SharpLink (SBET) Q3 2026 earnings summary

Executive summary

• ETH treasury management remained the core activity, generating staking revenue and significant crypto-asset gains in Q3; nine-month results were weighed down by ETH valuation losses and LST impairment charges.

• Total ETH holdings were 895,117 ETH as of November 2, including native ETH and ETH-equivalent exposure through LsETH, weETH, wstETH and the Fund interest.

Financial highlights

• Q3 2026 revenue was $13,456 thousand, up 24.1% YoY; net income was $751,443 thousand versus $104,270 thousand, driven largely by crypto gains.

• Q3 operating income was $753,033 thousand; total operating gains were $751,910 thousand, including $676,695 thousand unrealized ETH gains and $75,215 thousand realized crypto gains.

• 9M revenue rose 201.6% YoY to $37,042 thousand, while net loss was $328,392 thousand versus $127 thousand; $268,803 thousand of LST impairment and $150,971 thousand of unrealized ETH losses weighed on results.

• Cash was $47,902 thousand at September 30, 2026, up from $28,539 thousand at December 31, 2025; working capital was $43,037 thousand.

Outlook and guidance

• Cash, staking proceeds and potential equity financings are expected to cover short-term needs over the next 12 months; ETH sales are not expected to be necessary, though may be used if needed.

• Management estimated that a material portion of staked ETH could be withdrawn and converted to cash within ~30 days and the full staking portfolio within ~90 days, subject to protocol and contractual restrictions.

• Treasury priorities include growing ETH per Share through disciplined capital allocation and staking, with financing, treasury deployment and repurchases evaluated against market conditions and risk; no maximum ETH holding target is set.