SBET
Sharplink, Inc.
Next earnings Aug 3, 2026 · consensus $0.01 EPS, $13.4M rev
Last earnings +4.3% on 2026-05-11
$5.31
▲ +7.93%$5.31▼ -43.27%
over 1Y
L $4.56H $37.38
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+7.9%
1W+16.4%
1M-8.6%
3M-14.2%
YTD-45.2%
1Y-43.3%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 14 analysts
Buy
ETH treasury proxy masquerading as an operating company — $735M loss, 2,756% share dilution, and a legacy affiliate business that barely exists.
Revenue $28.1M · FY2025
SBET is not really an operating business anymore — it's a leveraged Ethereum treasury vehicle wearing the shell of a tiny affiliate-marketing company. The MD&A is explicit: in June 2025 the company 'undertook a significant strategic shift by adopting Ether (ETH)... as its primary treasury asset,' and now reports two segments where 'ETH Treasury Management' dominates. Total assets exploded from ~$2.6M to $2.43B (+94,484%) while equity jumped to $2.42B (+116,087%) — this is not operational growth, it's capital raised and parked in crypto. The mechanism is brutal dilution: shares outstanding went from ~7M to 197M (+2,756%) in a single year. At $4.65, the $917M market cap is being valued against a treasury that the filing itself flags as subject to 'valuation and classification of crypto assets' as a critical accounting estimate.
The income statement confirms there is no underlying business worth owning. FY2025 'revenue' of $28.1M (+666%) is overwhelmingly staking rewards — the MD&A confirms 'We earn rewards from staking activities, including native staking and liquid staking arrangements' — not durable customer revenue. Gross margin collapsed to 3.2%, operating margin is -2,616%, and net income was -$735M, producing a -$7.37 diluted EPS and a $812M accumulated deficit. Operating cash flow remains negative at -$17.5M. The legacy affiliate-marketing segment's FY2024 gross profit of just $906K (down 41% YoY) shows the original business is essentially a rounding error.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 10:28 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Is SBET a buy? The one-page verdict, explained →
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | $3.49M | $4.95M | $3.66M | $28.1M |
| Gross profit | $1.32M | $1.53M | $906K | — |
| Operating income | -$14.3M | -$8.89M | -$4.76M | -$734M |
| Net income | -$15.2M | -$14.2M | $10.1M | -$735M |
| Diluted EPS | -$6.13 | -$5.17 | $27.62 | -$7.37 |
| Net margin | -436.5% | -287.6% | 275.8% | -2618.4% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.09B
EV / EBITDA—
EV / Sales38.8
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-65.8%
FCF yield-1.6%
Quality & risk
ROIC (est.)-24.0%
Free cash flow-$17.6M
Total debt$646K
Net cash$27.9M
Altman Z-Score51.10 safe
Piotroski F-Score2/9
Capital returns
Buyback yield2.8%
Dividend yield (est.)—
Shareholder yield2.8%
Shares Δ YoY+2756.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Reg FD disclosure2026-06-30
- 8-K Material agreement2026-06-23
Entered new material agreement; likely ETH treasury/financing or staking deal
- 8-K Earnings results2026-05-11
Q1 2026 earnings release with Reg FD update on ETH treasury holdings
- 10-Q Quarterly report2026-05-08
Q1 2026 10-Q: ongoing ETH treasury ops; ETH-driven P&L volatility
- 8-K Shareholder vote2026-04-14
Annual shareholder meeting vote results disclosed
- 8-K Agreement terminated2026-04-03
Material definitive agreement terminated
- DEF 14A Proxy statement2026-03-17
Annual proxy filed; routine governance and director elections
- 8-K Earnings results2026-03-09
FY2025 10-K: ETH pivot, $2.42B equity raised, -$735M loss, 2756% share dilution
- 10-K Annual report2026-03-09
FY2025 10-K: ETH pivot, $2.42B equity raised, -$735M loss, 2756% share dilution
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-302026-06-30open ↗8-KPeriod ending 2026-06-222026-06-23open ↗424B5Filing2026-06-23open ↗3Period ending 2026-06-012026-06-11open ↗3Period ending 2026-06-012026-06-09open ↗4Period ending 2025-09-302026-05-15open ↗4Period ending 2025-09-302026-05-15open ↗4Period ending 2025-09-302026-05-15open ↗3Period ending 2026-05-062026-05-14open ↗8-KPeriod ending 2026-05-112026-05-11open ↗10-QPeriod ending 2026-03-312026-05-08open ↗SCHEDULE 13D/AFiling2026-04-16open ↗
Frequently asked
- Is Sharplink, Inc. (SBET) a buy?
- SBET currently carries a Avoid rating with 5/5 conviction, derived from its latest SEC filings. ETH treasury proxy masquerading as an operating company — $735M loss, 2,756% share dilution, and a legacy affiliate business that barely exists.
- What is Sharplink, Inc.'s quality score?
- SBET scores 38.47896954563695/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001981535, latest 10-Q filed 2026-05-08) · EODHD · Proprietary analysis · as of 6/25/2026, 2:28:00 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.