Revenue growth has accelerated to 15.3% in 2026Q1, yet the company continues to struggle with operating leverage as SG&A expenses frequently exceed the $11.6 million in quarterly gross profit.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 39.37M | 28.05M | 3.66M | 4.95M | 3.49M | 2.64M | 2.28M | 2.38M | 5.86M | 6.77M | 14.05M | 14.71M | 7.07M | 12.47M | 13.13M | 12M | 11.64M | 11.43M | 8.75M | 9.34M | 10.48M | 11.56M | 9.41M | 9.23M | 9.79M |
| Revenue Growth % | 1048.48% | 666.04% | -26.05% | 41.91% | 32.41% | 15.66% | -4.32% | -59.36% | -13.47% | -51.8% | -4.49% | 108.21% | -43.35% | -4.98% | 9.36% | 3.13% | 1.79% | 30.66% | -6.29% | -10.93% | -9.33% | 22.84% | 1.98% | -5.69% | - |
| Cost of Goods Sold | 1.72M | 1.9M | 2.76M | 3.42M | 2.17M | 2.94M | 1.86M | 2.02M | 2.15M | 2.06M | 6.91M | 8.41M | 2.89M | 4.02M | 4.49M | 3.94M | 4.2M | 3.78M | 2.32M | 2.74M | 3.35M | 3.8M | 2.81M | 1.85M | 1.9M |
| COGS % of Revenue | - | 6.78% | 75.25% | 69.05% | 62.29% | 111.36% | 81.41% | 84.82% | 36.67% | 30.39% | 49.2% | 57.19% | 40.94% | 32.26% | 34.24% | 32.83% | 36.09% | 33.03% | 26.52% | 29.3% | 32% | 32.88% | 29.89% | 20.03% | 19.37% |
| Gross Profit | 37.65M | 26.15M | 906.27K | 1.53M | 1.32M | -299.36K | 423.72K | 361.51K | 3.71M | 4.71M | 7.14M | 6.3M | 4.17M | 8.45M | 8.63M | 8.06M | 7.44M | 7.66M | 6.43M | 6.6M | 7.13M | 7.76M | 6.6M | 7.38M | 7.89M |
| Gross Margin % | 95.62% | 93.22% | 24.75% | 30.95% | 37.71% | -11.36% | 18.59% | 15.18% | 63.33% | 69.61% | 50.8% | 42.81% | 59.06% | 67.74% | 65.76% | 67.17% | 63.91% | 66.97% | 73.48% | 70.7% | 68% | 67.12% | 70.11% | 79.97% | 80.63% |
| Gross Profit Growth % | - | 2785.78% | -40.87% | 16.45% | 539.64% | -170.65% | 17.21% | -90.26% | -21.27% | -33.95% | 13.35% | 50.92% | -50.6% | -2.13% | 7.07% | 8.39% | -2.86% | 19.08% | -2.61% | -7.39% | -8.14% | 17.61% | -10.59% | -6.46% | - |
| Operating Expenses | 45.91M | 58.9M | 5.67M | 10.43M | 15.6M | 33.2M | 1.63M | 743.27K | 4.54M | 5.14M | 8.58M | 7.49M | 5.71M | 6.74M | 6.59M | 7.66M | 7.15M | 8.42M | 7.68M | 9.82M | 9.36M | 12.02M | 10.76M | 7.57M | 7.94M |
| OpEx % of Revenue | - | 209.95% | 154.8% | 210.51% | 446.97% | 1259.42% | 71.55% | 31.21% | 77.38% | 75.89% | 61.04% | 50.9% | 80.87% | 54.05% | 50.21% | 63.83% | 61.41% | 73.64% | 87.76% | 105.12% | 89.3% | 103.97% | 114.34% | 82.03% | 81.12% |
| Selling, General & Admin | 67.72M | 58.9M | 0 | 0 | 10.87M | 9.89M | 1.63M | 743.27K | 3.71M | 4.84M | 5.82M | 5.68M | 4.33M | 5.35M | 5.26M | 5.75M | 5.6M | 6.53M | 4.99M | 7.18M | 5.73M | 7.63M | 8.4M | 5.75M | 5.81M |
| SG&A % of Revenue | - | 209.95% | - | - | 311.55% | 375.38% | 71.55% | 31.21% | 63.3% | 71.43% | 41.38% | 38.64% | 61.24% | 42.91% | 40.08% | 47.92% | 48.11% | 57.13% | 57.04% | 76.85% | 54.65% | 65.96% | 89.25% | 62.25% | 59.38% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 825K | 2.15M | 2.76M | 1.8M | 1.39M | 1.39M | 1.33M | 1.91M | 1.55M | 1.89M | 2.69M | 2.64M | 3.63M | 4.39M | 2.36M | 1.82M | 2.13M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 14.08% | 31.67% | 19.66% | 12.27% | 19.63% | 11.14% | 10.12% | 15.9% | 13.29% | 16.51% | 30.72% | 28.27% | 34.65% | 38.01% | 25.09% | 19.77% | 21.73% |
| Other Operating Expenses | 0 | 0 | 5.67M | 10.43M | 4.73M | 23.3M | 0 | 0 | 0 | -1.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.27M | -32.75M | -4.76M | -8.89M | -14.28M | -33.49M | -1.21M | -381.76K | -823K | -425K | -1.44M | -1.19M | -1.56M | 1.71M | 2.04M | 397K | 291K | -763K | -1.25M | -3.21M | -2.23M | -4.26M | -4.16M | 285K | 182K |
| Operating Margin % | -21% | -116.73% | -130.05% | -179.56% | -409.26% | -1270.78% | -52.95% | -16.03% | -14.04% | -6.27% | -10.24% | -8.1% | -22.02% | 13.69% | 15.56% | 3.31% | 2.5% | -6.67% | -14.28% | -34.42% | -21.3% | -36.85% | -44.24% | 3.09% | 1.86% |
| Operating Income Growth % | - | -587.57% | 46.44% | 37.73% | 57.36% | -2675.74% | -216.08% | 53.61% | -93.65% | 70.47% | -20.82% | 23.46% | -191.15% | -16.41% | 414.36% | 36.43% | 138.14% | 38.96% | 61.11% | -43.93% | 47.59% | -2.33% | -1561.05% | 56.59% | - |
| EBITDA | -8.26M | -32.74M | -4.75M | -8.66M | -13.37M | -33.29M | -1.07M | -283.91K | -741K | -327K | -333K | -323K | -1.27M | 2.02M | 2.44M | 844K | 780K | -223K | -882K | -2.56M | -1.56M | -3.61M | -3.76M | 686K | 683K |
| EBITDA Margin % | -20.98% | -116.7% | -129.72% | -174.79% | -383.12% | -1262.96% | -47.12% | -11.92% | -12.64% | -4.83% | -2.37% | -2.2% | -18% | 16.22% | 18.55% | 7.03% | 6.7% | -1.95% | -10.08% | -27.45% | -14.86% | -31.19% | -40% | 7.43% | 6.98% |
| EBITDA Growth % | -106.83% | -589.14% | 45.12% | 35.25% | 59.83% | -3000.45% | -278.18% | 61.69% | -126.61% | 1.8% | -3.1% | 74.61% | -162.88% | -16.92% | 188.51% | 8.21% | 449.78% | 74.72% | 65.59% | -64.51% | 56.79% | 4.22% | -648.83% | 0.44% | - |
| D&A (Non-Cash Add-back) | 7.89K | 9K | 12.1K | 236.41K | 912.25K | 206.25K | 133.03K | 97.86K | 82K | 98K | 1.11M | 868K | 284K | 316K | 393K | 447K | 489K | 540K | 368K | 651K | 675K | 655K | 399K | 401K | 501K |
| EBIT | -730.81M | -733.47M | -4.76M | -6.43M | -14M | -33.47M | -1.14M | -365.99K | -840K | -327K | -1.44M | -1.19M | -1.64M | 1.71M | 2.1M | 481K | 291K | -763K | -1.25M | -3.21M | -2.23M | -4.26M | -4.09M | 285K | 182K |
| Net Interest Income | 638.07K | 447K | -264.23K | -1.1M | -75.76K | 29.05K | 22.09K | -4.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 0 | -31K | 0 | -105K | 54K | 53K | 83K | 0 | 0 |
| Interest Income | 638.07K | 447K | 60.29K | 53.49K | 33.4K | 29.05K | 23.47K | 15.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 0 | 0 | 0 | 0 | 0 | 53K | 83K | 0 | 0 |
| Interest Expense | 0 | 0 | 324.52K | 1.15M | 109.17K | 0 | 1.38K | 20.04K | 0 | 0 | 0 | 177K | 80K | 73K | 0 | 0 | 0 | 31K | 0 | 105K | 54K | 2K | 225K | 345K | 236K |
| Other Income/Expense | -1.41B | -700.72M | 289.1K | -2.34M | 174.24K | 29.05K | 68.59K | -4.26K | -17K | 14K | -4.26M | -3.53M | -80K | 61K | 60K | 84K | 0 | -94K | 398K | -2.48M | -54K | 53K | 78K | 0 | 0 |
| Pretax Income | -1.42B | -733.47M | -4.47M | -11.23M | -14.11M | -33.47M | -1.14M | -386.02K | -840K | -411K | -5.7M | -4.72M | -1.64M | 1.77M | 2.1M | 481K | 291K | -857K | -852K | -5.69M | -2.29M | -4.21M | -4.09M | -60K | -54K |
| Pretax Margin % | -3598.9% | -2614.4% | -122.16% | -226.8% | -404.26% | -1269.68% | -49.94% | -16.21% | -14.33% | -6.07% | -40.57% | -32.1% | -23.15% | 14.18% | 16.01% | 4.01% | 2.5% | -7.5% | -9.74% | -60.98% | -21.81% | -36.39% | -43.41% | -0.65% | -0.55% |
| Income Tax | 2.23M | 1.05M | -232 | 15.71K | -12.96K | 4.17K | 970 | -79.87K | 46K | -9K | -507K | 194K | 54K | 435K | 736K | 10K | 47K | 20K | 108K | -68K | 118K | 10K | 266K | 198K | 52K |
| Effective Tax Rate % | -0.16% | -0.14% | 0.01% | -0.14% | 0.09% | -0.01% | -0.09% | 20.69% | -5.48% | 2.19% | 8.89% | -4.11% | -3.3% | 24.6% | 35.01% | 2.08% | 16.15% | -2.33% | -12.68% | 1.19% | -5.16% | -0.24% | -6.51% | -330% | -96.3% |
| Net Income | -1.42B | -734.59M | 10.1M | -14.24M | -15.23M | -55.64M | -1.14M | -306.15K | -886K | -1.72M | -5.19M | -4.92M | -1.69M | 1.33M | 1.37M | 387K | 176K | -877K | -960K | -5.63M | -2.4M | -4.22M | -4.35M | -258K | -106K |
| Net Margin % | -3604.59% | -2618.38% | 275.77% | -287.58% | -436.49% | -2111.13% | -49.99% | -12.85% | -15.12% | -25.32% | -36.96% | -33.41% | -23.92% | 10.69% | 10.41% | 3.22% | 1.51% | -7.67% | -10.97% | -60.25% | -22.94% | -36.48% | -46.23% | -2.8% | -1.08% |
| Net Income Growth % | -43896.68% | -7373.41% | 170.91% | 6.5% | 72.62% | -4785.04% | -272.06% | 65.45% | 48.34% | 66.98% | -5.66% | -190.89% | -226.78% | -2.42% | 252.97% | 119.89% | 120.07% | 8.65% | 82.94% | -133.93% | 42.98% | 3.08% | -1586.82% | -143.4% | - |
| Net Income (Continuing) | -1.42B | -734.52M | -4.47M | -11.25M | -14.1M | -33.47M | -1.14M | -306.15K | -886K | -402K | -5.19M | -4.92M | -1.69M | 1.33M | 1.37M | 471K | 244K | -877K | -960K | -5.63M | -2.4M | -4.22M | -4.35M | -258K | -106K |
| Discontinued Operations | -12.83K | -71K | 14.57M | -2.99M | -1.14M | -22.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -84K | -68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.73 | -7.37 | -15.93 | -49.11 | -735.17 | -473.48 | -25.82 | -6.46 | -99.21 | -141.85 | -444.76 | -475.56 | -248.19 | 216.00 | 216.00 | 64.80 | 28.80 | -141.84 | -211.73 | -1452.48 | -561.36 | -1192.31 | -1283.27 | -80.40 | -32.32 |
| EPS Growth % | -16.94% | 53.74% | 67.56% | 93.32% | -55.27% | -1733.77% | -299.69% | 93.49% | 30.06% | 68.11% | 6.48% | -91.61% | -214.9% | 0% | 233.33% | 125% | 120.3% | 33.01% | 85.42% | -158.74% | 52.92% | 7.09% | -1496.11% | -148.76% | - |
| EPS (Basic) | - | -7.37 | -15.93 | -49.11 | -735.17 | -473.48 | -25.82 | -6.46 | -99.21 | -141.85 | -444.76 | -475.56 | -248.19 | 216.00 | 216.00 | 64.80 | 28.80 | -141.84 | -211.73 | -1452.48 | -561.36 | -1192.31 | -1283.27 | -80.60 | -32.46 |
| Diluted Shares Outstanding | 210.87M | 99.72M | 286.94K | 230.08K | 20.73K | 119.17K | 44.77K | 20.89K | 14.31K | 12.46K | 11.74K | 9.96K | 6.49K | 6.56K | 6.29K | 6.19K | 6.19K | 6.18K | 4.53K | 4.01K | 4K | 3.54K | 3.22K | 3.21K | 3.28K |
| Basic Shares Outstanding | 210.87M | 99.72M | 286.94K | 230.08K | 20.73K | 119.17K | 44.77K | 20.89K | 14.31K | 12.46K | 11.74K | 9.96K | 6.49K | 6.47K | 6.22K | 6.19K | 6.19K | 6.18K | 4.53K | 4.01K | 4K | 3.54K | 3.22K | 3.2K | 3.27K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Unsustainable Operating Burn Rate
According to the provided financial data, Sharplink experienced a significant revenue surge to $12.1 million in 2026Q1, representing a substantial departure from the sub-million dollar quarterly figures observed throughout 2024, suggesting that recent inorganic growth initiatives are now the primary driver of the company's top-line performance.
The dramatic shift in revenue scale indicates that the company has successfully integrated recent acquisitions, though the durability of this growth remains unproven. Investors should monitor whether this trajectory can be sustained organically or if it remains dependent on continuous, capital-intensive expansion efforts.
As reported in the income statement, Sharplink maintains an impressive gross margin of 96.4% as of 2026Q1, yet this high-margin profile is completely offset by heavy operating expenses, resulting in a net margin that has historically fluctuated between extreme negative values and occasional, non-recurring accounting anomalies.
The wide gap between gross and operating profitability suggests that the company's core technology platform is highly scalable in theory but currently lacks the necessary volume to absorb its fixed cost base. This structural mismatch implies that the business model is currently optimized for market share acquisition rather than immediate bottom-line efficiency.
Based on the quarterly income statements, Sharplink's SG&A expenses frequently exceed gross profit, indicating that the company has yet to achieve the operating leverage required to scale its bottom line in tandem with its recent, acquisition-led revenue growth across its diverse business segments.
The inability to contain SG&A relative to revenue growth suggests that the company's current cost structure is heavily burdened by corporate overhead and integration requirements. Without a clear path to reducing these fixed costs, the company may continue to face significant pressure on its operating income regardless of top-line success.
Analysis of the historical income statement reveals that Sharplink's net income is characterized by extreme volatility, with massive swings such as the $104.3 million profit in 2025Q3 followed by deep losses, suggesting that reported earnings are heavily influenced by non-operating items and accounting adjustments.
The presence of significant stock-based compensation and potential one-time charges makes it difficult to discern the underlying cash-generating capability of the business. Investors should exercise caution when interpreting these figures, as they likely do not reflect the normalized operational performance of the company's core affiliate marketing activities.
Quick answers to the most common questions about buying SBET stock.
For fiscal year 2025, Sharplink, Inc. (SBET) reported total revenue of $28.1M. This represents a 186.7% increase compared to $9.8M in 2002.
Sharplink, Inc. (SBET) reported a net loss of $734.6M for the fiscal year ending 2025.
Sharplink, Inc. (SBET) reported an operating income of $-32.7M, resulting in an operating profit margin of -116.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Sharplink, Inc. (SBET) generated $26.2M in gross profit for the year, representing a gross profit margin of 93.2%. This demonstrates the company's core pricing power and production efficiency.