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Side-by-side financial comparison of Sphere 3D Corp. (ANY) and Spectral AI, Inc. (MDAI). Click either name above to swap in a different company.
Spectral AI, Inc. is the larger business by last-quarter revenue ($4.1M vs $2.7M, roughly 1.5× Sphere 3D Corp.). On growth, Sphere 3D Corp. posted the faster year-over-year revenue change (3.1% vs -46.3%). Over the past eight quarters, Spectral AI, Inc.'s revenue compounded faster (-19.6% CAGR vs -37.4%).
Sphere 3D Corp is a global technology company specializing in cloud computing, data management, and virtualization solutions. It delivers enterprise-grade products and services tailored for small to medium-sized businesses, large enterprise clients, and public sector entities, focusing on optimizing IT infrastructure efficiency and cutting operational costs for end users.
Spectral AI, Inc. is a medical technology firm specializing in AI-powered diagnostic imaging solutions primarily for burn and wound care. It develops non-invasive imaging tools that enable healthcare providers to deliver faster, more accurate treatment assessments, serving clinical and healthcare partner networks across North America and European markets.
ANY vs MDAI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7M | $4.1M |
| Net Profit | — | $1.1M |
| Gross Margin | — | 45.2% |
| Operating Margin | -372.7% | -54.9% |
| Net Margin | — | 25.7% |
| Revenue YoY | 3.1% | -46.3% |
| Net Profit YoY | — | 113.9% |
| EPS (diluted) | $-6.96 | $0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.7M | $4.1M | ||
| Q3 25 | $2.6M | $3.8M | ||
| Q2 25 | $3.0M | $5.1M | ||
| Q1 25 | $2.8M | $6.7M | ||
| Q4 24 | $2.6M | $7.6M | ||
| Q3 24 | $2.4M | $8.2M | ||
| Q2 24 | $4.7M | $7.5M | ||
| Q1 24 | $6.9M | $6.3M |
| Q4 25 | — | $1.1M | ||
| Q3 25 | $-4.2M | $-3.6M | ||
| Q2 25 | $1.7M | $-8.0M | ||
| Q1 25 | $-8.8M | $2.9M | ||
| Q4 24 | — | $-7.6M | ||
| Q3 24 | $104.0K | $-1.5M | ||
| Q2 24 | $2.1M | $-2.9M | ||
| Q1 24 | $-4.5M | $-3.2M |
| Q4 25 | — | 45.2% | ||
| Q3 25 | 25.4% | 42.7% | ||
| Q2 25 | 23.8% | 45.2% | ||
| Q1 25 | 22.1% | 47.2% | ||
| Q4 24 | — | 44.0% | ||
| Q3 24 | -16.0% | 44.9% | ||
| Q2 24 | 15.2% | 44.3% | ||
| Q1 24 | 38.0% | 46.6% |
| Q4 25 | -372.7% | -54.9% | ||
| Q3 25 | -153.8% | -88.1% | ||
| Q2 25 | -87.0% | -41.9% | ||
| Q1 25 | -184.2% | -13.4% | ||
| Q4 24 | -328.7% | -14.6% | ||
| Q3 24 | -218.8% | -10.8% | ||
| Q2 24 | -122.4% | -32.7% | ||
| Q1 24 | -26.9% | -33.9% |
| Q4 25 | — | 25.7% | ||
| Q3 25 | -162.0% | -93.7% | ||
| Q2 25 | 55.2% | -157.3% | ||
| Q1 25 | -311.9% | 43.2% | ||
| Q4 24 | — | -99.8% | ||
| Q3 24 | 4.4% | -18.4% | ||
| Q2 24 | 45.5% | -38.3% | ||
| Q1 24 | -64.5% | -50.7% |
| Q4 25 | $-6.96 | $0.04 | ||
| Q3 25 | $-0.15 | $-0.13 | ||
| Q2 25 | $0.06 | $-0.31 | ||
| Q1 25 | $-0.32 | $0.11 | ||
| Q4 24 | $-4.62 | $-0.42 | ||
| Q3 24 | $0.01 | $-0.08 | ||
| Q2 24 | $0.10 | $-0.16 | ||
| Q1 24 | $-0.27 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.7M | $15.4M |
| Total DebtLower is stronger | — | $9.3M |
| Stockholders' EquityBook value | $23.3M | $-5.7M |
| Total Assets | $25.1M | $21.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.7M | $15.4M | ||
| Q3 25 | $5.3M | $10.5M | ||
| Q2 25 | $4.7M | $10.5M | ||
| Q1 25 | $2.8M | $14.1M | ||
| Q4 24 | $5.4M | $5.2M | ||
| Q3 24 | $5.0M | $3.7M | ||
| Q2 24 | $4.3M | $6.9M | ||
| Q1 24 | $9.3M | $10.2M |
| Q4 25 | — | $9.3M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $7.8M | ||
| Q4 24 | — | $2.8M | ||
| Q3 24 | — | $1.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $23.3M | $-5.7M | ||
| Q3 25 | $29.5M | $-8.2M | ||
| Q2 25 | $32.7M | $-9.2M | ||
| Q1 25 | $30.7M | $-1.6M | ||
| Q4 24 | $39.3M | $-7.3M | ||
| Q3 24 | $35.8M | $-4.8M | ||
| Q2 24 | $33.4M | $-4.7M | ||
| Q1 24 | $27.5M | $-2.5M |
| Q4 25 | $25.1M | $21.4M | ||
| Q3 25 | $31.1M | $15.3M | ||
| Q2 25 | $34.4M | $16.0M | ||
| Q1 25 | $34.3M | $20.7M | ||
| Q4 24 | $43.2M | $12.1M | ||
| Q3 24 | $44.3M | $11.6M | ||
| Q2 24 | $44.0M | $13.9M | ||
| Q1 24 | $42.0M | $15.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-16.1M | $-2.6M |
| Free Cash FlowOCF − Capex | $-23.6M | — |
| FCF MarginFCF / Revenue | -867.3% | — |
| Capex IntensityCapex / Revenue | 275.4% | — |
| Cash ConversionOCF / Net Profit | — | -2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-40.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.1M | $-2.6M | ||
| Q3 25 | $-3.5M | $-2.5M | ||
| Q2 25 | $-5.8M | $-3.4M | ||
| Q1 25 | $-4.1M | $-1.5M | ||
| Q4 24 | $-4.6M | $469.0K | ||
| Q3 24 | $290.0K | $-1.6M | ||
| Q2 24 | $-3.3M | $-5.4M | ||
| Q1 24 | $-58.0K | $-2.7M |
| Q4 25 | $-23.6M | — | ||
| Q3 25 | $-5.7M | — | ||
| Q2 25 | $-6.0M | — | ||
| Q1 25 | $-5.1M | — | ||
| Q4 24 | $-13.5M | — | ||
| Q3 24 | $-4.3M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -867.3% | — | ||
| Q3 25 | -218.7% | — | ||
| Q2 25 | -200.5% | — | ||
| Q1 25 | -181.2% | — | ||
| Q4 24 | -511.9% | — | ||
| Q3 24 | -184.4% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 275.4% | — | ||
| Q3 25 | 86.5% | — | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 36.4% | — | ||
| Q4 24 | 338.7% | — | ||
| Q3 24 | 196.7% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | -2.43× | ||
| Q3 25 | — | — | ||
| Q2 25 | -3.51× | — | ||
| Q1 25 | — | -0.52× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.79× | — | ||
| Q2 24 | -1.55× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
