Sphere 3d Corp. · NASDAQ:ANY
Sphere 3d — Investor Presentation (September 2026)
28 slides from Sphere 3d's investor presentation, Sep 14, 2026
Slide 1: AI infrastructure in the places others overlook
INVESTOR PRESENTATION AI infrastructure in the places others overlook. SEPTEMBER 2026 BLACKJACK 30 MW total (planned) ROCKWOOD 10 MW total BRICKYARD 15 MW total TRUCKSTOP 50 MW total (planned) ILLUSTRATIVE SITE CONCEPTS / TOTAL SITE POWER 01
Slide 2: Disclaimer
Disclaimer No Offer or Solicitation. This presentation has been prepared by Sphere 3D Corp., doing business as DarkHorse Technologies (the "Company"), for informational and discussion purposes only. It does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of th
Slide 3: Investment Summary – Building the Platform
Investment Summary – Building the Platform 01 Secured and Growing Power 50 MW operating across TVA plus a 100+ MW pipeline; energized sites skip multi-year interconnection queues. 02 Hidden Value in Existing Assets Legacy Bitcoin mining footprint is expected to create an infrastructure base to conve
Slide 4: Valuation Disconnect – Market Cap per MW
Valuation Disconnect – Market Cap per MW DarkHorse trades at $0.43M per MW, roughly one-third of the small-cap peer median and a fraction of AI/HPC-weighted names. Market Cap / MW = market capitalization ÷ latest disclosed operating, active, developed or managed MW; definitions vary by company. Medi
Slide 5: DarkHorse overview
01 DarkHorse overview INVESTOR PRESENTATION / SEPTEMBER 2026 05
Slide 6: Power-First Digital Infrastructure Platform
Power-First Digital Infrastructure Platform 50 MW Operating Capacity 100+ MW Potential Expansion Pipeline 4 Data Centers Power Footprint Across Energy-Rich Regions: KY, TN Selective AI / HPC Conversion Active opportunities Competitive Economics ~$49/MWh All-In-Power Cost Our strategic focus is to mo
Slide 7: We already own what the queue can't produce
P L A T F O R M · T H E D A R K H O R S E A P P R O A C H We already own what the queue can't produce Bitcoin mining was the entry point. It left DarkHorse with energized megawatts, utility relationships, and modular build muscle. Exactly the inputs an AI factory needs. T H E O R I G I N · H O W W E
Slide 8: MW operating. 100+ MW in sight
P L A T F O R M · P O R T F O L I O O V E R V I E W 50 MW operating. 100+ MW in sight A S S E T S T A T E G R I D S T A T U S C U R R E N T M W E X P A N D A B L E T O P l a n n e d U s e Brickyard 15 MW total Kentucky TVA OPERATING 15 MW - AI Inference Hosting Blackjack 30 MW total* Kentucky TVA OP
Slide 9: Leadership Built for the Infrastructure Transition
Leadership Built for the Infrastructure Transition Tim Hanley | Chairman Deloitte & Touche, former Senior Partner; audit, risk & operational leadership Kurt Kalbfleisch | CFO | Director PubCo Finance + Governance Tom Masiero | Head of Strategy Power Development & Infrastructure Tiah Reppas | CAO Acc
Slide 10: A Best-In-Class Technical Advisory Bench
A Best-In-Class Technical Advisory Bench EA Advisors adds site-level technical diligence, hyperscale design perspective, and access to experienced design/build/operator networks as DRK evaluates AI/HPC monetization across its portfolio. Prior company experience of EA Advisors principals; shown for c
Slide 11: Market opportunity
02 Market opportunity INVESTOR PRESENTATION / SEPTEMBER 2026 11
Slide 12: Everyone needs powered land. Few have it
MACRO · THE RACE FOR POWERED LAND Everyone needs powered land. Few have it 01 · THE DE MAND 3.2 Quadrillion AI tokens processed monthly by Google alone (May 2026) Inference has gone vertical. Google's token volume is up ~330× in 24 months, and Goldman Sachs projects a further 70× rise in monthly vol
Slide 13: Demand For Power Continues to Accelerate
Demand For Power Continues to Accelerate Source: Morgan Stanley Research Estimates for GOOGL, AMZN, META, MSFT, and ORCL Hyperscaler Capex Growth Projections $261B $449B $805B $1,116B 2024A 2025A 2026E 2027E Hyperscaler Demand Rapidly Outgrowing Power Supply Global DC capacity demand 82 GW → 219 GW
Slide 14: Fastest Growing Data Center Markets in the US
Fastest Growing Data Center Markets in the US 64% of new US data-center construction is in secondary/frontier markets 18% data centers as a share of TVA industrial load in 2025, projected to double by 2030 4–7 yrs typical U.S. grid-interconnection queue in core markets, energized TVA sites skip the
Slide 15: Development pipeline
03 Development pipeline INVESTOR PRESENTATION / SEPTEMBER 2026 15
Slide 16: Four sites. AI infrastructure concepts.
DEVELOPMENT / SITE CONCEPTS Four sites. AI infrastructure concepts. Blackjack 30 MW Total site power (planned) Modular conversion with battery storage Rockwood 10 MW Total site power Modular conversion with battery storage Brickyard 15 MW Total site power Modular conversion with battery storage Truc
Slide 17: Development that pays its way
COMMUNI TY · VALUE-ADD Development that pays its way The backlash screens out developers who extract. DarkHorse builds the case for yes into the project itself: tax base, grid value, and shared infrastructure. WHY THE COMMUNI TY WI NS ($38M) T AX B ASE The host community's real-property assessments
Slide 18: Execution and capitalization
04 Execution and capitalization INVESTOR PRESENTATION / SEPTEMBER 2026 18
Slide 19: Phased Operating Plan
Phased Operating Plan 1 2 3 Optimize Integrate Cathedra Stabilize the platform Preserve mining + hosting revenue base Complete site-level readiness review Qualify & Convert Identify sites suitable for AI / HPC Advance active HPC / AI opportunities Secure first anchor customer / pilot Define capex, t
Slide 20: The megawatt is the ingredient. Compute is the product
E C O N O M I C S · T H E R E V E N U E L A D D E R The megawatt is the ingredient. Compute is the product We buy energized, overlooked power in the 10–50 MW range hyperscale ignores, put it to work the day we own it, then climb every megawatt up a revenue ladder. Mining pays the bills. AI factories
Slide 21: Capital Strategy
Capital Strategy 01 Capital Need Growth capital to fund identified site development and expansion, sized to the near-term pipeline and tied to milestones 02 Preferred Structures JV, project-level SPV, structured preferred, or milestone-based convertible preferred 03 Partner Profile Infrastructure ca
Slide 22: Investment Summary – Building the Platform
Investment Summary – Building the Platform 01 Secured and Growing Power 50 MW operating across TVA plus a 100+ MW pipeline; energized sites skip multi-year interconnection queues. 02 Hidden Value in Existing Assets Legacy Bitcoin mining footprint is expected to creates an infrastructure base to conv
Slide 23: Appendix
05 Appendix INVESTOR PRESENTATION / SEPTEMBER 2026 23
Slide 24: Fully Diluted Shares Outstanding
Fully Diluted Shares Outstanding APPENDIX INVESTOR PRESENTATION / SEPTEMBER 2026 24 Fully Diluted Series I Preferred Shares Series H Preferred Shares Stock Options Restricted Stock Units Unexercised Warrants Shares Issued and Outstanding Common Shares and Equivalents at September 11, 2026 10,569,496
Slide 25: Blackjack site concept
APPENDIX / SITE CONCEPT Blackjack 30 MW total site power (planned) Modular conversion concept with battery storage. AI-generated concept rendering. Layout, terrain, access and equipment remain subject to engineering. INVESTOR PRESENTATION / SEPTEMBER 2026 25
Slide 26: Rockwood site concept
APPENDIX / SITE CONCEPT Rockwood 10 MW total site power Compact modular conversion concept with battery storage. AI-generated concept rendering. Layout, terrain, access and equipment remain subject to engineering. INVESTOR PRESENTATION / SEPTEMBER 2026 26
Slide 27: Brickyard site concept
APPENDIX / SITE CONCEPT Brickyard 15 MW total site power Modular conversion concept with separate battery storage. AI-generated concept rendering. Layout, terrain, access and equipment remain subject to engineering. INVESTOR PRESENTATION / SEPTEMBER 2026 27
Slide 28: Truckstop site concept
APPENDIX / SITE CONCEPT Truckstop 50 MW total site power (planned) Two-story building concept with battery storage. AI-generated concept rendering. Layout, terrain, access and equipment remain subject to engineering. INVESTOR PRESENTATION / SEPTEMBER 2026 28