SBET Sharplink, Inc.

Overview and Growth

In fiscal 2025, Sharplink, Inc. recorded $28.05M of revenue, net loss of $734.59M, and an operating cash outflow of $17.54M. Revenue of $28.05M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 666.1% above fiscal 2024 revenue of $3.66M, marking a year-over-year increase. Diluted earnings per share were -$7.37, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 126.7% from $27.62 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Diluted shares averaged 99.72M; this is the reported share base over which the company’s diluted per-share earnings were spread. The company employed $2.43B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.01x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The reported operating result was an operating loss of $733.92M, reflecting costs that exceeded gross profit. The company ended the period with a net loss of $734.59M, extending the operating result through all remaining items. Negative EBITDA totaled $733.91M, confirming that the earnings deficit remained before depreciation and amortization. The company reported a pretax loss of $733.47M, before the effect of income taxes. The reported income-tax provision was $1.05M, the amount recognized between pretax income and the final net-income result. The net loss equaled 30.4% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 30.2%. The company moved from fiscal 2024 net income of $10.10M to a current net loss of $734.59M.

Liquidity and Capital Structure

The company held $2.43B of assets against $12.75M of liabilities and $2.42B of equity, revealing how the asset base was financed. Current assets were $31.15M against $12.75M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 2.44x, leaving a positive buffer for near-term obligations. The company held $28.54M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 223.9% of current liabilities, showing how much near-term coverage came from cash alone. Book equity represented 99.5% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 0.5% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 1.2%, a balance-sheet composition measure rather than a liquidity forecast.

Cash Flow and Earnings Quality

Operating activities used $17.54M of cash, resulting in an operating cash outflow for the year. Capital expenditures used $11.00K in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Negative free cash flow was $17.55M, leaving a cash deficit after capital spending and reducing financial flexibility. Relative to revenue, the post-investment cash deficit represented 62.6%. The free-cash-flow deficit equaled 0.7% of total assets, placing the cash shortfall against the company’s resource base. Cash absorbed by operations decreased from $22.81M in fiscal 2024 to $17.54M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.