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SharpLink Gaming
(NASDAQ:SBET)
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Rating:53Neutral
Price Target:
$7.50
▼(-9.86% Downside)
Action:Reiterated
Date:09/22/26
SBET’s score is held back primarily by weak financial performance—large losses and ongoing cash burn despite strong revenue momentum and high gross margins. Technicals are a clear positive with the price above key moving averages and a positive MACD, but valuation is difficult to support due to negative earnings and no stated dividend yield. The earnings call adds a modest lift from strategic execution on the ETH treasury and yield initiatives, tempered by very large reported losses and expense growth tied to market volatility.
Positive Factors
Revenue Growth and Gross Margin
Strong TTM revenue growth alongside an approximately 97% gross margin indicates that the core acquisition and monetization model can scale with favorable direct economics. If growth persists, this margin profile could provide substantial operating leverage once marketing, corporate, and treasury-related costs are controlled.
Negative Factors
Persistent Unprofitability
Deeply negative net margins and large operating losses show that strong revenue growth has not yet translated into sustainable earnings. Continued losses could require further capital actions, constrain reinvestment, and make the business more dependent on management successfully controlling expenses and scaling revenue.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Gross Margin
Strong TTM revenue growth alongside an approximately 97% gross margin indicates that the core acquisition and monetization model can scale with favorable direct economics. If growth persists, this margin profile could provide substantial operating leverage once marketing, corporate, and treasury-related costs are controlled.
Read all positive factors
SharpLink Gaming (SBET) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.66B
Dividend YieldN/A
Average Volume (3M)8.11M
Price to Earnings (P/E)―
Beta (1Y)4.61
Revenue Growth1496.68%
EPS Growth30.32%
CountryUS
Employees15
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-8.16
Shares Outstanding217,223,600
10 Day Avg. Volume7,697,934
30 Day Avg. Volume8,114,714
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.37
Price to Sales (P/S)31.78
P/FCF Ratio-51.00
Enterprise Value/Market Cap0.57
Enterprise Value/Revenue18.94
Enterprise Value/Gross Profit19.52
Enterprise Value/Ebitda-1.52
Forecast
1Y Price Target
$15.20Price Target Upside82.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-5.08
Revenue Forecast (FY)$47.05M
SharpLink Gaming Business Overview & Revenue Model
Company Description
Sharplink, Inc. is a global digital asset treasury firm, primarily functioning as an institutional-grade platform for managing Ethereum. Its operations are divided into two primary divisions: Ether (ETH) Treasury Management and Affiliate Marketing...
How the Company Makes Money
SharpLink Gaming primarily makes money by generating and monetizing customer acquisition leads for licensed sportsbook and iGaming operators. Its core revenue model is typical of gaming affiliate/performance marketing: (1) referral/affiliate commi...
SharpLink Gaming Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Neutral
The call highlighted meaningful strategic progress: large and growing ETH treasury, notable revenue growth from staking/yield activities, a new $125M yield fund with Galaxy, disciplined capital actions (equity raise and share repurchases), and index inclusion that broadens institutional access. Offsetting these positives were material accounting-driven negatives—primarily a $321M unrealized loss and a $394M reported net loss—along with higher operating expenses and reduced realized gains. Management emphasized these losses are tied to market pricing and do not reduce ETH units held, while stressing long-term treasury productivity and ecosystem investments to compound ETH per share.Positive Updates
Substantial ETH Treasury and Growth
As of June 30, 2026 Sharplink held 632,784 native ETH (net fair value $989M) plus 162,083 LsETH and 66,267 weETH (combined net cost $369.2M). Subsequent to quarter end (Aug 3) total as-if-redeemed ETH increased to 888,938 ETH. Company has raised over $3.3B since launching the treasury strategy and is the world’s second largest corporate holder of ETH.
Negative Updates
Large Unrealized Fair Value Loss
Recorded an unrealized fair value loss of $321M in Q2 2026 compared with a $2.4M unrealized loss in Q2 2025 — an increase of roughly 13,275%, driven by broad market price declines.
Read all updates
Q2-2026 Updates
Positive
Negative
Substantial ETH Treasury and Growth
As of June 30, 2026 Sharplink held 632,784 native ETH (net fair value $989M) plus 162,083 LsETH and 66,267 weETH (combined net cost $369.2M). Subsequent to quarter end (Aug 3) total as-if-redeemed ETH increased to 888,938 ETH. Company has raised over $3.3B since launching the treasury strategy and is the world’s second largest corporate holder of ETH.
Read all positive updates
Company Guidance
Management reiterated a disciplined, productivity‑focused plan to “compound ETH per share” by combining public‑market capital allocation with active treasury management: since launching the strategy they’ve raised >$3.3B and become the world’s second‑largest corporate ETH holder, holding 632,784 native ETH (net fair value $989M) plus 162,083 LsETH and 66,267 weETH (combined net cost $369.2M) as of June 30, 2026 and, as of Aug 3, 2026, totaling 888,938 ETH (634,255 native, 181,748 as‑if‑redeemed LsETH, 72,935 as‑if‑redeemed weETH); Q2 results: revenue $11.5M, net realized gain $1.4M, unrealized loss $321M, impairment $76.1M, SG&A $9.1M, net loss $394.3M, and cash $56.2M (vs $28.5M at 12/31/25); Q2 capital actions included a $75M registered direct (≈10M shares + warrants at $7.49), ~10,000 ETH purchased at ~$1,611/ETH, 2.1M shares bought in Q2 for ~$10M, and ~4M shares repurchased since Aug 2025 for ~$41.7M; Sharplink also committed $100M to a $125M Galaxy Sharplink On‑Chain Yield Fund and will benchmark new deployments to earn incremental ETH above the composite Ethereum staking rate (CESR) rather than provide explicit yield guidance.SharpLink Gaming Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
58
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 50.20M | 28.05M | 3.66M | 4.95M | 3.49M | 2.64M |
| Gross Profit | 48.71M | 26.15M | 906.27K | 1.53M | 1.32M | -299.36K |
| EBITDA | -625.25M | -733.46M | -4.75M | -6.32M | -13.09M | -33.26M |
| Net Income | -1.71B | -734.59M | 10.10M | -14.24M | -15.23M | -55.64M |
Balance Sheet | ||||||
| Total Assets | 1.42B | 2.43B | 2.57M | 71.28M | 65.05M | 20.56M |
| Cash, Cash Equivalents and Short-Term Investments | 56.20M | 30.42M | 1.44M | 2.49M | 1.38M | 6.07M |
| Total Debt | 0.00 | 0.00 | 0.00 | 12.81M | 2.92M | 165.52K |
| Total Liabilities | 5.57M | 12.75M | 488.30K | 80.68M | 62.06M | 6.37M |
| Stockholders Equity | 1.41B | 2.42B | 2.08M | -9.40M | 2.99M | 14.19M |
Cash Flow | ||||||
| Free Cash Flow | -33.88M | -17.48M | -22.82M | 296.74K | -5.95M | -6.33M |
| Operating Cash Flow | -33.88M | -17.48M | -22.81M | 582.89K | -5.94M | -6.07M |
| Investing Cash Flow | -2.61B | -2.95B | -18.71M | -1.03M | 48.30M | -4.41M |
| Financing Cash Flow | 2.70B | 3.00B | -17.38M | 9.78M | 2.68M | 15.68M |
SharpLink Gaming Technical Analysis
Negative
8.32
Price Trends
8.52
Negative
7.11
Positive
7.30
Positive
Market Momentum
-0.27
Positive
40.63
Neutral
38.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SBET, the sentiment is Negative. The current price of 8.32 is below the 20-day moving average (MA) of 8.62, below the 50-day MA of 8.52, and above the 200-day MA of 7.30, indicating a neutral trend. The MACD of -0.27 indicates Positive momentum. The RSI at 40.63 is Neutral, neither overbought nor oversold. The STOCH value of 38.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SBET.
SharpLink Gaming Risk Analysis
SharpLink Gaming disclosed 56 risk factors in its most recent earnings report. SharpLink Gaming reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SharpLink Gaming Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $408.77M | 62.54 | 31.40% | ― | 6.33% | -150.96% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $3.69B | 51.76 | 20.44% | ― | 34.29% | 14.69% | |
53 Neutral | $1.66B | -0.94 | -79.20% | ― | 1496.68% | 30.32% | |
52 Neutral | $1.94B | -2.28 | -48.48% | 5.71% | 6.14% | -1168.84% | |
52 Neutral | $699.51M | -1.14 | -103.53% | 1.31% | 20.38% | -24.51% |
* Financial Sector Average
SBET
SharpLink Gaming
7.63
-6.68
-46.68%
PENN
PENN Entertainment
14.50
-3.54
-19.62%
RSI
Rush Street Interactive
15.90
-3.33
-17.32%
CDRO
Codere Online
8.99
2.62
41.13%
BALY
Bally's Corporation
13.86
-4.76
-25.56%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.