Darkhorse Technologies Inc
darkhorse.incWhat Do They Do?
Mines Bitcoin by providing computing power to mining pool operators.
10-K for FY2025, filed Mar 27, 2026
How Do They Make Money?
The company earns Bitcoin for providing hash calculations to mining pool operators; payouts track its contractual share of block rewards and transaction fees and are settled daily.
10-K for FY2025, filed Mar 27, 2026We are engaged with a Bitcoin mining pool operator as our customer, to provide a service to perform hash calculations for the mining poolโฆView โ
Our fractional share is based on a contractual formula, which primarily calculates the hashrate provided to the mining pool as a percentageโฆView โ
The Company satisfies its performance obligation over time with daily settlement in Bitcoin. The Companyโs performance is completed as itโฆView โ
$11.2M
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10-K for FY2025, filed Mar 27, 2026
$11.2M โ
Who Are Their Customers?
Mining pool operators contract directly for hash-calculation services; Foundry Digital LLC is the named customer.
10-K for FY2025, filed Mar 27, 2026We are engaged with a Bitcoin mining pool operator as our customer, to provide a service to perform hash calculations for the mining poolโฆView โ
There are certain customers who individually represented 10% or more of the Companyโs revenue. During the years ended December 31, 2025 andโฆView โ
Do Revenues Turn Into Profits?
No. It lost $21.5M in FY2025.
10-K for FY2025, filed Mar 27, 2026
โ$22MView โ
10-K for FY2025, filed Mar 27, 2026
โ$21.5MView โ
10-K for FY2025, filed Mar 27, 2026
โ$23.6MView โ
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 14, 2026
โ$13.8MView โ
- โผ Now a loss
- vs $1.7M in Q2 FY2025
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Sep 1, 2026
Agreed to sell its Iowa site and owned mining fleet
Sources
8-K, filed Sep 8, 2026
On September 1, 2026, Sphere 3D Corp. (the โCompanyโ) entered into a definitive agreement (the โIowa Agreementโ) with Simple mining, LLCโฆView โ
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Jun 3, 2026
Named Joel Block CEO
His employment agreement says he will serve as the company's chief executive.
Sources
8-K, filed Jun 3, 2026
On the Closing Date, Sphere entered into an Employment Agreement (the "Block Employment Agreement") with Joel Block, pursuant to which Mr.โฆView โ
Growing. Revenue grew 3.0x in 4 years, from $3.7M in FY2021 to $11.2M in FY2025, about 32% a year.
Exited technology products and services
The older report described NOC support and data-management and virtualization products alongside mining; the latest says the service and product segment was sold and the business will focus on Bitcoin mining.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 27, 2026In addition to digital mining, we provide network operations center (โNOCโ) services to our customers. NOC revenues are for monthlyโฆView โ
Sphere 3D was incorporated under the Business Corporations Act (Ontario) on May 2, 2007 as T.B. Mining Ventures Inc. On March 24, 2015, weโฆView โ
Added owned mining infrastructure
The older report described buying mining equipment and partnering with service providers; the latest describes a self-owned Iowa site and a move toward owning facilities to reduce third-party hosting.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 27, 2026Sphere 3D was incorporated under the Business Corporations Act (Ontario) on May 2, 2007 as T.B. Mining Ventures Inc. On March 24, 2015, weโฆView โ
As of December 31, 2025, we owned approximately 12,600 miners, of which approximately 4,200 were in service and have a total hashrateโฆView โ
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