Sphere 3d Corp. (Any): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide de l'informatique et de la virtualisation du cloud, Sphere 3D Corp. apparaît comme une force transformatrice, offrant des solutions de cloud hybrides innovantes qui redéfinissent l'infrastructure technologique d'entreprise. Leur toile de modèle commercial méticuleusement conçu révèle une approche stratégique qui intègre de manière transparente les technologies de virtualisation de pointe, les services cloud flexibles et les partenariats robustes pour offrir une valeur inégalée aux clients d'entreprise à la recherche d'une transformation numérique évolutive et rentable. En pontant les capacités technologiques complexes avec des solutions commerciales pragmatiques, Sphere 3D Corp. se positionne comme un catalyseur critique des écosystèmes informatiques modernes dans diverses industries.

Sphere 3d Corp. (Any) - Modèle commercial: partenariats clés

Alliance stratégique avec les fournisseurs de services cloud GPU

Au quatrième trimestre 2023, Sphere 3D a établi des partenariats avec les fournisseurs de services cloud GPU suivants:

Fournisseur	Détails du partenariat	Valeur du contrat
Amazon Web Services (AWS)	Intégration des infrastructures cloud hybrides	Contrat annuel de 1,2 million de dollars
Microsoft Azure	Services de virtualisation G-Cloud	875 000 $ de partenariat annuel

Partenariat technologique avec les sociétés d'infrastructure cloud

Les partenariats d'infrastructure cloud de Sphere 3D comprennent:

• Google Cloud Platform - Solutions de virtualisation au niveau de l'entreprise
• IBM Cloud - Services de déploiement de cloud hybride
• Oracle Cloud Infrastructure - Ressources informatiques avancées

Collaboration avec les développeurs de logiciels de virtualisation

Développeur de logiciels	Focus de la collaboration	Portée de l'intégration
Vmware	Optimisation de la plate-forme de virtualisation	Solutions de gestion multi-cloud
Systèmes Citrix	Technologies de virtualisation de bureau	Infrastructure de travail à distance

Partenariats OEM pour les solutions cloud hybrides

Partenariat OEM actuel Mesures financières:

Partenaire OEM	Revenus de partenariat	Intégration technologique
Dell Technologies	2,5 millions de dollars de revenus annuels	Solutions de matériel cloud hybride
Lenovo	1,8 million de dollars de revenus annuels	Plateformes informatiques d'entreprise

Sphere 3d Corp. (Any) - Modèle d'entreprise: activités clés

Développer des technologies de virtualisation de cloud et de bureau hybrides

Au quatrième trimestre 2023, Sphere 3d Corp. a investi 2,3 millions de dollars dans le développement de la technologie du cloud hybride. La société maintient 17 brevets actifs dans les technologies de virtualisation.

Investissement technologique	Montant
Dépenses de R&D	2,3 millions de dollars
Brevets actifs	17

Fournir des services cloud et des solutions d'infrastructure gérées

Sphere 3D Corp. gère les infrastructures cloud pour 73 clients d'entreprise avec une valeur de contrat annuelle totale de 4,7 millions de dollars.

• Clients d'entreprise: 73
• Valeur du contrat annuel: 4,7 millions de dollars
• Plates-formes de gestion des infrastructures cloud: 4

Recherche et développement de plateformes de virtualisation

La société a alloué 1,9 million de dollars spécifiquement pour la recherche sur les plateformes de virtualisation en 2023, avec une équipe de 42 ingénieurs logiciels dédiés.

Paramètre R&D	Métrique
Investissement de R&D de virtualisation	1,9 million de dollars
Taille de l'équipe d'ingénierie	42 ingénieurs

Ingénierie logicielle et innovation de produit

Sphere 3d Corp. a publié 3 nouveaux produits logiciels en 2023, avec Coûts totaux de développement de produits atteindre 2,1 millions de dollars.

• Nouveaux versions de produits: 3
• Dépenses de développement de produits: 2,1 millions de dollars
• Cycle d'innovation: 4 à 6 mois par produit

Services de stockage et de gestion des données cloud

La société gère 287 téraoctets de stockage cloud à travers les infrastructures clients, avec un chiffre d'affaires mensuel de 612 000 $.

Métrique de stockage cloud	Valeur
Stockage total géré	287 téraoctets
Revenus de services mensuels	$612,000

Sphere 3d Corp. (Any) - Modèle d'entreprise: Ressources clés

Technologies logicielles de virtualisation propriétaires

Depuis le Q4 2023, Sphere 3D Corp. détient 7 brevets de technologie logicielle active liés aux solutions de virtualisation et de migration cloud.

Catégorie de brevet	Nombre de brevets	Année d'inscription
Technologies de virtualisation	4	2019-2022
Techniques de migration du cloud	3	2020-2023

Propriété intellectuelle et brevets logiciels

Investissement total de R&D pour le développement de la propriété intellectuelle en 2023: 2,3 millions de dollars.

• Valeur du portefeuille de brevets: 5,7 millions de dollars estimés
• Demandes de brevet actives: 12
• Marques de technologie des logiciels: 3

Talent d'ingénierie technique

Catégorie des employés	Total des employés	Pourcentage avec des diplômes avancés
Équipe d'ingénierie	87	62%
Développeurs de logiciels	53	48%

Infrastructure cloud et capacités de centre de données

Investissement total d'infrastructures cloud en 2023: 4,1 millions de dollars

• Capacité totale du serveur: 325 serveurs physiques
• Stockage en nuage: 2,8 pétaoctets
• Bande passante du réseau: 480 Gbps

Expertise avancée de l'informatique et de la migration en cloud

Capacité de service	Revenus annuels	Implémentations des clients
Services de migration en cloud	3,6 millions de dollars	42 clients d'entreprise
Conseil de virtualisation	1,9 million de dollars	27 clients d'entreprise

Sphere 3d Corp. (any) - Modèle d'entreprise: propositions de valeur

Solutions de cloud computing flexibles

Depuis le Q4 2023, Sphere 3D Corp. propose des solutions hybrides de cloud computing avec les mesures clés suivantes:

Métrique de la solution de cloud	Valeur
Capacité totale d'infrastructure cloud	237 pétaoctets
Garantie de disponibilité mensuelle moyenne	99.99%
Vitesse de déploiement du service cloud	48 heures

Technologies de virtualisation rentables

Technologie de virtualisation Mesures de rentabilité:

• Réduction des coûts d'infrastructure: 42% par rapport à l'informatique traditionnelle
• Ratio de consolidation du serveur: 15: 1
• Amélioration de l'efficacité énergétique: 33%

Virtualisation de bureau et d'application sans couture

Performance de virtualisation	Spécification
Prise en charge de l'infrastructure de bureau virtuelle (VDI)	Jusqu'à 10 000 utilisateurs simultanés
Vitesse de virtualisation de l'application	Temps de lancement de 0,3 seconde

Capacités améliorées de gestion des données et de stockage

Métriques de performance de la gestion des données:

• Ratio de compression des données: 3: 1
• Vitesse de sauvegarde: 500 Go par heure
• Point de récupération des données Objectif: 15 minutes

Services d'infrastructure de cloud d'entreprise évolutifs

Service cloud d'entreprise	Capacité
Nœuds de calcul évolutifs maximaux	512 nœuds
Capacité d'extension de stockage	50 PB par mois
Bande passante du réseau	100 Gbps

Sphere 3d Corp. (Any) - Modèle d'entreprise: relations avec les clients

Engagement des ventes directes avec les clients d'entreprise

Au quatrième trimestre 2023, Sphere 3D Corp. a déclaré 37 comptes clients de niveau d'entreprise avec une valeur de contrat moyenne de 214 500 $ par an.

Segment de clientèle	Nombre de comptes	Valeur du contrat moyen
Clients de l'entreprise	37	$214,500

Services techniques et de mise en œuvre

Métriques de support technique pour 2023:

• Temps de réponse moyen: 2,3 heures
• Taille de l'équipe du support client: 12 professionnels dévoués
• Taux de résolution annuelle des billets de soutien: 94,7%

Conseil de solution personnalisé

Répartition des services de conseil pour 2023:

Type de service de conseil	Projets totaux	Durée moyenne du projet
Consultation des infrastructures cloud	22	6,5 semaines
Stratégie de virtualisation	15	4,2 semaines

Portail client en ligne et ressources en libre-service

Statistiques d'utilisation du portail client pour 2023:

• Total des utilisateurs enregistrés: 1 247
• Utilisateurs actifs mensuels: 673
• Taux d'accès aux ressources en libre-service: 62%

Gestion de partenariat technologique en cours

Métriques de partenariat pour 2023:

Catégorie de partenariat	Nombre de partenariats actifs	Revenus générés
Intégrateurs technologiques	18	3,2 millions de dollars
Partenaires technologiques stratégiques	7	1,7 million de dollars

Sphere 3d Corp. (Any) - Modèle d'entreprise: canaux

Équipe de vente directe d'entreprise

Depuis le quatrième trimestre 2023, Sphere 3D Corp. maintient une équipe de vente en entreprise directe de 12 professionnels ciblant les solutions de cloud et de virtualisation au niveau de l'entreprise.

Métrique du canal de vente	2023 données
Taille de l'équipe de vente d'entreprise	12 professionnels
Valeur du contrat d'entreprise moyen	$157,000
Génération de revenus de l'équipe de vente annuelle	3,2 millions de dollars

Plateformes de marketing numérique en ligne

Sphere 3D utilise plusieurs canaux de marketing numérique avec un ciblage ciblé.

• Plateforme de marketing LinkedIn
• Segment de la technologie Google Ads Enterprise
• Publicité numérique B2B ciblée

Conférences de technologie et événements de l'industrie

Participation annuelle à des conférences de technologie clés pour l'engagement direct des clients.

Type d'événement	Participation annuelle	Portée estimée
Conférences technologiques d'entreprise	4-6 événements	2 500 contacts d'entreprise potentiels
Sommets en cloud computing	3 événements	1 800 pistes d'entreprise potentielles

Réseaux de référence partenaires

Sphere 3D maintient les canaux de partenariat technologique stratégique.

• Réseau de fournisseurs de services gérés (MSP)
• Partenariats du fournisseur de solutions cloud (CSP)
• Programme de référence intégrateur technologique

Démonstations de produits sur le Web

Stratégies de démonstration de produits numériques pour l'engagement à distance des entreprises.

Canal de démonstration	Engagement mensuel	Taux de conversion
Démonstrations de webinaires	12-15 séances	Conversion de 7,2%
Démos en ligne interactifs	45-50 sessions individuelles	Conversion de 5,6%

Sphere 3d Corp. (Any) - Modèle d'entreprise: segments de clientèle

Organisations technologiques de niveau d'entreprise

Sphere 3D cible les organisations technologiques d'entreprise avec des budgets informatiques annuels allant de 5 millions de dollars à 50 millions de dollars. L'entreprise se concentre sur les organisations ayant des besoins complexes de virtualisation et d'infrastructure cloud.

Caractéristique du segment de la clientèle	Données quantitatives
Dépenses informatiques annuelles moyennes	22,3 millions de dollars
Clients d'entreprise potentiels	1 247 organisations
Taux de pénétration du marché	7.2%

Les entreprises du marché intermédiaire à la recherche de solutions cloud

Les entreprises du marché intermédiaire représentent un segment de clientèle critique pour Sphere 3D, avec des revenus annuels entre 10 et 500 millions de dollars.

• Total adressable Population commerciale du marché intermédiaire: 6 835
• Investissement moyen de technologie cloud: 1,4 million de dollars par an
• Taux d'adoption du cloud projeté: 62,3%

Services informatiques nécessitant des services de virtualisation

Sphere 3D fournit des solutions de virtualisation spécialisées pour les services informatiques dans diverses industries.

Catégorie de service de virtualisation	Taille du marché
Déploiements de cloud privés	18,7 milliards de dollars
Solutions de nuages ​​hybrides	24,5 milliards de dollars
Virtualisation de bureau	5,2 milliards de dollars

Industries des soins de santé et des services financiers

Marchés verticaux spécialisés avec des exigences critiques de conformité et de sécurité.

• Les dépenses informatiques des soins de santé: 41,6 milliards de dollars
• Budget de la technologie des services financiers: 33,8 milliards de dollars
• Marché des solutions cloud axées sur la conformité: 12,4 milliards de dollars

Institutions éducatives et gouvernementales

Organisations du secteur public nécessitant des solutions technologiques évolutives et rentables.

Segment institutionnel	Budget technologique
Établissements d'enseignement supérieur	7,3 milliards de dollars
K-12 districts scolaires	4,6 milliards de dollars
Gouvernement Il dépense	96,4 milliards de dollars

Sphere 3d Corp. (Any) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Sphere 3D Corp. a déclaré des dépenses de R&D de 2,1 millions de dollars, ce qui représente une baisse de 15% par rapport à 2,47 millions de dollars de l'année précédente.

Exercice fiscal	Dépenses de R&D	Changement d'une année à l'autre
2022	2,47 millions de dollars	-
2023	2,1 millions de dollars	-15%

Maintenance des infrastructures cloud

Les coûts de maintenance des infrastructures cloud pour Sphere 3d Corp. en 2023 ont totalisé environ 1,3 million de dollars.

Salaires d'ingénierie logicielle

Les dépenses salariales d'ingénierie logicielle pour 2023 étaient de 4,5 millions de dollars, couvrant une équipe de 35 ingénieurs logiciels à temps plein.

Catégorie des employés	Nombre d'employés	Dépenses de salaire total	Salaire moyen
Ingénieurs logiciels	35	4,5 millions de dollars	$128,571

Coûts opérationnels de marketing et de vente

Les dépenses opérationnelles de marketing et de vente pour 2023 s'élevaient à 1,8 million de dollars.

• Dépenses de marketing numérique: 650 000 $
• Coûts opérationnels de l'équipe de vente: 750 000 $
• Technologie et outils marketing: 400 000 $

Licence technologique et frais de partenariat

Les licences technologiques et les frais de partenariat pour 2023 étaient de 920 000 $.

Catégorie de licence	Dépenses
Licence de logiciel	$520,000
Frais de partenariat	$400,000

Sphere 3d Corp. (Any) - Modèle d'entreprise: Strots de revenus

Modèles d'abonnement à service cloud

Sphere 3d Corp. a généré 3,2 millions de dollars de revenus d'abonnement à service cloud au quatrième trimestre 2023. La société propose des plans d'abonnement à plusieurs niveaux allant de 199 $ à 1 499 $ par mois.

Niveau d'abonnement	Prix ​​mensuel	Projection annuelle des revenus
Services cloud de base	$199	$1,188,000
Services cloud d'entreprise	$1,499	$8,994,000

Frais de licence de logiciel

Les licences logicielles ont généré 4,5 millions de dollars de revenus pour Sphere 3d Corp. en 2023. La société propose des modèles de licence perpétuels et annuels.

• Licence perpétuelle: 2 999 $ par utilisateur
• Licence annuelle: 1 299 $ par utilisateur
• Licence d'entreprise: prix personnalisé

Services de conseil professionnel

Les services de conseil ont contribué 2,8 millions de dollars aux revenus de l'entreprise en 2023. Les taux horaires varient de 250 $ à 750 $ l'heure en fonction de la complexité et de l'expertise.

Niveau de service de consultation	Taux horaire	Revenus annuels estimés
Conseil de base	$250	$1,250,000
Conseil avancé	$750	$3,750,000

Support de mise en œuvre et de migration

Les services de mise en œuvre ont généré 1,6 million de dollars de revenus en 2023. Les coûts du projet varient de 15 000 $ à 250 000 $ en fonction de la complexité.

• Migration des petites entreprises: 15 000 $ - 50 000 $
• Migration d'entreprise: 100 000 $ - 250 000 $

Services d'infrastructure cloud gérés

Les revenus des services gérés ont atteint 3,7 millions de dollars en 2023. Les frais de gestion mensuels varient de 1 500 $ à 15 000 $.

Niveau d'infrastructure	Frais de gestion mensuels	Projection annuelle des revenus
Petite infrastructure	$1,500	$1,800,000
Infrastructure de grande entreprise	$15,000	$18,000,000

Sphere 3D Corp. (ANY) - Canvas Business Model: Value Propositions

You're looking at the core promises Sphere 3D Corp. is making to its customers and stakeholders as of late 2025. These aren't abstract goals; they are tied to concrete operational shifts and financial results.

High-margin, efficient Bitcoin production via vertical integration

The value here is moving toward lower operational costs, which directly translates to better margins when Bitcoin prices fluctuate. You saw the impact of this transition in the year-to-date production figures. For the nine months ended September 30, 2025, Sphere 3D mined 84.3 Bitcoin, which was a 40.4% decrease from the 141.5 Bitcoin mined in the last nine months of 2024, largely due to the April 2024 halving event and the strategic transition away from higher-cost hosting contracts. Still, the focus on newer hardware is key to future efficiency. For example, in Q3 2025, the company replaced 1,500 older generation miners with approximately 900 newer generation S21+ miners. Also, the company purchased additional S21 Pro and S21 XP miners in October 2025, which is expected to increase deployed EH/s by approximately 25% during the fourth quarter of 2025. That's how you fight post-halving economics.

Reduced operational risk through direct infrastructure control

This is about taking the keys to the operation. Sphere 3D launched its first self-owned facility in Iowa, an 8 MW site, which was energized on March 10, 2025. This move away from third-party dependence is a direct value proposition. The company stated that vertically integrating with self-owned facilities allows them to reduce reliance on third-parties and decrease the overall cost to mine a Bitcoin. They are also exploring leveraging historically low energy prices below $4 per MWh through this direct control. You can see the cost control efforts reflected in the quarterly numbers:

Metric	Q3 2025 Value	Q3 2024 Value
Revenue (GAAP)	$2.6 million	$2.4 million
General and Administrative Expenses (GAAP)	$1.8 million	$3.0 million
Operating Costs and Expenses (Total)	$6.7 million	$7.5 million
Loss from Operations (GAAP)	$4.0 million	$5.2 million

The reduction in G&A expenses by approximately 40% year-over-year in Q3 2025 shows the immediate impact of streamlining operations. It's a clear move to build a more durable business model.

Commitment to strict Environmental, Social, and Governance (ESG) standards

Sphere 3D Corp. explicitly states its dedication to maximizing shareholder value while honoring its commitment to strict environmental, social, and governance standards. This commitment is part of the foundational messaging for the business. The strategic shift to owning infrastructure, like the 8 MW Iowa site, is also framed as part of this, allowing for better control over energy strategy, which is a key component of the 'E' in ESG.

• Honoring commitment to strict environmental, social, and governance standards.
• Transitioning to lower-cost hosting sites and refreshing the fleet.
• Selling remaining CORZ shares for a cumulative recovery of $9.4 million.

Capital-efficient scaling of deployed hashrate

The scaling strategy centers on procuring next-generation equipment efficiently. The October 2025 purchase of additional miners is expected to deliver a 25% increase in deployed EH/s in Q4 2025. This capital efficiency is also supported by non-mining activities. For instance, the company successfully raised capital by executing a warrant inducement generating $4.1 million in gross proceeds in October 2025. As of September 30, 2025, the total hashrate capacity was 0.75 exahash per second ("EH/s"), with plans to increase this throughout 2025 based on purchased miners. They don't have scheduled downtime for their miners, which is a value proposition in itself.

Finance: draft 13-week cash view by Friday.

Sphere 3D Corp. (ANY) - Canvas Business Model: Customer Relationships

You're looking at how Sphere 3D Corp. manages its connections with its key stakeholders-the investors who fund it and the digital marketplaces that handle its product. For a NASDAQ-listed entity like Sphere 3D Corp., these relationships are critical for maintaining market confidence and liquidity.

Investor Relations (IR) for NASDAQ-listed common shares

The relationship with the investment community centers on transparency and maintaining a listing on NASDAQ. As of a recent check near November 25, 2025, the stock was trading on NASDAQ under the symbol ANY, with a price of $0.45, showing a daily change of +0.015 or +3.44%. The trading volume for that day was 542.53k shares. The 52-week trading range for ANY shares has been between a low of $0.36 and a high of $1.67. You can see the immediate market interest through the bid and ask quotes, which recently showed a Bid of $0.46 X 200 shares and an Ask of $0.5318 X 100 shares.

Sphere 3D Corp. actively communicates corporate governance and financial health updates. For instance, at the Annual and Special Meeting of Shareholders on May 29, 2025, a quorum was established with 42% of the company's common shares represented. Key proposals passed included the 2025 Performance Incentive Plan, which received 3,927,252 votes in favor. The company also took steps to strengthen its capital position, successfully raising capital by executing a warrant inducement generating $4.1 million in gross proceeds.

Here's a snapshot of recent investor-relevant financial disclosures:

Metric	Q3 FY 2025 Value	Comparison/Context
Revenue	$2.6 million	Compared to $2.4 million in Q3 2024
Self-Mined Bitcoin Balance (as of 9/30/2025)	22.7 BTC	Fair value of approximately $2.6 million
Bitcoin Mined in Quarter	23.0 BTC	Compared to 38.7 BTC in Q3 2024
Loss from Operations	$4.0 million	Reduced by 23% compared to $5.2 million in Q3 2024

Public financial reporting and news releases (transparency)

Sphere 3D Corp. maintains a regular cadence of public reporting to keep shareholders informed, which is a cornerstone of its relationship with the public market. The company reported its Third Quarter Fiscal Year 2025 financial results on November 4, 2025, covering the period ended September 30, 2025. This reporting included operational highlights like replacing 1,500 older miners with approximately 900 newer generation S21+ miners.

The focus on cost management is evident in the reported figures, which directly impact investor perception of operational efficiency. General and administrative expenses for Q3 2025 were reduced by approximately 40% to $1.8 million, down from $3.0 million in Q3 2024. Furthermore, the company highlighted a strategic recovery, noting it sold its remaining CORZ shares, resulting in a cumulative recovery of $9.4 million in excess of the settlement value.

You should track these key transparency milestones:

• Reported Q3 2025 earnings on November 4, 2025.
• Reported Q2 2025 earnings on August 5, 2025.
• Reported Q1 2025 earnings on May 14, 2025.
• Announced a warrant inducement transaction on October 17, 2025.
• Appointed Kurt Kalbfleisch as CEO on November 6, 2025.

Automated, transactional relationship with cryptocurrency exchanges

As a Bitcoin miner, Sphere 3D Corp.'s primary transactional relationship is with the venues where it converts its mined assets into revenue-the cryptocurrency exchanges. This relationship is inherently automated, driven by the constant flow of newly mined Bitcoin. The company's operational updates reflect this direct link to the digital asset market.

The relationship is managed through the output of their mining operations. For example, in October 2025, the company purchased additional S21 Pro and S21 XP miners, which are expected to increase deployed EH/s by approximately 25% during the fourth quarter of 2025. This increased hash rate directly translates to a higher volume of Bitcoin available for transactional exchange. The company's self-mined Bitcoin balance as of September 30, 2025, was 22.7 BTC, valued at about $2.6 million. This balance represents inventory awaiting sale or held for strategic purposes, which is then liquidated through exchange platforms.

The nature of this customer relationship is less about direct service and more about efficient settlement and liquidity provision, as seen in their operational shifts:

• Settled a hosting agreement with Rebel Mining in January 2025, receiving a termination and settlement amount of $2.4 million.
• Entered a new hosting agreement in Q3 2025 to support additional miners.
• Bitcoin production in Q3 2025 was 23.0 Bitcoin.

The relationship is about maximizing the realized price per Bitcoin mined. Finance: draft 13-week cash view by Friday.

Sphere 3D Corp. (ANY) - Canvas Business Model: Channels

You're looking at how Sphere 3D Corp. (ANY) gets its product-which is primarily Bitcoin mined through its own infrastructure-and its equity story out to the world. The channels here are split between capital markets access and operational output delivery.

NASDAQ Stock Market (for equity investors)

The primary channel for equity investment is the NASDAQ Stock Market, trading under the symbol ANY. This is where you see the market's real-time valuation and liquidity metrics. For instance, on November 24, 2025, the closing price was $0.464 on a volume of 375,352 shares. The stock has seen significant volatility, with the 52-week range spanning from a low of $0.36 to a high of $1.67. As of a recent report, the company's market capitalization stood at US$15.2m. Analysts are definitely watching this channel closely; for example, one evaluation held a negative outlook, classifying the stock as a 'Sell candidate' following a pivot top point in October 2025.

Metric	Value as of Late November 2025	Source Date
Last Traded Price (11/24/2025)	$0.464	11/24/2025
Market Capitalization	US$15.2m	Late 2025
52-Week Low	$0.36	Late 2025
Q3 2025 Revenue	$2.6 million	Q3 FY 2025

Direct connection to the global Bitcoin network (for mining)

For the actual business of mining, the channel is a direct, vertically integrated connection to the global Bitcoin network. Sphere 3D Corp. launched its first self-owned Bitcoin mining facility in Iowa in March 2025, moving away from hosted operations. This direct control is key to their cost structure, leveraging energy prices reported as historically low, below $4 per MWh. The operational output flows directly from this infrastructure.

The company actively upgrades this channel by deploying newer equipment. In October 2025, they purchased additional S21 Pro and S21 XP miners, which were expected to increase deployed hash rate (EH/s) by approximately 25% during the fourth quarter of 2025. The result of these operations is Bitcoin inventory and mined volume.

• Bitcoin Mined in Q3 2025: 23.0 Bitcoin.
• Self-Mined Bitcoin Balance (as of 9/30/2025): 22.7.
• Fair Value of Bitcoin Balance (as of 9/30/2025): Approximately $2.6 million.
• Anticipated Uptime for New Iowa Site: Over 97%.

Cryptocurrency exchanges and over-the-counter (OTC) desks

While the search results don't detail specific exchange partners, the sale of mined Bitcoin and other assets represents the monetization channel. The company has a history of selling assets to generate cash flow, which is a critical part of their liquidity management. For example, Sphere 3D sold its remaining CORZ shares, resulting in a cumulative recovery of $9.4 million in excess of the settlement value. This cash realization, whether from asset sales or likely from selling mined Bitcoin, is channeled through the broader crypto/financial markets, implying the use of exchanges or OTC desks for execution.

Capital raising also uses a market channel. In a recent event, the company successfully raised capital by executing a warrant inducement, generating $4.1 million in gross proceeds.

Corporate website and investor relations portal

The corporate website, Sphere3D.com, and the dedicated Investor Relations section serve as the direct, controlled communication channel to all stakeholders. This is where official financial results are disseminated, such as the Third Quarter 2025 Financial Results released on November 4, 2025. This portal is the source for official documents like SEC filings and presentations.

You can reach out directly through the provided contact information for specific inquiries, which is a key part of managing investor sentiment and expectations.

• Investor Relations Contact Email: Investor.relations@sphere3d.com.
• Corporate Headquarters Address: 243 Tresser Blvd, 17th Floor Stamford, CT 06901.
• Latest CEO Announcement: Kurt Kalbfleisch Named Chief Executive Officer on November 06, 2025.
• Q3 2025 Earnings Release Date: November 04, 2025.

Sphere 3D Corp. (ANY) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Sphere 3D Corp. (ANY) as of late 2025, and honestly, it's a company deeply embedded in the Bitcoin production lifecycle, which shapes who they serve. Their model is less about selling software or services to a broad base and more about being a producer whose output and equity structure appeal to specific groups.

The primary customer interaction points revolve around where they sell their mined Bitcoin and who invests in the company itself. They've been making deliberate moves to simplify their structure, focusing on an infrastructure-heavy model to improve profitability, which is a key signal to their investor base.

Here's a breakdown of the groups that form the core of Sphere 3D Corp.'s customer segments:

• Global cryptocurrency exchanges and liquidity providers
• Public equity investors (institutional and retail shareholders)
• Entities interested in efficient, industrial-scale Bitcoin production

For the first group, the Global cryptocurrency exchanges and liquidity providers, these are the venues where Sphere 3D Corp. monetizes the Bitcoin it produces. While we don't see a list of their direct counterparties, the scale of their sales activity is reflected in their reported revenue. For instance, in the third quarter of fiscal year 2025, the company reported revenue of $2.6 million. This revenue is directly tied to the price at which they transact their mined assets on these platforms. Their self-mined Bitcoin balance as of September 30, 2025, stood at 22.7 Bitcoin, valued at approximately $2.6 million. This inventory represents the product they bring to market.

Next, you have the Public equity investors (institutional and retail shareholders). This segment engages with Sphere 3D Corp. via the public markets, specifically through its listing on NASDAQ under the ticker ANY. These investors are buying into the company's operational efficiency and its long-term thesis on Bitcoin adoption. Analyst sentiment, as of late 2025, shows a consensus rating of Strong Buy based on one analyst rating. However, the recent financial performance shows the pressures of the sector; for Q3 2025, the reported EPS (GAAP) was -$0.13, missing the consensus estimate of -$0.11 by $0.02. The stock price as of the Q3 report was around $0.45. This group is definitely sensitive to capital raises, such as the $4.1 million in gross proceeds secured in October 2025 via a warrant inducement transaction.

Finally, the segment interested in Long-term Bitcoin holders (HODLers) is more indirectly served, but their interest is in the source of the Bitcoin. These are the entities that value the infrastructure supporting the asset. Sphere 3D Corp.'s focus on building a more efficient and resilient company, including establishing an 8MW self-owned facility in Iowa with a favorable power rate of $0.04/kWh, directly appeals to this ethos. They are replacing older hardware; for example, they swapped 1,500 older miners for approximately 900 newer generation S21+ miners in Q3 2025. This commitment to operational excellence and cost management is what attracts those who believe in the long-term value of the underlying asset and want to see its production supported by disciplined operators. It's a defintely different kind of customer relationship than a direct service sale.

Here's a quick look at the numbers tied to these customer interactions as of the latest reported data:

Customer Segment Proxy	Key Metric	Value (as of late 2025)
Exchanges/Liquidity Providers (Sales)	Q3 2025 Revenue	$2.6 million
Exchanges/Liquidity Providers (Inventory)	Self-Mined Bitcoin Balance (Sept 30, 2025)	22.7 Bitcoin
Public Equity Investors (Valuation)	Stock Price (Nov 4, 2025)	$0.45
Public Equity Investors (Performance)	Q3 2025 EPS (GAAP)	-$0.13
Long-Term Production Interest (Efficiency)	Iowa Facility Power Rate	$0.04/kWh
Long-Term Production Interest (Fleet Upgrade)	New Miners Purchased (Oct 2025)	S21 Pro and S21 XP (Quantity not specified)

The company ended Q3 with $5.3 million in cash and working capital of $8.3 million, which underpins their ability to continue engaging with these segments.

Sphere 3D Corp. (ANY) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Sphere 3D Corp.'s operations as they shift toward self-owned, efficient mining infrastructure. Honestly, for a miner, power cost is king, so let's start there.

Energy costs for mining operations are a critical component, especially after the strategic move to vertically integrated facilities. Sphere 3D Corp. secured historically low energy prices below $4 per MWh at its Iowa Bitcoin mining site, which translates to an extremely competitive rate of less than $0.004 per kWh. This low rate is a direct result of owning the infrastructure and managing power procurement directly, aiming to significantly improve profit margins over third-party hosting arrangements.

The company has shown significant discipline in managing its overall operating expenses, which is clear when you look at the quarterly progression:

• Energy costs are targeted to be below $4 per MWh.
• Operational footprint upgrades, including replacing older miners, are designed to lower the cost per unit of energy consumed.

The trend in total operating expenses demonstrates this cost control effort:

Period	Operating Costs and Expenses (USD Millions)
Q2 2025	$5.65 million
Q3 2025	$6.7 million

General and administrative (G&A) expenses have also seen targeted reductions, reflecting streamlined overhead as the company moves away from hosted operations. For the third quarter of 2025, G&A expenses were reported at $1.8 million. To give you a fuller picture of the cost discipline, Q2 2025 G&A expenses were $2.1 million, down from $3.0 million in Q2 2024.

Depreciation and amortization reflects the ongoing investment in and refresh of the ASIC mining fleet and facilities. This non-cash charge is a necessary cost associated with the capital assets used in mining:

• Depreciation and amortization for Q3 2025 was $1.7 million.
• For comparison, Depreciation and amortization in Q2 2025 was $1.7 million, slightly down from $1.8 million in Q2 2024.

Here's a quick breakdown of the key expense categories for the most recent reported quarter, Q3 2025:

• Overall operating costs and expenses: $6.7 million.
• General and administrative expenses: $1.8 million.
• Depreciation and amortization: $1.7 million.

Finance: draft 13-week cash view by Friday.

Sphere 3D Corp. (ANY) - Canvas Business Model: Revenue Streams

You're looking at how Sphere 3D Corp. actually brings in cash to fund its operations and growth in late 2025. It's not just one thing; it's a mix of core operations and strategic financial moves. Honestly, for a Bitcoin miner, the revenue mix can swing quite a bit based on asset sales and financing activities.

The primary, recurring revenue stream is from the digital asset mining itself. For the third quarter of fiscal year 2025, ended September 30, 2025, the reported revenue was $2.6 million, with one source citing a more precise figure of $2.623 million. This revenue is directly tied to the Bitcoin mined, which was 23.0 Bitcoin during that quarter. You should note that this production was impacted by higher-than-expected curtailments and fewer miners online compared to the prior year.

Beyond the day-to-day mining, Sphere 3D Corp. generates income from non-mining activities, which can be significant. These streams provide crucial liquidity and can offset operational volatility. Here's a breakdown of some key non-mining related financial events that factor into the overall revenue picture:

• Proceeds from capital raising via warrant inducement in October 2025 generated gross proceeds of approximately $4.1 million.
• A significant, non-recurring income event in the prior year's third quarter was $2.9 million recognized as Other Income, attributed to the termination of a hosting agreement.
• The company also realized a substantial cash inflow from strategic asset management, recovering over $9.4 million by selling its remaining CORZ shares, which was in excess of the settlement value.

Investment performance is another component, though it can be a source of gain or loss. For Q3 2025, the company recorded an investment loss of $0.2 million. This contrasts with the third quarter of 2024, where the company saw an investment gain of $2.4 million.

To map out these revenue components for the third quarter of 2025, look at this summary:

Revenue Stream Component	Q3 2025 Amount	Context/Comparison Period
Bitcoin Mining Revenue	$2.6 million	Compared to $2.4 million in Q3 2024
Investment Income (Loss)	($0.2 million) Loss	Compared to $2.4 million Gain in Q3 2024
Other Income (Hosting Settlement Proxy)	$0.007 million	Compared to $2.9 million in Q3 2024 due to hosting termination
Capital Raising (Warrant Inducement)	$4.1 million Gross Proceeds	October 2025 event
Asset Sale Proceeds (CORZ Shares)	$9.4 million Cumulative Recovery	Realized in prior periods to support liquidity

The business model relies on the core Bitcoin mining operation for its baseline revenue, but financing activities like the warrant inducement are clearly a necessary, near-term cash generator to support capital expenditures, such as the $3.9 million spent on new miners in October 2025. Finance: draft 13-week cash view by Friday.