Sharplink Inc. Common Stock (SBET)

FairStock Score: 44/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I begin with the business: Sharplink is a digital asset treasury company, mainly accumulating and managing Ethereum, plus an affiliate marketing segment. That is not a durable competitive moat in the Graham sense; its fortunes ride on ETH prices, staking arrangements, custody, governance and risk controls. The filed record is volatile. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $11.5 million but net income was -$394.3 million, or diluted EPS -$1.88. In fiscal Q1 2026, the quarter ended 2026-03-31, net loss was -$685.6 million, or -$3.25 per diluted share. Fiscal Q3 2025, the quarter ended 2025-09-30, showed net income of $104.3 million, or $0.62 per diluted share. Yet FY2025, ended 2025-12-31, produced revenue of $28.1 million and a net loss of -$734.6 million, or -$7.37 per diluted share. FY2024 had net income of $10.1 million, while FY2023 lost -$14.2 million. The Lynch category, TURNAROUND, fits: a loss in the latest year after earlier profits, but with enormous swings. At the 2026-10-13 close of $8.41, FairStock calculates a negative P/E of -0.71, P/B of 1.29, ROE of -183.57%, ROCE of -102.11% and a Piotroski F-score of 4/9. A P/B near 1.3 might look modest, but negative earnings, no dividend and a beta of 10.59 make this speculative. D/E is not available; bank-specific CET1, NIM and combined ratio are not in the data. Revenue growth from $3.7 million in FY2024 to $28.1 million in FY2025 is real, but profit growth is -999%, and consistency is absent. I see a 15-employee operation with huge asset-price sensitivity, not a predictable compounder.

In plain English: Sharplink runs an Ethereum-focused treasury business and an affiliate marketing segment. The business is currently losing large amounts of money and has a very uneven profit record, so it looks weak on the numbers provided. At the recent price, the stock is hard to call cheap because the company's losses are so large relative to its asset value; it looks speculative rather than clearly cheap.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer