One of the references in the paper Ethan mentions is:
"Some Infinite Series of Exponential and Hyperbolic Functions", I. J. Zucker,
SIAM Journal on Mathematical Analysis 15 (1984), 406-413, DOI 10.1137/0515031.
In Table 1, this paper has a number of equations similar to the identity the questioner gives; in fact, this identity can be gotten from Table 1 by subtracting (T1.3) from (T1.4) and substituting $k=k'=1/\sqrt{2}$, $c=1$. Here, $k$, $k'$, $c$, and $q$ (to appear momentarily) are parameters of the lattice for a doubly periodic function and are related by
$$
k^2+k'^2=1, \qquad c=\frac{K(k')}{K(k)},\qquad q=e^{-\pi c}
$$
where
$$
K(k)=\int_0^1 \frac{1}{\sqrt{(1-x^2)(1-k^2 x^2)}} \, dx
$$
is the complete elliptic integral of the first kind.
The method Zucker uses to prove the identities in Table 1 is to take the logarithm of the product representation of a product of theta functions, expand the logarithm, and then rearrange the sum. To use this method to prove the questioner's identity, start from the following identity (derived from pp. 469, 479, Whittaker & Watson, 4th edition):
$$
\frac{\theta_4(0,q)}{\theta_3(0,q)}=\sqrt{k'}=\prod_{n\ge 1} \frac{(1-q^{2n-1})^2}{(1+q^{2n-1})^2}.
$$
Taking logarithms and expanding the logarithm as a power series gives
\begin{eqnarray*}
\log k'&=&\sum_{n, m\ge 1} \frac4m((-1)^m-1)q^{(2n-1)m}\\
&=&-\sum_{n\ge1,\ m\ge 0} \frac{8}{2m+1}q^{(2n-1)(2m+1)}\\
&=&-4\sum_{m\ge 0} \frac{1}{2m+1} \frac{2}{q^{-(2m+1)}-q^{2m+1}}.
\end{eqnarray*}
Set $k=k'=1/\sqrt{2}$; then $q=e^{-\pi}$. This gives the desired result.