Sharplink (NasdaqCM:SBET) has wrapped up FY 2025 with Q4 revenue of US$15.8 million and basic EPS of a US$3.51 loss, against a backdrop of trailing twelve month revenue of US$28.1 million and basic EPS of a US$7.37 loss. Over recent quarters, the company has seen quarterly revenue move from US$0.7 million in Q1 2025 to US$10.8 million in Q3 2025 and then US$15.8 million in Q4 2025, while EPS shifted from a US$1.73 loss in Q1 to EPS of US$0.70 in Q3 and back to a US$3.51 loss in Q4. This puts the market’s focus firmly on how durable any margin recovery might be.

See our full analysis for Sharplink.

With the headline numbers on the table, the next step is to set Sharplink’s results against the prevailing market and community narratives to see which stories the margins support and which start to look stretched.

Revenue expands to US$28.1 million over the last year

• On a trailing twelve month basis, total revenue reached US$28.1 million, compared with US$3.9 million and US$3.7 million in the earlier trailing periods referenced for FY 2024. This shows how different FY 2025 looks from the recent past in terms of top line scale.
• What stands out for the more optimistic narrative is that revenue growth of 38.3% per year sits alongside a trailing twelve month net income loss of US$734.5 million. Anyone leaning bullish needs to square strong sales expansion with very heavy recent losses.
  • Supporters point to the move from quarterly revenue of around US$0.7 million in Q1 2025 to US$10.8 million in Q3 and US$15.8 million in Q4 as evidence that the business can generate much larger volumes than it did through FY 2024.
  • At the same time, the trailing twelve month basic EPS figure is a US$7.37 loss and net income excluding extra items is a US$734.5 million loss. This keeps the focus firmly on whether higher revenue can consistently translate into a smaller loss line.

With that kind of shift in the revenue base already in the numbers, it is worth seeing how different investors interpret the story behind it in the community views on Sharplink 📊 Read the what the Community is saying about Sharplink.

Swings in profitability despite revenue growth

• Quarterly net income excluding extra items moved from a US$0.9 million loss in Q1 2025 to a US$104.2 million profit in Q3, then to a US$734.5 million loss in Q4 on the same basis. The profit and loss line has moved around far more than the steady 38.3% annual revenue growth rate suggests.
• Critics who focus on the bearish angle highlight that Sharplink remains unprofitable over the trailing twelve months and that losses have widened at about 72.1% per year over the past five years. The Q4 2025 net income loss of US$734.5 million and basic EPS loss of US$3.51 both line up with that concern.
  • The contrast between Q3 2025 basic EPS of US$0.70 and Q4 2025 basic EPS loss of US$3.51, despite Q4 revenue being higher than Q3, supports the cautious view that profitability has not tracked revenue in a straight line.
  • The trailing twelve month basic EPS loss of US$7.37 ties into the longer term pattern of widening losses. This is exactly the type of history bearish investors tend to focus on when they question how fast the company can move toward consistent profitability.

Low P/B and recent dilution put focus on balance sheet

• On the valuation side, Sharplink trades on a P/B of 0.6x compared with 2.5x for both peers and the wider US Hospitality industry, while shareholders also faced substantial dilution over the past year. The current US$7.45 share price is therefore set against a combination of a lower multiple and a bigger share count.
• For investors weighing the more constructive angle, the low price to book and strong 38.3% revenue growth rate are often seen alongside forecasts for earnings to grow at about 139.93% per year and for the business to reach profitability within three years. The reality that losses have widened by around 72.1% per year and that shareholders were diluted recently provides a clear counterpoint to that bullish case.
  • The combination of a 0.6x P/B and a history of heavy losses and dilution can be read in two ways: either as a stock that is priced cautiously against its book value, or as one where investors are treating the balance sheet and past capital actions with care.
  • Set against a current share price of US$7.45 and an analyst price target of US$17.69, those same data points on losses and dilution are central to whether readers think the gap to the target reflects potential upside or simply compensation for higher risk.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Sharplink's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

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Sharplink’s mix of heavy trailing losses, a steep Q4 net income loss and recent shareholder dilution highlights meaningful risk around the path to consistent profitability.

If that risk profile feels uncomfortable and you would rather focus on financially sturdier ideas, use the 72 resilient stocks with low risk scores to zero in on companies with more resilient records and potentially smoother ride potential.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.