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SharpLink Gaming (SBET) investor relations material

SharpLink Gaming Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary15 Aug, 2025

Executive summary

  • Launched a strategic pivot to become the world's largest and most trusted Ethereum treasury, accumulating 728,804 ETH and raising over $2.6B in capital since June 2025.

  • Leadership team strengthened with former BlackRock, Consensys executives, and the appointment of Joseph Chalom as Co-CEO and Joseph Lubin as Chairman.

  • Strategy centers on accumulating, activating, and compounding ETH holdings for long-term shareholder value, with a focus on transparency and risk management.

  • Formed strategic partnerships with Consensys, Galaxy, Parifi, Coinbase, and Anchorage Digital to support institutional-grade operations.

  • Completed a 1:12 reverse stock split and expanded the board, increasing authorized shares to 500M.

Financial highlights

  • As of June 30, 2025, held 24,704 ETH ($61.5M) and 164,731 liquid staked ETH ($382.4M) after impairment.

  • Q2 2025 revenue was $700,000, down 28.9% year-over-year; gross profit was $209,000 (30% margin), with SG&A/operating expenses rising to $2.3M.

  • Net loss for Q2 2025 was $103.4M, mainly due to an $87.8M non-cash impairment on LSETH and $16.4M in stock-based compensation.

  • Cash on hand at quarter-end was $5.1M, up 253% from December 2024.

  • Six-month net loss was $104.4M, compared to net income of $11.9M in the first half of 2024.

Outlook and guidance

  • Plans to aggressively accumulate ETH for long-term shareholder benefit, with no set acquisition target.

  • Focused on maximizing ETH concentration per 1,000 diluted shares as a key performance metric, which increased by 98% in a few weeks.

  • Staking operations and yield generation expected to scale materially as treasury balance grows.

  • Exploring additional capital raising structures, including equity-linked and preferred securities.

  • Committed to risk-managed yield generation through staking, restaking, and DeFi participation.

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Frequently asked questions

SharpLink Gaming Inc is a provider of advanced technology and services for the sports betting and iGaming industries. The company specializes in developing proprietary software solutions that connect sports fans, leagues, and media companies with licensed sportsbook operators. Its offerings include fan engagement tools, conversion platforms, and data-driven analytics. The company is headquartered in Minnetonka, Minnesota, and its shares are listed on the Nasdaq.

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