Sphere 3D filing flags funding risk for data-center expansion

Sphere 3D's quarterly filing says the company has substantial doubt about its ability to continue as a going concern within 12 months unless it raises additional operating capital. The company completed its acquisition of Cathedra Bitcoin on June 1 and says the combination expands it from Bitcoin mining into power, data-center and high-performance-computing infrastructure. Sphere 3D says recurring losses, negative operating cash flow and its hashing rate could leave cash on hand insufficient, while it seeks to reduce mining costs and relies on contracted hosting agreements.