Overview

• Ethereum treasury platform's Q1 revenue surged yr/yr but missed analyst expectations

• Company posted a net loss of $685.6 mln, driven by unrealized losses and impairments

• SharpLink entered non-binding agreement with Galaxy Digital to launch $125 mln yield fund

Outlook

• Company plans to launch Galaxy Sharplink Onchain Yield Fund to deploy ETH into onchain opportunities

• Sharplink says it will continue expanding ETH productivity via active treasury management and onchain deployments

• Company notes accelerating institutional adoption of Ethereum and ongoing advancements in network scalability and security

Result Drivers

• ETH TREASURY STRATEGY - Revenue growth was primarily driven by the company's actively managed ETH treasury strategy launched in June 2025

• UNREALIZED LOSSES & IMPAIRMENTS - Net loss was mainly due to non-cash unrealized losses and impairment charges related to ETH market conditions

• PLATFORM INVESTMENTS - SG&A expenses rose due to investments in infrastructure, talent and systems to scale ETH treasury platform

Company press release: ID:nGNX2KrvNC

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$12.1 mln	$13.02 mln (4 Analysts)
Q1 EPS		-$3.25
Q1 Net Income		-$685.6 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the advertising & marketing peer group is "buy"

• Wall Street's median 12-month price target for Sharplink Inc is $15.00, about 101.6% above its May 8 closing price of $7.44

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