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SharpLink Gaming
(NASDAQ:SBET)
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Rating:45Neutral
Price Target:
$6.00
▼(-24.91% Downside)
Action:Reiterated
Date:07/01/26
The score is held down primarily by weak financial performance (very large losses and ongoing cash burn) and a bearish technical setup with high volatility. Offsetting factors include a low-debt balance sheet and a mixed-but-constructive earnings narrative around scaling an ETH productivity strategy, though near-term liquidity and headline loss volatility remain key risks.
Positive Factors
Conservative Balance Sheet
SharpLink's zero debt and sizable equity position provide durable financial flexibility to pursue a multi-year ETH treasury strategy, absorb market volatility, and fund operational scaling without forced deleveraging, supporting long-term strategic optionality even amid operating losses.
Negative Factors
Large and Volatile Losses
Very large headline losses and deeply negative margins materially erode equity and mask operating performance. Persistent or recurring impairment-driven losses can delay a return to profitability and constrain reinvestment, making the path to durable positive returns uncertain for months ahead.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
SharpLink's zero debt and sizable equity position provide durable financial flexibility to pursue a multi-year ETH treasury strategy, absorb market volatility, and fund operational scaling without forced deleveraging, supporting long-term strategic optionality even amid operating losses.
Read all positive factors
SharpLink Gaming (SBET) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.20B
Dividend YieldN/A
Average Volume (3M)10.08M
Price to Earnings (P/E)―
Beta (1Y)4.28
Revenue Growth1048.48%
EPS Growth-16.25%
CountryUS
Employees15
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-10.55
Shares Outstanding212,395,370
10 Day Avg. Volume9,046,264
30 Day Avg. Volume10,080,207
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 Cap0.86
Enterprise Value/Revenue26.41
Enterprise Value/Gross Profit27.62
Enterprise Value/Ebitda-1.42
Forecast
1Y Price Target
$18.67Price Target Upside133.63% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-1.4
Revenue Forecast (FY)$63.11M
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 through performance-based digital marketing in the online sports betting and iGaming ecosystem. Its core revenue model is typical of gaming affiliates and performance marketers: (1) Affiliate/performance mark...
SharpLink Gaming Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 14, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: operational and strategic progress (large ETH treasury, very strong revenue growth from staking, a strategic Galaxy fund partnership, and favorable ecosystem/regulatory tailwinds) were offset by large accounting-driven headline losses (a $506.7M unrealized loss, $191.7M impairment and $685.6M net loss), rising operating expenses and lower cash balances. Management emphasized long-term orientation, disciplined risk controls and the thesis that short-term market/price dislocations do not alter their multi-year view of Ethereum demand.Positive Updates
Material Revenue Increase Driven by Staking
Revenue for Q1 2026 was $12.1 million versus $0.7 million in Q1 2025, an increase of approximately 1,628.6%, driven primarily by the company's ETH staking strategy (including a $200 million deployment on Linea Layer 2) and a $12.0 million net realized gain tied to LsETH/WEETH redemptions and conversions.
Negative Updates
Large Unrealized Market Loss
Sharplink recorded a $506.7 million unrealized loss at March 31, 2026 due to soft ETH market conditions during the quarter, materially affecting quarter-end financial results.
Read all updates
Q1-2026 Updates
Positive
Negative
Material Revenue Increase Driven by Staking
Revenue for Q1 2026 was $12.1 million versus $0.7 million in Q1 2025, an increase of approximately 1,628.6%, driven primarily by the company's ETH staking strategy (including a $200 million deployment on Linea Layer 2) and a $12.0 million net realized gain tied to LsETH/WEETH redemptions and conversions.
Read all positive updates
Company Guidance
The call's guidance centered on Sharplink's North Star of compounding ETH per share through disciplined, risk‑managed yield generation—staking nearly 100% of ETH from day one and benchmarking new deployments against the Ethereum staking rate—while selectively scaling external partnerships and in‑house strategies over time; key metrics cited include Q1 holdings of 589,305 native ETH (fair value $1.2B) plus 189,327 LsETH and 66,102 wETH (combined net cost $487M), subsequent total position of 590,824 native / 209,788 as‑converted LsETH / 72,372 as‑converted wETH for 872,984 ETH as of May 4, 2026, revenue of $12.1M (Q1 2026 vs $0.7M a year ago), a $12M net realized gain, a $506.7M unrealized loss and $191.7M impairment on LsETH/wETH driving a Q1 net loss of $685.6M, SG&A of $9.9M, cash of $16.9M (down from $28.5M at 12/31/25), a $200M Linea deployment this quarter, and the announced Galaxy Sharplink on‑chain yield fund (target ~$125M, with Sharplink contributing ~80%); management reiterated it will measure success by incremental ETH acquired above staking returns, expects additional ETH allocations over time, and noted near‑term catalysts such as continued protocol upgrades (Pectra, Fusaka shipped; Glamsterdam targeted H1 2026) and potential FASB accounting alignment.SharpLink Gaming Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 39.37M | 28.05M | 3.66M | 4.95M | 3.49M | 2.64M |
| Gross Profit | 37.65M | 26.15M | 906.27K | 1.53M | 1.32M | -299.36K |
| EBITDA | -730.80M | -733.46M | -4.75M | -6.19M | -13.09M | -33.26M |
| Net Income | -1.42B | -734.59M | 10.10M | -14.24M | -15.23M | -55.64M |
Balance Sheet | ||||||
| Total Assets | 1.74B | 2.43B | 2.57M | 71.28M | 65.05M | 20.56M |
| Cash, Cash Equivalents and Short-Term Investments | 16.88M | 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 | 5.44M | 12.75M | 488.30K | 80.68M | 62.06M | 6.37M |
| Stockholders Equity | 1.74B | 2.42B | 2.08M | -9.40M | 2.99M | 14.19M |
Cash Flow | ||||||
| Free Cash Flow | -28.34M | -17.48M | -22.82M | 296.74K | -5.95M | -6.33M |
| Operating Cash Flow | -28.32M | -17.48M | -22.81M | 582.89K | -5.94M | -6.07M |
| Investing Cash Flow | -3.00B | -2.95B | -18.71M | -1.03M | 48.30M | -4.41M |
| Financing Cash Flow | 3.04B | 3.00B | -17.38M | 9.78M | 2.68M | 15.68M |
SharpLink Gaming Technical Analysis
Positive
7.99
Price Trends
5.82
Positive
6.53
Negative
8.72
Negative
Market Momentum
0.06
Negative
59.11
Neutral
61.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SBET, the sentiment is Positive. The current price of 7.99 is above the 20-day moving average (MA) of 5.35, above the 50-day MA of 5.82, and below the 200-day MA of 8.72, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 59.11 is Neutral, neither overbought nor oversold. The STOCH value of 61.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SBET.
SharpLink Gaming Risk Analysis
SharpLink Gaming disclosed 60 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $7.57B | 90.01 | 26.36% | ― | 28.20% | 310.24% | |
70 Outperform | $422.87M | 81.22 | 8.62% | ― | 6.33% | -150.96% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
58 Neutral | $2.75B | -3.16 | -44.48% | ― | 6.38% | -1099.20% | |
47 Neutral | $688.22M | -1.08 | -115.26% | ― | 16.60% | -75.69% | |
46 Neutral | $63.17M | -1.40 | -37.13% | ― | 19.23% | -232.12% | |
45 Neutral | $1.20B | -0.58 | -73.93% | ― | 1048.48% | -16.25% |
* Financial Sector Average
SBET
SharpLink Gaming
6.14
-19.11
-75.68%
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15.82%
RSI
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34.52
19.97
137.25%
CDRO
Codere Online
9.05
0.55
6.47%
GAMB
Gambling.com
1.81
-9.21
-83.58%
BALY
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14.56
4.91
50.88%
SharpLink Gaming Corporate Events
Business Operations and StrategyStock BuybackPrivate Placements and Financing
SharpLink Gaming Raises Capital to Expand Ether Holdings
Positive
Jun 30, 2026
In the week ending June 28, 2026, Sharplink, Inc., one of the world’s largest corporate holders of Ether, raised $75 million through a registered direct offering of common stock and warrants to bolster its Ethereum-focused treasury platform....
Business Operations and StrategyPrivate Placements and Financing
SharpLink Gaming Announces $75 Million Ethereum-Focused Offering
Positive
Jun 23, 2026
On June 22, 2026, Sharplink entered into a securities purchase agreement with an institutional investor for a registered direct offering of 10,013,351 common shares and an equal number of accompanying warrants, priced at $7.49 per share-warrant un...
Business Operations and StrategyFinancial Disclosures
SharpLink Gaming Reports Q1 Surge and ETH Fund Plan
Negative
May 11, 2026
Sharplink, one of the largest corporate holders of Ether, reported first-quarter 2026 results on May 11, 2026, highlighting a sharp jump in revenue to $12.1 million from $0.7 million a year earlier, driven by its actively managed ETH treasury stra...
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.