Sphere 3D Corp. Stock price
Is Sphere 3D Corp. a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF) | ex SBC
📈 What is it?
EV/FCF compares a company’s enterprise value with its free cash flow. The metric therefore shows the multiple of current free cash flow at which a company is valued. EV/FCF ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted version.
🧮 How is it calculated?
EV/FCF ex SBC = Enterprise Value ÷ (Free Cash Flow (TTM) − SBC)
🏛️ Why is it important?
EV/FCF provides a valuation based on free cash flow and therefore complements earnings-based valuation metrics such as the P/E ratio. The ex SBC version additionally accounts for the economic impact of stock-based compensation and provides a more conservative view from a shareholder perspective.
🎯 What does this mean for investors?
- A low EV/FCF means that enterprise value is low relative to current free cash flow. The reasons should always be considered in the context of the company and its industry.
- A high EV/FCF means that enterprise value is high relative to current free cash flow. This can, for example, reflect high growth expectations or temporarily weak cash generation.
- When SBC is positive and adjusted free cash flow remains positive, EV/FCF ex SBC is generally higher than the standard EV/FCF.
- The metric is particularly useful for companies with relatively stable and predictable cash flows.
- If free cash flow is negative or very low, EV/FCF has limited usefulness and should not be interpreted like a standard valuation multiple.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 SBC | in % Revenue
📈 What is it?
SBC (Stock-Based Compensation) refers to equity-based compensation granted by a company to its employees and executives. The percentage shows SBC relative to revenue.
🧮 How is it calculated?
SBC as % of Revenue = (SBC ÷ Revenue) × 100
🏛️ Why is it important?
Stock-based compensation is a real cost factor for shareholders. It can increase the number of shares outstanding and therefore dilute existing shareholders. The percentage of revenue shows how heavily a company relies on equity-based compensation and how significant this form of compensation is relative to the size of the business.
🧮 Calculation
🎯 What does this mean for investors?
- A lower figure is generally positive: Stock-based compensation is relatively small compared with the company's revenue.
- A high figure can indicate greater reliance on stock-based compensation and a higher potential risk of dilution. However, it is also important to consider whether the company offsets dilution through share buybacks.
- The trend over time should also be considered. A high but declining percentage presents a different picture from a persistently high or increasing percentage.
- A single-digit SBC-to-revenue ratio is not unusual among many growth-oriented and technology companies.
📘 SBC as % of FCF
📈 What is it?
SBC (Stock-Based Compensation) refers to equity-based compensation granted by a company to its employees and executives. The percentage shows SBC relative to free cash flow (FCF).
🧮 How is it calculated?
SBC as % of FCF = (SBC ÷ Free Cash Flow) × 100
🏛️ Why is it important?
Stock-based compensation is a real cost factor for shareholders. It can increase the number of shares outstanding and therefore dilute existing shareholders. The percentage of free cash flow shows how significant SBC is relative to the cash generated by the company. Since SBC is non-cash compensation, it is typically not deducted as a cash outflow when calculating FCF.
🎯 What does this mean for investors?
- A lower value is generally favorable. Stock-based compensation is relatively small compared with the company's cash generation.
- A high value means that SBC represents a significant portion of the company's reported free cash flow, even though SBC itself is non-cash.
- The higher the value, the more significant SBC can be as an economic cost to shareholders, particularly when it results in share dilution.
📘 SBC Growth 1Y
📈 What is it?
SBC Growth 1Y shows how much a company's stock-based compensation has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
SBC Growth shows whether stock-based compensation is becoming more or less significant for shareholders. If SBC increases significantly, it can lead to greater shareholder dilution over time. At the same time, SBC is a non-cash expense that reduces earnings on the income statement but is added back in the cash flow statement.
🧮 Calculation
🎯 What does this mean for investors?
- A high positive value is generally negative, as rising SBC can increase the burden on shareholders, particularly through potential dilution.
- What matters is whether the development of SBC is sustainable over the long term. Some level of SBC is common among many growth and technology companies.
📘 Share Count Growth 1Y
📈 What is it?
Share Count Growth 1Y shows how much the number of shares outstanding has increased or decreased over a one-year period.
🧮 How is it calculated?
🏛️ Why is it important?
The number of shares determines how many shares the company's earnings and assets are distributed across. If the share count decreases, existing shareholders' relative ownership increases. If it increases, existing shareholders are diluted. The metric therefore makes dilution and share buybacks directly visible.
🧮 Calculation
🎯 What does this mean for investors?
- A negative value is generally positive, as the number of shares outstanding is decreasing.
- A positive value indicates dilution of existing shareholders.
- A declining share count is not automatically positive: It also matters at what price the shares are repurchased and how the buybacks are financed.
📘 Shareholder Yield
📈 What is it?
Shareholder Yield measures how much capital a company returns to shareholders or uses to reduce debt relative to its market capitalization. It goes beyond dividend yield by also including share buybacks and debt reduction.
🧮 How is it calculated?
🏛️ Why is it important?
Dividend yield only tells part of the story. Companies can also return capital through share buybacks, while reducing debt can strengthen the balance sheet. Shareholder Yield combines all three components into one metric, giving investors a broader view of how a company uses its capital.
🧮 Calculation
🎯 What does this mean for investors?
- A higher Shareholder Yield generally indicates more capital being returned to shareholders or used to reduce debt.
- The mix matters: dividends, buybacks, and debt reduction can affect shareholders in different ways.
- Share buybacks are most beneficial when shares are repurchased at attractive valuations.
- Investors should also consider whether dividends, buybacks, and debt reduction are sustainable over time.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF) | ex SBC
📈 What is it?
Free cash flow shows how much cash remains after a company has covered its operating and capital expenditures. FCF ex SBC additionally deducts stock-based compensation (SBC) to adjust the cash flow for the effect of non-cash SBC.
🧮 How is it calculated?
Free Cash Flow ex SBC = Operating Cash Flow − SBC − Capital Expenditures (CAPEX)
🏛️ Why is it important?
FCF reflects a company’s actual financial strength – independent of reported accounting earnings. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction. FCF ex SBC also deducts stock-based compensation and shows how much cash generation remains after SBC.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow indicates that a company has strong financial strength – independent of reported earnings.
- It is often a solid basis for sustainable dividends and share buybacks.
- Declining FCF can be a warning sign, even if reported earnings remain stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free Cash Flow Margin | ex SBC
📈 What is it?
The Free Cash Flow Margin shows how much free cash flow a company generates relative to its revenue. In simplified terms, free cash flow is calculated as operating cash flow minus capital expenditures. The Free Cash Flow Margin ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted metric.
🧮 How is it calculated?
Free Cash Flow Margin ex SBC = (Free Cash Flow − SBC) ÷ Revenue × 100
🏛️ Why is it important?
The Free Cash Flow Margin shows how efficiently a company converts its revenue into free cash flow. Strong free cash flow can provide financial flexibility for dividends, share buybacks, debt repayment, or further investments. The ex SBC version additionally accounts for the economic impact of stock-based compensation and therefore provides a more conservative view of cash generation from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A high Free Cash Flow Margin shows that a company converts a high proportion of its revenue into free cash flow.
- This can provide greater financial flexibility for dividends, share buybacks, debt repayment, or investments.
- The Free Cash Flow Margin ex SBC additionally accounts for potential shareholder dilution from stock-based compensation.
- The long-term trend is particularly important. Declining margins can, for example, result from higher investments, changes in working capital, or weaker operating performance.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Revenue per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Sphere 3D Corp. Stock Analysis
Analyst Opinions
5 Analysts have issued a Sphere 3D Corp. forecast:
Analyst Opinions
5 Analysts have issued a Sphere 3D Corp. forecast:
Sphere 3D Corp. Events
Past Events
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AUG
24
Shareholder/Analyst Call - Sphere 3D Corp.
about 2 months ago
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MAY
15
Shareholder/Analyst Call - Sphere 3D Corp.
5 months ago
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MAY
13
Shareholder/Analyst Call - Sphere 3D Corp.
5 months ago
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JAN
15
Shareholder/Analyst Call - Sphere 3D Corp.
9 months ago
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StocksGuide Free
Sphere 3D Corp. — Shareholder/Analyst Call - Sphere 3D Corp.
1. Management Discussion
Welcome to the Special Meeting of Shareholders of Sphere 3D Corp. Please note that the meeting is being recorded.
I would like to introduce Tim Hanley, Chairman of the Board of Sphere 3D Corp. Mr. Hanley, the floor is yours.
Good day, everyone, and welcome to the special meeting of the shareholders of Sphere 3D Corp. My name is Tim Hanley, and I'm the Chairman of the Board of Sphere 3D Corp. Also present with me today are 2 members of the company's Board of Directors, Joel Block, who's also our company's Chief Executive Officer, and Kurt Kalbfleisch, also the company's Chief Financial Officer.
We're pleased to host the meeting through TSX Trust Company's virtual meeting platform, which enables our shareholders to participate in the meeting electronically regardless of physical location. I officially call this special meeting to order and appoint Justin Kates, Canadian Corporate Counsel of Sphere, to act as the Secretary of the meeting and Amy Kam of TSX Trust Company to act as a scrutineer of the meeting. Only registered shareholders of record as of the close of business on July 8, 2026, the record date for this meeting, or their properly appointed proxy holders who have registered with TSX Trust Company and signed in with their control number may vote at this meeting.
A notice of Internet availability of proxy materials was mailed on or about July 14, 2026, to shareholders of record as of the close of business on July 8, 2026. An affidavit attesting to the commencement of such mailing has been provided by TSX Trust Company. I hereby direct the Secretary to append the affidavit of mailing as Schedule A to the minutes of this special meeting. The company's bylaws provide that a quorum at the special meeting shall consist of at least 2 persons present and holding or representing by proxy, not less than 33.33% of the total number of outstanding common shares having voting rights at the special meeting.
The scrutineer has provided a report indicating that a quorum of shareholders is present. The scrutineer's report on quorum is available for inspection by any shareholder following the special meeting. Due notice having been given and a quorum being present, I declare the special meeting of shareholders to be regularly called and properly constituted for the transaction of business.
The business of this special meeting is: one, to approve the adoption of a special resolution of the company to make an application for the continuance of the company from the laws of the Province of Ontario to the laws of the Province of British Columbia and approving the notice of articles and articles of the continued company; number two, to approve the adoption of a special resolution of the company to change the company's name to DarkHorse Technologies, Inc.; and three, if necessary, to approve the adjournment or postponement of the meeting, all as described in the proxy statement.
References during this meeting to the proxy statement are to the company's proxy statement dated July 13, 2026, as supplemented by the supplement dated August 7, 2026. If you are voting at the special meeting, we'll conduct such votes on the matters before us by a poll. In a poll, each shareholder entitled to vote has 1 vote for each common share entitled to be voted. The poll will be open for all resolutions at the same time. Click the voting button on the left menu of your screen when the poll is announced. This will allow you to choose to vote on each resolution immediately or wait until conclusion of discussion on each resolution prior to casting your votes.
Instructions are available on the virtual meeting website and technical assistance is available if needed. Once discussion on all items of business has concluded, I'll give you a minute to enter your votes and then declare voting closed on all resolutions.
The results of the meeting will be announced at the special meeting and will also be filed on EDGAR and SEDAR within 4 business days of this meeting. I now declare the polls open on all resolutions. Registered shareholders and duly appointed proxy holders, please click on the voting button in order to cast your votes. If you've already submitted your votes in advance and do not wish to change your vote, you do not need to take further action. The first order of business is the continuance proposal. Under this proposal, shareholders being asked to approve a special resolution authorizing the company to make an application for the continuance of the company from the laws of the Province of Ontario to the laws of the Province of British Columbia and approving the notice of articles and articles of the continued company. For further information regarding the purpose and effect of the continuance proposal, please refer to the proxy statement.
As Chair, I propose the following motion: to pass the continuance resolution in the form set out in the proxy statement. This continuance resolution requires the affirmative vote of at least 66.66% of the votes cast by shareholders present in person or by proxy at this meeting. Please cast your votes on the continuance resolution now before we move on to the name change proposal.
[Voting]
The next item of business is the name change proposal. Under this proposal, shareholders are being asked to approve a special resolution authorizing the change of the company's name to DarkHorse Technologies Inc. as more particularly described in the proxy statement.
As Chair, I propose the following motion: to pass the name change resolution in the form set out in the proxy statement. The name change resolution requires the affirmative vote of at least 66.66% of the votes cast by shareholders present in person or by proxy at this meeting. Please cast your votes on the name change resolution now. For those of you who have not voted on all resolutions, please do so now as I will shortly close the poll. I will close the polls on all resolutions in 15 seconds to allow online viewers to catch up.
[Voting]
The polls are now closed. We received the preliminary scrutineer's report, and it shows that the resolutions approving the continuance proposal and the name change proposal have each been carried. Accordingly, it is not necessary to consider the adjournment proposal described in the proxy statement, and the adjournment proposal will not be presented for a vote. If you had a question you didn't ask or wasn't covered, please e-mail your question to our current IR mailbox at [email protected].
There is no further business to be brought before this special meeting. I declare that this special meeting is terminated. Thank you all for attending today's meeting and for your continuing support of Sphere 3D Corp.
Thank you for attending today's meeting. You may now disconnect.
Sphere 3D Corp. — Shareholder/Analyst Call - Sphere 3D Corp.
1. Management Discussion
Welcome to the Special Meeting of Shareholders of Sphere 3D Corp. Please note that the meeting is being recorded. I would like to introduce Duncan McEwan, Chairman of the Board of Sphere 3D Corp. Mr. McEwan, the floor is yours.
Thank you very much, Lucas. Good morning, everyone, and welcome to this special meeting of the shareholders of Sphere 3D Corp. My name is Duncan McEwan, and I am Chairman of the Board. Also present with me today are current directors, Sue Harnett and Tim Henley; Kurt Kalbfleisch, our Chief Executive Officer and Chief Financial Officer; and Tiah Reppas, our Chief Accounting Officer. We are pleased to host the meeting through TSX Trust Company's virtual meeting platform. Accessible to all of our shareholders regardless of physical location.
I officially call the special meeting to order and appoint Jason Meretsky, Canadian Corporate Counsel to Sphere to act as Secretary of the meeting and Amy Kam of TSX Trust Company to act as scrutineer of the meeting. Only registered shareholders and duly appointed proxy holders of beneficial shareholders that have registered with TSX Trust Company, who have signed in with their control number may vote and ask questions at this meeting.
Proxy statement was mailed on or about April 17 of this year to shareholders of record as of the close of business on April 10, 2026. An affidavit attesting to the commencement of such mailing has been provided by D.F. King & Company, and I hereby direct the Secretary to append the affidavit of mailing as Schedule A to the minutes of this special meeting. The company's bylaws provide that a quorum at the special meeting should consist of at least two persons present and holding or representing by proxy, not less than 33.33% of the total number of outstanding common shares having voting rights at the special meeting.
The scrutineer has provided a report indicating that a quorum of shareholders is present. The scrutineer's report on quorum is available for inspection by any shareholder following the special meeting. Due notice having been given and a quorum being present, I declare this special meeting of shareholders to be regularly called and properly constituted for the transaction of business.
On March 5, 2026, Sphere, S3D Acquisition Corp., which is a wholly owned subsidiary of Sphere and Cathedra Bitcoin Inc. entered into an arrangement agreement pursuant to which on the terms and subject to the conditions set forth therein, Sphere agreed to acquire Cathedra in a stock-for-stock transaction, subject to satisfaction of certain closing conditions, including, among others, the approval of a majority of the votes cast by shareholders of Sphere present in person or by proxy at this special meeting of the share issuance proposal, of the Board size proposal and each of the director nominees of the director election proposal.
As each such proposal is described in the proxy statement mailed to you in connection with this special meeting. Additionally, such arrangement with Cathedra cannot be consummated unless the incentive plan proposal described in such proxy statement is also approved by a majority of the votes cast by shareholders of Sphere present in person or by proxy at this special meeting if they waive the condition.
Importantly, completion of this arrangement is not conditional on the approval of the consolidation proposal by Sphere shareholders at this special meeting as described in the aforementioned proxy statement. Moreover, the effectiveness of the consolidation proposal is not conditioned upon the approval of any other proposal to be voted on today at this special meeting.
The consolidation proposal requires the affirmative vote of at least 66.66% of the votes cast in person or represented by proxy at the special meeting to be approved. So we will now proceed to the business of this special meeting, which is: one, to pass an ordinary resolution to approve the issuance of the consideration securities to be issued to Cathedra shareholders and Cathedra convertible security holders in exchange for Cathedra shares and Cathedra convertible securities in connection with the arrangement in accordance with NASDAQ Stock Market Listing Rule 5635(a).
Subject to the approval of the share issuance proposal and effective upon the consummation of the transactions that are set forth in the arrangement agreement to pass an ordinary resolution to approve the fixing of the number of directors within the minimum or maximum number of directors prescribed under the Articles of Amalgamation of Sphere to five directors as of the date the transaction set forth in the arrangement agreement are consummated.
Number three, subject to approval of the Board size proposal and effective upon consummation of the transactions set forth in the arrangement agreement, to pass an ordinary resolution to approve the election of five nominees as directors of the new Sphere Board effective immediately following the consummation of the transaction set forth in the arrangement agreement. Four, to pass an ordinary resolution to approve an amendment to the Sphere 3D Corp 2025 performance incentive plan to increase the number of Sphere common shares available for issue under that incentive plan from 639,252 to 2,139,252, an increase of 1.5 million shares to, among other things, issue the replacement options and replacement RSUs pursuant to the terms of the arrangement agreement.
Five, to pass a special resolution to approve an amendment to the Articles of Amalgamation of Sphere to potentially consolidate Sphere's common shares on a 1 Sphere common share for up to 5 Sphere common share basis. To become effective at an exact ratio and at a date to be determined by the Sphere Board, if at all. If you are voting at the special meeting, we will conduct such votes on the matter before us by a poll. In a poll, registered shareholders, their duly appointed proxy holders or duly appointed proxy holders or beneficial shareholders are entitled to vote on the matter and each has one vote in respect of each share entitled to be voted on the matter and held by that shareholder.
The poll will be open for all resolutions at the same time. Click the voting button on the left menu on your screen when the poll is announced. This will allow you to choose to vote on each resolution immediately or wait until conclusion of discussion on each resolution prior to casting your vote. There will be an opportunity for shareholders to ask questions related to the business brought before the special meeting through the online platform.
Questions can be submitted at any time during the meeting and will be answered in the order received. Questions and answers to questions will be posted on our website following the special meeting. To submit a question, select the messaging tab at the top of the screen and enter your comment or question in the Ask a Question box at the top of the messaging screen. Once discussion on all items of business has concluded, I will give you a minute to enter your votes and then declare voting closed on all resolutions.
The results of the meeting will be announced at the special meeting and will also be filed on EDGAR and SEDAR within 4 business days of this meeting. I now declare the polls open on all resolutions. Registered shareholders and duly appointed proxy holders, please click on the voting button in order to cast your votes. If you have already submitted your votes in advance and do not wish to change your vote, you do not need to take further action.
So proposal 1. The first item of business is to pass an ordinary resolution to approve the issuance of the consideration securities to be issued to Cathedra shareholders and Cathedra convertible security holders in exchange for Cathedra shares and Cathedra convertible shares in connection with the arrangement. As Chair, I propose the following motion: to pass an ordinary resolution to approve the issuance of the consideration securities to be issued to Cathedra shareholders and Cathedra convertible security holders in exchange for Cathedra shares and Cathedra convertible securities in connection with the arrangement as outlined in the proxy statement.
This resolution must be passed by a majority of the votes cast by shareholders present in person or by proxy at this meeting. Are there any questions?
If there are no further questions, please cast your votes on the share issuance proposal before we move on to the Board size proposal. Please vote on the share issuance proposal now.
[Voting]
Item 2. The next item of business is to pass an ordinary resolution to approve the fixing of the number of directors to five directors as of the effective time of the arrangement. As Chair, I propose the following motion: subject to the approval of the share issuance proposal and effective upon the consummation of the transaction set forth in the arrangement agreement to pass an ordinary resolution to approve the fixing of the number of directors within the minimum and maximum number of directors prescribed under the current Articles of Amalgamation of Sphere to five directors as of the effective time of the arrangement as outlined in the proxy statement.
This resolution must be passed by a majority of the votes cast by shareholders present in person or by proxy. Are there any questions?
If there are no questions, please cast your votes on the Board size proposal before we move on to the director election proposal. Please vote on the Board size proposal now.
[Voting]
Item 3. The next item of business is to pass an ordinary resolution to approve the election of five director nominees who will serve as directors of the Board immediately following the effective time of the arrangement.
The director nominees are Timothy P. Hanley, who will serve as Chairman of the Board, if duly elected; Joel Block, Marcus Dent, Kurt Kalbfleisch and Nicholas Gates. As Chair, I propose the following motion. Subject to approval of the Board size proposal and effective upon consummation of the transaction set forth in the arrangement agreement to pass an ordinary resolution to approve the election of the five aforementioned nominees as directors of Sphere effective immediately following the consummation of the transaction set forth in the arrangement as outlined in the proxy statement.
This resolution must be passed by a majority of the votes cast by shareholders present in person or by proxy at this meeting. Are there any questions?
If there are no questions, please cast your votes on proposal 3 before we move on to proposal 4. Please vote on the director election proposal now.
[Voting]
Proposal 4. The next item of business is to pass an ordinary resolution to approve an amendment to the Sphere 2025 performance incentive plan to increase the number of common shares available for issuance thereunder. As Chair, I propose the following motion: to pass an ordinary resolution to approve an amendment to the Sphere 2025 performance incentive plan to increase the number of Sphere common shares available for issuance under the Sphere Incentive Plan from 639,252 to 2,139,252, which is an increase of 1.5 million shares.
To, among other things, issue the replacement options and replacement RSUs pursuant to the terms of the arrangement agreement as outlined in the proxy statement. This resolution must be passed by a majority of the votes cast by shareholders in person or by proxy at this meeting. Are there any questions?
If there are no questions, please cast your votes on proposal 4 before we move on to proposal 5. Please vote on the incentive plan proposal now.
[Voting]
The final item of business is to pass a special resolution to approve an amendment to Sphere's Articles of Amalgamation to potentially consolidate Sphere common shares on a 1 Sphere common share for up to 5 Sphere common shares basis, with the exact ratio and a date that such consolidation may be implemented to be determined by the Board of Directors of Sphere, if at all. As an important reminder, the completion of the arrangement with Cathedra is not conditioned on the approval of the special resolution by shareholders.
And the effectiveness of this proposal is not conditioned upon the approval of any other proposal voted on today at this special meeting. As Chair, I propose the following motion: to pass a special resolution to approve an amendment to the Articles of Amalgamation of Sphere to potentially consolidate Sphere's common shares on a 1 Sphere common share for up to 5 Sphere common shares basis to become effective at an exact ratio and at a date to be determined by the Sphere Board, if at all, as outlined in the proxy statement.
This resolution must be passed by not less than 66.66% of the votes cast by shareholders present in person or by proxy at this meeting. Again, are there any questions?
If there are no questions, please cast your votes on proposal 5. Please vote on the consolidation proposal now.
[Voting]
So for those of you who have not voted on all of these resolutions, please do so now as I will shortly close the poll. I will close the poll on all resolutions in 10 seconds to allow online viewers to catch up.
[Voting]
The polls are now closed. We have received the preliminary scrutineer's report, and it shows all resolutions have been carried. And as there is no further business to be brought before the special meeting, I declare that this special meeting is terminated.
This concludes the announced formal items on this agenda. Thank you all for attending today's special meeting and for your continuing support of Sphere 3D Corp.
Thank you for attending today's meeting. You may now disconnect.
Sphere 3D Corp. — Shareholder/Analyst Call - Sphere 3D Corp.
1. Management Discussion
Welcome to the 2026 Annual Meeting of Shareholders of Sphere 3D Corp. Please note that the meeting is being recorded. I would like to introduce Duncan McEwan, Chairman of the Board of Sphere 3D Corp. Mr. McEwan, the floor is yours.
Thank you very much, and good morning, everyone, and welcome to this Annual Meeting of the Shareholders of Sphere 3D Corp. My name is Duncan McEwan, and I am Chairman of the Board. Also present with me today are nominated directors, Susan Harnett and Timothy Hanley, Kurt Kalbfleisch, our Chief Executive Officer and CFO, is also with us today as is [ Thia Eppas ], our Chief Accounting Officer.
We're pleased to host the meeting through TSX Trust Company's virtual meeting platform accessible to all our shareholders regardless of physical location to participate, submit questions and votes. I officially call the meeting to order and appoint Jason Meretsky, Canadian Corporate Counsel to act as Secretary of the meeting and Amy Kam of TSX Trust Company to act as scrutineer of the meeting.
Only registered shareholders who have signed in with their control number may vote and ask questions at the meeting. A notice describing how to access the company's proxy materials over the Internet and how to request a paper copy of the proxy materials was mailed on April 2, 2026, to the registered shareholders of record as of March 24, 2026.
A declaration attesting to such mailing has been provided by TSX Trust Company. I hereby direct the secretary to append the declaration of mailing as Schedule A to the minutes of this meeting. The company's bylaws provide that a quorum at the meeting shall consist of at least two persons present and holding or representing by proxy, not less than 33.3% of the total number of outstanding common shares having voting rights at the meeting. The scrutineer has provided a report indicating that a quorum of shareholders is present. The scrutineer's report on quorum is available for inspection by any shareholder following the meeting.
Due notice having been given and a quorum being present, I declare this Annual Meeting of Shareholders to be regularly called and properly constituted for the transaction of business. The business of this meeting is: one, the presentation of financial statements for the year ended December 31, 2025; two, to set the size of the Board at 3 members; three, the election of directors; and four, the ratification of the reappointment of auditors.
We will conduct the votes on the matters before us by a poll. In a poll, each registered shareholder or their duly appointed proxy holder is entitled to vote on the matter and has one vote in respect of each share entitled to be voted on are held by that shareholder.
The poll will be open for all resolutions at the same time. Click the voting button on the left menu of your screen when the poll is announced. This will allow you to choose to vote on each resolution immediately or wait until conclusion of discussion on each resolution prior to casting your vote. There will be an opportunity for shareholders to ask questions on each resolution in turn.
To submit a question, click the Ask a Question button on the left menu of your screen and type the question in the text box. Once discussion on all items has concluded, I will give you a minute to enter your votes and then declare voting closed on all resolutions. The results of the meeting will be announced at the meeting and will also be filed on EDGAR and SEDAR in accordance with applicable securities laws. We will run through each of the items on the agenda in turn, responding to questions on that item of business while it is before the meeting.
I now declare the polls open on all resolutions. Registered shareholders and duly appointed proxy holders, please click on the voting button in order to cast your vote. If you have already submitted your votes in advance and do not wish to change your vote, you do not need to take further action. As the first item of business, I place before the meeting financial statements for the year ended December 31, 2025, and the report of the auditors thereon. These documents were mailed to you, if requested, but were otherwise available on the Internet with the proxy materials and are also available and have been publicly filed on SEDAR and EDGAR.
The next item of business is to set the size of the Board at three members. As Chair, I propose the following motion: that the shareholders pass a resolution to set the size of the Board at three members as outlined in the proxy statement on Pages 9 through 11.
This resolution must be passed by a majority of the votes cast in person or by proxy. Are there any questions? If there are no further questions, please cast your vote on Item 2 before we move on to Item 3. Please vote now.
[Voting]
Next item of business is the election of directors. Nominated directors include Timothy Hanley, Susan Harnett and myself, Duncan McEwan. As Chair, I propose the following motion: that the shareholders pass a resolution to elect Timothy Hanley, Susan Harnett and Duncan McEwan as directors of the company as outlined in the proxy statement on Pages 9 through 11 to hold office until the close of the next Annual Meeting of Shareholders. This resolution must be passed by a majority of the votes cast in person or by proxy. And again, are there any questions? If there are no questions, please cast your votes on item 3 before we move on to Item 4, and please vote now.
[Voting]
The next item of business is to ratify the appointment of auditors. Our auditors are currently MaloneBailey LLP. As Chair, I propose the following motion: that the shareholders pass the resolution to ratify the appointment of MaloneBailey LLP as the company's auditors in the proxy statement as outlined in the proxy statement on Page 18.
Again, this resolution must be passed by a majority of the votes cast in person or by proxy. Are there any questions? If there are no questions, please cast your votes on Item 4, and please vote now.
[Voting]
For those of you who have not voted on all the resolutions, please do so now as I will shortly close the poll. I will close the poll on all resolutions in 10 seconds to allow online viewers to catch up.
[Voting]
The polls are now closed. We have received the preliminary scrutineers' report, and it shows that all resolutions have been carried. And as there is no further business to be brought before the meeting, I now declare that this meeting is terminated. Thank you very much.
Thank you for attending today's meeting. You may now disconnect.
Sphere 3D Corp. — Shareholder/Analyst Call - Sphere 3D Corp.
1. Management Discussion
Welcome to the Special Meeting of Shareholders of Sphere 3D Corp. Please note this meeting is being recorded. I would like to introduce Duncan McEwan Chair of the Board of Sphere 3D Corp. Mr. McEwan, the floor is yours.
Thank you very much. Good morning, everyone, and welcome to the special meeting of the shareholders of Sphere 3D Corporation. My name is Duncan McEwan, and I am Chairman of the Board. Also present at the meeting are directors, Su Harnett and Tim Hanley and our CEO, Kurt Kalbfleisch. We're pleased to host the meeting through TSX Trust Company's virtual meeting platform, accessible to all our shareholders regardless of physical location to participate, submit questions and vote.
I officially call the meeting to order and appoint Jason Meretsky, Canadian Corporate Counsel to act as Secretary of the meeting and Amy Kam of TSX Trust Company to act as scrutineer of the meeting.
Only registered shareholders who have signed in with their control number may vote and ask questions at the meeting. A notice describing how to access the company's proxy materials over the Internet, and how to request a paper copy of the proxy materials was mailed on December 5, 2025, to the registered shareholders of record as of November 24, 2025. A declaration attesting to such mailing has been provided by the TSX Trust Company and I hereby direct the Secretary to append the declaration of mailing as Schedule A to the minutes of this meeting.
The company's bylaws provide that a quorum of the meeting shall consist of at least 2 persons present and holding or represented by proxy not less than 33.3333% of the total number of outstanding common shares having voting rights at the meeting.
The scrutineer has provided a report indicating that a quorum of shareholders is present. The scrutineer's report, our quorum is available for inspection by any shareholder following the meeting.
Due notice having been given and a quorum being present, I declare this special meeting of shareholders to be regularly called and properly constituted for the transaction of business. The business of this meeting is: one, the approval of the warrant inducement transaction; two, the approval of potential name change of the company; and three, the approval of adjournments or postponements of the meeting or to transact such other business as may be properly brought before the meeting.
We will conduct the votes on the matters before us by a poll. In a poll, each registered shareholder or their duly appointed proxy holder is entitled to vote on the matter and has 1 vote in respect of each share entitled to be voted on the matter and held by that shareholder. The poll will be open for all resolutions at the same time, click the voting button on the left menu on your screen when the poll is announced. This will allow you to choose to vote on each resolution immediately or wait until conclusion of discussion on each resolution prior to casting of your vote.
There will be an opportunity for shareholders to ask questions on each resolution in turn. To submit a question, click the ask a question button on the left menu of your screen and type your question in the text box. Once discussion on all items of business has concluded, I will give you a minute to enter your votes and then declare voting closed on all resolutions.
The results of the meeting will be announced at the meeting and also will be filed on EDGAR and SEDAR within 4 business days. We will run through each of the items on the agenda in turn, responding to questions on that item of business while it is before the meeting.
I now declare the polls open on all resolutions. Registered shareholders and duly appointed proxy holders, please click on the voting button in order to cast your votes. If you have already submitted your votes in advance and do not wish to change your vote, you do not need to take further action.
The first item of business is to approve the warrant inducement transaction. As Chair, I propose the following motion: that the shareholders pass a resolution to approve the warrant inducement transaction, as outlined in the proxy statement on Pages 9 through 11. This resolution must be passed by a majority of the votes cast in person or by proxy.
Are there any questions? If there are no questions, I will move to the next item. Please cast your votes on item 1 before we move on to Item 2.
[Voting]
The next item of business is to approve a potential name change of the company. As Chair, I propose the following motion: that the shareholders pass the resolution to approve a potential name change of the company, as outlined in the proxy statement on Pages 12 through 13. This resolution must be passed by not less than 2/3 of the votes cast in person or by proxy.
Again, are there any questions? If there are no questions, please cast your votes on item 2 before we move on to item 3. Please vote now.
[Voting]
The final item of business is to approve adjournments or postponements of the meeting or to transact such other business as may be properly brought before the meeting. As Chair, I propose the following motion, that the shareholders pass a resolution to approve adjournments or postponements of the meeting and to transact such other business as may be properly brought before the meeting, as outlined in the proxy statement on Page 14. This resolution must be passed by a majority of the votes cast in person or by proxy.
Are there any questions? If there are no questions, please cast your votes on item 3.
[Voting]
For those of you who have not voted on all of the resolutions, please do so now as I will shortly close the poll. I will close the polls on all resolutions in 10 seconds to allow online registered viewers to catch up.
The polls are now closed. We have received the preliminary scrutineer's report and it shows that all resolutions have been carried, and as there is no further business to be brought before the meeting, I declare that this meeting is terminated. Thank you very much.
Thank you for attending today's meeting. You may now disconnect.
Financial data from Sphere 3D Corp.
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 9.71 9.71 |
10%
10%
100%
|
|
| - Direct Costs | 7.95 7.95 |
17%
17%
82%
|
|
| Gross Profit | 1.77 1.77 |
45%
45%
18%
|
|
| - Selling and Administrative Expenses | 10 10 |
9%
9%
106%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | -9.92 -9.92 |
1%
1%
-102%
|
|
| - Depreciation and Amortization | 6.07 6.07 |
10%
10%
63%
|
|
| EBIT (Operating Income) EBIT | -16 -16 |
4%
4%
-165%
|
|
| Net Profit | -32 -32 |
127%
127%
-333%
|
|
In millions USD.
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Sphere 3D Corp. Stock News
Company Profile
Sphere 3D Corp. engages in providing data management, and desktop and application virtualization solutions for small and medium businesses and distributed enterprises. It operates throught EMEA and APAC geographical segment. The EMEA segment include Europe, the Middle East and Africa, and Americas. The APAC segment comprises Asia Pacific countries. Its portfolio Overland-Tandberg™, HVE ConneXions, and UCX ConneXions. The company was founded on May 2, 2007 and is headquartered in Toronto, Canada.
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| Head office | Canada |
| CEO | Mr. Kalbfleisch |
| Employees | 3 |
| Founded | 2007 |
| Website | sphere3d.com |
