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DarkHorse Technologies (DRK) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · DarkHorse Technologies (DRK) Q3 2026 earnings results →
Q3 2026 Revenue up 16% year over year to $3.0M · 191¢ of every $1 of revenue lost · operating margin -191.0%
DarkHorse Technologies made $3.0M in Q3 2026 (+16% Y/Y): Hosting revenue $2.0M, Bitcoin $1.0M. Operating margin -191.0%, net loss $5.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $3.0M in Q3 2026, up 16% year over year and up 24% from the previous quarter. Hosting revenue was the largest line at 66% of revenue. Bitcoin declined 61%.
Operating costs exceeded revenue by $5.8M, an operating margin of -191.0%. Total costs grew 32% against revenue growth of 16%. The fastest-growing cost line was General & admin (+121%). The quarter ended with a net loss of $5.8M, narrower than the previous quarter's $13.8M loss.
Operating cash flow was −$4.5M. Non-cash charges added back $608K of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items used $309K.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $3.0M | +16% | -191.0% | −$5.8M | −$4.5M |
| Q2 2026 | 10-Q | Aug 14, 2026 | $2.5M | -19% | -563.7% | −$13.8M | −$5.3M |
| Q1 2026 | 10-Q | May 15, 2026 | $1.9M | -32% | -215.6% | −$4.1M | −$3.7M |
| Q4 2025 | 10-K | Mar 27, 2026 | $2.7M | +3% | -372.7% | −$10.1M | −$2.7M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $2.6M | +11% | -153.8% | −$4.2M | −$3.5M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $3.0M | -35% | -87.0% | $1.7M | −$5.8M |
| Q1 2025 | 10-Q | May 14, 2025 | $2.8M | -59% | -184.2% | −$8.8M | −$4.1M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About DarkHorse Technologies
Sphere 3D was incorporated under the Business Corporations Act (Ontario) on May 2, 2007 as T.B. Mining Ventures Inc. On March 24, 2015, we completed a short-form amalgamation with a wholly-owned subsidiary. In connection with the short-form amalgamation, we changed our name to “Sphere 3D Corp.” Any reference to the “Company”, “Sphere 3D”, “we”, “our”, “us”, or similar terms refers to Sphere 3D Corp. and its subsidiaries. In January 2022, we commenced operations of our Bitcoin mining business and are dedicated to becoming a leader in the blockchain and cryptocurrency industry. We have established and continue to grow an enterprise-scale mining operation through the procurement of mining equipment and partnering with experienced service providers.
In its own words, from its 10-K, filed Mar 27, 2026.
DarkHorse Technologies against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +16% against the peers' median +17%. Operating margin: -191.0% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| DRK DarkHorse Technologies | Q3 2026 | $3.0M | +16% | -191.0% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: DarkHorse Technologies 10-Q on SEC EDGAR · CIK 1591956 · Finance Services
Guidance and outlook
More on DRK
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results