Cathedra Bitcoin Announces Fourth Quarter and Full-Year 2025 Financial Results
Executive Summary
- Cathedra Bitcoin Inc. reported FY 2025 revenue of C$21.2 M (down from C$23.1 M) and a net loss of C$9.7 M (worsening from a C$0.1 M loss in 2024).
- The company entered into a definitive all‑stock merger agreement with Sphere 3D Corp., under which Cathedra shareholders would receive securities representing ~49% of post‑closing Sphere equity on a partially diluted basis.
- Additional operational updates include completion of a 30:1 share consolidation, construction of a new 15 MW data center, and cancellation of two smaller Washington leases.
Key Details
- Financial Highlights (FY 2025):
- Total revenue: C$21.2 M vs. C$23.1 M in FY 2024.
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Net loss: C$9.7 M vs. C$0.1 M loss in FY 2024.
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Merger with Sphere 3D Corp.:
- All‑stock transaction; Sphere to acquire all Cathedra shares pending regulatory, court and shareholder approvals.
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Upon closing, Cathedra security holders will receive common shares of Sphere and/or convertible securities equal to approximately 49% of Sphere’s post‑closing share capital on a partially diluted basis.
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Leadership Changes (July 10 2025):
- Joel Block appointed CEO and Chairman.
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Former CEO Antonin Scalia and former President/COO Thomas Armstrong resigned from executive and board roles, remaining as advisors during transition.
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Share Structure Consolidation:
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Completed a 30:1 consolidation of subordinate voting and multiple voting shares; record date October 14 2025.
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Operational Updates:
- New 15‑MW data center completed in late October 2025, adjacent to an existing 10‑MW facility (total capacity now 45 MW across four sites).
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Cancelled two smaller proprietary mining data‑center leases in Washington on Oct 31 and Dec 31 2025.
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Future Outlook:
- Management expects the Sphere merger to expand operational reach and create strategic opportunities in 2026, contingent on closing conditions.
Notable Quotes
“Throughout 2025, the Company made important moves to reinforce its operations and prepare for future growth. These actions laid the groundwork for the announced combination with Sphere 3D, which, if completed, is expected to increase Cathedra's operational reach and open up new strategic possibilities in the ensuing year.” – Joel Block, CEO
Materiality Assessment: Material – Negative (significant net loss and pending merger that could materially affect shareholder value).