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DarkHorse Technologies Inc.

Sphere 3D was incorporated under the Business Corporations Act (Ontario) on May 2, 2007 as T.B.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerDRK on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersWilmington, Delaware1
  • Incorporated inBritish Columbia, Canada2
  • Business address2810 N Church St, Suite 90696, Wilmington, De 198022
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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Sphere 3D was incorporated under the Business Corporations Act (Ontario) on May 2, 2007 as T.B. Mining Ventures Inc. On March 24, 2015, we completed a short-form amalgamation with a wholly-owned subsidiary. In connection with the short-form amalgamation, we changed our 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, we commenced operations of our Bitcoin mining business and are dedicated to becoming a leader in the blockchain and cryptocurrency industry. We have established and continue to grow an enterprise-scale mining operation through the procurement of mining equipment and partnering with experienced service providers. In December 2023, we sold our service and product segment which focused on containerization and virtualization technologies along with data mana…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-196.8%Operating margin4
-192.1%Net margin4
-32.7%Revenue growth, 20254
-92.2%Return on equity4
-$23.6MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue77¢$8.6M
  • Other costs23¢$2.6M
  • Income tax0¢$2.0K

Out of $11.2M in revenue.4 The company lost money this year.

Financial statements

Revenue56784$11.2M in 2025+100% since 2019
0$10.0M$20.0M$30.0M2019: $5.6M$5.6M20192020: $4.8M$4.8M2020−13%2021: $3.7M$3.7M2021−23%2022: $6.1M$6.1M2022+63%2023: $21.9M$21.9M2023+260%2024: $16.6M$16.6M2024−24%2025: $11.2M$11.2M2025−33%
Gross profit57$6.0M in 2023+222% since 2019
0$2.0M$4.0M$6.0M2019: $1.9M$1.9M20192020: $2.2M$2.2M2020+21%2021: $1.7M$1.7M2021−24%2022: $2.7M$2.7M2022+57%2023: $6.0M$6.0M2023+124%
Operating income56784-$22.0M in 2025+265% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M02019: -$6.0M-$6.0M20192020: -$6.0M-$6.0M2020−1%2021: -$19.7M-$19.7M2021+231%2022: -$157.7M-$157.7M2022+700%2023: -$30.0M-$30.0M2023−81%2024: -$21.4M-$21.4M2024−29%2025: -$22.0M-$22.0M2025+3%
Net income5684-$21.5M in 2025+402% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M02019: -$4.3M-$4.3M20192020: -$5.8M-$5.8M2020+35%2021: -$17.3M-$17.3M2021+199%2022: -$192.8M-$192.8M2022+1015%2023: -$23.3M-$23.3M2023−88%2024: -$9.5M-$9.5M2024−59%2025: -$21.5M-$21.5M2025+127%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Bitcoin mining revenue$11.2M$16.6M
Cost of revenue$8.6M$13.4M
General and Administrative Expense$8.3M$12.4M
Depreciation and amortization$6.9M$7.1M
Impairment of property and equipment$7.2M$1.1M
Loss on disposal of property and equipment$1.7M$3.5M
Change in fair value of Bitcoin$345.0K-$682.0K
Impairment of other assets$300.0K$1.1M
Costs and Expenses, Total$33.2M$38.0M
Loss from Operations-$22.0M-$21.4M
Investment gain$438.0K$9.0M
Other income, net$81.0K$3.1M
Net loss before taxes-$21.5M-$9.3M
Provision for income taxes$2.0K$150.0K
Net loss-$21.5M-$9.5M
Loss Per Share, Basic-$7.37-$4.78
Loss Per Share, Diluted-$7.37-$4.78
Weighted Average Number of Shares Outstanding, Basic2.9M shares2.0M shares
Weighted Average Number of Shares Outstanding, Diluted2.9M shares2.0M shares

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Leadership

Who has led DarkHorse Technologies Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Eric Kelly2017–2018
  2. Patricia Trompeter2023–2025
  3. Kurt L. Kalbfleisch2025–2026
  4. Joel M. Block2026–now

Chair

  1. Eric Kelly2017–2018

President

  1. Peter Tassiopoulos2017
  2. Joseph O'Daniel2018–2023

Chief financial officer

  1. Kurt L. Kalbfleisch2017–now
20202025
Board members and other officers (14)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorMahadevan S. Vivekanand named May 2, 202329
  • DirectorSusan S. Harnett named May 2, 202329

Former names

  • Sphere 3D Corp.Apr 5, 2022 to Sep 14, 20262
  • Sphere 3D CorpNov 18, 2013 to Mar 31, 20222

Timeline

  1. Jun 1, 2026New chief executive Joel M. Block becomes CEO12
  2. Mar 18, 2025New chief executive Kurt L. Kalbfleisch becomes CEO13
  3. Jan 3, 2023New chief executive Patricia Trompeter becomes CEO14
  4. Dec 29, 2017New chief executive Eric Kelly becomes CEO15

Filings

348 filings to the SEC since October 2021: 5 annual reports, 11 quarterly reports, 85 major events, 89 insider forms, 16 large holders, 2 private raises, 140 other. The latest 20:

  1. Oct 9, 2026S-3 REGISTRATION STATEMENT EDGAR
  2. Oct 6, 2026SCHEDULE 13D EDGAR
  3. Sep 23, 20264 EDGAR
  4. Sep 17, 20268-K CURRENT REPORT EDGAR
  5. Sep 14, 20268-K CURRENT REPORT EDGAR
  6. Sep 11, 20268-K CURRENT REPORT EDGAR
  7. Sep 10, 20264 EDGAR
  8. Sep 10, 20264 EDGAR
  9. Sep 10, 20264 EDGAR
  10. Sep 8, 20268-K CURRENT REPORT EDGAR
  11. Sep 4, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  12. Aug 26, 2026SCHEDULE 13D/A EDGAR
  13. Aug 24, 20268-K EDGAR
  14. Aug 14, 202610-Q EDGAR
  15. Aug 14, 20268-K EDGAR
  16. Aug 10, 20268-A12B EDGAR
  17. Aug 10, 20268-K EDGAR
  18. Aug 7, 2026DEFA14A EDGAR
  19. Jul 31, 20268-K EDGAR
  20. Jul 31, 2026424B5 EDGAR

The 348 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

21 open-market trades by officers, directors and large owners since October 2021: 0 buys and 21 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 13, 2026Kalbfleisch Kurt L.Chief Financial OfficerSale9,800$1.59$15.6KForm 4
Mar 12, 2026Reppas Tiah NortonChief Accounting OfficerSale6,250$1.61$10.1KForm 4
Dec 9, 2025Kalbfleisch Kurt L.Chief Financial OfficerSale90,000$0.47$42.3KForm 4
Dec 13, 2024Trompeter PatriciaCEOSale35,000$1.21$42.4KForm 4
Dec 12, 2024Trompeter PatriciaCEOSale10,000$1.27$12.7KForm 4
Dec 11, 2024Trompeter PatriciaCEOSale20,000$1.30$26.0KForm 4
Dec 10, 2024Trompeter PatriciaCEOSale20,000$1.31$26.2KForm 4
Dec 10, 2024Kalbfleisch Kurt L.Chief Financial OfficerSale6,000$1.31$7.9KForm 4
Aug 29, 2024Kalbfleisch Kurt L.Chief Financial OfficerSale11,000$0.95$10.4KForm 4
Jun 12, 2024Trompeter PatriciaCEOSale120,000$1.20$144.0KForm 4
Jun 11, 2024Kalbfleisch Kurt L.Chief Financial OfficerSale80,000$1.17$93.6KForm 4
Jun 11, 2024Trompeter PatriciaCEOSale150,000$1.14$171.0KForm 4
Dec 6, 2023Kalbfleisch Kurt L.Chief Financial OfficerSale10,070$1.55$15.6KForm 4
Dec 5, 2023O'Daniel JosephPresidentSale21,429$1.56$33.4KForm 4
Dec 1, 2023Kalbfleisch Kurt L.Chief Financial OfficerSale38,617$0.91$35.1KForm 4
Nov 30, 2023Kalbfleisch Kurt L.Chief Financial OfficerSale26,240$0.63$16.5KForm 4
May 25, 2023O'Daniel JosephPresidentSale50,000$0.30$15.0KForm 4
May 25, 2023Kalbfleisch Kurt L.Chief Financial OfficerSale80,000$0.30$24.0KForm 4
May 23, 2023Trompeter PatriciaCEOSale29,142$0.34$9.9KForm 4
May 22, 2023Trompeter PatriciaCEOSale10,000$0.33$3.3KForm 4

All 21 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Apr 17, 2023Raised $1 million in a private offering of debt Form D: $3 million offered in all Form D
  2. Apr 5, 2022Filed a private offering of equity Form D: 1 investor so far Form D

Sources

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