# Sharplink, Inc. (SBET)

> Source: Nexqual · https://nexqual.com/SBET · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Sharplink, Inc. (SBET), nexqual.com/SBET" · informational, not investment advice.

**Price:** USD 7.63 (-2.93% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 7.86 · day 7.61–8.02 · 52w 4.46–14.9 · market cap $1.66B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $50.2M, net income -$1.71B (-3406.3% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $47.9M; 4 not under a Rule 10b5-1 plan ($47.9M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -45.2% vs S&P 500 +13.4%; 5Y -98.3% vs S&P 500 +76.9%.
- Next earnings: 2026-11-12, EPS estimate USD -0.02, revenue estimate $10.5M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $3.5M | $5.0M | $3.7M | $28.1M | $50.2M |
| Gross profit | $1.3M | $1.5M | $906K | — | — |
| Operating income | -$14.3M | -$8.9M | -$4.8M | -$734M | -$1.71B |
| Net income | -$15.2M | -$14.2M | $10.1M | -$735M | -$1.71B |
| EPS (diluted) | -$73.56 | -$62.04 | $27.62 | -$7.37 | — |
| Free cash flow | -$6.0M | $571K | -$22.8M | -$17.6M | — |
| Gross margin | 37.7% | 30.9% | 24.7% | — | — |
| Operating margin | -409.3% | -179.6% | -130.1% | -2616.0% | -3401.5% |
| Net margin | -436.5% | -287.6% | 275.8% | -2618.4% | -3406.3% |
| Revenue growth | — | +41.9% | -26.1% | +666.1% | — |
| Cash + short-term investments | $1.4M | $2.5M | $1.5M | $28.5M | — |
| Total debt | $2.1M | $2.1M | $0K | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2024 0.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-08 | Lubin Joseph Michael | Director | 5,676,952 | $47.6M | 43.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-12 | McKenzie Obie | Director | 12,892 | $96K | 34% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-12 | Bernhard Leslie | Director | 12,892 | $96K | 34% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-12 | Gutkowski Robert M | Director | 12,892 | $95K | 34% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-22 | B. Riley Securities | Target raised | Buy | $12 → $14 |
| 2026-09-10 | Cantor Fitzgerald | Target raised | Overweight | $8.3 → $17 |
| 2026-08-18 | Canaccord Genuity | Target lowered | Buy | $16 → $8 |
| 2026-07-31 | TD Cowen | Target lowered | Buy | $16 → $13 |
| 2026-07-09 | Citizens | Target lowered | Market Outperform | $40 → $30 |
| 2026-07-01 | Cantor Fitzgerald | Target lowered | Overweight | $10.5 → $8.1 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -45.2% | -98.3% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -45.3% | -55.6% |
| Volatility (annualized) | 78.3% | 167.8% |
| Max drawdown | -68.1% (Oct 2025→Jun 2026) | -99.4% (Nov 2021→Apr 2025) |

## Peers (Capital Markets)
MIAX (Miami International Holdings, I) USD 33.98 -2.89% · LAZ (Lazard, Inc.) USD 37.21 -0.24% · MC (Moelis & Company) USD 54.53 -0.96% · PIPR (Piper Sandler Companies) USD 64.63 -1.39% · RIOT (Riot Platforms, Inc.) USD 12.53 -2.79% · VIRT (Virtu Financial, Inc.) USD 55.93 -0.57%

## More
Full page: https://nexqual.com/SBET · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name SBET in their own reports (relationship from SBET's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Nexalin Technology, Inc. (NXL) | 10-K 2026-03-25 | "Universal Power Group, Inc., a global supplier of power solutions; and Sharplink Inc., a leading Ethereum (ETH) treasury platform." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| ETH Treasury Management | $11.2M | 96.8% | +38386.2% | -$319.6M | -2863.3% |
| Affiliate Marketing Services | $367,000 | 3.2% | -45.1% | — | — |
| Total revenue | $11.5M | 100% | — | -$319.6M | -2772.1% |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $11.2M | 96.9% | +6174.7% |
| Non Us | $359,000 | 3.1% | -30.8% |
| Total revenue | $11.5M | 100% | — |

## Customer concentration

Period ended 2024-12-31: 39%, 22%, 14%, 14% of revenue from unnamed direct customers (10-K, filed 2026-03-09).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.02 | $0.00 | — | $10.5M | 1 |
| Next quarter (ends 2026-12-31) | $-0.01 | $0.00 | — | $13.0M | 1 |
| Current fiscal year (ends 2026-12-31) | $-5.08 | $-3.16 | +60.6% | $47.0M | 4 |
| Next fiscal year (ends 2027-12-31) | $-0.06 | $0.00 | — | $74.3M | 1 |