		873,643
Warrant Term		5 years
Percentage for affiliates beneficially own in excess rate		9.99%
Warrant fair value at time of issuance		$ 6,300

Share Capital Warrants Outstanding (Details)	12 Months Ended
Share Capital Warrants Outstanding (Details)	Dec. 31, 2025 $ / shares shares
September 8, 2021
Class of Warrant or Right [Line Items]
Warrant Term	5 years
Exercise price of warrants (in dollars per share) \| $ / shares	$ 665.00
Warrants outstanding (in shares)	142,955
Warrant expiration date	Sep. 08, 2026
February 7, 2022
Class of Warrant or Right [Line Items]
Warrant Term	5 years
Exercise price of warrants (in dollars per share) \| $ / shares	$ 280.00
Warrants outstanding (in shares)	1,429
Warrant expiration date	Feb. 07, 2027
February 7 2022 B
Class of Warrant or Right [Line Items]
Warrant Term	5 years
Exercise price of warrants (in dollars per share) \| $ / shares	$ 350.00
Warrants outstanding (in shares)	1,429
Warrant expiration date	Feb. 07, 2027
February 7 2022 C
Class of Warrant or Right [Line Items]
Warrant Term	5 years
Exercise price of warrants (in dollars per share) \| $ / shares	$ 420.00
Warrants outstanding (in shares)	1,429
Warrant expiration date	Feb. 07, 2027
April 17, 2023 [Member]
Class of Warrant or Right [Line Items]
Warrant Term	3 years
Exercise price of warrants (in dollars per share) \| $ / shares	$ 13.42
Warrants outstanding (in shares)	7,356
Warrant expiration date	Apr. 17, 2026
August 11, 2023
Class of Warrant or Right [Line Items]
Warrant Term	3 years
Exercise price of warrants (in dollars per share) \| $ / shares	$ 27.50
Warrants outstanding (in shares)	80,000
Warrant expiration date	Aug. 11, 2026
August 23, 2023
Class of Warrant or Right [Line Items]
Warrant Term	3 years
Exercise price of warrants (in dollars per share) \| $ / shares	$ 27.50
Warrants outstanding (in shares)	216,293
Warrant expiration date	Aug. 23, 2026
October 16, 2025
Class of Warrant or Right [Line Items]
Warrant Term	5 years
Exercise price of warrants (in dollars per share) \| $ / shares	$ 9.40
Warrants outstanding (in shares)	873,643
Warrant expiration date	Jan. 15, 2031
Common share purchase warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,324,534

Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Equity Securities, FV-NI, Unrealized Gain	$ 0	$ 4,900

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Commitments and Contingencies Hosting Agreements On November 1, 2025, the Company entered into a Hosting Agreement with North Campbell HostCo LLC (the “Campbell Hosting Agreement”), for rack space, network services, electrical connections, routine facility maintenance, and technical support of certain of the Company’s mining equipment. The Campbell Hosting Agreement has an initial term of 12 months and can be terminated based on certain defaults defined in such agreement. An initial deposit of $0.3 million was made based on the Campbell Hosting Agreement. During the year ended December 31, 2025, the Company incurred costs under the Campbell Hosting Agreement of $0.3 million. On April 19, 2024, the Company entered into a Master Hosting Agreement with Simple Mining LLC (“Simple Mining”) for rack space, network services, electrical connections, routine facility maintenance, and technical support of certain of the Company’s mining equipment. On September 25, 2024, the Company entered into Amendment No. 2 to the Master Hosting Agreement (“Simple Mining Hosting”) for certain of the Company’s mining machines to be hosted at Simple Mining’s facility in Iowa. The Simple Mining Hosting agreement has a term of two years and can be terminated by the Company with 30 days advance notice. On September 25, 2024, the Company entered into Amendment No. 3 to the Master Hosting Agreement (“Simple Mining XP Hosting”) for certain mining machines to be racked at Simple Mining’s facility in Iowa until the Company’s Iowa Site was completed. The Simple Mining XP Hosting agreement can be terminated by the Company with 30 days advance notice. The Company paid Simple Mining a deposit of $0.6 million representing 30 days of estimated service fees. Effective November 22, 2025, the Simple Mining Hosting and Simple Mining XP Hosting agreements were mutually terminated. During the years ended December 31, 2025 and 2024, the Company incurred aggregate costs under the Simple Mining Hosting and Simple Mining XP Hosting agreements of $3.9 million and $1.7 million, respectively. On October 18, 2023, the Company entered into a Hosting Agreement with Joshi Petroleum, LLC (the “Joshi Hosting Agreement”) for rack space, network services, electrical connections, routine facility maintenance, and technical support of certain of the Company’s mining equipment. The Joshi Hosting Agreement has an initial term of three years with subsequent one year renewal periods until either party provides written notice to the other party of its desire to avoid and given renewal term at least 30 days in advance of the conclusion of the prior initial term or renewal period. As required by the Joshi Hosting Agreement, the Company paid a deposit of $0.3 million representing the last two months of estimated service fees. During both the years ended December 31, 2025 and 2024, the Company incurred costs under the Joshi Hosting Agreement of $1.6 million. Effective January 2, 2026, the Joshi Hosting Agreement was assigned to Evolution Technology LLC. On April 4, 2023, the Company entered into a Master Hosting Services Agreement with Rebel Mining Company, LLC (the “Rebel Hosting Agreement”) for rack space, network services, electrical connections, routine facility maintenance, and technical support of certain of the Company’s mining equipment. The Rebel Hosting Agreement had a term of three years with subsequent one year renewal periods. During the year ended December 31, 2024, the Company recorded a $0.9 million impairment to prepaid service fees held by Rebel Mining Company and is included in impairment of other assets on the consolidated statement of operations. On January 16, 2025, the Company terminated the Rebel Hosting Agreement and agreed to a settlement amount of $2.4 million payable to the Company in satisfaction of all obligations of the Rebel Hosting Agreement and it constitutes a final settlement of all amounts owed by either party of the Rebel Hosting Agreement. For the year ended December 31, 2025, the Company recorded a $0.3 million impairment for the remaining outstanding portion of the settlement that is in default. During the years ended December 31, 2025 and 2024, the Company incurred costs under the Rebel Hosting Agreement of $0.1 million and $3.7 million, respectively. On February 8, 2023, the Company entered into a Hosting Agreement with Lancium FS 25, LLC (the “Lancium Hosting Agreement”) for rack space, network services, electrical connections, routine facility maintenance, and technical support of certain of the Company’s mining equipment. The Lancium Hosting Agreement had a term of two years with subsequent one year renewal periods. During the years ended December 31, 2025 and 2024, the Company incurred costs under the Lancium Hosting Agreement of nil and $3.0 million, respectively. On November 15, 2024, both parties terminated the Lancium Hosting Agreement, which resulted in the return of the deposit, and waiving of outstanding service fees in exchange for the mining equipment in immersion. During the year ended December 31, 2024, the Company recorded a $2.3 million loss on equipment retained by Lancium, as agreed upon in the Termination Agreement, which is included in loss on disposal of property and equipment on the consolidated statement of operations. On June 3, 2022, the Company entered into a Master Agreement with Compute North LLC (the “Compute North MA”) for, the colocation, management, and other services of certain of the Company’s mining equipment. In December 2022, the Compute North MA was assigned to GC Data Center Granbury, LLC (the “GC Data Center MA”). In the first quarter of 2024, Marathon Digital Holdings acquired GC Data Center Granbury Equity Holdings, LLC and assumed the GC Data Center MA. The GC Data Center MA had a term of five years beginning December 2022. The Company incurred costs under the GC Data Center MA of nil and $2.7 million during the years ended December 31, 2025 and 2024, respectively. On August 28, 2024, the Company and GC Data Center Granbury, LLC (the “Host”) mutually entered into a termination agreement effective August 31, 2024, and the Host paid a termination fee to the Company of $3.0 million to settle all matters pertaining to the GC Data Center MA including all services and deposit prepayment for estimated services fees, which is included within other income (expense) in its consolidated statements of operations. Management Agreement In March 2025, the Company entered into a management services agreement with Simple Mining LLC (“Simple Mining”) to manage its Iowa Site for a term of 12 months, with automatic renewals for subsequent terms of 12 months unless terminated by either party with written notice 30 days prior to the expiration of the then current term. For the year ended December 31, 2025, management services fees paid to Simple Mining were approximately $0.2 million. Financial Advisory Agreement In July 2025, the Company entered into a financial advisory and consulting agreement for a term of 12 months, with automatic 30 days renewal periods. The agreement can be canceled by either party at any time with 10 days written notification to the other party. Fees are $25,000 per month for ongoing work, and a $1.45 million fee for certain transactions, payable in cash and equity. For the year ended December 31, 2025, fees paid under the financial and advisory agreement were $0.4 million. Letters of Credit During the ordinary course of business, the Company provides standby letters of credit to third parties as required for certain transactions initiated by the Company. As of December 31, 2025, the Company had no outstanding standby letters of credit. Litigation The Company is, from time to time, subject to claims and suits arising in the ordinary course of business. The Company cannot predict the final outcome of such proceedings. Where appropriate, the Company vigorously defends such claims, lawsuits and proceedings. Paid expenses related to the defense of such claims are recorded by the Company as incurred and paid. On the basis of current information, the Company does not believe there is a reasonable possibility that a material loss, if any, will result from any claims, lawsuits and proceedings to which the Company is subject to either individually, or in the aggregate.

Equity Incentive Plan Remaining Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 880
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 3 months 18 days
Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 42
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	4 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Net Loss per Share

Basic net loss per share is computed by dividing net loss applicable to common shareholders by the weighted-average number of common shares outstanding during the period. Preferred shares, common share outstanding purchase warrants, and outstanding options and RSUs are considered common stock equivalents and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.

At December 31, 2024, the Company included the outstanding 159,400 Pre-Funded Warrants issued in November 2024 in the computation of basic and diluted shares outstanding as the stated exercise price was not substantive.

Anti-dilutive common share equivalents excluded from the computation of diluted net loss per share were as follows:


	December 31,
	2025	2024
Common share purchase warrants	1,324,534	891,916
Options and RSUs outstanding	272,787	120,396
Preferred shares	2,300	2,300

Bitcoin (Details)	12 Months Ended
Bitcoin (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Realized Gain On Exchange Of Bitcoin	$ 200,000	$ 700,000
Other cryptocurrency	0	0

Property and Equipment Policies (Details)	Dec. 31, 2025
Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years

Black Scholes inputs (Details) - USD ($) $ in Thousands	12 Months Ended
Black Scholes inputs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends	$ 0
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		4.10%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		4.60%
Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	148.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	3 years 6 months	3 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%
Option \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate		124.30%
Option \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate		126.10%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Certain Balance Sheet Items Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deposits Assets, Noncurrent	$ 225	$ 0
Prepaid Digital Hosting Services	0	308
Prepaid Insurance	0	68
Other	0	3
Other Non-Current Assets	$ 225	$ 379

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Letters of Credit Outstanding, Amount	$ 0.0

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenues [Abstract]
Bitcoin mining revenue	$ 11,181	$ 16,608
Operating costs and expenses:
Cost of revenue	8,554	13,378
General and Administrative Expense	8,266	12,445
Depreciation and amortization	6,878	7,113
Impairment of property and equipment	7,185	1,146
Loss on disposal of property and equipment	1,652	3,545
Change in fair value of Bitcoin	345	(682)
Impairment of other assets	300	1,074
Costs and Expenses, Total	33,180	38,019
Loss from Operations	(21,999)	(21,411)
Other Income (Expense)
Investment gain	438	8,980
Other income, net	81	3,111
Net loss before taxes	(21,480)	(9,320)
Provision for income taxes	2	150
Net loss	$ (21,482)	$ (9,470)
Loss Per Share, Basic and Diluted [Abstract]
Loss Per Share, Basic	$ (7.37)	$ (4.78)
Loss Per Share, Diluted	$ (7.37)	$ (4.78)
Weighted Average Number of Shares Outstanding, Basic	2,914,607	1,980,163
Weighted Average Number of Shares Outstanding, Diluted	2,914,607	1,980,163

Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 19, 2024	Dec. 31, 2025	Dec. 31, 2024	Oct. 16, 2025
Class of Warrant or Right [Line Items]
Issuance of common shares	235,000	112,791
Shares issued (in dollars per share)	$ 14.20
Issuance of common shares and warrants, net		$ 685	$ 5,387
Payments of Stock Issuance Costs		$ 431	$ 108
Common stock, shares authorized, unlimited		Unlimited
Common stock, no par value		$ 0	$ 0
A.G.P./Alliance Global Partners \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Securities purchase agreement, placement agent fee percentage	7.00%
Payments of Stock Issuance Costs	$ 500
Payments of additional stock issuance costs	100
Common Shares
Class of Warrant or Right [Line Items]
Issuance of common shares and warrants, net	$ 5,400	$ 4,100	$ 6,000
November 21, 2024 reissued
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	14,286
Exercise price of warrants (in dollars per share)	$ 15.00		$ 665.00	$ 9.40
Warrant expiration date	May 21, 2030
Class of warrant or right, date from which warrants or rights exercisable	May 21, 2025
Equity issuance expense	$ 200
Warrant fair value at time of issuance	$ 2,600	$ 200
November 21, 2024 PreFunded
Class of Warrant or Right [Line Items]
Issuance of common shares		159,400	28,136
Warrants outstanding (in shares)	187,536		159,400
Shares issued (in dollars per share)	$ 14.199
Exercise price of warrants (in dollars per share)	$ 0.001
November 21, 2024
Class of Warrant or Right [Line Items]
Issuance of common shares		436,823
Warrants outstanding (in shares)	422,537
Shares issued (in dollars per share)	$ 15.00
Exercise price of warrants (in dollars per share)	$ 15.00
Class of warrant or right, exercisable, period from issuance	6 months
Warrant expiration date	May 21, 2030

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements of the Company have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“GAAP”), applied on a basis consistent for all periods. Subsidiaries in which controlling interests are maintained are consolidated. All intercompany balances and transactions have been appropriately eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Foreign Currency Translation The financial statements of the Company’s subsidiary, for which the functional currency is the local currency, is translated into U.S. dollars using the exchange rate at the consolidated balance sheet date for assets and liabilities and a weighted-average exchange rate during the year for revenue, expenses, gains and losses. Translation adjustments are recorded as accumulated other comprehensive income (loss) within shareholders’ equity. Gains or losses from foreign currency transactions are recognized in the consolidated statements of operations. Such transactions resulted in a minimal loss for both the years ended December 31, 2025 and 2024. Cash and Cash Equivalents Highly liquid investments with insignificant interest rate risk and original maturities of three months or less, when purchased, are classified as cash equivalents. Cash equivalents are composed of money market funds. Cash and cash equivalents that exceed federally insured limits are maintained with financial institutions. The Company has not experienced any losses related to these balances and believes credit risk to be minimal. Investment in Equity Securities The Company’s investments were in publicly held equity securities which had readily determinable fair values. These equity investments were recorded at fair value with unrealized holding gains and losses recorded in other income or expense in the consolidated statements of operations. Bitcoin Bitcoin is included in current assets in the consolidated balance sheets as the Company has the ability to sell it in a highly liquid marketplace, and the sale of Bitcoin is used to fund operating expenses to support operations. Bitcoin is expected to be realized in cash or sold during the Company’s normal operating cycle. Bitcoin held are accounted for as intangible assets with indefinite useful lives. Bitcoin awarded to the Company through its mining activities was included within operating activities on the consolidated statements of cash flows. The proceeds from the sale of Bitcoin are included within operating or investing activities in the consolidated statements of cash flows depending on the length of time the Bitcoin is held. Bitcoin is valued at fair value at the end of each reporting period with changes in fair value recorded in operating expenses in the consolidated statements of operations. The fair value of Bitcoin is measured using the period-end closing price from the Company’s principal market. When Bitcoin is sold, the gains and losses from such transactions are measured as the difference between the cash proceeds and the carrying basis of the Bitcoin as determined on a first in-first out (“FIFO”) basis and are recorded within the same line item, Change in Fair Value of Bitcoin, in the consolidated statements of operations. Effective January 1, 2024, the Company early adopted ASU 2023-08 and recorded a $20,000 decrease to the opening balance of accumulated deficit and an increase to Bitcoin. Property and Equipment Property and equipment primarily consists of mining equipment and infrastructure and is stated at cost, including purchase price, shipping and custom fees, and is depreciated using the straight-line method over the estimated useful lives of the assets, generally three years to ten years. The carrying amounts of property and equipment are reviewed when events or changes in circumstances indicate the assets may not be recoverable. If any such indication exists, the fair value of the asset is estimated in order to determine the extent of the impairment loss, if any. Intangible Assets For intangible assets purchased in a business combination, the estimated fair values of the assets received are used to establish their recorded values. For intangible assets acquired in a non-monetary exchange, the estimated fair values of the assets transferred (or the estimated fair values of the assets received, if more clearly evident) are used to establish their recorded values. Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. Supplier agreements are amortized on a straight-line basis over their economic lives of five years as this method most closely reflects the pattern in which the economic benefits of the assets will be consumed. Impairment of Intangible Assets Regular reviews of intangible assets are performed to determine if any event has occurred that may indicate that intangible assets with finite useful lives and other long-lived assets are potentially impaired. Triggering events for impairment reviews may be indicators such as adverse industry or economic trends, restructuring actions, lower projections of profitability, or a sustained decline in the Company's market capitalization. Intangible assets are quantitatively assessed for impairment, if necessary, by comparing their estimated fair values to their carrying values. If the carrying value exceeds the fair value, the difference is recorded as an impairment. Warrants Warrants are accounted for as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance. Warrants that meet the definition of a derivative financial instrument, and that also meet the equity scope exception criteria, are classified as equity. Equity classified warrants are recorded at their initial fair value and are not subject to fair value remeasurement provided that the criteria for equity classification continues to be met. Warrants that are classified for liabilities are accounted for at fair value on the consolidated balance sheets, subject to fair value remeasurement at each balance sheet date with changes in fair value recognized in other income, net in the consolidated statements of operations. Warrant liabilities include a common share purchase warrant issued in connection with previously outstanding convertible debt. The classification of warrants, including whether warrants should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The fair value of both equity-classified and liability-classified warrants are determined using the Black-Scholes options pricing model (“Black-Scholes model”) which includes Level 3 inputs. Revenue Recognition Revenue is accounted for pursuant to ASU 2014-09, Revenue from Contracts with Customers and all the related amendments (“Topic 606”). Under Topic 606, an entity is required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and contract consideration will be recognized on a “sell-in basis” or when control of the purchased goods or services transfer to the distributor. The Company is engaged with Bitcoin mining pool operators, its customers, to provide a service to perform hash calculations for the mining pool operator, which is the Company’s only performance obligation. Providing hash calculation services is an output of the Company’s ordinary activities. The Company has a service agreement with Foundry Digital LLC, a cryptocurrency mining pool operator, to provide a service to perform hash calculations. In exchange for providing the service, the Company is entitled to Full Pay Per Share (“FPPS”), which is a fractional share of the fixed Bitcoin award the mining pool operator receives, plus a fractional share of the transaction fees attached to that blockchain less net Bitcoin fees due to the mining pool operator over the measurement period, as applicable. The pay-outs received are based on the expected value from the block reward plus the transaction fee reward, regardless of whether the mining pool operator successfully records a block to the blockchain. The Company’s fractional share is based on a contractual formula, which primarily calculates the hashrate provided to the mining pool as a percentage of total network hashrate and other inputs. The contracts, which are less than 24 hours and continuously renew throughout the day, are terminable at any time by either party without compensation and the Company’s enforceable right to compensation only begins when the Company starts providing the service to the mining pool operator, which begins daily at midnight Universal Time Coordinated (“UTC”). The terms, conditions, and compensation are at the current market rates, and accordingly the renewal option is not a material right. The contract arises at the point that the Company provides hash calculation services to the mining pool operator, which is the beginning of the contract day at midnight UTC time (contract inception), as customer consumption is in tandem with daily earnings of delivery of the service. According to the customer contract, daily earnings are calculated from midnight-to-23:59:59 UTC time, and the payout is made one hour later at 1:00 AM UTC time. The Company satisfies its performance obligation over time with daily settlement in Bitcoin. The Company’s performance is completed as it transfers the hashrate computations over the continuously renewed contract periods, which are less than 24 hours. The Company has full control of the mining equipment utilized in the mining pool and if the Company determines it will increase or decrease the processing power of its machines and/or fleet (i.e., for repairs or when power costs are excessive) the service provided to the customer will be adjusted. The transaction consideration the Company receives is noncash consideration in the form of Bitcoin, which the Company measures at fair value at contract inception, midnight UTC time. The noncash consideration is variable, since the amount of block reward earned depends on the amount of hash calculation services, the amount of transaction fees awarded, and operator fees over the same period. The Company does not constrain this variable consideration because it is probable that a significant reversal in the amount of revenue recognized from the contract will not occur when the uncertainty is subsequently resolved and recognizes the noncash consideration on the same day that control is transferred, which is the same day as contract inception. The fair value used to calculate the noncash consideration is based on the Bitcoin spot price in the Company’s principal market at the beginning of the day (midnight UTC time) at contract inception. Expenses associated with running the Bitcoin mining operations, such as hosting, operating supplies, utilities, and monitoring services are recorded as cost of revenues. Operating Segment Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision–making group, in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer. The Company operates as one operating segment and uses net income or loss as a measure of profit or loss on a consolidated basis in making decisions regarding resource allocation and performance assessment. Additionally, the CODM regularly reviews the Company’s expenses on a consolidated basis. The financial metrics used by the CODM help make key operating decisions, such as determination of capital expenditure purchases and significant acquisitions and allocation of budget between cost of revenues and general and administrative expenses. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. The significant expense categories regularly provided to the CODM include cost of revenue, general and administrative expenses, depreciation and amortization, impairment of property and equipment, and change in fair value of Bitcoin. These expense categories are reported as separate line items in the consolidated statements of operations. Income Taxes Income taxes are provided for by utilizing the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when a judgment is made that it is considered more likely than not that a tax benefit will not be realized. A decision to record a valuation allowance results in an increase in income tax expense or a decrease in income tax benefit. If the valuation allowance is released in a future period, income tax expense will be reduced accordingly. The calculation of tax liabilities involves evaluating uncertainties in the application of complex global tax regulations. The impact of an uncertain income tax position is recognized at the largest amount that is “more likely than not” to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. Comprehensive Income (Loss) Comprehensive income (loss) and its components encompass all changes in equity other than those arising from transactions with shareholders, including net income (loss) and foreign currency translation adjustments, and is disclosed in the condensed consolidated statements of comprehensive income (loss). Concentration Risk The Company maintains its cash and cash equivalent balances with three major commercial banks. Deposits held with the financial institutions exceed the amount of insurance provided on such deposits. The Company is exposed to credit risk in the event of a default by the financial institutions holding the cash and cash equivalents to the extent recorded on the consolidated balance sheets. The accounts offered by the custodian of the Company’s Bitcoin are not insured by the Federal Deposit Insurance Corporation (FDIC). There have not been any losses in such accounts. There are certain customers who individually represented 10% or more of the Company’s revenue. During the years ended December 31, 2025 and 2024, revenue was concentrated with one mining pool operator, Foundry Digital LLC, and all Bitcoin resided with one custodian. In the prior year, the Company also had a service agreement with an additional mining pool operator, Luxor Technology Corporation. The Company is dependent on a small number of Bitcoin mining equipment suppliers to provide a supply of new generation Bitcoin mining machines. The growth in the Company’s business is directly related to increased demand for hosting services and Bitcoin which is dependent in large part on the availability of new generation mining machines offered for sale at a price conducive to profitable Bitcoin mining. As more companies seek to enter the mining industry, the demand for machines may outpace supply and create mining machine equipment shortages. Currently there is not an agreement with suppliers to purchase additional machines, and therefore there is no guarantee that the Company will be able to purchase machines on terms acceptable to it. Share-based Compensation Share-based awards, and similar equity instruments, granted to employees, non-employee directors, and consultants are accounted for in accordance with the authoritative guidance for share-based compensation. Share-based compensation award types may include stock options and restricted stock units (“RSUs”), restricted stock awards (“RSAs”), and performance stock units (“PSUs”). Share-based compensation expense is recognized on a straight-lined basis over the requisite service period (usually the vesting period) except for options with graded vesting which is recognized pursuant to an accelerated method. Share-based compensation expense for an award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized and any previously recognized compensation expense is reversed. Forfeitures are recognized as a reduction of share-based compensation expense as they occur. Adoption and Pending Adoption of Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. If not discussed, the Company believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. In September 2025, the FASB issued accounting standards update (“ASU”) No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Scope Clarification and Accounting for Certain Contracts and Customer Share-Based Consideration (“ASU 2025-07”), which narrows the types of contracts subject to derivative accounting by excluding those whose payouts depend solely on an entity’s own operational metrics, rather than market-based variables, and clarifies that share-based or warrant consideration received from a customer is accounted for under Topic 606 until the right to retain the instrument is unconditional, after which the guidance in Topic 815 and 321 applies. The amendments are effective for annual periods beginning after December 15, 2026, which early adoption permitted, and may be applied prospectively or on a modified retrospective basis with an option to elect or revoke the fair value option for certain instruments upon transition. The Company is currently evaluating the impact of ASU 2025-07 but does not expect it to have a material effect on its consolidated financial statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends existing guidance to allow entities to apply the same principles used in other business combinations when determining the accounting acquirer in a transaction involving a variable interest entity (VIE) that is a business and where consideration is primarily in the form of equity interests. This update addresses comparability concerns and provides for more consistent application of acquisition accounting principles. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. The Company is currently assessing the potential impact of the standard but does not anticipate that it will have a material impact on its consolidated financial statements. In May 2025, the FASB also issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, to address diversity in practice and improve the operability of accounting for share-based consideration granted to customers. The amendments clarify how to distinguish between service and performance conditions for vesting, require entities to estimate forfeitures for all share-based consideration payable to customers, and specify that variable consideration guidance in ASC 606 does not apply when measuring such awards. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements but does not expect it to have a material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance is to improve the disclosure of expenses in commonly presented expense captions. The new guidance requires a public entity to provide tabular disclosure, on an annual and interim basis, of amounts for the following expense categories: (1) purchases of inventory, (2) employee compensation, (3) depreciation and (4) intangible asset amortization, as included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement that contains any of the expense categories noted. The guidance is effective for 2027 annual reporting, and in the first quarter of 2028 for interim reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. The Company will adopt the guidance when it becomes effective, in its 2027 annual reporting and each quarter thereafter, on a prospective basis. The Company is evaluating the impact the updated guidance will have on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The guidance is effective for fiscal year 2025 annual reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. The Company adopted the guidance in its 2025 annual reporting on a prospective basis.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure

Intangible Assets

The following table summarizes intangible assets, net (in thousands):


	December 31,
	2025		2024
Supplier agreements	$	37,525	$	37,525
Accumulated amortization	(35,915)		(34,430)
Intangible assets, net	$	1,610	$	3,095

Amortization expense of intangible assets was $1.5 million for both the years ended December 31, 2025 and 2024. Estimated amortization expense for intangible assets is approximately $1.5 million and $0.1 million in fiscal year 2026 and 2027, respectively.

Series H Preferred Shares (Details)	12 Months Ended
Series H Preferred Shares (Details)	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 shares
Class of Stock [Line Items]
Common stock, shares issued (in shares)	3,392,541	2,545,342
Series H Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	14.286
Common shares, threshold of aggregate shares held by shareholder	9.99%
Preferred Stock, Redemption Price Per Share \| $ / shares	$ 1,000
Conversion of stock, shares converted (in shares)	0	4,341
Common stock, shares issued (in shares)	0	619,348

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements of the Company have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“GAAP”), applied on a basis consistent for all periods. Subsidiaries in which controlling interests are maintained are consolidated. All intercompany balances and transactions have been appropriately eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The financial statements of the Company’s subsidiary, for which the functional currency is the local currency, is translated into U.S. dollars using the exchange rate at the consolidated balance sheet date for assets and liabilities and a weighted-average exchange rate during the year for revenue, expenses, gains and losses. Translation adjustments are recorded as accumulated other comprehensive income (loss) within shareholders’ equity. Gains or losses from foreign currency transactions are recognized in the consolidated statements of operations.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy	Cash and Cash Equivalents Highly liquid investments with insignificant interest rate risk and original maturities of three months or less, when purchased, are classified as cash equivalents. Cash equivalents are composed of money market funds. Cash and cash equivalents that exceed federally insured limits are maintained with financial institutions. The Company has not experienced any losses related to these balances and believes credit risk to be minimal.
Marketable Securities, Policy	Investment in Equity Securities The Company’s investments were in publicly held equity securities which had readily determinable fair values. These equity investments were recorded at fair value with unrealized holding gains and losses recorded in other income or expense in the consolidated statements of operations.
Bitcoin Policy	Bitcoin Bitcoin is included in current assets in the consolidated balance sheets as the Company has the ability to sell it in a highly liquid marketplace, and the sale of Bitcoin is used to fund operating expenses to support operations. Bitcoin is expected to be realized in cash or sold during the Company’s normal operating cycle. Bitcoin held are accounted for as intangible assets with indefinite useful lives. Bitcoin awarded to the Company through its mining activities was included within operating activities on the consolidated statements of cash flows. The proceeds from the sale of Bitcoin are included within operating or investing activities in the consolidated statements of cash flows depending on the length of time the Bitcoin is held. Bitcoin is valued at fair value at the end of each reporting period with changes in fair value recorded in operating expenses in the consolidated statements of operations. The fair value of Bitcoin is measured using the period-end closing price from the Company’s principal market. When Bitcoin is sold, the gains and losses from such transactions are measured as the difference between the cash proceeds and the carrying basis of the Bitcoin as determined on a first in-first out (“FIFO”) basis and are recorded within the same line item, Change in Fair Value of Bitcoin, in the consolidated statements of operations.
Property and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment primarily consists of mining equipment and infrastructure and is stated at cost, including purchase price, shipping and custom fees, and is depreciated using the straight-line method over the estimated useful lives of the assets, generally three years to ten years. The carrying amounts of property and equipment are reviewed when events or changes in circumstances indicate the assets may not be recoverable. If any such indication exists, the fair value of the asset is estimated in order to determine the extent of the impairment loss, if any.
Intangible Assets, Policy [Policy Text Block]	Intangible Assets For intangible assets purchased in a business combination, the estimated fair values of the assets received are used to establish their recorded values. For intangible assets acquired in a non-monetary exchange, the estimated fair values of the assets transferred (or the estimated fair values of the assets received, if more clearly evident) are used to establish their recorded values. Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. Supplier agreements are amortized on a straight-line basis over their economic lives of five years as this method most closely reflects the pattern in which the economic benefits of the assets will be consumed.
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	Impairment of Intangible Assets Regular reviews of intangible assets are performed to determine if any event has occurred that may indicate that intangible assets with finite useful lives and other long-lived assets are potentially impaired. Triggering events for impairment reviews may be indicators such as adverse industry or economic trends, restructuring actions, lower projections of profitability, or a sustained decline in the Company's market capitalization. Intangible assets are quantitatively assessed for impairment, if necessary, by comparing their estimated fair values to their carrying values. If the carrying value exceeds the fair value, the difference is recorded as an impairment.
Warrants [Policy Text Block]	Warrants Warrants are accounted for as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance. Warrants that meet the definition of a derivative financial instrument, and that also meet the equity scope exception criteria, are classified as equity. Equity classified warrants are recorded at their initial fair value and are not subject to fair value remeasurement provided that the criteria for equity classification continues to be met. Warrants that are classified for liabilities are accounted for at fair value on the consolidated balance sheets, subject to fair value remeasurement at each balance sheet date with changes in fair value recognized in other income, net in the consolidated statements of operations. Warrant liabilities include a common share purchase warrant issued in connection with previously outstanding convertible debt. The classification of warrants, including whether warrants should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The fair value of both equity-classified and liability-classified warrants are determined using the Black-Scholes options pricing model (“Black-Scholes model”) which includes Level 3 inputs.
Revenue [Policy Text Block]	Revenue Recognition Revenue is accounted for pursuant to ASU 2014-09, Revenue from Contracts with Customers and all the related amendments (“Topic 606”). Under Topic 606, an entity is required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and contract consideration will be recognized on a “sell-in basis” or when control of the purchased goods or services transfer to the distributor. The Company is engaged with Bitcoin mining pool operators, its customers, to provide a service to perform hash calculations for the mining pool operator, which is the Company’s only performance obligation. Providing hash calculation services is an output of the Company’s ordinary activities. The Company has a service agreement with Foundry Digital LLC, a cryptocurrency mining pool operator, to provide a service to perform hash calculations. In exchange for providing the service, the Company is entitled to Full Pay Per Share (“FPPS”), which is a fractional share of the fixed Bitcoin award the mining pool operator receives, plus a fractional share of the transaction fees attached to that blockchain less net Bitcoin fees due to the mining pool operator over the measurement period, as applicable. The pay-outs received are based on the expected value from the block reward plus the transaction fee reward, regardless of whether the mining pool operator successfully records a block to the blockchain. The Company’s fractional share is based on a contractual formula, which primarily calculates the hashrate provided to the mining pool as a percentage of total network hashrate and other inputs. The contracts, which are less than 24 hours and continuously renew throughout the day, are terminable at any time by either party without compensation and the Company’s enforceable right to compensation only begins when the Company starts providing the service to the mining pool operator, which begins daily at midnight Universal Time Coordinated (“UTC”). The terms, conditions, and compensation are at the current market rates, and accordingly the renewal option is not a material right. The contract arises at the point that the Company provides hash calculation services to the mining pool operator, which is the beginning of the contract day at midnight UTC time (contract inception), as customer consumption is in tandem with daily earnings of delivery of the service. According to the customer contract, daily earnings are calculated from midnight-to-23:59:59 UTC time, and the payout is made one hour later at 1:00 AM UTC time. The Company satisfies its performance obligation over time with daily settlement in Bitcoin. The Company’s performance is completed as it transfers the hashrate computations over the continuously renewed contract periods, which are less than 24 hours. The Company has full control of the mining equipment utilized in the mining pool and if the Company determines it will increase or decrease the processing power of its machines and/or fleet (i.e., for repairs or when power costs are excessive) the service provided to the customer will be adjusted. The transaction consideration the Company receives is noncash consideration in the form of Bitcoin, which the Company measures at fair value at contract inception, midnight UTC time. The noncash consideration is variable, since the amount of block reward earned depends on the amount of hash calculation services, the amount of transaction fees awarded, and operator fees over the same period. The Company does not constrain this variable consideration because it is probable that a significant reversal in the amount of revenue recognized from the contract will not occur when the uncertainty is subsequently resolved and recognizes the noncash consideration on the same day that control is transferred, which is the same day as contract inception. The fair value used to calculate the noncash consideration is based on the Bitcoin spot price in the Company’s principal market at the beginning of the day (midnight UTC time) at contract inception. Expenses associated with running the Bitcoin mining operations, such as hosting, operating supplies, utilities, and monitoring services are recorded as cost of revenues.
Segment Reporting, Policy [Policy Text Block]	Operating Segment Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision–making group, in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer. The Company operates as one operating segment and uses net income or loss as a measure of profit or loss on a consolidated basis in making decisions regarding resource allocation and performance assessment. Additionally, the CODM regularly reviews the Company’s expenses on a consolidated basis. The financial metrics used by the CODM help make key operating decisions, such as determination of capital expenditure purchases and significant acquisitions and allocation of budget between cost of revenues and general and administrative expenses. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. The significant expense categories regularly provided to the CODM include cost of revenue, general and administrative expenses, depreciation and amortization, impairment of property and equipment, and change in fair value of Bitcoin. These expense categories are reported as separate line items in the consolidated statements of operations.
Income Tax, Policy [Policy Text Block]	Income Taxes Income taxes are provided for by utilizing the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes generally represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when a judgment is made that it is considered more likely than not that a tax benefit will not be realized. A decision to record a valuation allowance results in an increase in income tax expense or a decrease in income tax benefit. If the valuation allowance is released in a future period, income tax expense will be reduced accordingly. The calculation of tax liabilities involves evaluating uncertainties in the application of complex global tax regulations. The impact of an uncertain income tax position is recognized at the largest amount that is “more likely than not” to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result.
Comprehensive Income (Loss), Policy [Policy Text Block]	Comprehensive Income (Loss) Comprehensive income (loss) and its components encompass all changes in equity other than those arising from transactions with shareholders, including net income (loss) and foreign currency translation adjustments, and is disclosed in the condensed consolidated statements of comprehensive income (loss).
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration Risk The Company maintains its cash and cash equivalent balances with three major commercial banks. Deposits held with the financial institutions exceed the amount of insurance provided on such deposits. The Company is exposed to credit risk in the event of a default by the financial institutions holding the cash and cash equivalents to the extent recorded on the consolidated balance sheets. The accounts offered by the custodian of the Company’s Bitcoin are not insured by the Federal Deposit Insurance Corporation (FDIC). There have not been any losses in such accounts. There are certain customers who individually represented 10% or more of the Company’s revenue. During the years ended December 31, 2025 and 2024, revenue was concentrated with one mining pool operator, Foundry Digital LLC, and all Bitcoin resided with one custodian. In the prior year, the Company also had a service agreement with an additional mining pool operator, Luxor Technology Corporation. The Company is dependent on a small number of Bitcoin mining equipment suppliers to provide a supply of new generation Bitcoin mining machines. The growth in the Company’s business is directly related to increased demand for hosting services and Bitcoin which is dependent in large part on the availability of new generation mining machines offered for sale at a price conducive to profitable Bitcoin mining. As more companies seek to enter the mining industry, the demand for machines may outpace supply and create mining machine equipment shortages. Currently there is not an agreement with suppliers to purchase additional machines, and therefore there is no guarantee that the Company will be able to purchase machines on terms acceptable to it.
Share-based Payment Arrangement [Policy Text Block]	Share-based Compensation Share-based awards, and similar equity instruments, granted to employees, non-employee directors, and consultants are accounted for in accordance with the authoritative guidance for share-based compensation. Share-based compensation award types may include stock options and restricted stock units (“RSUs”), restricted stock awards (“RSAs”), and performance stock units (“PSUs”). Share-based compensation expense is recognized on a straight-lined basis over the requisite service period (usually the vesting period) except for options with graded vesting which is recognized pursuant to an accelerated method. Share-based compensation expense for an award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized and any previously recognized compensation expense is reversed. Forfeitures are recognized as a reduction of share-based compensation expense as they occur.
New Accounting Pronouncements, Policy [Policy Text Block]	Adoption and Pending Adoption of Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. If not discussed, the Company believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. In September 2025, the FASB issued accounting standards update (“ASU”) No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Scope Clarification and Accounting for Certain Contracts and Customer Share-Based Consideration (“ASU 2025-07”), which narrows the types of contracts subject to derivative accounting by excluding those whose payouts depend solely on an entity’s own operational metrics, rather than market-based variables, and clarifies that share-based or warrant consideration received from a customer is accounted for under Topic 606 until the right to retain the instrument is unconditional, after which the guidance in Topic 815 and 321 applies. The amendments are effective for annual periods beginning after December 15, 2026, which early adoption permitted, and may be applied prospectively or on a modified retrospective basis with an option to elect or revoke the fair value option for certain instruments upon transition. The Company is currently evaluating the impact of ASU 2025-07 but does not expect it to have a material effect on its consolidated financial statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends existing guidance to allow entities to apply the same principles used in other business combinations when determining the accounting acquirer in a transaction involving a variable interest entity (VIE) that is a business and where consideration is primarily in the form of equity interests. This update addresses comparability concerns and provides for more consistent application of acquisition accounting principles. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. The Company is currently assessing the potential impact of the standard but does not anticipate that it will have a material impact on its consolidated financial statements. In May 2025, the FASB also issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, to address diversity in practice and improve the operability of accounting for share-based consideration granted to customers. The amendments clarify how to distinguish between service and performance conditions for vesting, require entities to estimate forfeitures for all share-based consideration payable to customers, and specify that variable consideration guidance in ASC 606 does not apply when measuring such awards. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements but does not expect it to have a material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance is to improve the disclosure of expenses in commonly presented expense captions. The new guidance requires a public entity to provide tabular disclosure, on an annual and interim basis, of amounts for the following expense categories: (1) purchases of inventory, (2) employee compensation, (3) depreciation and (4) intangible asset amortization, as included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement that contains any of the expense categories noted. The guidance is effective for 2027 annual reporting, and in the first quarter of 2028 for interim reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. The Company will adopt the guidance when it becomes effective, in its 2027 annual reporting and each quarter thereafter, on a prospective basis. The Company is evaluating the impact the updated guidance will have on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The guidance is effective for fiscal year 2025 annual reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. The Company adopted the guidance in its 2025 annual reporting on a prospective basis.

Intangible Assets and Goodwill Amort (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 1.5	$ 1.5
Amortization Expense 2026	1.5
Amortization Expense 2027	$ 0.1

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following table summarizes intangible assets, net (in thousands):


	December 31,
	2025		2024
Supplier agreements	$	37,525	$	37,525
Accumulated amortization	(35,915)		(34,430)
Intangible assets, net	$	1,610	$	3,095

Rainmaker Notes Receivables (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 13, 2026	Jan. 14, 2025	Dec. 31, 2025	Sep. 14, 2020
Receivables [Abstract]
Promissory note receivable		$ 4,600		$ 3,100
Stated interest rate				10.00%
Note receivable due date		Jan. 14, 2026
Note receivable fully reserved			All amounts related to the Rainmaker Note have been fully reserved in prior periods
Subsequent Event [Line Items]
Note receivable due date		Jan. 14, 2026
Subsequent Event
Receivables [Abstract]
Note receivable due date	Feb. 27, 2026
Subsequent Event [Line Items]
Note receivable due date	Feb. 27, 2026
Gain (Loss) on Contract Termination	$ 500
Monthly late fee	$ 50

Equity Incentive Plan RSUs textuals (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Grant Date Fair Value	$ 1.2	$ 2.3
Vested in period, fair value	0.8	1.6
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested	$ 0.1	$ 0.0
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Shares	Common Shares	Accumulated Other Comprehensive Loss	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment [Member]
Total shareholders' equity	$ 26,523			$ 475,702	$ (1,808)	$ (447,371)	$ 20
Beginning balance (in shares) at Dec. 31, 2023			1,537,368
Beginning balance at Dec. 31, 2023		$ 20
Issuance of common shares for conversion of preferred shares (in shares)			619,348
Conversion of preferred shares	13,775			13,775
Issuance of common shares			235,000
Issuance of common shares and warrants, net	5,387			5,387
Issuance of common shares and warrants for the settlement of liabilities (in shares)			19,959
Stock Issued During Period, Value, Issued for Services	255			255
Issuance of common shares for vested restricted stock units, net of shares withheld for income taxes (in shares)			105,531
Exercise of warrants (in shares)			28,136
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	2,838			2,838
Other Comprehensive Income (Loss), Net of Tax	(13)				(13)
Net loss	$ (9,470)					(9,470)
Ending balance (in shares) at Dec. 31, 2024			2,545,342
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Total shareholders' equity	$ 39,315			497,957	(1,821)	(456,821)
Issuance of common shares	112,791		112,791
Issuance of common shares and warrants, net	$ 685			$ 685
Issuance of common shares for vested restricted stock units, net of shares withheld for income taxes (in shares)			138,185
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture	232,000			232,000
Exercise of warrants (in shares)			596,223
Exercise of warrants, amount	$ 3,708			$ 3,708
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	832			832
Other Comprehensive Income (Loss), Net of Tax	10				10
Net loss	(21,482)					(21,482)
Ending balance (in shares) at Dec. 31, 2025			3,392,541
Total shareholders' equity	$ 23,300			$ 503,414	$ (1,811)	$ (478,303)

Equity Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Option, Activity [Table Text Block]

The following table summarizes option activity:


	Shares Subject to Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)




Outstanding — January 1, 2025	44,315	$	51.14
Granted	14,950	$	7.92
Exercised	—	$	—
Forfeited	(2,679)	$	126.00
Outstanding — December 31, 2025	56,586	$	36.18	3.6	$	—
Vested and expected to vest — December 31, 2025	56,586	$	36.18	3.6	$	—
Exercisable — December 31, 2025	41,636	$	46.33	3.0	$	—

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in the Black-Scholes model were as follows:


	Year Ended December 31,
	2025		2024
Expected volatility	148.0	%	124.3-126.1%
Expected term (in years)	3.5		3.5
Risk-free interest rate	4.0	%	4.1-4.6%
Dividend yield	—		—

Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

The following table summarizes RSU activity:


	Number of Shares	Weighted Average Grant Date Fair Value




Outstanding — January 1, 2025	76,081	$	19.83
Granted	353,738	$	6.91
Vested and released	(128,013)	$	9.87
Forfeited	(122,641)	$	12.80
Outstanding — December 31, 2025	179,165	$	6.23
Vested and unreleased — December 31, 2025	8,983	$	9.30

Share-Based Payment Arrangement, Performance Shares, Outstanding Activity

The following table summarizes RSU with performance condition activity:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding — January 1, 2025	—	$	—
Granted	74,074	$	6.25
Vested	(37,038)	$	6.25
Forfeited	—	$	—
Outstanding — December 31, 2025	37,036	$	6.25

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

The following compensation expense related to share-based compensation awards was recorded (in thousands):


	Year Ended December 31,
	2025		2024
Total share-based compensation expense - general and administrative	$	832	$	2,838

Share-Based Payment Arrangement, Nonvested Award, Cost

Total unrecognized estimated compensation cost by type of award and the weighted-average remaining requisite service period over which such expense is expected to be recognized (in thousands, unless otherwise noted):


	December 31, 2025
	Unrecognized Expense		Remaining Weighted-Average Recognition Period (years)
RSUs	$	880	1.3
Stock options	$	42	0.4

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables provide a summary of assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	December 31, 2025
	Fair Value		Level 1		Level 2		Level 3
Assets:
Bitcoin	$	3,263	$	3,263	$	—	$	—


	December 31, 2024
	Fair Value		Level 1		Level 2		Level 3
Assets:
Investment in equity securities	$	7,530	$	7,530	$	—	$	—
Bitcoin	1,394		1,394		—		—
Total	$	8,924	$	8,924	$	—	$	—
Liabilities:
Warrant liabilities	$	31	$	—	$	—	$	31

Fair Value Measurement Inputs and Valuation Techniques

The fair value of the warrant liabilities was measured using a Black Scholes valuation model with the following assumptions:


	December 31, 2025			December 31, 2024
Common share price	$	3.08		$	9.39
Expected volatility	75.0		%	125.0		%
Risk-free interest rate	3.7		%	4.2		%
Expected term (in years)	0.3			1.3

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The following table presents the activities of warrant liabilities that are measured at fair value (in thousands):


Warrant liability as of January 1, 2024	$	205
Change in fair value	(174)
Warrant liability as of December 31, 2024	31
Change in fair value	(31)
Warrant liability as of December 31, 2025	$	—

Other current asset deposit details (Details) - Rebel Mining Company $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Other Commitments [Line Items]
Payments for Legal Settlements	$ 2.4
Provision for loss on other asset	$ 0.3

Equity Incentive Plan Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Options, Outstanding, Number, period start \| shares	44,315
Options, Outstanding, Weighted Average Exercise Price, period start \| $ / shares	$ 51.14
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross \| shares	14,950
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price \| $ / shares	$ 7.92
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period \| shares	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price \| $ / shares	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period \| shares	(2,679)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price \| $ / shares	$ 126.00
Options, Outstanding, Number, period end \| shares	56,586
Options, Outstanding, Weighted Average Exercise Price, period end \| $ / shares	$ 36.18
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	3 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Aggregate Intrinsic Value \| $	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	56,586
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 36.18
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	3 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value \| $	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number \| shares	41,636
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price \| $ / shares	$ 46.33
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Aggregate Intrinsic Value \| $	$ 0

Consolidated Statements of Cash Flows Supplemental Disclosures of Cash Flow Information (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]
Income Tax Paid, Foreign, after Refund Received	$ 74	$ 16
Cash paid for interest	0	323
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Property and equipment exchanged for settlement of liabilities	1,571	825
Other Significant Noncash Transaction, Value of Consideration Received	100	0
Settlement of prepaid hosting services deposit with equity securities	0	10,000
Issuance of common shares for settlement of liabilities	$ 0	$ 255

Share Capital (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Warrants [Table Text Block]

At December 31, 2025, the following table summarizes outstanding warrants to purchase common shares:


Date issued	Contractual life (years)	Exercise price		Number outstanding	Expiration
September 2021	5.0	$	665.00	142,955	September 8, 2026
February 2022	5.0	$	280.00	1,429	February 7, 2027
February 2022	5.0	$	350.00	1,429	February 7, 2027
February 2022	5.0	$	420.00	1,429	February 7, 2027
April 2023	3.0	$	13.42	7,356	April 17, 2026
August 2023	3.0	$	27.50	80,000	August 11, 2026
August 2023	3.0	$	27.50	216,293	August 23, 2026
October 2025	5.0	$	9.40	873,643	January 15, 2031
				1,324,534

Certain Balance Sheet Items Other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Bitcoin mining hosting deposit	$ 870	$ 2,490
Prepaid Insurance	364	547
Prepaid digital mining hosting services	259	100
Prepaid Services	137	270
Other	77	31
Other Assets, Current	$ 1,707	$ 3,438

Intangible Assets and Goodwill Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net	$ 1,610	$ 3,095
Supplier
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	37,525	37,525
Finite-Lived Intangible Assets, Accumulated Amortization	$ (35,915)	$ (34,430)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Share Capital

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Share Capital

At-the-Market Offering Program

On January 3, 2025, the Company entered into a sales agreement (the “AGP Agreement”) with A.G.P./Alliance Global Partners (the “Sales Agent”). In accordance with the terms of the AGP Agreement, the Company may offer and sell from time to time through or to the Sales Agent, as agent or principal, the Company's common shares having an aggregate offering price of up to $8.0 million (the “Placement Shares”). The AGP Agreement can be terminated by either party by giving two days written notice.

Neither the Company nor the Sales Agent are obligated to sell any Placement Shares pursuant to the AGP Agreement. Subject to the terms and conditions of the AGP Agreement, the Sales Agent will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of Nasdaq, to sell the Placement Shares from time to time based upon the Company’s instructions, including any price, time or size limits or other customary parameters or conditions the Company may impose. Sales of the Placement Shares, if any, will be made on Nasdaq at market prices by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act of 1933, as amended. For the year ended December 31, 2025, through the At-the-Market Offering program 112,791 common shares were issued for net proceeds of $0.7 million.

Warrant Inducement

On October 16, 2025, the Company entered into a warrant inducement agreement with an existing institutional investor of the Company for the immediate exercise of the November 19, 2024 warrants to purchase 436,823 common shares (the “November 2024 Warrants”) of the Company. The November 2024 Warrants had an exercise price of $15.00 and were exercised at a reduced exercise price of $9.40 for total gross cash proceeds of $4.1 million, before deducting financial advisor fees and other transaction expenses of $0.4 million.

In consideration for the immediate exercise in full of the November 2024 Warrants, the investor received in a private placement new unregistered warrants to purchase up to 873,643 common shares (the “October 2025 Warrants”). The October 2025 Warrants were approved by the shareholders as required by the agreement, have an exercise price of $9.40, are exercisable beginning January 15, 2026, and expire five years from such date. The warrants contain standard anti-dilution adjustments to the exercise price including for share splits, share dividends, rights offerings and pro rata distributions. A holder will not have the right to exercise any portion of the October 2025 Warrants if the holder (together with its affiliates) would beneficially own in excess of 9.99% of the number of the Company's common shares outstanding immediately after giving effect to the exercise of the warrants.

The fair value of the October 2025 Warrants and November 2024 Warrants was calculated using a Black-Scholes model. The relative fair value assigned to the October 2025 Warrants and fair value assigned to the modification of the November 2024 Warrants were approximately $6.3 million and $0.2 million, respectively, and were recognized as share issuance costs.

Registered Direct Offering and Concurrent Private Placement

On November 19, 2024, Company entered into a Securities Purchase Agreement (the “2024 Purchase Agreement”) with a single institutional investor (the “Purchaser”) pursuant to which the Company issued and sold (i) 235,000 common shares of the Company (the “Shares”), and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 187,536 of the Company's common shares (such offering, the “Registered Offering”). The Shares had a purchase price of $14.20 per share; and the Pre-Funded Warrants had a purchase price of $14.199 per share, an exercise price of $0.001 per share, and have been exercised in full. For the years ended December 31, 2025 and 2024, the Pre-Funded Warrants to purchase 159,400 and 28,136 common shares, respectively, were exercised.

In a concurrent private placement (the “Private Placement” and together with the Registered Offering, the “Offerings”), the Company also agreed to issue to the same Purchaser warrants to purchase up to 422,537 of its common shares (the “November 2024 Warrants”). The November 2024 Warrants had an exercise price of $15.00 per share, were exercisable commencing six months from the date of issuance, and expire on May 21, 2030. Such warrants were exercised in full in October 2025, see additional disclosure above under the caption, Warrant Inducement.

The Registered Offering gross proceeds was $6.0 million, and net proceeds after deducting the placement agent's fees and other offering expenses paid by the Company, was approximately $5.4 million. A.G.P./Alliance Global Partners (“Placement Agent”) acted as the sole placement agent in connection with the Offerings pursuant to a Placement Agent Agreement, dated as of November 19, 2024, between the Company and the Placement Agent (the “Placement Agent Agreement”). Pursuant to the Placement Agent Agreement, the Placement Agent was paid a 7.0% commission and reimbursement of certain Placement Agent expenses for an aggregate amount of approximately $0.5 million. The Company paid an additional $0.1 million of costs related to the Offerings. The Company used the net proceeds from the Offerings to accelerate efficiency and for the purchase or upgrade of the Company's Bitcoin mining fleet, vertical integration of infrastructure, as well as general corporate purposes.

In connection with the Offerings, the Company amended existing warrants to purchase up to 14,286 common shares of the Company, with an exercise price of $665.00 per share, that were previously issued to the Purchaser participating in the Offerings. Effective at the closing date of the Offerings, such existing warrants were amended to reduce the exercise price to $15.00 per share, change the initial exercise date to May 21, 2025, and change the expiration date to May 21, 2030. All the other terms of the prior warrants remained unchanged. The Company accounted for the reduced exercise price and amended expiration date of the existing warrants as a modification. As the nature of the modification was to induce exercise and raise additional capital, the modification was accounted for as an equity issuance cost on the date the offer was accepted by the Purchaser, equal to the excess fair value of the modified warrants post modification of $0.2 million. Such warrants were exercised in full in October 2025, see additional disclosure above under the caption, Warrant Inducement.

The Company assessed the terms of the Pre-Funded Warrants and November 2024 Warrants (together the “Offering Warrants”) issued in connection with the Registered Offering and determined that these should be classified as equity instruments. Furthermore, the exercise and settlement provisions of the Offering Warrants do not preclude equity classification. Accordingly, the Offering Warrants were determined to be equity classified. The proceeds from the Registered Offering were allocated to each of the equity instruments issued based on their relative fair values and recorded in common shares on the consolidated balance sheets. The fair value of the November 2024 Warrants was calculated using a Black-Scholes model. The relative fair value assigned to the November 2024 Warrants was approximately $2.6 million.

Unlimited authorized shares of common shares at no par value are available to the Company. At December 31, 2025, the following table summarizes outstanding warrants to purchase common shares:


Date issued	Contractual life (years)	Exercise price		Number outstanding	Expiration
September 2021	5.0	$	665.00	142,955	September 8, 2026
February 2022	5.0	$	280.00	1,429	February 7, 2027
February 2022	5.0	$	350.00	1,429	February 7, 2027
February 2022	5.0	$	420.00	1,429	February 7, 2027
April 2023	3.0	$	13.42	7,356	April 17, 2026
August 2023	3.0	$	27.50	80,000	August 11, 2026
August 2023	3.0	$	27.50	216,293	August 23, 2026
October 2025	5.0	$	9.40	873,643	January 15, 2031
				1,324,534

- Definition

The entire disclosure for equity.

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+ Details

Income Taxes Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards	$ 113,396	$ 109,300
Deferred Tax Assets, Intangible Assets	26,943	25,912
Provision for losses on deposits due to vendor bankruptcy filings	180	332
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	482	511
Provision for losses on notes receivable	2,413	2,096
Impairment of investments	7,645	6,976
Deferred Tax Assets, Other	2,549	1,014
Deferred Tax Assets, Gross	153,608	146,141
Deferred Tax Assets, Valuation Allowance	(149,990)	(137,208)
Deferred Tax Assets, Net of Valuation Allowance	3,618	8,933
Property and equipment	(3,618)	(7,630)
Deferred Tax Liabilities, Indefinite-lived Intangible Assets	0	(1,303)
Deferred Tax Liabilities, Gross	(3,618)	(8,933)
Deferred Tax Liabilities, Net	$ 0	$ 0

Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Current Foreign Tax Expense (Benefit)	$ 2
Deferred Foreign Income Tax Expense (Benefit)	0
Provision for income taxes	$ 2	$ 150

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

RSU with Performance details (Details) - Performance Shares $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-Based Payment Arrangement [Abstract]
Award vesting period	12 months
Vested in period, fair value	$ 0.2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	12 months
Vested in period, fair value	$ 0.2

- Definition

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+ References

+ Details

Certain Balance Sheet Items

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Supplemental Balance Sheet Disclosures [Text Block]

Certain Balance Sheet Items

The following table summarizes other current assets (in thousands):


	December 31,
	2025		2024
Bitcoin mining hosting deposit	$	870	$	2,490
Prepaid insurance	364		547
Prepaid mining hosting services	259		100
Prepaid services	137		270
Other	77		31
Other current assets	$	1,707	$	3,438

In January 2025, the Company terminated the Rebel Hosting Agreement and agreed to a settlement amount of $2.4 million, which was included in Bitcoin mining hosting deposit at December 31, 2024. For the year ended December 31, 2025, the Company recorded a $0.3 million impairment for the portion of the settlement that was not received by the Company and is in default.

The following table summarizes property and equipment, net (in thousands):


	December 31,
	2025		2024
Mining equipment	$	24,019	$	27,214
Infrastructure	1,516		—
Construction in progress	—		1,750
Total	25,535		28,964
Accumulated depreciation	(10,927)		(6,997)


Property and equipment, net	$	14,608	$	21,967

Depreciation expense for property and equipment was $5.4 million and $5.6 million during the years ended December 31, 2025 and 2024, respectively.

The Company sold 2,966 and 3,263 miners during the years ended December 31, 2025 and 2024, respectively, that were included in mining equipment, for proceeds of $1.8 million and $1.0 million, respectively. In addition, for the year ended December 31, 2025, there were infrastructure related assets sold for proceeds of $0.3 million. The Company had a loss on the sale of property and equipment of $1.7 million and $3.5 million during the years ended December 31, 2025 and 2024, respectively.

In March 2025, the infrastructure for an 8 MW site in Iowa (“Iowa Site”) was completed, and the Company entered into a management services agreement with Simple Mining LLC (“Simple Mining”) to manage the mining site.

Impairment of Property and Equipment

For the year ended December 31, 2025, an impairment to property and equipment of $7.2 million was recorded for the expected sales value of mining equipment primarily due to the decline in Bitcoin prices. For the year ended December 31, 2024, an impairment to property and equipment of $1.1 million was recorded related to idle mining equipment not expected to return to use. The indicated fair value was compared to the carrying value of the mining equipment, and the analysis resulted in an impairment charge. The estimated fair value of the mining equipment is classified in Level 3 of the fair value hierarchy.

The following table summarizes other non-current assets (in thousands):


	December 31,
	2025		2024
Utilities Deposit	$	225	$	—
Prepaid mining hosting services	—		308
Prepaid services	—		68
Other	—		3
Other non-current assets	$	225	$	379

Bitcoin Holdings (Details) $ in Thousands	Dec. 31, 2025 USD ($) bitcoin	Dec. 31, 2024 USD ($) bitcoin
Indefinite-Lived Intangible Assets [Line Items]
Number of Bitcoin \| bitcoin	37.3	14.9
Carrying basis of Bitcoin \| $	$ 3,835	$ 1,450

- Definition

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Accounting Policies (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2024	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity, Attributable to Parent	$ (23,300,000)	$ (39,315,000)		$ (26,523,000)
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity, Attributable to Parent	$ 478,303,000	$ 456,821,000		447,371,000
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity, Attributable to Parent			$ 20,000	$ (20,000)

- Definition

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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Concentration Risk (Details)	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Number of Mining Pool Operators	1	1
Number of Bitcoin Custodians	1

Fair Value Measurements-Fair Value of Financial Instruments on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		$ 8,924
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		8,924
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		0
Bitcoin Mining
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 3,263	1,394
Bitcoin Mining \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	3,263	1,394
Bitcoin Mining \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	0	0
Bitcoin Mining \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	$ 0	0
Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		7,530
Short-Term Investments \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		7,530
Short-Term Investments \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		0
Short-Term Investments \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		0
Common share purchase warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		31
Common share purchase warrants \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0
Common share purchase warrants \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0
Common share purchase warrants \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial and Nonfinancial Liabilities, Fair Value Disclosure		$ 31

Bitcoin (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangible Assets

The following table presents the activities of Bitcoin (in thousands):


Balance at January 1, 2024	$	986
Cumulative effect upon adoption of ASU 2023-08	20
Revenue recognized from Bitcoin mined	16,608
Proceeds from sale of Bitcoin	(16,364)
Bitcoin issued for services	(538)
Change in fair value of Bitcoin	682
Balance at December 31, 2024	1,394
Revenue recognized from Bitcoin mined	11,181
Proceeds from sale of Bitcoin	(8,967)
Change in fair value of Bitcoin	(345)
Balance at December 31, 2025	$	3,263

Summary of Bitcoin Holdings

The following table presents Bitcoin holdings (in thousands except for number of Bitcoin):


	December 31, 2025		December 31, 2024
Number of Bitcoin held	37.3		14.9
Carrying basis of Bitcoin	$	3,835	$	1,450

Income Taxes Components of Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ (20,094)	$ (9,320)
Income (Loss) from Continuing Operations before Income Taxes, Foreign	(1,386)	0
Net loss before taxes	$ (21,480)	$ (9,320)

Subsequent Events (Notes)	12 Months Ended
Subsequent Events (Notes)	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events Business Combination On March 5, 2026, the Company and Cathedra Bitcoin Inc. (“Cathedra”), entered into a definitive agreement to combine the two companies in an all-stock transaction. Under the terms of the definitive arrangement agreement, entered into on March 5, 2026 (the “Arrangement Agreement”), the Company has agreed to acquire all of the issued and outstanding shares of Cathedra (the “Transaction”), subject to customary closing conditions, including regulatory, court, and shareholder approvals, such that upon consummation of the Transaction, Cathedra will be a wholly-owned subsidiary of the Company. If the Arrangement Agreement is terminated in certain specified circumstances, the Company or Cathedra would be required to pay the other party a termination fee of $0.5 million. Equity Incentive Plan Grants On March 4, 2026, the Company granted 472,222 RSUs and 45,532 RSAs with an aggregate fair value of $0.7 million. The RSUs have a vesting period of 12 months and the RSAs were granted fully vested. At-the-Market Offering Program During March 2026, under the AGP Agreement the Company issued 256,142 common shares for $0.4 million of net proceeds. Sale and Purchase of Property and Equipment On February 9, 2026, the Company sold approximately 7,700 older generation miners included in property and equipment for 437 newer generation miners with a value of $1.1 million.

Financial Advisory (Details) - Second Gate Advisory - USD ($)			12 Months Ended
	Jul. 03, 2025	Mar. 10, 2025	Dec. 31, 2025
Other Commitments [Line Items]
Service Agreement, Term of Contract	12 months
Contract minimum termination days			10 days
Other Commitment			$ 25,000
Conditional commitment			1,450,000
Advisory Fee			$ 400,000
Other Commitments, Renewal Term		30 days

Fair Value Measurements Valuation Inputs (Details)	Dec. 31, 2025 $ / shares	Dec. 31, 2024 $ / shares
Measurement Input, Share Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share price (in dollars per share)	$ 3.08	$ 9.39
Measurement Input, Option Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.750	1.250
Measurement Input, Risk Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.037	0.042
Measurement Input, Expected Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Term	3 months 18 days	1 year 3 months 18 days

Net Loss Per Share - Narrative (Details) - shares	Dec. 31, 2024	Nov. 19, 2024
November 21, 2024 PreFunded
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	159,400	187,536

At-The-Market (Details) - USD ($) $ in Thousands		12 Months Ended
At-The-Market (Details) - USD ($) $ in Thousands	Nov. 19, 2024	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Share sales agreement At-The-Market		$ 8,000
Issuance of common shares	235,000	112,791
Issuance of common shares and warrants, net		$ 685	$ 5,387

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Receivables, Loans, Notes Receivable, and Others	12 Months Ended
Receivables, Loans, Notes Receivable, and Others	Dec. 31, 2025
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure	Note Receivable Rainmaker Promissory Note In September 2020, the Company entered into a Senior Secured Convertible Promissory Note with Rainmaker Worldwide Inc. (the “Rainmaker Note”), pursuant to which the Company loaned Rainmaker Worldwide Inc. (“Rainmaker”) the principal amount of $3.1 million. The Rainmaker Note is secured as a registered lien under the Uniform Commercial Code and the Personal Property Security Act (Ontario) against the assets of Rainmaker and bears interest at the rate of 10% per annum. In January 2025, the Company and Rainmaker entered into Amendment No. 4 to the Rainmaker Note and the principal amount was revised to $4.6 million and the due date was extended to January 14, 2026, at which time all principal and accrued interest was due and payable. In January 2026, the Company and Rainmaker entered into a settlement agreement to the Rainmaker Note and both parties agreed the outstanding amount would be settled by a one-time payment of $0.5 million by February 27, 2026 (the “Settlement Date”). If such payment is not received by the Settlement Date, the amount will increase by $50,000 the first business day of each month following the Settlement Date. All amounts related to the Rainmaker Note have been fully reserved in prior periods.

Equity Incentive Plan Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Expense	$ 832	$ 2,838

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The components of loss before income taxes were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Domestic	$	(20,094)	$	(9,320)
Foreign	(1,386)		—
Net loss before income taxes	$	(21,480)	$	(9,320)

Schedule of Components of Income Tax Expense (Benefit)

The components of provision for income taxes were as follows (in thousands):


	Year Ended December 31, 2025
Foreign:
Current	$	2
Deferred	—
Total provision for income taxes	$	2

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following is a reconciliation of the federal statutory income tax rate to the effective tax rate (in thousands):


	Year Ended December 31, 2025
	Value		Percent
Income tax at statutory rate	$	(5,691)	26.5	%
Foreign tax effects
United States
Statutory tax rate difference between U.S. and Canada	(4,131)		19.2
State and local taxes net of U.S. federal income tax effect (1)	(1,121)		5.2
Change in valuation allowance	7,960		(37.1)
Changes in state tax rates	(2,523)		11.7
Other	183		(0.8)
Change in valuation allowance	4,822		(22.4)
Nontaxable or nondeductible items
Share-based compensation expense	193		(0.9)
Other	310		(1.4)
Provision for income taxes	$	2	—	%

______________

(1) The tax effect in this category primarily reflects state and local taxes in California and Connecticut.

Prior to the adoption of ASU 2023-09, a reconciliation of income taxes computed by applying the federal statutory income tax rate of 26.5% to loss before income taxes to the total income tax provision is as follows (in thousands):


	Year Ended December 31, 2024
Income tax at statutory rate	$	(2,470)
Change in valuation allowance	48,752
Tax impact of U.S. permanent establishment	(44,819)
Foreign rate differential	(1,801)
State income taxes, net of federal benefit	82
Change to provision and other true-ups	(446)
Share-based compensation expense	651
Other differences	201
Provision for income taxes	$	150

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred income taxes are comprised as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss and capital loss carryforwards	$	113,396	$	109,300
Intangible assets	26,943		25,912
Impairment of investments	7,645		6,976
Provision for losses on notes receivable	2,413		2,096
Share-based compensation	482		511
Provision for losses on deposits due to vendor bankruptcy filings	180		332
Other	2,549		1,014
Deferred tax assets, gross	153,608		146,141
Valuation allowance for deferred tax assets	(149,990)		(137,208)
Deferred tax assets, net of valuation allowance	3,618		8,933
Deferred tax liabilities:
Property and equipment	(3,618)		(7,630)
Investment in equity securities	—		(1,303)
Deferred tax liabilities	(3,618)		(8,933)
Net deferred tax assets (liabilities)	$	—	$	—

Management Agreement (Details) - Simple Mining - USD ($) $ in Millions		12 Months Ended
	Mar. 10, 2025	Dec. 31, 2025
Other Commitments [Line Items]
Service Agreement, Term of Contract	12 months
Other Commitments, Renewal Term	12 months
Management service fee		$ 0.2

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

Fair Value Measurements

The authoritative guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

Financial instruments include cash equivalents, investment in equity securities, accounts payable, accrued liabilities, and warrant liabilities. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The carrying amount of cash equivalents, accounts payable and accrued liabilities are generally considered to be representative of their respective fair values because of the short-term nature of those instruments.

The following tables provide a summary of assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	December 31, 2025
	Fair Value		Level 1		Level 2		Level 3
Assets:
Bitcoin	$	3,263	$	3,263	$	—	$	—


	December 31, 2024
	Fair Value		Level 1		Level 2		Level 3
Assets:
Investment in equity securities	$	7,530	$	7,530	$	—	$	—
Bitcoin	1,394		1,394		—		—
Total	$	8,924	$	8,924	$	—	$	—
Liabilities:
Warrant liabilities	$	31	$	—	$	—	$	31

Investment in equity securities was in publicly held equity securities which had readily determinable fair values. During the years ended December 31, 2025 and 2024, the Company recognized an unrealized gain of nil and $4.9 million, respectively, within other income (expense) in its consolidated statements of operations related to the fair value change of the investment in equity securities.

The fair value of the warrant liabilities was measured using a Black Scholes valuation model with the following assumptions:


	December 31, 2025			December 31, 2024
Common share price	$	3.08		$	9.39
Expected volatility	75.0		%	125.0		%
Risk-free interest rate	3.7		%	4.2		%
Expected term (in years)	0.3			1.3

The following table presents the activities of warrant liabilities that are measured at fair value (in thousands):


Warrant liability as of January 1, 2024	$	205
Change in fair value	(174)
Warrant liability as of December 31, 2024	31
Change in fair value	(31)
Warrant liability as of December 31, 2025	$	—

Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis

Non-financial assets such as property and equipment and intangible assets are recorded at fair value when an impairment is recognized or at the time acquired in an asset acquisition or business combination measured using significant unobservable inputs (Level 3). As discussed in Note 6, Certain Balance Sheet Items, during the year ended December 31, 2025 and 2024, impairment charges associated with property and equipment were recorded and reduced the carrying amount of such assets subject to the impairment to their estimated fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Consolidated Statements of Comprehensive Loss Statement - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Other Comprehensive Loss
Net loss	$ (21,482)	$ (9,470)
Foreign currency translation adjustment	10	(13)
Other Comprehensive (Loss) Income	10	(13)
Comprehensive loss	$ (21,472)	$ (9,483)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Consolidated Balance Sheets Consolidated Balance Sheets Parenthetical Data - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Temporary Equity, Par or Stated Value Per Share	$ 0	$ 0
Temporary Equity, Shares Outstanding	161
Temporary Equity, Shares Issued	161
Common stock, no par value	$ 0	$ 0
Common stock, shares issued (in shares)	3,392,541	2,545,342
Common Stock, Shares, Outstanding	3,392,541	2,545,342

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

Anti-dilutive common share equivalents excluded from the computation of diluted net loss per share were as follows:


	December 31,
	2025	2024
Common share purchase warrants	1,324,534	891,916
Options and RSUs outstanding	272,787	120,396
Preferred shares	2,300	2,300

Income Taxes Rate Reconciliation for Income Taxes (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Effective Income Tax Rate Reconciliation [Line Items]

Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent

26.50%

Income tax at statutory rate

$ (5,691)

$ (2,470)

Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount

(1,801)

Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount

Change in valuation allowance

48,752

Share-based compensation expense

651

Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount

201

Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount

(446)

Effective Income Tax Rate Reconciliation, Tax impact of U.S. Permanent Establishment

(44,819)

Provision for income taxes

$ 2

$ 150

Effective Income Tax Rate Reconciliation, Percent

0.00%

UNITED STATES

Effective Income Tax Rate Reconciliation [Line Items]

Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount

$ (4,131)

Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent

19.20%

Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount

^[1]

$ (1,121)

Change in valuation allowance

$ 7,960

Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent

^[1]

5.20%

Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent

(37.10%)

Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount

$ (2,523)

Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent

11.70%

Effective Income Tax Rate Reconciliation, Deduction, Other, Amount

$ 183

Effective Income Tax Rate Reconciliation, Deduction, Other, Percent

(0.80%)

CANADA

Effective Income Tax Rate Reconciliation [Line Items]

Change in valuation allowance

$ 4,822

Share-based compensation expense

$ 193

Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent

(22.40%)

Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Percent

(0.90%)

Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount

$ 310

Effective Income Tax Rate Reconciliation, Other Adjustments, Percent

(1.40%)

[1]	The tax effect in this category primarily reflects state and local taxes in California and Connecticut.

Significant Accounting Policies (Details)	12 Months Ended
Significant Accounting Policies (Details)	Dec. 31, 2025
Accounting Policies [Abstract]
Number of Operating Segments	1

Fair Value Measurements - Fair Value of Warrant Liability (Details) - Common share purchase warrants - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant Liability, Beginning Balance	$ 31	$ 205
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease)	(31)	(174)
Warrant Liability, Ending Balance	$ 0	$ 31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents	$ 3,707	$ 5,425
Bitcoin	3,263	1,394
Investment in Equity Securities	0	7,530
Other Current Assets	1,707	3,438
Assets, Current	8,677	17,787
Property and Equipment, Net	14,608	21,967
Intangible Assets, Net	1,610	3,095
Other Non-Current Assets	225	379
Total Assets	25,120	43,228
Accounts Payable	427	1,167
Accrued Liabilities	544	1,299
Accrued Payroll and Employee Compensation	831	1,398
Other Current Liabilities	0	31
Liabilities, Current	1,802	3,895
Commitments and contingencies (Note 13)
Series H preferred shares, no par value, unlimited shares authorized, 161 shares issued and outstanding as of both December 31, 2025 and 2024	18	18
Common shares, no par value; unlimited shares authorized, 3,392,541 and 2,545,342 shares issued and outstanding as of December 31, 2025 and 2024, respectively	503,414	497,957
Accumulated Other Comprehensive Loss	(1,811)	(1,821)
Accumulated Deficit	(478,303)	(456,821)
Total shareholders' equity	23,300	39,315
Total liabilities, temporary equity, and shareholders’ equity	$ 25,120	$ 43,228

Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	0	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 0	$ 0

Cover Page - USD ($) $ in Thousands	12 Months Ended
Cover Page - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 23, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity File Number	001-36532
Entity Registrant Name	Sphere 3D Corp.
Entity Incorporation, State or Country Code	A6
Entity Address, Country	CA
Entity Address, Address Line One	243 Tresser Blvd, 17th Floor
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06901
Entity Tax Identification Number	98-1220792
City Area Code	(647)
Local Phone Number	952-5049
Title of 12(b) Security	Common Shares
Trading Symbol	ANY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Filer Category	Non-accelerated Filer
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Public Float			$ 16,000
Entity Common Stock, Shares Outstanding		3,767,086
Amendment Flag	false
Entity Central Index Key	0001591956

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Income Taxes

The Company is subject to taxation in Canada and in the United States (“U.S.”). Sphere 3D Corp. is a Canadian entity that files tax returns in Canada and the U.S. as it carries on a trade or business in various states in the United States. The Company's tax returns for calendar year 2018 and forward are subject to examination by the Canadian tax authorities. The Company's tax returns for fiscal year 2022 and forward are subject to examination by the U.S. federal and state tax authorities.

The Company recognizes the impact of an uncertain income tax position on its income tax return at the largest amount that is “more likely than not” to be sustained upon audit by the relevant taxing authority. An uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained.

At December 31, 2025, there were no unrecognized tax benefits. The Company believes it is reasonably possible that, within the next 12 months, the amount of unrecognized tax benefits may remain unchanged. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. The Company had no material accrual for interest and penalties on its consolidated balance sheets at December 31, 2025 and 2024, and recognized no material interest and/or penalties in the consolidated statements of operations for the years ended December 31, 2025 and 2024.

The components of loss before income taxes were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Domestic	$	(20,094)	$	(9,320)
Foreign	(1,386)		—
Net loss before income taxes	$	(21,480)	$	(9,320)

The components of provision for income taxes were as follows (in thousands):


	Year Ended December 31, 2025
Foreign:
Current	$	2
Deferred	—
Total provision for income taxes	$	2

On July 4, 2025, the U.S. enacted tax legislation referred to as the One Big Beautiful Bill (“OBBB”). The OBBB included significant changes to U.S. income tax laws, including accelerated depreciation on eligible capital expenditures and other tax law changes impacting 2025 with certain changes effective in 2026. The OBBB did not have a material impact on the Company’s 2025 effective tax rate.

The following is a reconciliation of the federal statutory income tax rate to the effective tax rate (in thousands):


	Year Ended December 31, 2025
	Value		Percent
Income tax at statutory rate	$	(5,691)	26.5	%
Foreign tax effects
United States
Statutory tax rate difference between U.S. and Canada	(4,131)		19.2
State and local taxes net of U.S. federal income tax effect (1)	(1,121)		5.2
Change in valuation allowance	7,960		(37.1)
Changes in state tax rates	(2,523)		11.7
Other	183		(0.8)
Change in valuation allowance	4,822		(22.4)
Nontaxable or nondeductible items
Share-based compensation expense	193		(0.9)
Other	310		(1.4)
Provision for income taxes	$	2	—	%

______________

(1) The tax effect in this category primarily reflects state and local taxes in California and Connecticut.


	Year Ended December 31, 2024
Income tax at statutory rate	$	(2,470)
Change in valuation allowance	48,752
Tax impact of U.S. permanent establishment	(44,819)
Foreign rate differential	(1,801)
State income taxes, net of federal benefit	82
Change to provision and other true-ups	(446)
Share-based compensation expense	651
Other differences	201
Provision for income taxes	$	150

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are shown below. A valuation allowance has been recorded, as realization of such assets is uncertain.

Deferred income taxes are comprised as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss and capital loss carryforwards	$	113,396	$	109,300
Intangible assets	26,943		25,912
Impairment of investments	7,645		6,976
Provision for losses on notes receivable	2,413		2,096
Share-based compensation	482		511
Provision for losses on deposits due to vendor bankruptcy filings	180		332
Other	2,549		1,014
Deferred tax assets, gross	153,608		146,141
Valuation allowance for deferred tax assets	(149,990)		(137,208)
Deferred tax assets, net of valuation allowance	3,618		8,933
Deferred tax liabilities:
Property and equipment	(3,618)		(7,630)
Investment in equity securities	—		(1,303)
Deferred tax liabilities	(3,618)		(8,933)
Net deferred tax assets (liabilities)	$	—	$	—

At December 31, 2025, the Company had U.S. federal and state net operating loss carryforwards of $183.5 million and $16.3 million, respectively. U.S. federal net operating losses do not expire and will be carried forward indefinitely until utilized. State net operating loss carryforwards begin to expire in 2043. At December 31, 2025, the Company had Canadian net operating loss carryforwards of $260.8 million. These carryforwards will begin expiring December 31, 2031, unless previously utilized. The Company also has net capital loss carryforwards in Canada of $37.8 million, which are available indefinitely to offset taxable capital gains.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Certain Balance Sheet Items Property and Equipment text (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) miner	Dec. 31, 2024 USD ($) miner
Property, Plant and Equipment [Line Items]
Depreciation and Amortization Expense	$ 5,400	$ 5,600
Number of miners sold \| miner	2,966	3,263
Proceeds from Sale of Property, Plant, and Equipment	$ 555	$ 0
Impairment of property and equipment	7,185	1,146
Mining Equipment
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	1,800	1,000
Loss on disposition of assets	1,700	$ 3,500
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	$ 300

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	MaloneBailey, LLP
Auditor Location	Houston, Texas
Auditor Firm ID	206

Equity Incentive Plan RSAs Outstanding (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid	$ 0.0	$ 0.3

Equity Incentive Plan

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement [Text Block]

Equity Incentive Plan

In May 2025, the shareholders approved the adoption of the Company’s 2025 Performance Incentive Plan (“2025 Plan”). As of December 31, 2025, an aggregate of 576,644 common shares are authorized for issuance with respect to awards granted under the previous performance plan and the 2025 Plan. In addition, the share limit will automatically increase on the first trading day in January of each calendar year during the term of the 2025 Plan by an amount equal to the lesser of (i) 10% of the total number of common shares issued and outstanding on December 31 of the immediately preceding calendar year, or (ii) such number of common shares as may be established by the Board. The 2025 Plan authorizes the board of directors to grant stock and options awards to directors, employees and consultants. As of December 31, 2025, the Company had approximately 303,857 share-based awards available for future grants under the 2025 Plan.

Stock Options

The following table summarizes option activity:


	Shares Subject to Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)




Outstanding — January 1, 2025	44,315	$	51.14
Granted	14,950	$	7.92
Exercised	—	$	—
Forfeited	(2,679)	$	126.00
Outstanding — December 31, 2025	56,586	$	36.18	3.6	$	—
Vested and expected to vest — December 31, 2025	56,586	$	36.18	3.6	$	—
Exercisable — December 31, 2025	41,636	$	46.33	3.0	$	—

The weighted average grant date fair values of options granted during the years ended December 31, 2025 and 2024 were $6.69 per share and $16.68 per share, respectively.

The fair value of option awards are estimated on the date of grant using the Black-Scholes option pricing model. Expected volatility was based on historical volatility of the Company’s common shares. The expected term of options granted was based on the simplified method. The risk-free interest rate was based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The dividend yield assumption was based on the expectation of no future dividend payments. Option awards can be granted for a maximum term of up to ten years. The assumptions used in the Black-Scholes model were as follows:


	Year Ended December 31,
	2025		2024
Expected volatility	148.0	%	124.3-126.1%
Expected term (in years)	3.5		3.5
Risk-free interest rate	4.0	%	4.1-4.6%
Dividend yield	—		—

Restricted Stock Units

The following table summarizes RSU activity:


	Number of Shares	Weighted Average Grant Date Fair Value




Outstanding — January 1, 2025	76,081	$	19.83
Granted	353,738	$	6.91
Vested and released	(128,013)	$	9.87
Forfeited	(122,641)	$	12.80
Outstanding — December 31, 2025	179,165	$	6.23
Vested and unreleased — December 31, 2025	8,983	$	9.30

The estimated fair value of RSUs was based on the closing market value of the Company’s common shares on the date of grant. RSUs typically vest over a period of one year to three years from the original date of grant. The total grant date fair value of RSUs vested during the years ended December 31, 2025 and 2024 was approximately $1.2 million and $2.3 million, respectively. The fair value of RSUs vested during the years ended December 31, 2025 and 2024 was approximately $0.8 million and $1.6 million, respectively. The intrinsic value of RSUs vested during the years ended December 31, 2025 and 2024 was $0.1 million and nil, respectively.

Restricted Stock Units with a Performance Condition

In July 2025, the Company entered into a financial advisory agreement and issued to nonemployees RSU grants with a performance condition. On the grant date, 50% of the RSUs were vested and common shares issued, and the remaining will vest upon achievement of a specific performance condition and expire 12 months from the date of grant. See Note 13 Commitments and Contingencies for more information on the related financial advisory agreement.

The following table summarizes RSU with performance condition activity:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding — January 1, 2025	—	$	—
Granted	74,074	$	6.25
Vested	(37,038)	$	6.25
Forfeited	—	$	—
Outstanding — December 31, 2025	37,036	$	6.25

The fair value of RSUs with a performance condition vested during the year ended December 31, 2025 was $0.2 million.

Restricted Stock Awards

During the year ended December 31, 2025, no restricted stock awards (“RSA”) were granted. During the year ended December 31, 2024, fully vested RSAs were granted to certain employees and consultants in lieu of cash payment for services performed. The estimated fair value of the RSAs was based on the market value of the Company’s common shares on the date of grant. The fair value of RSAs vested during the year ended December 31, 2024 was approximately $0.3 million.

Share-Based Compensation Expense

The following compensation expense related to share-based compensation awards was recorded (in thousands):


	Year Ended December 31,
	2025		2024
Total share-based compensation expense - general and administrative	$	832	$	2,838


	December 31, 2025
	Unrecognized Expense		Remaining Weighted-Average Recognition Period (years)
RSUs	$	880	1.3
Stock options	$	42	0.4

Certain Balance Sheet Items Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 25,535	$ 28,964
Accumulated Depreciation, Property and Equipment	(10,927)	(6,997)
Property and Equipment, Net	14,608	21,967
Mining Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	24,019	27,214
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,516	0
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 0	$ 1,750

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Activities [Abstract]
Net loss	$ (21,482)	$ (9,470)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of property and equipment	7,185	1,146
Depreciation and amortization	6,878	7,113
Realized gain on sale of investment in equity securities	(5,355)	(4,063)
Unrealized (gain) loss on investment in equity securities	4,917	(4,917)
Loss on disposal of property and equipment	1,652	3,545
Share-based compensation	832	2,838
Change in fair value of Bitcoin	345	(682)
Impairment of other assets	300	1,074
Issuance of common shares to nonemployees	232	0
Fair Value Adjustment of Warrants	(31)	(174)
Bitcoin issued for services	0	538
Changes in operating assets and liabilities:
Proceeds from sale of Bitcoin	0	14,842
Mining of Bitcoin	(11,181)	(16,608)
Accounts payable and accrued liabilities	(833)	(262)
Accrued payroll and employee compensation	(567)	171
Other assets	980	453
Other liabilities	10	(120)
Net cash used in operating activities	(16,118)	(4,576)
Investing activities:
Proceeds from sale of Bitcoin	8,967	1,522
Proceeds from sale of equity investment	7,969	11,450
Payments for purchase of property and equipment	(7,499)	(8,944)
Proceeds from Sale of Property, Plant, and Equipment	555	0
Net cash provided by investing activities	9,992	4,028
Financing activities:
Proceeds from Warrant Exercises	4,106	0
Proceeds from issuance of common shares and warrants	733	5,495
Payments for issuance costs for common shares and warrants	(431)	(108)
Net cash provided by financing activities	4,408	5,387
Net (decrease) increase in cash, and cash equivalents	(1,718)	4,839
Cash, and cash equivalents, beginning of year	5,425	586
Cash, and cash equivalents, end of year	$ 3,707	$ 5,425

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Organization and Business Sphere 3D Corp. was incorporated under the Business Corporations Act (Ontario) on May 2, 2007 as T.B. Mining Ventures Inc. On March 24, 2015, the Company completed a short-form amalgamation with a wholly-owned subsidiary. In connection with the short-form amalgamation, the Company changed its name to “Sphere 3D Corp.” Any reference to the “Company”, “Sphere 3D”, “we”, “our”, “us”, or similar terms refers to Sphere 3D Corp. and its subsidiaries. In January 2022, the Company commenced operations of its Bitcoin mining business and is dedicated to becoming a leader in the blockchain and cryptocurrency industry. The Company has established and plans to continue to grow an enterprise-scale mining operation through the procurement of mining equipment and partnering with experienced service providers. Share Consolidation On February 9, 2026, the Company filed an Articles of Amendment to effect a share consolidation (also known as a reverse stock split) of its issued and outstanding common shares in the ratio of 1-for-10. The share consolidation was effective on February 9, 2026. The Company’s common shares began trading on an adjusted basis on the Nasdaq Capital Market at the opening of trading on February 10, 2026. All share and per share amounts have been restated for all periods presented to reflect the share consolidation.
Substantial Doubt about Going Concern	Going Concern Management has projected that based on our recurring losses, negative cash flows from operating activities, and our hashing rate at December 31, 2025, cash on hand may not be sufficient to allow the Company to continue operations and there is substantial doubt about the Company’s ability to continue as a going concern within 12 months from the date of issuance of its financial statements if we are unable to raise additional funding for operations. We expect our working capital needs to increase in the future as we continue to expand and enhance our operations. Our ability to raise additional funds for working capital through equity or debt financings or other sources may depend on the financial success of our business and successful implementation of our key strategic initiatives, financial, economic and market conditions and other factors, some of which are beyond our control. We require additional capital and if we are unsuccessful in raising that capital at a reasonable cost and at the required times, or at all, we may not be able to continue our business operations in the cryptocurrency mining industry or we may be unable to advance our growth initiatives, either of which could adversely impact our business, financial condition and results of operations. In an effort to mitigate these risks we are taking steps to lower our cost of mining and also refresh our mining fleet to increase our mining efficiency. Significant changes from our current forecasts, including but not limited to: (i) shortfalls from projected mining earning levels; (ii) increases in operating costs; (iii) decreases in the value of cryptocurrency; and (iv) if we do not maintain compliance with the requirements of The Nasdaq Capital Market (“Nasdaq”) and/or we do not maintain our listing with Nasdaq it could have a material adverse impact on the Company’s ability to access the level of funding necessary to continue its operations at current levels. These factors, among others, should they occur may result in the Company’s inability to continue as a going concern within 12 months from the date of issuance of its financial statements. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and do not include any adjustments that might result from the outcome of this uncertainty

Bitcoin

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Bitcoin

The following table presents the activities of Bitcoin (in thousands):


Balance at January 1, 2024	$	986
Cumulative effect upon adoption of ASU 2023-08	20
Revenue recognized from Bitcoin mined	16,608
Proceeds from sale of Bitcoin	(16,364)
Bitcoin issued for services	(538)
Change in fair value of Bitcoin	682
Balance at December 31, 2024	1,394
Revenue recognized from Bitcoin mined	11,181
Proceeds from sale of Bitcoin	(8,967)
Change in fair value of Bitcoin	(345)
Balance at December 31, 2025	$	3,263

The following table presents Bitcoin holdings (in thousands except for number of Bitcoin):


	December 31, 2025		December 31, 2024
Number of Bitcoin held	37.3		14.9
Carrying basis of Bitcoin	$	3,835	$	1,450

For the years ended December 31, 2025 and 2024, the Company had a realized gain of approximately $0.2 million and $0.7 million, respectively, on the sale of Bitcoin.

All additions of Bitcoin were generated by the Company’s Bitcoin mining operations. All dispositions of Bitcoin were the result of sales on the open market and used to fund operations. Bitcoin holdings are not subject to sale restrictions and do not serve as collateral for any agreements. As of December 31, 2025 and 2024, the Company held no other cryptocurrency.

Equity Incentive Plan RSUs Outstanding (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number, period start \| shares	76,081
Outstanding, Weighted Average Grant Date Fair Value, period start \| $ / shares	$ 19.83
Grants in period (in shares) \| shares	353,738
Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 6.91
Vested and Released \| shares	(128,013)
Vested in Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 9.87
Forfeited \| shares	(122,641)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value \| $ / shares	$ 12.80
Outstanding, Number, period end \| shares	179,165
Outstanding, Weighted Average Grant Date Fair Value, period end \| $ / shares	$ 6.23
Share-Based Compensation Arrangement by Share Vested and Unreleased \| shares	8,983
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested and Unreleased in Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 9.30

Equity Incentive Plan Options Summary (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 6.69	$ 16.68
Option awards maximum term	10 years

Bitcoin Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
Bitcoin Rollforward (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Bitcoin, beginning balance	$ 1,394	$ 986
Revenue recognized from Bitcoin mined	11,181	16,608
Proceeds from sale of Bitcoin	(8,967)	(16,364)
Bitcoin Issued For Services		(538)
Change in fair value Bitcoin	(345)	682
Bitcoin, ending balance	$ 3,263	$ 1,394
Cumulative Effect, Period of Adoption, Adjustment [Member]
Indefinite-Lived Intangible Assets [Line Items]
Cumulative effect upon adoption of ASU			$ 20

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Intangibles Significant Accounting Policies (Details)	Dec. 31, 2025
Supplier
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity Incentive Plan (Details)	12 Months Ended
Equity Incentive Plan (Details)	Dec. 31, 2025 shares
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	576,644
Equity incentive plan annual increase	10.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	303,857

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Hosting Agreements (Details) - USD ($) $ in Thousands						1 Months Ended	12 Months Ended
Hosting Agreements (Details) - USD ($) $ in Thousands	Nov. 03, 2025	Mar. 10, 2025	Oct. 18, 2023	Apr. 04, 2023	Feb. 08, 2023	Dec. 31, 2022	Dec. 31, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment							$ (1,652)	$ (3,545)
Impairment of other assets							300	1,074
North Campbell
Other Commitments [Line Items]
Other Commitments, Term	12 months
Hosting Arrangement, Deposit Paid							300
Hosting service expense							$ 300
Simple Mining
Other Commitments [Line Items]
Other Commitments, Term							2 years
Other Commitments, Renewal Term		12 months
Other Commitments, Renewal Term Notice Period		30 days
Hosting Arrangement, Deposit Paid							$ 600
Hosting Arrangement, Payment of Service Fee Period							30 days
Hosting service expense							$ 3,900	1,700
Contract minimum termination days							30 days
Hosting agreement termination date							Nov. 22, 2025
Joshi Hosting Agreement
Other Commitments [Line Items]
Other Commitments, Term			3 years
Other Commitments, Renewal Term			1 year
Other Commitments, Renewal Term Notice Period			30 days
Hosting Arrangement, Deposit Paid			$ 300
Hosting Arrangement, Payment of Service Fee Period			2 months
Hosting service expense							$ 1,600	1,600
Rebel Mining Company
Other Commitments [Line Items]
Other Commitments, Term				3 years
Other Commitments, Renewal Term				1 year
Hosting service expense							100	3,700
Payments for Legal Settlements							2,400
Impairment of other assets							$ 300	900
Hosting agreement termination date							Jan. 16, 2025
Lancium
Other Commitments [Line Items]
Other Commitments, Term					2 years
Other Commitments, Renewal Term					1 year
Hosting service expense							$ 0	3,000
Gain (Loss) on Disposition of Property Plant Equipment								$ 2,300
Hosting agreement termination date								Nov. 15, 2024
GC Data Center MSA
Other Commitments [Line Items]
Other Commitments, Term						5 years
Hosting service expense							$ 0	$ 2,700
Gain (Loss) on Contract Termination								$ 3,000
Hosting agreement termination date								Aug. 31, 2024

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Common share purchase warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,324,534	891,916
Options and RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	272,787	120,396
Preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,300	2,300

Subsequent Events (Details) $ in Thousands						12 Months Ended
Subsequent Events (Details) $ in Thousands	Mar. 18, 2026 USD ($) shares	Mar. 05, 2026 USD ($)	Mar. 04, 2026 USD ($) shares	Feb. 09, 2026 USD ($) miner	Nov. 19, 2024 shares	Dec. 31, 2025 USD ($) miner shares	Dec. 31, 2024 USD ($) miner
Subsequent Event [Line Items]
Number of miners sold \| miner						2,966	3,263
Issuance of common shares \| shares					235,000	112,791
Issuance of common shares and warrants, net						$ 685	$ 5,387
Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Grants in period (in shares) \| shares						353,738
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Grant Date Fair Value						$ 1,200	$ 2,300
Subsequent Event
Subsequent Event [Line Items]
Number of miners sold \| miner				7,700
Propery and Equipment, Number of Miners Received \| miner				437
Fair Value of Assets Acquired				$ 1,100
Award vesting period			12 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Grant Date Fair Value			$ 700
Issuance of common shares \| shares	256,142
Issuance of common shares and warrants, net	$ 400
Subsequent Event \| Cathedra
Subsequent Event [Line Items]
Business Combination, Name of Acquiree		On March 5, 2026, the Company and Cathedra Bitcoin Inc. (“Cathedra”), entered into a definitive agreement to combine the two companies in an all-stock transaction
Business combination contingent termination fee		$ 500
Subsequent Event \| Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Grants in period (in shares) \| shares			472,222
Subsequent Event \| Restricted Stock [Member]
Subsequent Event [Line Items]
Grants in period (in shares) \| shares			45,532

RSUs with Performance Condition Outstanding (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number, period start \| shares	0
Grants in period (in shares) \| shares	74,074
Vested and Released \| shares	(37,038)
Forfeited \| shares	0
Outstanding, Number, period end \| shares	37,036
Outstanding, Weighted Average Grant Date Fair Value, period start \| $ / shares	$ 0
Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares	6.25
Vested in Period, Weighted Average Grant Date Fair Value \| $ / shares	6.25
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value \| $ / shares	0
Outstanding, Weighted Average Grant Date Fair Value, period end \| $ / shares	$ 6.25

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity We understand the importance of preventing, assessing, identifying, and managing material risks associated with cybersecurity threats. Cybersecurity processes to assess, identify and manage risks from cybersecurity threats have been incorporated as a part of our overall risk assessment process and have been embedded in our operating procedures, internal controls and information systems. We have engaged a third-party vendor to provide a variety of cybersecurity services ranging from ongoing security advisory services to cybersecurity monitoring and response management. We use a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. For third parties that we rely upon for certain IT systems, we seek to use only reputable providers, to use the most recently reliable versions of such systems, and monitor and address alerts for potential vulnerabilities to any such systems. We do not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected us, including our business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cybersecurity processes to assess, identify and manage risks from cybersecurity threats have been incorporated as a part of our overall risk assessment process and have been embedded in our operating procedures, internal controls and information systems.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Our Chief Executive Officer is responsible for assessing and managing cybersecurity risks, responding to any cybersecurity incidents and reporting any such incidents to our Board of Directors, and periodically briefs our Board of Directors on our cybersecurity and information security posture and on any cybersecurity incidents deemed to have a moderate or higher business impact. In the event of a material cybersecurity incident, our cybersecurity consultant has extensive information technology and program management experience. We believe that we have implemented a governance structure and processes that are equipped to assess, identify, manage and report cybersecurity risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Our Chief Executive Officer is responsible for assessing and managing cybersecurity risks, responding to any cybersecurity incidents and reporting any such incidents to our Board of Directors, and periodically briefs our Board of Directors on our cybersecurity and information security posture and on any cybersecurity incidents deemed to have a moderate or higher business impact.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	In the event of a material cybersecurity incident, our cybersecurity consultant has extensive information technology and program management experience. We believe that we have implemented a governance structure and processes that are equipped to assess, identify, manage and report cybersecurity risks.
Cybersecurity Risk Role of Management [Text Block]	Our Board of Directors oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Our Chief Executive Officer is responsible for assessing and managing cybersecurity risks, responding to any cybersecurity incidents and reporting any such incidents to our Board of Directors, and periodically briefs our Board of Directors on our cybersecurity and information security posture and on any cybersecurity incidents deemed to have a moderate or higher business impact.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Executive Officer is responsible for assessing and managing cybersecurity risks, responding to any cybersecurity incidents and reporting any such incidents to our Board of Directors, and periodically briefs our Board of Directors on our cybersecurity and information security posture and on any cybersecurity incidents deemed to have a moderate or higher business impact.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	our cybersecurity consultant has extensive information technology and program management experience
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In the event of a material cybersecurity incident, our cybersecurity consultant has extensive information technology and program management experience. We believe that we have implemented a governance structure and processes that are equipped to assess, identify, manage and report cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Organization and Business (Details)		12 Months Ended
Organization and Business (Details)	Feb. 09, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Substantial Doubt about Going Concern, Management's Evaluation		Management has projected that based on our recurring losses, negative cash flows from operating activities, and our hashing rate at December 31, 2025, cash on hand may not be sufficient to allow the Company to continue operations
Substantial Doubt about Going Concern, Management's Plans, Substantial Doubt Not Alleviated		In an effort to mitigate these risks we are taking steps to lower our cost of mining and also refresh our mining fleet to increase our mining efficiency.
Subsequent Event
Subsequent Event [Line Items]
Reverse stock split ratio	0.10

Income Taxes (Details) $ in Millions	12 Months Ended
Income Taxes (Details) $ in Millions	Dec. 31, 2025 USD ($)
UNITED STATES
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 183.5
Canada Revenue Agency [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 260.8
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2031
Capital loss carryforwards	$ 37.8
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 16.3

Certain Balance Sheet Items (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Other Current Assets [Table Text Block]

The following table summarizes other current assets (in thousands):


	December 31,
	2025		2024
Bitcoin mining hosting deposit	$	870	$	2,490
Prepaid insurance	364		547
Prepaid mining hosting services	259		100
Prepaid services	137		270
Other	77		31
Other current assets	$	1,707	$	3,438

Property, Plant and Equipment [Table Text Block]

The following table summarizes property and equipment, net (in thousands):


	December 31,
	2025		2024
Mining equipment	$	24,019	$	27,214
Infrastructure	1,516		—
Construction in progress	—		1,750
Total	25,535		28,964
Accumulated depreciation	(10,927)		(6,997)


Property and equipment, net	$	14,608	$	21,967

Schedule of Other Assets, Noncurrent [Table Text Block]

The following table summarizes other non-current assets (in thousands):


	December 31,
	2025		2024
Utilities Deposit	$	225	$	—
Prepaid mining hosting services	—		308
Prepaid services	—		68
Other	—		3
Other non-current assets	$	225	$	379