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Side-by-side financial comparison of Sphere 3D Corp. (ANY) and Mawson Infrastructure Group Inc. (MIGI). Click either name above to swap in a different company.
Mawson Infrastructure Group Inc. is the larger business by last-quarter revenue ($3.2M vs $2.7M, roughly 1.2× Sphere 3D Corp.). On growth, Sphere 3D Corp. posted the faster year-over-year revenue change (3.1% vs -78.5%). Mawson Infrastructure Group Inc. produced more free cash flow last quarter ($-7.0M vs $-23.6M). Over the past eight quarters, Sphere 3D Corp.'s revenue compounded faster (-37.4% CAGR vs -58.5%).
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.
Mawson Infrastructure Group Inc. is a global digital infrastructure provider that operates sustainable, energy-efficient data centers and specialized hosting solutions for blockchain and digital asset operations. Its core segments include cryptocurrency mining, colocation services, and low-carbon infrastructure development, with primary operational footprints across North America and Australia.
ANY vs MIGI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7M | $3.2M |
| Net Profit | — | — |
| Gross Margin | — | — |
| Operating Margin | -372.7% | — |
| Net Margin | — | — |
| Revenue YoY | 3.1% | -78.5% |
| Net Profit YoY | — | -246.2% |
| EPS (diluted) | $-6.96 | — |
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 | $3.2M | ||
| Q3 25 | $2.6M | $13.2M | ||
| Q2 25 | $3.0M | $9.5M | ||
| Q1 25 | $2.8M | $13.8M | ||
| Q4 24 | $2.6M | $15.1M | ||
| Q3 24 | $2.4M | $12.3M | ||
| Q2 24 | $4.7M | $13.1M | ||
| Q1 24 | $6.9M | $18.8M |
| Q4 25 | — | — | ||
| Q3 25 | $-4.2M | $327.7K | ||
| Q2 25 | $1.7M | $-8.0M | ||
| Q1 25 | $-8.8M | $-310.9K | ||
| Q4 24 | — | $-4.5M | ||
| Q3 24 | $104.0K | $-12.2M | ||
| Q2 24 | $2.1M | $-9.6M | ||
| Q1 24 | $-4.5M | $-19.8M |
| Q4 25 | — | — | ||
| Q3 25 | 25.4% | 65.0% | ||
| Q2 25 | 23.8% | 41.3% | ||
| Q1 25 | 22.1% | 42.9% | ||
| Q4 24 | — | 30.9% | ||
| Q3 24 | -16.0% | 35.1% | ||
| Q2 24 | 15.2% | 32.9% | ||
| Q1 24 | 38.0% | 37.2% |
| Q4 25 | -372.7% | — | ||
| Q3 25 | -153.8% | 12.0% | ||
| Q2 25 | -87.0% | -68.9% | ||
| Q1 25 | -184.2% | 4.2% | ||
| Q4 24 | -328.7% | -35.2% | ||
| Q3 24 | -218.8% | -92.6% | ||
| Q2 24 | -122.4% | -51.5% | ||
| Q1 24 | -26.9% | -41.0% |
| Q4 25 | — | — | ||
| Q3 25 | -162.0% | 2.5% | ||
| Q2 25 | 55.2% | -84.1% | ||
| Q1 25 | -311.9% | -2.3% | ||
| Q4 24 | — | -30.0% | ||
| Q3 24 | 4.4% | -99.3% | ||
| Q2 24 | 45.5% | -73.4% | ||
| Q1 24 | -64.5% | -105.3% |
| Q4 25 | $-6.96 | — | ||
| Q3 25 | $-0.15 | $0.01 | ||
| Q2 25 | $0.06 | $-0.40 | ||
| Q1 25 | $-0.32 | $-0.02 | ||
| Q4 24 | $-4.62 | $-49.35 | ||
| Q3 24 | $0.01 | $-0.66 | ||
| Q2 24 | $0.10 | $-0.55 | ||
| Q1 24 | $-0.27 | $-1.19 |
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 | $13.3M |
| Total DebtLower is stronger | — | $25.2M |
| Stockholders' EquityBook value | $23.3M | $-3.1M |
| Total Assets | $25.1M | $57.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.7M | $13.3M | ||
| Q3 25 | $5.3M | $2.3M | ||
| Q2 25 | $4.7M | $3.2M | ||
| Q1 25 | $2.8M | $5.5M | ||
| Q4 24 | $5.4M | $6.1M | ||
| Q3 24 | $5.0M | $5.8M | ||
| Q2 24 | $4.3M | $6.8M | ||
| Q1 24 | $9.3M | $6.4M |
| Q4 25 | — | $25.2M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $20.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $393.2K | ||
| Q1 24 | — | $41.5K |
| Q4 25 | $23.3M | $-3.1M | ||
| Q3 25 | $29.5M | $-9.4M | ||
| Q2 25 | $32.7M | $-8.3M | ||
| Q1 25 | $30.7M | $-1.4M | ||
| Q4 24 | $39.3M | $-3.2M | ||
| Q3 24 | $35.8M | $-1.6M | ||
| Q2 24 | $33.4M | $4.4M | ||
| Q1 24 | $27.5M | $13.0M |
| Q4 25 | $25.1M | $57.4M | ||
| Q3 25 | $31.1M | $52.0M | ||
| Q2 25 | $34.4M | $52.7M | ||
| Q1 25 | $34.3M | $57.9M | ||
| Q4 24 | $43.2M | $61.4M | ||
| Q3 24 | $44.3M | $60.8M | ||
| Q2 24 | $44.0M | $65.6M | ||
| Q1 24 | $42.0M | $67.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.09× | ||
| Q1 24 | — | 0.00× |
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 | $-6.9M |
| Free Cash FlowOCF − Capex | $-23.6M | $-7.0M |
| FCF MarginFCF / Revenue | -867.3% | -218.1% |
| Capex IntensityCapex / Revenue | 275.4% | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-40.5M | $-10.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.1M | $-6.9M | ||
| Q3 25 | $-3.5M | $-844.5K | ||
| Q2 25 | $-5.8M | $-2.1M | ||
| Q1 25 | $-4.1M | $-510.4K | ||
| Q4 24 | $-4.6M | $3.6M | ||
| Q3 24 | $290.0K | $-1.2M | ||
| Q2 24 | $-3.3M | $2.5M | ||
| Q1 24 | $-58.0K | $1.9M |
| Q4 25 | $-23.6M | $-7.0M | ||
| Q3 25 | $-5.7M | $-859.7K | ||
| Q2 25 | $-6.0M | $-2.1M | ||
| Q1 25 | $-5.1M | $-516.9K | ||
| Q4 24 | $-13.5M | $1.6M | ||
| Q3 24 | $-4.3M | $-1.3M | ||
| Q2 24 | — | $592.4K | ||
| Q1 24 | — | $1.9M |
| Q4 25 | -867.3% | -218.1% | ||
| Q3 25 | -218.7% | -6.5% | ||
| Q2 25 | -200.5% | -22.3% | ||
| Q1 25 | -181.2% | -3.7% | ||
| Q4 24 | -511.9% | 10.7% | ||
| Q3 24 | -184.4% | -10.4% | ||
| Q2 24 | — | 4.5% | ||
| Q1 24 | — | 9.9% |
| Q4 25 | 275.4% | 4.6% | ||
| Q3 25 | 86.5% | 0.1% | ||
| Q2 25 | 6.6% | 0.5% | ||
| Q1 25 | 36.4% | 0.0% | ||
| Q4 24 | 338.7% | 13.0% | ||
| Q3 24 | 196.7% | 0.3% | ||
| Q2 24 | 0.0% | 14.3% | ||
| Q1 24 | 0.0% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | -2.58× | ||
| Q2 25 | -3.51× | — | ||
| Q1 25 | — | — | ||
| 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.
