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Cathedra Bitcoin Inc. (TSXV: CBIT,OTC:CBTTF) (OTCQB: CBTTF) (Block Height: 942,048) ("Cathedra", the "Company" or "we"), a developer and operator of power and digital infrastructure assets across North America, today announces our fourth quarter and full-year financial results for the fiscal year ended December 31, 2025:
Fiscal Year 2025 Financial Highlights
Total revenues for the year ended December 31, 2025, of C$21.2 million, compared to C$23.1 million for the year ended December 31, 2024.
The Company recorded a net loss of C$9.7 million for the year ended December 31, 2025, compared to a net loss of C$0.1 million for the year ended December 31, 2024.
Further details regarding the Company's financial results, including year-over-year changes, can be found in the Management's Discussion and Analysis for the year ended December 31, 2025, available on the Company's profile on SEDAR+.
Fiscal Year 2025 Operational Highlights
On March 5, 2026, the Company and Sphere 3D Corp. ("Sphere") entered into a definitive agreement to combine in an all-stock transaction. Under the terms of the definitive arrangement agreement, Sphere agreed to acquire all of the issued and outstanding shares of Cathedra (the "Transaction"), subject to customary closing conditions, including regulatory, court, and shareholder approvals, such that upon consummation of the Transaction, Cathedra will be a wholly-owned subsidiary of Sphere.
Upon completion of the Transaction, Cathedra security holders will receive common shares of Sphere (the "Sphere Common Shares") and/or securities exercisable or convertible into Sphere Common Shares totaling approximately 49% of the issued and outstanding share capital of Sphere immediately following closing on a partially diluted basis.
On July 10, 2025, we appointed Joel Block as Chief Executive Officer and Chairman of the Board of Directors. Concurrently, Antonin Scalia (former CEO) and Thomas Armstrong (former President and COO) resigned from their executive and Board roles but remained as advisors during a transition period.
The Company completed a 30:1 consolidation of its issued and outstanding subordinate voting shares and multiple voting shares, with a record date of October 14, 2025, to streamline the Company's capital structure.
In late October 2025, the Company completed the construction of a new 15-megawatt (MW) data center, in close proximity to an existing 10MW site.
The Company cancelled two of its smaller proprietary mining data center leases on October 31 and December 31, 2025 in the state of Washington.
The Company continued to advance its pipeline of prospective sites, reinforcing its commitment to expanding its bitcoin mining and hosting infrastructure.
Management Commentary
Joel Block, CEO of Cathedra, stated: "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."
About Cathedra
Cathedra develops and operates power and digital infrastructure assets across North America. The Company hosts bitcoin mining clients across its portfolio of four data centers (45 MW total) in Tennessee and Kentucky. Cathedra also operates a fleet of proprietary bitcoin mining machines at its own data center, producing approximately 400 PH/s of hash rate. Cathedra is headquartered in Vancouver and its subordinate voting shares trade on the TSX Venture Exchange under the symbol CBIT and in the OTC market under the symbol CBTTF.
For more information about Cathedra, visit cathedra.com or follow Company news on Twitter at @CathedraBitcoin or on Telegram at @CathedraBitcoin.
Media and Investor Relations Inquiries
Please contact:
Joel Block
Chief Executive Officer
ir@cathedra.com
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, among other things, statements relating to: the expected completion, timing and anticipated benefits of the Transaction, including the expected ownership percentages of Cathedra security holders following closing; the Company's plans to advance its pipeline of prospective sites; the Company's expectation that the Transaction, if completed, will increase its operational capacity and create additional strategic opportunities; and the Company's general business plans and objectives.
Such forward-looking statements are based on a number of factors and assumptions of management, including, without limitation: the satisfaction of all conditions precedent to the completion of the Transaction, including receipt of all required regulatory, court, and shareholder approvals; general business and economic conditions; currency exchange rates remaining consistent with current levels; and that no significant events will occur outside the Company's normal course of business.
Additionally, forward-looking statements involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: an inability to successfully complete or integrate the Transaction with Sphere on favourable terms or at all; a failure to realize the expected benefits of the Transaction; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the potential adverse impact on the Company's profitability; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; future capital needs and the ability to complete current and future financings, as well as capital market conditions in general; volatile securities markets impacting security pricing unrelated to operating performance; historical prices of digital currencies and the ability to mine digital currencies consistent with historical prices; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation and the costs associated with compliance; unanticipated costs; changes in market conditions impacting the average revenue per MWh; and the risks and uncertainties associated with foreign markets.
Additionally, the forward-looking statements contained herein may be affected by risks and uncertainties in the business of Cathedra and general market conditions. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. Readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289782
