SharpLink (SBET) investor relations material

Executive summary

• Strategic shift to ETH treasury management in June 2025, making ETH the primary treasury asset and core business focus, with disciplined capital allocation and yield generation.

• Two operating segments: ETH Treasury Management (staking, restaking, incentives) and Affiliate Marketing (iGaming customer acquisition).

• Sharplink is positioned as a leading ETH capital deployer, leveraging long-term capital, operational rigor, and internalized treasury management.

• Launched a co-branded Onchain Yield Fund with Galaxy Digital, targeting $125M deployment to scale access to high-quality on-chain yield opportunities.

• Rebranding and corporate name change completed in February 2026.

Financial highlights

• Q1 2026 revenue was $12.1M, up 1,525% year-over-year, mainly from ETH staking and treasury activities.

• Net loss for Q1 2026 was $685.6M, driven by $506.7M unrealized loss and $191.7M impairment on crypto assets.

• As of March 31, 2026, held 589,305 native ETH ($1.2B fair value), 189,327 LsETH, and 66,102 weETH ($487M net cost value); total ETH holdings increased to 872,984 as of May 4, 2026.

• SG&A expenses rose to $9.9M from $1.1M year-over-year, reflecting scaling infrastructure and talent.

• Cash and equivalents at March 31, 2026 were $16.9M, down from $28.5M at year-end 2025.

Outlook and guidance

• Management expects staking revenues to scale with treasury growth and ETH market performance.

• Majority of ETH will remain in staking and liquid staking, with a minority allocated to higher-yield strategies.

• Liquidity is supported by cash, unencumbered ETH holdings, and ability to convert staked assets within 30–90 days.

• Focus remains on exceeding the Ethereum staking rate through a diversified, risk-managed portfolio.

• Key risks include ETH price volatility, regulatory changes, and fund launch uncertainties.