Sphere 3D Hit With $2.2M Tariff Claim Amid Working Capital Concerns

Crypto miner Sphere 3D faces a potential tariff claim of approximately $2.2 million from US Customs and Border Protection (CBP), which is about 77% of its June 30 cash balance.

The company stated in an Aug. 24 filing that CBP treated the Bitcoin miners purchased in 2022 by one of its subsidiaries as Chinese-origin goods, despite seller-provided import documents certifying they were not made in China.

Sphere 3D plans to protest the tariff claim, but the deadline for protesting and potential statutory interest remain undisclosed. The company's current cash balance is $2.8 million, with working capital of just $0.2 million and roughly $5.9 million in current liabilities.