SBET

MKT CAP:$1B

Sharplink, Inc.

Market Cap

$1B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$7.31-$2.38 (-24.56%)

Apr 24, 2026

Company Details

Sharplink, Inc. engages in the digital asset treasury business in the United States and internationally. The company operates as an institutional-grade Ethereum treasury platform. It operates in two segments, Ether (ETH) Treasury Management...

CEO

Joseph Chalom

IPO Date

May 21, 1997

Website

www.sharplink.com

Key Metrics TTM

Revenue

$28M

+288.9% YoY

Net Income

-$739M

EPS (Diluted)

-$27.10

Free Cash Flow

-$20M

Revenue / Share

$0.14

Gross Margin

93.1%

Operating Margin

-49.8%

Net Margin

-2606.7%

FCF Margin

-70.6%

P/S

50.8x

P/E

—

Earnings Reports

FY 2025

Mar 6, 2026

$28MEPS -$7.37

Q4 2025

Mar 6, 2026

$16MEPS -$3.73

Q3 2025

Nov 12, 2025

$11MEPS $0.62

Q2 2025

Aug 14, 2025

$697.3KEPS -$4.27

Q4 2023

Mar 29, 2024

$1M-56.3%EPS -$19.72

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 17	$2M	$1M	-$139.0K
Q3 18	$1M	$956.0K	-$80.0K
Q1 19	$1M	$793.0K	-$120.0K
Q2 19	-$1M	-$2M	-$271.8K
Q3 19	$1M	$783.0K	-$69.0K
Q3 20	$464.5K	$77.0K	-$479.4K
Q1 21	$816.0K	$102.0K	-$11M
Q2 21	$816.0K	$102.0K	-$11M
Q1 22	$2M	$627.4K	-$7M
Q2 22	$2M	$90.0K	-$4M
Q3 22	$1M	$188.0K	-$2M
Q4 22	$2M	$228.2K	-$3M
Q4 23	$1M	$350.6K	-$4M
Q2 25	$697.3K	$209.1K	-$103M
Q3 25	$11M	$10M	$105M
Q4 25	$16M	$15M	-$12M

Valuation

Quarter	P/S	P/E
Q3 17	1.2x	—
Q3 18	1.5x	—
Q1 19	1.7x	—
Q2 19	3.3x	—
Q3 19	2.5x	—
Q3 20	20.3x	—
Q1 21	72.0x	—
Q2 21	18.9x	—
Q1 22	8.1x	—
Q2 22	5.7x	—
Q3 22	3.7x	—
Q4 22	0.1x	—
Q4 23	0.7x	—
Q2 25	275.9x	—
Q3 25	172.5x	—
Q4 25	47.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 11	-$102.0K	-$189.0K
Q4 12	$1M	$1M
Q4 13	$776.0K	$588.0K
Q4 14	$2M	$2M
Q3 20	-$346.7K	-$347.1K
Q1 21	-$1M	-$1M
Q2 21	-$1M	-$1M
Q3 21	$0	$0
Q1 22	-$2M	-$2M
Q2 22	-$1M	-$1M
Q3 22	-$2M	-$2M
Q4 22	-$49M	-$49M
Q4 23	-$2M	-$2M
Q2 25	-$2M	-$2M
Q3 25	-$7M	-$7M
Q4 25	-$10M	-$10M

Capital Expenditures

Quarter	CapEx
Q4 11	$87.0K
Q4 12	$87.0K
Q4 13	$188.0K
Q4 14	$62.0K
Q3 20	$364
Q1 21	$10.0K
Q2 21	$10.0K
Q3 21	$0
Q1 22	$33.5K
Q2 22	$54.6K
Q3 22	$68.7K
Q4 22	$8.4K
Q4 23	$0
Q2 25	$2.5K
Q3 25	$5.1K
Q4 25	$4.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 17	-38.1%	-33.1%
Q3 18	-56.5%	-60.7%
Q1 19	-46.8%	-58.6%
Q2 19	-161.9%	-151.9%
Q3 19	-40.8%	-41.4%
Q3 20	-67.6%	-37.6%
Q1 21	-36.4%	+709.9%
Q2 21	+154.6%	+1029.5%
Q1 22	+52.9%	+574.2%
Q2 22	+277.0%	+471.1%
Q3 22	+58.4%	-71.8%
Q4 22	+187.7%	-53.0%
Q4 23	-45.8%	-41.9%
Q2 25	-60.2%	+1830.6%
Q3 25	+738.8%	-3030.9%
Q4 25	+571.8%	+411.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 11	$99.0K	—
Q4 12	$67.0K	—
Q4 13	$44.0K	—
Q4 14	$107.0K	—
Q3 20	$33.5K	7.2%
Q1 21	$31.6K	3.9%
Q2 21	$31.6K	3.9%
Q3 21	$0	—
Q1 22	$380.7K	20.1%
Q2 22	$2M	106.5%
Q3 22	$108.3K	8.4%
Q4 22	$132.3K	5.6%
Q4 23	$57.1K	5.6%
Q2 25	$16M	2354.2%
Q3 25	$0	0.0%
Q4 25	$26M	167.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 17	$468.0K	$658.0K	$423.0K	—
Q3 18	$167.0K	$531.0K	$338.0K	—
Q1 19	$133.0K	$494.0K	$286.0K	—
Q2 19	$135.0K	$484.0K	$267.0K	—
Q3 19	$140.0K	$701.0K	$11.0K	—
Q4 22	—	—	—	$3M
Q2 25	—	$19M	—	—
Q3 25	—	$12M	—	—
Q4 25	—	$27M	—	—

Revenue Segments

Quarter	Affiliate Marketing Services
Q2 25	$668.8K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$0	$12M	$12M
Q2 22	$5M	$0	$5M
Q3 22	$81.1K	$0	$81.1K
Q4 22	$1M	$0	$1M
Q1 23	$29M	$0	$29M
Q2 23	$32M	$0	$32M
Q3 23	$49M	$0	$49M
Q4 23	$2M	$0	$2M
Q1 24	$4M	$0	$4M
Q2 24	$2M	$0	$2M
Q3 24	$2M	$0	$2M
Q4 24	$1M	$0	$1M
Q1 25	$1M	$0	$1M
Q2 25	$5M	$0	$5M
Q3 25	$11M	$27M	$38M
Q4 25	$29M	$2M	$30M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 17	13K	+3.6%	+8.6%
Q3 18	13K	+6.3%	+10.9%
Q1 19	20K	+46.9%	+62.7%
Q2 19	14K	-30.2%	+12.9%
Q3 19	22K	+57.3%	+71.4%
Q3 20	112K	+418.9%	+736.6%
Q1 21	90K	-19.9%	+356.1%
Q2 21	90K	0.0%	+553.5%
Q1 22	197K	+119.4%	+811.7%
Q2 22	197K	0.0%	+75.7%
Q3 22	197K	0.0%	+119.4%
Q4 22	239K	+21.3%	+166.3%
Q4 23	236K	-1.1%	+20.0%
Q2 25	24M	+10147.5%	+12196.1%
Q3 25	167M	+590.7%	+84832.0%
Q4 25	197M	+17.7%	+82259.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 17	—	—
Q3 18	—	—
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q3 20	—	—
Q1 21	—	—
Q2 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q4 23	$20.1K	51
Q2 25	$13.7K	51
Q3 25	$212.6K	51
Q4 25	$1M	15

Revenue / Employee