SharpLink Gaming (SBET) AI Stock Analysis

• Market Cap: $1.62B
• Dividend Yield: N/A
• Average Volume (3M): 7.06M
• Price to Earnings (P/E): ―
• Beta (1Y): 4.12
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 5
• Sector: Financial
• Sector Strength: 70
• Industry: Gambling, Resorts & Casinos
• EPS (TTM): -3.50
• Shares Outstanding: 197,158,810
• 10 Day Avg. Volume: 6,963,279
• 30 Day Avg. Volume: 7,060,482
• PEG Ratio: 0.02
• Price to Book (P/B): 0.37
• Price to Sales (P/S): 31.78
• P/FCF Ratio: -51.00
• Enterprise Value/Market Cap: 0.74
• Enterprise Value/Revenue: 42.55
• Enterprise Value/Gross Profit: 45.64
• Enterprise Value/Ebitda: -110.76
• 1Y Price Target: $19.08
• Price Target Upside: 153.39% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 1.43
• Revenue Forecast (FY): $75.62M

• Rating: 51 Neutral
• Price Target: $7.50 ▼(-0.40% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held back primarily by weak financial performance (large losses and ongoing cash burn), partially offset by a more constructive earnings-call outlook tied to the ETH treasury strategy and institutional traction. Technicals are mixed with longer-term downtrend signals and high volatility, while valuation metrics provide limited support.

Positive Factors

Large ETH treasury & staking program

SharpLink’s deliberate accumulation and near-100% staking of Ethereum creates a durable, yield-generating asset base that compounds ETH per share over time. Institutional-grade treasury scale and staking rewards can materially augment revenue and shareholder value independent of core operating sales.

Low leverage and capital flexibility

With essentially no reported debt and a large equity base, the company has financial flexibility to execute a multi-year treasury accumulation and staking strategy. Low leverage reduces bankruptcy risk and allows management to pursue opportunistic ETH deployments and partnerships without near-term debt servicing constraints.

Sharp revenue growth and margin improvement

A large top-line increase and a dramatic gross-margin expansion indicate a structurally different revenue mix driven by treasury yields and scalable digital operations. Higher margins suggest the business can convert additional ETH- or platform-driven revenues into cash flow more efficiently as the model matures.

Negative Factors

Negative operating and free cash flow

Persistent negative operating and free cash flow despite revenue gains signals the company is not yet self-funding operations. Continued cash burn increases reliance on external capital for growth or ETH accumulation, raising execution and dilution risk over the next several quarters.

Very large operating and net losses

Extremely negative operating and net results undermine return metrics (2025 ROE ~-30%) and reflect volatile earnings drivers. Such losses constrain reinvestment, make budgeting harder, and could force prioritization between treasury accumulation and core business investment, weakening long-term strategic optionality.

Decline in affiliate marketing revenue

A shrinking legacy affiliate revenue base increases dependence on ETH treasury outcomes for profitability. That concentration exposes the company to crypto market cycles and staking yield variability, reducing revenue diversification and making sustained operating performance more contingent on asset-market dynamics.

SharpLink Gaming Business Overview & Revenue Model

Company Description

SharpLink Gaming Ltd. operates as an online technology company that connects sports fans, leagues, and sports websites to sports betting and iGaming content. It operates through Affiliate Marketing Services – United States, Sports Gaming Client Services, Enterprise Telecom Expense Management, and Affiliate Marketing Services – International segments. The company collects information on potential U.S. domiciled sports bettors, connects them with contextual sports betting content, and converts them to paying sports betting customers, as well as offers sports betting data to sports media publishers. It also provides development, hosting, operations, maintenance, and service of free-to-play games and contests; and solutions for telecommunications expense management, enterprise mobility management, call usage, and accounting software, as well as iGaming and affiliate marketing network, which focuses on delivering quality traffic and player acquisitions, and retention and conversions to global iGaming operator partner worldwide. The company was founded in 2019 and is headquartered in Minneapolis, Minnesota.

How the Company Makes Money

SharpLink primarily makes money through performance marketing arrangements tied to online gambling operators. Key revenue streams typically include: (1) affiliate/acquisition revenue, where SharpLink earns fees for referring new depositing customers to sportsbook and iGaming partners (often structured as cost-per-acquisition payments, revenue-share on player net gaming revenue, or hybrid terms); (2) retention and engagement-related services, where the company may earn fees for operating targeted marketing campaigns that drive ongoing player activity for operator partners; and (3) monetization of owned-and-operated media/affiliate sites via commercial agreements with betting and casino brands. The company’s earnings are influenced by the volume and quality of player traffic it can generate, conversion rates to funded accounts, player value over time under revenue-share agreements, and the breadth of its operator partnerships in regulated U.S. jurisdictions. Specific partner names, contract terms, and segment-level revenue breakdowns: null.

SharpLink Gaming Financial Statement Overview

Summary

Despite sharp 2025 revenue growth and a big improvement in gross margin, results are dominated by very large operating and net losses and continued negative operating/free cash flow. The balance sheet is currently low-debt, but weak/negative returns and historical volatility elevate financial risk.

Income Statement

Revenue surged in 2025 (annual revenue up ~114% vs. 2024), and gross margin improved dramatically (2025 gross margin ~93% vs. ~25% in 2024), indicating a better underlying revenue mix. However, profitability is extremely weak: 2025 shows a very large operating loss (EBIT/EBITDA deeply negative) and a massive net loss, with net margin collapsing to roughly -2,600%. Results have been volatile across years (2024 reported strong net profitability despite operating losses), which raises quality/consistency concerns and keeps the income statement score low despite top-line growth.

Balance Sheet

Leverage appears low in the most recent periods, with total debt reported at 0 in 2024–2025 and a debt-to-equity ratio of 0. The balance sheet also shows a very large equity base in 2025, which provides financial flexibility. Offsetting this, returns on equity are poor/negative in the latest year (2025 ROE ~-30%), and earlier periods show instability (including negative equity in 2023 and meaningful leverage in 2022). Overall, the balance sheet looks less constrained by debt today, but it carries clear earnings/return and historical stability risks.

Cash Flow

Cash generation is weak and inconsistent. Operating cash flow and free cash flow are negative in 2024 and 2025, indicating ongoing cash burn despite the revenue step-up. The cash flow picture has been choppy over time (a small positive year in 2023 followed by heavy outflows), and the company is not currently funding operations through internally generated cash. While free cash flow decline moderated in 2025 versus 2024, the overall trajectory remains negative, keeping the score low.

Breakdown	Dec 2025	Dec 2024	Mar 2024	Mar 2023	Dec 2021
Income Statement
Total Revenue	28.05M	3.66M	4.95M	3.49M	2.64M
Gross Profit	26.15M	906.27K	1.53M	1.32M	-299.36K
EBITDA	-32.74M	-4.75M	-6.19M	-13.09M	-33.26M
Net Income	-734.59M	10.10M	-14.24M	-15.23M	-55.64M
Balance Sheet
Total Assets	2.43B	2.57M	71.28M	65.05M	20.56M
Cash, Cash Equivalents and Short-Term Investments	30.42M	1.44M	2.49M	1.38M	6.07M
Total Debt	0.00	0.00	12.81M	2.92M	165.52K
Total Liabilities	12.75M	488.30K	80.68M	62.06M	6.37M
Stockholders Equity	2.42B	2.08M	-9.40M	2.99M	14.19M
Cash Flow
Free Cash Flow	-17.48M	-22.82M	296.74K	-5.95M	-6.33M
Operating Cash Flow	-17.48M	-22.81M	582.89K	-5.94M	-6.07M
Investing Cash Flow	-2.95B	-18.71M	-1.03M	48.30M	-4.41M
Financing Cash Flow	3.00B	-17.38M	9.78M	2.68M	15.68M

SharpLink Gaming Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 7.53
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SBET, the sentiment is Neutral. The current price of 7.53 is above the 20-day moving average (MA) of 7.19, below the 50-day MA of 8.32, and below the 200-day MA of 15.63, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 49.32 is Neutral, neither overbought nor oversold. The STOCH value of 49.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SBET.

SharpLink Gaming Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RSI	73 Outperform	$4.69B	55.90	27.50%	―	23.15%	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CDRO	56 Neutral	$369.00M	―	23.16%	―	1.79%	―
GAMB	52 Neutral	$140.63M	-5.88	-24.91%	―	24.21%	-92.49%
SBET	51 Neutral	$1.62B	-1.21	-49.45%	―	―	―
PENN	50 Neutral	$1.87B	-2.53	-34.58%	―	8.24%	-77.54%
BALY	43 Neutral	$630.26M	-1.64	-114.88%	―	0.36%	47.55%

SharpLink Gaming Corporate Events

SharpLink Gaming Highlights Ethereum Treasury Growth and Rebrand

On February 19, 2026, Sharplink reported that institutional investors held 46% of its common stock as of December 31, 2025, one of the highest levels among Ethereum-focused digital asset treasury peers. The company added about 60 new institutional investors in the fourth quarter and, as of February 15, 2026, held 867,798 ETH valued at roughly $1.72 billion, having generated 13,615 ETH in staking rewards since launching its ETH treasury strategy in June 2025.

Sharplink also unveiled a brand refresh centered on a redesigned website and the tagline “Ethereum with an Edge,” underscoring its exclusive focus on Ethereum yield productivity and institutional-grade execution. In tandem, it expanded its leadership team by appointing veteran cryptocurrency journalist Steven Ehrlich as Head of Research and Communications to deepen engagement with retail and institutional audiences and strengthen its positioning as a leading Ethereum investment vehicle.

The most recent analyst rating on (SBET) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on SharpLink Gaming stock, see the SBET Stock Forecast page.

SharpLink Gaming Rebrands as Sharplink to Reflect Evolution

On February 2, 2026, the company filed an amendment to its certificate of incorporation to change its corporate name from SharpLink Gaming, Inc. to Sharplink, Inc., with the name change becoming effective on February 3, 2026, when corresponding updates to its bylaws were also adopted. The move, which did not require shareholder approval and leaves shareholder rights, business operations, capitalization, board and executive leadership unchanged, is intended to reflect the company’s continued evolution and broader strategic focus, while its common stock will continue trading on Nasdaq under the SBET ticker with the same CUSIP, minimizing disruption for investors and other stakeholders.

The most recent analyst rating on (SBET) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on SharpLink Gaming stock, see the SBET Stock Forecast page.

SharpLink Gaming Appoints Joseph Chalom as CEO

On December 15, 2025, SharpLink Gaming finalized its planned senior leadership transition, with former Co-CEO Rob Phythian stepping down and Joseph Chalom assuming the roles of sole Chief Executive Officer, President, and Board member. This change, along with updates to the company’s bylaws, reflects SharpLink’s focus on strengthening its operational framework for long-term success in Ethereum treasury management. Since launching its ETH treasury business in June 2025, the company has made significant strides by doubling its ETH holdings, maximizing staking productivity, expanding institutional ownership, and building internal risk and investment expertise, further positioning itself as a leader in institutional-grade ETH platforms.

The most recent analyst rating on (SBET) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on SharpLink Gaming stock, see the SBET Stock Forecast page.