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SharpLink Gaming Ltd.

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SharpLink Gaming Ltd. • NASDAQ
$10.62 ▲ 3.61% (+0.37)
Market Cap $1.58 B
52w High $124.12
52w Low $2.28
Dividend Yield 0%
P/E -0.73
Volume 6.02M
Outstanding Shares 149.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10.844M ▲ $-94.508M ▼ $104.27M ▲ 961.586% ▲ $0.7 ▲ $105.042M ▲
Q2-2025 $697.291K ▼ $103.589M ▲ $-103.423M ▼ -14.832K% ▼ $-4.27 ▼ $-103.341M ▼
Q1-2025 $741.731K ▼ $1.057M ▼ $-974.901K ▼ -131.436% ▼ $-1.84 ▲ $-923.432K ▲
Q4-2024 $823.441K ▼ $1.242M ▲ $-902.647K ▼ -109.619% ▼ $-33.14 ▼ $-1.061M ▼
Q3-2024 $881.69K $970.08K $-885.131K -100.39% $-3.03 $-778.469K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $37.836M ▲ $3.073B ▲ $4.572M ▲ $3.068B ▲
Q2-2025 $5.072M ▲ $453.912M ▲ $1.393M ▲ $452.519M ▲
Q1-2025 $1.375M ▼ $2.778M ▲ $693.113K ▲ $2.085M ▲
Q4-2024 $1.437M ▼ $2.571M ▼ $488.3K ▼ $2.083M ▲
Q3-2024 $1.85M $2.915M $895.013K $2.02M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $104.247M ▲ $-6.645M ▼ $-2.629B ▼ $2.642B ▲ $6.056M ▲ $-6.65M ▼
Q2-2025 $-103.423M ▼ $-1.595M ▼ $-405.819M ▼ $411.111M ▲ $3.697M ▲ $-1.598M ▼
Q1-2025 $-916.732K ▲ $-514.085K ▲ $-500K ▼ $907.188K ▲ $-61.786K ▲ $-514.09K ▲
Q4-2024 $-1.008M ▼ $-1.35M ▼ $-70.678K ▲ $729.076K ▲ $-413.477K ▲ $-1.35M ▼
Q3-2024 $-787.992K $-679.299K $-80.693K $-78.379K $-585.394K $-679.31K

Revenue by Products

Product Q1-2024Q1-2025Q2-2025Q3-2025
Affiliate Marketing Services
Affiliate Marketing Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Affiliate Marketing Services United States
Affiliate Marketing Services United States
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement SharpLink’s recent income statements show a company that is not yet generating meaningful traditional revenue and has been operating at a loss for several years. The core business has not produced visible sales in the reported period, and operating results have been negative, even if on a relatively small scale. The one year that shows a slight profit looks more like an accounting or one‑off effect than a sign of a healthy, profitable operation. Earnings per share look extremely volatile, driven mostly by repeated reverse stock splits and share count changes, not by strong business performance. Overall, the historical income profile is more “early stage / restructuring” than “mature operating company.”

Balance Sheet

Balance Sheet The balance sheet is very thin, with a small asset base and historically limited cash. Equity has hovered near zero and even dipped negative, suggesting a very narrow financial cushion and a high sensitivity to setbacks. Debt has existed but at modest levels, yet the real issue is the small overall scale of the balance sheet rather than heavy leverage. Multiple reverse stock splits over time point to past share price pressure and efforts to maintain listing standards. The new Ethereum treasury strategy, if fully implemented, would likely change the composition of assets toward digital holdings, but the historical numbers reflect a company that has been capital‑constrained and fragile. Financial flexibility is likely limited and dependent on capital markets access and the value of its crypto holdings.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, indicating that the business consumes cash rather than generates it. Even though absolute amounts are small, there is a clear pattern of ongoing cash burn and no offsetting investment in hard assets, since capital spending has effectively been zero. That means most of the cash usage is for running the business—people, technology, and general overhead—rather than building large physical assets. With no strong operating inflows, SharpLink has had to rely on external funding or monetizing assets to keep going. This highlights execution risk: the company needs its Ethereum strategy and gaming technologies to start producing reliable cash flows over time, or it will likely continue to depend on new capital and asset value appreciation.

Competitive Edge

Competitive Edge SharpLink’s competitive position is unusual: it sits at the intersection of online gambling technology and the Ethereum ecosystem. On one side, it has a niche in AI‑driven personalization for sportsbooks through its C4 BetSense platform, which aims to make betting more engaging and tailored to each user. On the other, it is positioning itself as a proxy for Ethereum exposure on public markets, actively staking its holdings to generate yield. This combination is differentiated and gives it some first‑mover advantages, especially around Ethereum-specific expertise and relationships, including high‑profile leadership ties. At the same time, SharpLink is tiny compared with dominant sportsbooks and large crypto players, with far fewer resources and less brand power. Its success depends heavily on carving out a focused niche, managing regulatory complexity in both gambling and crypto, and proving that its hybrid model can scale in a crowded, fast‑moving landscape.

Innovation and R&D

Innovation and R&D Innovation is clearly the centerpiece of SharpLink’s story. On the gaming side, its C4 BetSense AI engine aims to bring the kind of personalization seen in streaming and e‑commerce into sports betting, which, if widely adopted, could materially improve engagement for operator partners. On the blockchain side, the company has gone far beyond a simple crypto investment, building an Ethereum‑centric treasury strategy with active staking, new transparency metrics for ETH exposure, and plans to tokenize its own stock. It is also exploring deeper integration of blockchain into gaming, including potential on‑chain games, crypto payments, and NFT‑style features, supported by a stake in a crypto casino platform. The upside is a very forward‑leaning, experimental roadmap; the risk is that many of these ideas remain early, unproven commercially, and exposed to regulatory and market swings in both Web3 and online gambling.

Summary

SharpLink is in the middle of a dramatic transformation: from a small, loss‑making sports betting technology provider into a highly specialized hybrid of Ethereum treasury vehicle and AI‑driven gaming innovator. Historically, its financials show no meaningful revenue, ongoing losses, negative cash flow, and a very thin balance sheet—a reminder that this is not a mature, cash‑generative business. The renewed strategy leans heavily on the value and yield potential of its Ethereum holdings and on the eventual adoption of its AI and blockchain tools by gaming partners. This creates significant upside potential if Ethereum thrives and if SharpLink can turn its technology into recurring, scaled revenue, but it also concentrates risk in a single digital asset ecosystem and in a business model that is still being built. Anyone following the company will likely want to focus on: evidence of stable operating revenue, clarity around the size and management of ETH holdings, dilution and capital‑raising needs, and tangible progress in linking its iGaming products with its blockchain strategy.

NEWS

November 12, 2025 · 7:15 PM UTC

UPDATED: SHARPLINK DEMONSTRATES STRONG GROWTH MOMENTUM IN THIRD QUARTER 2025 AS IT ADVANCES EXECUTION OF ETH TREASURY STRATEGY

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November 12, 2025 · 4:25 PM UTC

SHARPLINK DEMONSTRATES STRONG GROWTH MOMENTUM IN THIRD QUARTER 2025 AS IT ADVANCES EXECUTION OF ETH TREASURY STRATEGY

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November 6, 2025 · 8:00 AM UTC

SharpLink to Host Third Quarter 2025 Financial Results Conference Call and Webcast on November 13, 2025 at 8:30 A.M. E.T.

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October 28, 2025 · 8:00 AM UTC

SharpLink Plans to Deploy $200M of ETH on Consensys' Linea via ether.fi and EigenCloud to Unlock Enhanced Ethereum DeFi Yields

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October 21, 2025 · 8:00 AM UTC

SharpLink Reports Total ETH Holdings Rise to 859,853 as of October 19, 2025; Total ETH and Cash Holdings of $3.5 Billion

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