0001591956-26-000011 | 10-Q | XBRL Viewer

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Organization and Business	3 Months Ended
Organization and Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	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 infrastructure, and partnering with experienced service providers. 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 (the “Arrangement Agreement”). Under the terms of 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. The Arrangement Agreement is currently expected to close in the second quarter of 2026. 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 (“Nasdaq”) 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 March 31, 2026, cash on hand may not be sufficient to allow the Company to continue operations and there is substantial doubt about our ability to continue as a going concern within 12 months from the date of issuance of our 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 have refreshed 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 Nasdaq and/or we do not maintain our listing with Nasdaq it could have a material adverse impact on our ability to access the level of funding necessary to continue operations at current levels. These factors, among others, should they occur may result in our inability to continue as a going concern within 12 months from the date of issuance of our 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.

Share Capital (Details) - $ / shares	3 Months Ended
Share Capital (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Equity [Abstract]
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited
Common shares, no par value	$ 0	$ 0

Summary of Significant Accounting Policies - Intangible Assets (Details)	Mar. 31, 2026
Supplier agreements
Finite-Lived Intangible Assets [Line Items]
Useful life, finite-lived intangible assets	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.

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income (loss)	$ (4,106)	$ (8,785)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	1,145	1,606
Change in fair value of Bitcoin	606	228
Share-based compensation	325	71
Loss on disposal of property and equipment	241	808
Unrealized loss on investment in equity securities	0	3,650
Change in fair value of warrant liabilities	0	(28)
Changes in operating assets and liabilities:
Mining of Bitcoin	(1,916)	(2,817)
Accounts payable and accrued liabilities	26	496
Accrued payroll and employee compensation	5	(1,100)
Other assets and liabilities, net	(44)	1,793
Net cash used in operating activities	(3,718)	(4,078)
Investing activities:
Proceeds from sale of Bitcoin	2,788	2,110
Payments for purchase of property and equipment	0	(1,025)
Proceeds from sale of property and equipment	0	247
Net cash provided by investing activities	2,788	1,332
Financing Activities [Abstract]
Proceeds from issuance of common shares, net	419	108
Payments of Stock Issuance Costs	(51)	0
Net cash provided by financing activities	368	108
Net (decrease) increase in cash, cash equivalents and restricted cash	(562)	(2,638)
Cash and cash equivalents, beginning of period	3,707	5,425
Cash and cash equivalents, end of period	3,145	2,787
Supplemental disclosures of non-cash investing activities:
Property and equipment exchanged for new mining equipment	1,165	0
Issuance of common shares for settlement of liabilities	61	0
Amount accrued for purchases of property and equipment	0	357
Other Significant Noncash Transaction, Value of Consideration Given	$ 0	$ 69

Equity Incentive Plan option misc (Details) $ in Thousands	3 Months Ended
Equity Incentive Plan option misc (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Share-Based Payment Arrangement [Abstract]
Option awards maximum term	10 years
Dividends	$ 0

Equity Incentive Plan

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

Stock Options

The fair value of option awards are estimated on the date of grant using the Black-Scholes 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 10 years. There were no options granted for the three months ended March 31, 2026 and 2025.

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)
Options outstanding — January 1, 2026	56,586	$	36.18

Exercised	—	$	—
Forfeited	(8,035)	$	126.00
Options outstanding — March 31, 2026	48,551	$	21.31	3.9	$	—
Vested and expected to vest — March 31, 2026	48,551	$	21.31	3.9	$	—
Exercisable — March 31, 2026	33,601	$	27.27	3.4	$	—

Restricted Stock Units

The following table summarizes RSU activity:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding — January 1, 2026	179,165	$	6.23
Granted	472,222	$	1.38
Vested and released	(34,608)	$	5.94
Forfeited	—	$	—
Outstanding — March 31, 2026	616,779	$	2.53
Vested and unreleased — March 31, 2026	8,985	$	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 12 months to three years from the original date of grant. The total grant date fair value of RSUs vested during the three months ended March 31, 2026 and 2025 was approximately $0.2 million and $0.4 million, respectively. The fair value of RSUs vested during the three months ended March 31, 2026 and 2025 was approximately $51,000 and $0.2 million, respectively.

Restricted Stock Units with a Performance Condition

In July 2025, the Company entered into a financial advisory agreement and issued to non-employees RSU grants with a performance condition, of which 50% of the RSUs were vested on the date of grant and the common shares issued. The remaining outstanding will vest upon achievement of a specific performance condition and expire 12 months from the date of grant. See Note 12 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, 2026	37,036	$	6.25

Vested	—	$	—
Forfeited	—	$	—
Outstanding — March 31, 2026	37,036	$	6.25

Restricted Stock Awards

During the three months ended March 31, 2026, there were 45,532 fully vested RSAs granted in lieu of cash payment for services performed. The fair value of the RSAs granted of approximately $0.1 million was based on the closing price of the Company’s common shares on the date of grant. There were no RSAs granted during the three months ended March 31, 2025.

Share-Based Compensation Expense

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


	Three Months Ended March 31,
	2026		2025
Total share-based compensation expense - general and administrative	$	325	$	71

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):


	March 31, 2026
	Unrecognized Expense		Remaining Weighted-Average Recognition Period (years)
RSUs	$	1,231	1.0

Stock options	$	17	0.2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Common Shares, Amount [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]
Common shares, beginning balance (in shares) at Dec. 31, 2024		2,545,342
Beginning balance, shareholders' equity at Dec. 31, 2024	$ 39,315		$ 497,957	$ (1,821)	$ (456,821)
Issuance of common shares (in shares)	21,045	21,045
Stock Issued During Period, Value, New Issues	$ 108		108
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture		751
Shares Issued, Warrants Exercised		50,700
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	71		71
Other Comprehensive Income (Loss), Net of Tax	(3)			(3)
Net income (loss)	(8,785)				(8,785)
Common shares, ending balance (in shares) at Mar. 31, 2025		2,617,838
Ending balance, shareholders' equity at Mar. 31, 2025	$ 30,706		498,136	(1,824)	(465,606)
Common shares, beginning balance (in shares) at Dec. 31, 2025	3,392,541	3,392,541
Beginning balance, shareholders' equity at Dec. 31, 2025	$ 23,300		503,414	(1,811)	(478,303)
Stock Issued During Period, Shares, Stock Splits	38,263
Issuance of common shares (in shares)	256,142	256,142
Stock Issued During Period, Value, New Issues	$ 415		415
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture		34,608
Issuance of common shares for the settlement of liabilities (in shares)	45,532	45,532
Stock Issued During Period, Value, Issued for Services	$ 61		61
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	325		325
Other Comprehensive Income (Loss), Net of Tax	0
Net income (loss)	$ (4,106)				(4,106)
Common shares, ending balance (in shares) at Mar. 31, 2026	3,767,086	3,767,086
Ending balance, shareholders' equity at Mar. 31, 2026	$ 19,995		$ 504,215	$ (1,811)	$ (482,409)

Summary of Significant Accounting Policies - Segments (Details)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Number of operating Segments	1

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


	March 31, 2026		December 31, 2025
Supplier agreements	$	37,525	$	37,525




Accumulated amortization	(36,287)		(35,915)



Intangible assets, net	$	1,238	$	1,610

Advisory Agreement (Details) - Second Gate - USD ($)		3 Months Ended
Advisory Agreement (Details) - Second Gate - USD ($)	Jul. 03, 2025	Mar. 31, 2026
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		$ 100,000

Equity Incentive Plan RSUs w Performance (Details) - Restricted Stock Awards	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding - beginning of period (in shares) \| shares	37,036
RSUs Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Outstanding - end of period (in shares) \| shares	37,036
Weighted average grant date fair value, outstanding - beginning of period (in USD per share) \| $ / shares	$ 6.25
Weighted average grant date fair value, vested (in USD per share) \| $ / shares	0
Weighted average grant date fair value, forfeited (in USD per share) \| $ / shares	0
Weighted average grant date fair value, outstanding - end of period (in USD per share) \| $ / shares	$ 6.25

- 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

Organization and Business - Going Concern (Details)	3 Months Ended
Organization and Business - Going Concern (Details)	Mar. 31, 2026
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 March 31, 2026, 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 have refreshed our mining fleet to increase our mining efficiency.

Notes Receivable	3 Months Ended
Notes Receivable	Mar. 31, 2026
Receivables [Abstract]
Notes Receivable	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”). 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. 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. 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”). Such payment was not received by the Settlement Date, and based on the settlement agreement, the amount increases 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.

Certain Balance Sheet Items

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Certain Balance Sheet Items

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


	March 31, 2026		December 31, 2025
Bitcoin mining hosting deposits	$	1,025	$	870
Prepaid insurance	320		364
Prepaid mining hosting services	167		259
Prepaid services	144		137
Other	138		77
Other current assets	$	1,794	$	1,707

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


	March 31, 2026		December 31, 2025
Mining equipment	$	14,418	$	24,019
Infrastructure	1,516		1,516

Total	15,934		25,535
Accumulated depreciation	(2,382)		(10,927)
Property and equipment, net	$	13,552	$	14,608

Depreciation expense for property and equipment was $0.8 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively.

Mining Equipment

In February 2026, the Company completed the sale of older generation mining equipment not in service for proceeds of $1.2 million, which was applied to the purchase of new mining equipment.

Certain Balance Sheet Items - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 15,934	$ 25,535
Accumulated depreciation	2,382	10,927
Property and equipment, net	13,552	14,608
Mining Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	14,418	24,019
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,516	$ 1,516

Notes Receivable - Rainmaker Note Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Jan. 14, 2025
Receivables [Abstract]
Promissory note receivable			$ 4,600
Note receivable due date	Feb. 27, 2026	Jan. 14, 2026
Gain (Loss) on Contract Termination	$ 500
Monthly late fee	$ 50
Note receivable fully reserved	All amounts related to the Rainmaker Note have been fully reserved

Net Income (Loss) per Share - Net Loss Per Share AntiDilutive (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
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	891,899
Options and awards outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	702,366	140,389
Preferred shares issued and outstanding
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

Share Capital (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Warrants

At March 31, 2026, the following table summarizes outstanding warrants to purchase common shares:


Date issued	Contractual life (years)	Exercise price	Number outstanding	Expiration
September 2021	5	$665.00	142,955	September 8, 2026
February 2022	5	$280.00	1,429	February 7, 2027
February 2022	5	$350.00	1,429	February 7, 2027
February 2022	5	$420.00	1,429	February 7, 2027
April 2023	3	$13.42	7,356	April 17, 2026
August 2023	3	$27.50	80,000	August 11, 2026
August 2023	3	$27.50	216,293	August 23, 2026
October 2025	5	$9.40	873,643	January 15, 2031
			1,324,534

Certain Balance Sheet Items - FA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation	$ 800	$ 1,200
Proceeds from sale of property and equipment	0	$ 247
Mining Equipment
Property, Plant and Equipment [Line Items]
Proceeds from sale of property and equipment	$ 1,200

Certain Balance Sheet Items (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Other Current Assets

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


	March 31, 2026		December 31, 2025
Bitcoin mining hosting deposits	$	1,025	$	870
Prepaid insurance	320		364
Prepaid mining hosting services	167		259
Prepaid services	144		137
Other	138		77
Other current assets	$	1,794	$	1,707

Schedule of Property and Equipment

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


	March 31, 2026		December 31, 2025
Mining equipment	$	14,418	$	24,019
Infrastructure	1,516		1,516

Total	15,934		25,535
Accumulated depreciation	(2,382)		(10,927)
Property and equipment, net	$	13,552	$	14,608

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The condensed 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. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for a complete set of financial statements. These condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 27, 2026. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year. These condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been appropriately eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the condensed 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 condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Foreign Currency Translation	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 condensed consolidated statements of operations.
Cash Equivalents	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.
Bitcoin	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	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	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	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 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 as liabilities are accounted for at fair value, subject to fair value remeasurement at each balance sheet date with changes in fair value recognized in other income, net. The classification of warrants 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 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.
Comprehensive Income (Loss)	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	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. Revenue is concentrated with one mining pool operator, Foundry Digital LLC, and all Bitcoin resided with one custodian. 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 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.
Segment Reporting	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.
Recently Issued and Adopted Accounting Pronouncements and Accounting Pronouncements Pending Adoption	Recently Issued 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.

Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Option, Activity

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)
Options outstanding — January 1, 2026	56,586	$	36.18

Exercised	—	$	—
Forfeited	(8,035)	$	126.00
Options outstanding — March 31, 2026	48,551	$	21.31	3.9	$	—
Vested and expected to vest — March 31, 2026	48,551	$	21.31	3.9	$	—
Exercisable — March 31, 2026	33,601	$	27.27	3.4	$	—

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes RSU activity:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding — January 1, 2026	179,165	$	6.23
Granted	472,222	$	1.38
Vested and released	(34,608)	$	5.94
Forfeited	—	$	—
Outstanding — March 31, 2026	616,779	$	2.53
Vested and unreleased — March 31, 2026	8,985	$	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, 2026	37,036	$	6.25

Vested	—	$	—
Forfeited	—	$	—
Outstanding — March 31, 2026	37,036	$	6.25

Share-based Payment Arrangement, Expensed and Capitalized, Amount

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


	Three Months Ended March 31,
	2026		2025
Total share-based compensation expense - general and administrative	$	325	$	71

Share-based Payment Arrangement, Nonvested Award, Cost


	March 31, 2026
	Unrecognized Expense		Remaining Weighted-Average Recognition Period (years)
RSUs	$	1,231	1.0

Stock options	$	17	0.2

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Bitcoin mining revenue	$ 1,916	$ 2,817
Operating Costs and Expenses:
Cost of Revenue (exclusive of depreciation and amortization shown below)	1,603	2,194
General and administrative	2,451	3,169
Depreciation and amortization	1,145	1,606
Loss on disposal of property and equipment	241	808
Change in fair value of Bitcoin	606	228
Costs and Expenses, Total	6,046	8,005
Loss from operations	(4,130)	(5,188)
Other income (expense):
Investment loss	0	(3,650)
Other (expense) income, net	25	53
Net loss before taxes	(4,105)	(8,785)
Provision for income taxes	1	0
Net loss	$ (4,106)	$ (8,785)
Net income (loss) per share:
Net income (loss) per share, basic and diluted (in USD per share)	$ (1.18)	$ (3.23)
Weighted Average Number of Shares Outstanding, Diluted
Basic and diluted (in shares)	3,480,663	2,721,044

Share Capital

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Share Capital

At-the-Market Offering Program

On January 3, 2025, the Company entered into a sales agreement (the “ATM Agreement”) with A.G.P./Alliance Global Partners (the “Sales Agent”). In accordance with the terms of the ATM 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 ATM 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 ATM Agreement. Subject to the terms and conditions of the ATM 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 three months ended March 31, 2026 and 2025, under the ATM Agreement the Company issued 256,142 and 21,045 common shares, respectively, for $0.4 million and $0.1 million of net proceeds, respectively.

Unlimited authorized shares of common shares at no par value are available to the Company. At March 31, 2026, the following table summarizes outstanding warrants to purchase common shares:


Date issued	Contractual life (years)	Exercise price	Number outstanding	Expiration
September 2021	5	$665.00	142,955	September 8, 2026
February 2022	5	$280.00	1,429	February 7, 2027
February 2022	5	$350.00	1,429	February 7, 2027
February 2022	5	$420.00	1,429	February 7, 2027
April 2023	3	$13.42	7,356	April 17, 2026
August 2023	3	$27.50	80,000	August 11, 2026
August 2023	3	$27.50	216,293	August 23, 2026
October 2025	5	$9.40	873,643	January 15, 2031
			1,324,534

- Definition

The entire disclosure for equity.

+ References

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+ Details

Preferred Shares	3 Months Ended
Preferred Shares	Mar. 31, 2026
Class of Stock Disclosures [Abstract]
Preferred Stock	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 Nasdaq, 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.

Management Service Agreement (Details) - Simple Mining - USD ($)		3 Months Ended
	Mar. 10, 2025	Mar. 31, 2026	Mar. 31, 2025
Other Commitments [Line Items]
Service Agreement, Term of Contract	12 months
Other Commitments, Renewal Term	12 months
Other Commitments, Renewal Term Notice Period	30 days
Management service fee		$ 44,000	$ 12,000

RSUs w Performance Details (Details)	3 Months Ended
RSUs w Performance Details (Details)	Mar. 31, 2026
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units and Stock Options Vesting Period	12 months

- 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

Preferred Shares - H Shares (Details) - Series H Preferred Stock	Mar. 31, 2026	Oct. 01, 2021 $ / shares
Class of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	14.286
Common Stock, Convertible, Percentage of Outstanding Stock Maximum	9.99%
Preferred stock, redemption price (in USD per share)		$ 1,000

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

Equity Incentive Plan-RSU details (Details) - Restricted Stock Units (RSUs) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
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	$ 200,000	$ 400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 51,000	$ 200,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units and Stock Options Vesting Period	12 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units and Stock Options 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

Bitcoin - Narrative Table (Details)	3 Months Ended
Bitcoin - Narrative Table (Details)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Bitcoin, Realized Loss, Operating	$ 1,000,000.0	$ 100,000
Other digital assets	0		0

Equity Incentive Plan - Summary of Restricted Stock Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Stock Options
Outstanding - beginning of period (in shares) \| shares	179,165
Grants (in shares) \| shares	472,222
RSUs Vested (in shares) \| shares	34,608
Forfeited (in shares) \| shares	0
Outstanding - end of period (in shares) \| shares	616,779
Vested and unreleased — March 31, 2026 \| shares	8,985
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, outstanding - beginning of period (in USD per share) \| $ / shares	$ 6.23
Weighted average grant date fair value, granted (in USD per share) \| $ / shares	1.38
Weighted average grant date fair value, vested (in USD per share) \| $ / shares	5.94
Weighted average grant date fair value, forfeited (in USD per share) \| $ / shares	0
Weighted average grant date fair value, outstanding - end of period (in USD per share) \| $ / shares	2.53
RSUs Vested and Unreleased in Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 9.30

Bitcoin

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Bitcoin

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


Balance at January 1, 2026	$	3,263
Revenue recognized from Bitcoin mined	1,916
Proceeds from sale of Bitcoin	(2,788)

Change in fair value of Bitcoin	(606)
Balance at March 31, 2026	$	1,785

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


	March 31, 2026		December 31, 2025
Number of Bitcoin held	26.2		37.3
Carrying basis of Bitcoin	$	1,990	$	3,835

For the three months ended March 31, 2026 and 2025, the Company had a realized loss on the sale of Bitcoin of $1.0 million and $0.1 million, respectively.

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 March 31, 2026 and December 31, 2025, the Company held no other cryptocurrency.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to March 31, 2026, the Company granted 86,871 fully vested RSAs with a fair value of approximately $0.1 million based on the closing price of the Company’s common shares on the date of grant. At-the-Market Offering Program Subsequent to March 31, 2026, under the ATM Agreement the Company issued 389,865 common shares for $0.6 million of net proceeds.

Business Combination (Details) - Cathedra $ in Thousands	3 Months Ended
Business Combination (Details) - Cathedra $ in Thousands	Mar. 31, 2026 USD ($)
Business Combination [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 (the “Arrangement Agreement”).
Business combination contingent termination fee	$ 500

- 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
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+ Details

Commitments and Contingencies - Letters of Credit (Details)	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Number of letters of credit outstanding	0

Net Income (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	Three Months Ended March 31,
	2026	2025
Common share purchase warrants	1,324,534	891,899
Options and RSUs outstanding	702,366	140,389
Preferred shares	2,300	2,300

Concentration Risk (Details)	3 Months Ended
Concentration Risk (Details)	Mar. 31, 2026
Accounting Policies [Abstract]
Number of mining pool operators	1
Number of Bitcoin Custodians	1

Bitcoin (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Activities of Bitcoin

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


Balance at January 1, 2026	$	3,263
Revenue recognized from Bitcoin mined	1,916
Proceeds from sale of Bitcoin	(2,788)

Change in fair value of Bitcoin	(606)
Balance at March 31, 2026	$	1,785

Summary of Bitcoin Holdings

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


	March 31, 2026		December 31, 2025
Number of Bitcoin held	26.2		37.3
Carrying basis of Bitcoin	$	1,990	$	3,835

Certain Balance Sheet Items - Other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Bitcoin mining hosting deposits	$ 1,025	$ 870
Prepaid insurance	320	364
Prepaid digital hosting services	167	259
Prepaid services	144	137
Other	138	77
Other Assets, Current	$ 1,794	$ 1,707

Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

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


	March 31, 2026		December 31, 2025
Supplier agreements	$	37,525	$	37,525




Accumulated amortization	(36,287)		(35,915)



Intangible assets, net	$	1,238	$	1,610

Amortization expense for intangible assets was $0.4 million for both the three months ended March 31, 2026 and 2025.

Estimated amortization expense for intangible assets is approximately $1.1 million for the remainder of 2026 and $0.1 million in fiscal year 2027.

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Disclosures

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, Bitcoin, accounts payable, and accrued 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 the assets that are measured at fair value on a recurring basis (in thousands):


	March 31, 2026
	Fair Value		Level 1		Level 2		Level 3

Assets:

Bitcoin	$	1,785	$	1,785	$	—	$	—


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

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). For the three months ended March 31, 2026 and 2025, there were no impairments recognized.

- 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
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-Name Accounting Standards Codification
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+ Details

Equity Incentive Plan - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Stock Options
Beginning, options outstanding (in shares) \| shares	56,586
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	(8,035)
Ending, options outstanding (in shares) \| shares	48,551
Vested and expected to vest (in shares) \| shares	48,551
Exercisable (in shares) \| shares	33,601
Weighted- Average Exercise Price
Beginning, outstanding (in USD per share) \| $ / shares	$ 36.18
Exercised (in USD per share) \| $ / shares	0
Forfeited (in USD per share) \| $ / shares	126.00
Ending, outstanding (in USD per share) \| $ / shares	21.31
Vested and expected to vest (in USD per share) \| $ / shares	21.31
Exercisable (in USD per share) \| $ / shares	$ 27.27
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Outstanding (in years)	3 years 10 months 24 days
Vested and expected to vest (in years)	3 years 10 months 24 days
Exercisable (in years)	3 years 4 months 24 days
Aggregate intrinsic value, outstanding \| $	$ 0
Aggregate intrinsic value, vested and expected to vest \| $	0
Aggregate intrinsic value, exercisable \| $	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash and cash equivalents	$ 3,145	$ 3,707
Bitcoin	1,785	3,263
Other current assets	1,794	1,707
Total current assets	6,724	8,677
Property and equipment, net	13,552	14,608
Total intangible assets, net	1,238	1,610
Other assets	225	225
Total assets	21,739	25,120
Accounts payable	197	427
Accrued liabilities	693	544
Accrued payroll and employee compensation	836	831
Total current liabilities	1,726	1,802
Commitments and contingencies (Note 12)
Series H preferred shares, no par value, unlimited shares authorized, 161 shares issued and outstanding as of March 31, 2026 and December 31, 2025	18	18
Common shares, no par value; unlimited shares authorized, 3,767,086 and 3,392,541 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	504,215	503,414
Accumulated other comprehensive loss	(1,811)	(1,811)
Accumulated deficit	(482,409)	(478,303)
Total shareholders’ equity	19,995	23,300
Total liabilities, temporary equity, and shareholders’ equity	$ 21,739	$ 25,120

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Fair Value Disclosures [Abstract]
Impairment of property and equipment	$ 0.0	$ 0.0

Bitcoin - Activities of Bitcoin (Details) $ in Thousands	3 Months Ended
Bitcoin - Activities of Bitcoin (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Bitcoin, Fair Value, Beginning Balance	$ 3,263
Revenue recognized from Bitcoin mining	1,916
Proceeds from sale of Bitcoin	(2,788)
Change in fair value of Bitcoin	(606)
Bitcoin, Fair Value, Ending Balance	$ 1,785

Equity Incentive Plan - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Total share-based compensation expense	$ 325	$ 71

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation The condensed 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. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for a complete set of financial statements. These condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 27, 2026. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year. These condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been appropriately eliminated in consolidation. Use of Estimates The preparation of the condensed 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 condensed consolidated 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 condensed consolidated statements of operations. Such transactions resulted in minimal gains or losses for the three months ended March 31, 2026 and 2025. 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. 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 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 as liabilities are accounted for at fair value, subject to fair value remeasurement at each balance sheet date with changes in fair value recognized in other income, net. The classification of warrants 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. 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. Revenue is concentrated with one mining pool operator, Foundry Digital LLC, and all Bitcoin resided with one custodian. 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. 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. Recently Issued 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.

Fair Value Measures and Disclosures (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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

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


	March 31, 2026
	Fair Value		Level 1		Level 2		Level 3

Assets:

Bitcoin	$	1,785	$	1,785	$	—	$	—


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

Fair Value Measurements - Fair Value of Financial Instruments on a Recurring Basis (Details) - Bitcoin - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Bitcoin	$ 1,785	$ 3,263
Fair Value, Inputs, Level 1
Assets:
Bitcoin	1,785	3,263
Fair Value, Inputs, Level 2
Assets:
Bitcoin	0	0
Fair Value, Inputs, Level 3
Assets:
Bitcoin	$ 0	$ 0

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Temporary Equity, Par or Stated Value Per Share	$ 0	$ 0
Temporary Equity, Shares Issued	161	161
Temporary Equity, Shares Outstanding	161	161
Common shares, no par value	$ 0	$ 0
Common shares, issued (in shares)	3,767,086	3,392,541
Common shares, outstanding (in shares)	3,767,086	3,392,541

Intangible Assets - Amortization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 0.4	$ 0.4
Amortization expense, remainder of fiscal year	1.1
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)
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-Topic 230
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-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

ATM (Details) - USD ($) $ in Thousands		3 Months Ended
ATM (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Mar. 31, 2026	Mar. 31, 2025
Equity [Abstract]
Share sales agreement At-The-Market	$ 8,000
Issuance of common shares (in shares)		256,142	21,045
Stock Issued During Period, Value, New Issues		$ 415	$ 108

- 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

Equity Incentive Plan - Unrecognized Compensation Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 1,231
Remaining Weighted-Average Recognition Period (years)	1 year
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 17
Remaining Weighted-Average Recognition Period (years)	2 months 12 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

+ Details

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	May 13, 2026	May 08, 2026	Mar. 31, 2026	Mar. 31, 2025
Subsequent Event [Line Items]
Issuance of common shares for the settlement of liabilities (in shares)			45,532
RSA-Liabilities Paid			$ 100	$ 0
Issuance of common shares (in shares)			256,142	21,045
Stock Issued During Period, Value, New Issues			$ 415	$ 108
Subsequent Event
Subsequent Event [Line Items]
Issuance of common shares for the settlement of liabilities (in shares)	86,871
RSA-Liabilities Paid	$ 100
Issuance of common shares (in shares)		389,865
Stock Issued During Period, Value, New Issues		$ 600

- 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

Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, net	$ 1,238	$ 1,610
Supplier agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	37,525	37,525
Finite-lived intangible assets, accumulated amortization	$ (36,287)	$ (35,915)

- 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

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (4,106)	$ (8,785)
Other comprehensive income (loss):
Foreign currency translation adjustment	0	(3)
Other Comprehensive Income (Loss), Net of Tax	0	(3)
Comprehensive income (loss)	$ (4,106)	$ (8,788)

- 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

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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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-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Organization and Business (Details)	3 Months Ended
Organization and Business (Details)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.10

Bitcoin (Details) $ in Thousands	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Bitcoin	26.2	37.3
Bitcoin, Cost	$ 1,990	$ 3,835

RSA (Details) - USD ($) $ in Millions	3 Months Ended
RSA (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Issuance of common shares for the settlement of liabilities (in shares)	45,532
RSA-Liabilities Paid	$ 0.1	$ 0.0

Share Capital - Warrants Outstanding (Details)	3 Months Ended
Share Capital - Warrants Outstanding (Details)	Mar. 31, 2026 $ / shares shares
September 8, 2021
Class of Warrant or Right [Line Items]
Contractual life (years)	5 years
Exercise price \| $ / shares	$ 665.00
Number outstanding, warrants, (in shares)	142,955
Expiration	Sep. 08, 2026
February 7, 2022 A
Class of Warrant or Right [Line Items]
Contractual life (years)	5 years
Exercise price \| $ / shares	$ 280.00
Number outstanding, warrants, (in shares)	1,429
Expiration	Feb. 07, 2027
February 7 2022 B
Class of Warrant or Right [Line Items]
Contractual life (years)	5 years
Exercise price \| $ / shares	$ 350.00
Number outstanding, warrants, (in shares)	1,429
Expiration	Feb. 07, 2027
February 7 2022 C
Class of Warrant or Right [Line Items]
Contractual life (years)	5 years
Exercise price \| $ / shares	$ 420.00
Number outstanding, warrants, (in shares)	1,429
Expiration	Feb. 07, 2027
April 17, 2023
Class of Warrant or Right [Line Items]
Contractual life (years)	3 years
Exercise price \| $ / shares	$ 13.42
Number outstanding, warrants, (in shares)	7,356
Expiration	Apr. 17, 2026
August 11, 2023
Class of Warrant or Right [Line Items]
Contractual life (years)	3 years
Exercise price \| $ / shares	$ 27.50
Number outstanding, warrants, (in shares)	80,000
Expiration	Aug. 11, 2026
August 23, 2023
Class of Warrant or Right [Line Items]
Contractual life (years)	3 years
Exercise price \| $ / shares	$ 27.50
Number outstanding, warrants, (in shares)	216,293
Expiration	Aug. 23, 2026
November 21, 2024 reissued
Class of Warrant or Right [Line Items]
Contractual life (years)	5 years
Exercise price \| $ / shares	$ 9.40
Number outstanding, warrants, (in shares)	873,643
Expiration	Jan. 15, 2031
Warrant
Class of Warrant or Right [Line Items]
Number outstanding, warrants, (in shares)	1,324,534

Commitments and Contingencies - Services Agreement (Details) - USD ($) $ in Thousands					3 Months Ended
	Nov. 22, 2025	Mar. 10, 2025	Jan. 16, 2025	Oct. 18, 2023	Mar. 31, 2026	Sep. 30, 2025	Mar. 31, 2025
North Campbell HostCo LLC
Other Commitments [Line Items]
Service Agreement, Term of Contract					12 months
Hosting Arrangement, Deposit Paid					$ 400
Hosting service expense					900
Simple Mining
Other Commitments [Line Items]
Service Agreement, Term of Contract		12 months
Hosting service expense					0		$ 1,500
Hosting agreement termination date	Nov. 22, 2025
Joshi Hosting
Other Commitments [Line Items]
Service Agreement, Term of Contract				3 years
Service Agreement, Renewal Period				1 year
Service Agreement, Renewal Term				30 days
Hosting Arrangement, Deposit Paid				$ 300
Hosting Arrangement, Payment of Service Fee Period				2 months
Hosting service expense					100		400
Rebel Mining Company
Other Commitments [Line Items]
Hosting service expense					$ 0		$ 100
Payments for Legal Settlements			$ 2,400
Hosting agreement termination date			Jan. 16, 2025
Other Asset Impairment Charges						$ 300

Net Income (Loss) per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income (Loss) per Share

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. Common share purchase warrants, options and RSUs outstanding, and preferred shares 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.

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


	Three Months Ended March 31,
	2026	2025
Common share purchase warrants	1,324,534	891,899
Options and RSUs outstanding	702,366	140,389
Preferred shares	2,300	2,300

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. A deposit of $0.4 million has been made based on the Campbell Hosting Agreement. For the three months ended March 31, 2026, the Company incurred costs under the Campbell Hosting Agreement of $0.9 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 (the “Simple Mining Hosting Agreement”), as amended. Effective November 22, 2025, the Simple Mining Hosting Agreement was mutually terminated. For the three months ended March 31, 2026 and 2025, the Company incurred costs under the Simple Mining Hosting Agreement of nil and $1.5 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. Effective January 2, 2026, the Joshi Hosting Agreement was assigned to Evolution Technology LLC. 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. For the three months ended March 31, 2026 and 2025, the Company incurred costs under the Joshi Hosting Agreement of $0.1 million and $0.4 million, respectively. 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. 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. During the third quarter ended September 30, 2025, the Company recorded a $0.3 million impairment for the remaining outstanding portion of the settlement that is in default. For the three months ended March 31, 2026 and 2025, the Company incurred costs under the Rebel Hosting agreements of nil and $0.1 million, respectively. Management Agreement In March 2025, the Company entered into a management services agreement with Simple Mining to manage its self-owned 8 megawatt facility in Iowa (“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 three months ended March 31, 2026 and 2025, management services fees paid to Simple Mining were approximately $44,000 and $12,000, respectively. Financial Advisory Agreement In July 2025, the Company entered into a financial advisory and consulting agreement for a term of 12 months, with automatic one month 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 three months ended March 31, 2026, fees paid under the financial and advisory agreement were approximately $0.1 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 March 31, 2026, 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.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 08, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-36532
Entity Registrant Name	Sphere 3D Corp.
Entity Incorporation, State or Country Code	A6
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	98-1220792
Entity Address, Address Line One	243 Tresser Blvd, 17th Floor
Entity Address, City or Town	Stamford
Entity Incorporation, State or Country Code	CT
Entity Address, Postal Zip Code	06901
City Area Code	647
Local Phone Number	952-5049
Title of 12(b) Security	Common Shares
Trading Symbol	ANY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,243,822
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001591956

Summary of Significant Accounting Policies - PPE (Details)	Mar. 31, 2026
Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	10 years
Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	3 years