SBET Sharplink, Inc. - Common Stock
$6.23
Price · Aug 18, 2026
Fundamentals as of Aug 7, 2026
52W Range
$4–$21
11% of range
Analyst Rating
BUY
14 analysts
Price Target
$16
+164% upside
P/E (TTM)
-0.8
ROE
-51.2%
Net Profit Margin
-2618.4%
SBET Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.23
Market Cap
$1.23B
P/E (TTM)
-0.8
EPS (TTM)
$-7.37
Revenue (TTM)
$28M
Div Yield
—
ROE
-51.2%
Debt/Equity
—
52W Range
$4 – $21
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$28M
2022-12-31
→
2025-12-31
EPS
$-7.37
2022-12-31
→
2025-12-31
Free Cash Flow
$-18M
2023-12-31
→
2025-12-31
Margins
-2618.4%
2023-12-31
→
2024-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SBET
Peer Median
P/E (TTM)
-0.8
19.1
P/S (TTM)
43.7
2.1
P/B
0.5
3.4
Price / FCF
-69.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SBET
Peer Median
Operating Margin
-2616.0%
—
Net Profit Margin
-2618.4%
6.5%
ROA
-60.4%
5.0%
ROE
-51.2%
23.2%
ROIC
-30.4%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SBET
Peer Median
Current Ratio
2.4
0.9
Quick Ratio
2.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SBET
Peer Median
Revenue YoY
666.1%
—
Revenue CAGR 3Y
100.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SBET
Peer Median
SBET Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 3 21.4%
- Buy 10 71.4%
- Hold 1 7.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
7 analysts · 2026-08-13
Median
$14.00
Mean
$16.47
← Below all targets
$6.23
Low
$8.30
High
$30.00
Median target
$14.00
+124.7%
Mean target
$16.47
+164.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-14.8%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.88 | $0.01 | -1.9% |
| March 31, 2026 | $0.00 | $-0.01 | 0.01% |
| Dec. 31, 2025 | $-7.37 | $0.18 | -7.5% |
| Sept. 30, 2025 | $0.62 | $2.64 | -2.0% |
| Sept. 30, 1997 | $57.60 | $146.88 | -89.3% |
| June 30, 1997 | $144.00 | $132.19 | 11.8% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $28M | $4M | $5M | $3M | |
| Cost of Revenue | · | $3M | $3M | $2M | |
| Gross Profit | · | $906.3K | $2M | $1M | |
| SG&A Expense | $42M | $6M | $8M | $11M | |
| Operating Expenses | $201M | $8M | $10M | $16M | |
| Operating Income | $-734M | $-5M | $-9M | $-14M | |
| Interest Expense | · | · | $1M | $109.2K | |
| Interest Income | · | $60.3K | $53.5K | · | |
| Other Non-op | · | $298.0K | $-12.6K | $250.0K | |
| Pretax Income | $-733M | $-4M | $-11M | $-14M | |
| Income Tax | $1M | · | $15.7K | $-13.0K | |
| Net Income | $-735M | $10M | $-14M | $-15M | |
| EPS (Basic) | $-7.37 | $35.20 | $-5.17 | $-6.13 | |
| EPS (Diluted) | $-7.37 | $27.62 | $-5.17 | $-6.13 | |
| Shares (Basic) | 99,719,495 | 286,939 | 2,760,970 | 2,487,960 | |
| Shares (Diluted) | 99,719,495 | 337,255 | 2,760,970 | 2,487,960 | |
| EBITDA | $-734M | $-5M | $-9M | · |
Balance Sheet 24
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $29M | $1M | $2M | $1M | |
| Receivables | $221.0K | $265.0K | $415.1K | $440.9K | |
| Prepaid Expense | $511.0K | $310.0K | $383.3K | $505.9K | |
| Other Current Assets | · | $307 | $0 | · | |
| Current Assets | $31M | $3M | $71M | $54M | |
| PP&E (Net) | $10.0K | $3.0K | $8.8K | $21.9K | |
| Accum. Depreciation | · | $31.9K | $24.8K | $18.4K | |
| Goodwill | · | · | · | $2M | |
| Intangibles | $8.0K | $13.0K | $168.1K | $838.5K | |
| Other Non-current Assets | $18.0K | · | · | · | |
| Total Assets | $2.43B | $3M | $71M | $65M | |
| Accounts Payable | $13M | $479.0K | $834.1K | $689.2K | |
| Current Liabilities | $13M | $489.0K | $79M | $59M | |
| Deferred Tax | · | $0 | $7.2K | $6.2K | |
| Total Liabilities | $13M | $489.0K | $81M | $62M | |
| Long-term Debt | · | · | $2M | · | |
| Total Debt | · | $0 | $2M | · | |
| Common Stock | $20.0K | $0 | $572.8K | $537.7K | |
| Paid-in Capital | $3.26B | $80M | $78M | $76M | |
| Retained Earnings | $-812M | $-78M | $-88M | $-74M | |
| Treasury Stock | $32M | $29.0K | $29.0K | $29.0K | |
| Stockholders' Equity | $2.42B | $2M | $-9M | $3M | |
| Liabilities + Equity | $2.43B | $3M | $71M | $65M | |
| Shares Outstanding | 196,707,797 | 407,287 | 2,863,734 | 2,688,541 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | $9.0K | $12.0K | $107.4K | $912.2K | |
| Stock-based Comp | $14M | $149.0K | $261.4K | $2M | |
| Deferred Tax | · | $-7.0K | $-6.2K | $81.3K | |
| Amort. of Intangibles | $4.0K | $5.0K | $97.1K | $901.6K | |
| Operating Cash Flow | $-18M | $-23M | $582.9K | $-6M | |
| CapEx | $11.0K | $2.0K | $12.1K | $13.0K | |
| Investing Cash Flow | $-2.95B | $-19M | $-1M | $48M | |
| Stock Issued | $2.15B | $869.0K | $0 | · | |
| Stock Repurchased | $32M | · | · | · | |
| Net Stock Activity | $2.12B | $869.3K | · | · | |
| Financing Cash Flow | $3.00B | $-17M | $10M | $3M | |
| Net Change in Cash | $27M | $-59M | $9M | $45M | |
| Taxes Paid | $449.0K | $505.0K | $86.3K | $19.9K | |
| Free Cash Flow | $-18M | $-23M | $570.7K | · | |
| Levered FCF | · | · | $-581.2K | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Gross Margin | · | 24.8% | 30.9% | · | |
| Operating Margin | -2616.0% | -130.1% | -179.6% | · | |
| Net Margin | -2618.4% | 275.8% | -287.6% | · | |
| Pretax Margin | -2614.4% | -122.2% | -226.8% | · | |
| EBITDA Margin | -2616.0% | -130.1% | -179.6% | · | |
| ROA | -60.4% | 27.4% | -20.9% | · | |
| ROE | -51.2% | 492.3% | 412.9% | · | |
| ROIC | -30.4% | -228.7% | 121.5% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 2.4 | 5.2 | 0.9 | · | |
| Quick Ratio | 2.3 | 3.5 | 0.0 | · | |
| Debt / Equity | · | 0.0 | -0.2 | · | |
| LT Debt / Equity | · | 0.0 | -0.2 | · | |
| Interest Coverage | · | · | -7.7 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | 0.1 | · | |
| Receivables Turnover | 115.5 | 10.8 | 11.6 | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 666.1% | -26.1% | 41.9% | · | |
| Revenue CAGR 3Y | 100.3% | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $28M | $4M | $5M | · | |
| Net Income TTM | $-735M | $10M | $-14M | · | |
| Market Cap | $1.76B | $38M | $52M | · | |
| Enterprise Value | · | $36M | $51M | · | |
| P/E | -1.2 | 0.3 | -3.5 | · | |
| P/S | 62.7 | 10.3 | 10.4 | · | |
| P/B | 0.7 | 18.0 | -5.5 | · | |
| P / Tangible Book | 0.7 | 18.1 | · | · | |
| P / Cash Flow | -100.2 | -1.6 | 88.4 | · | |
| P / FCF | -100.2 | -1.6 | 90.3 | · | |
| EV / EBITDA | · | -7.6 | -5.7 | · | |
| EV / FCF | · | -1.6 | 89.6 | · | |
| EV / Revenue | · | 9.9 | 10.3 | · | |
| Earnings Yield | -82.4% | 359.6% | -28.7% | · |
Income Statement 17
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12M | $12M | $16M | $11M | $697.0K | $742.0K | $823.1K | $881.7K | $981.3K | $975.9K | $1M | $1M | $1M | $1M | |
| Cost of Revenue | · | · | · | · | $488.2K | $609.9K | · | $709.0K | $701.1K | $688.7K | $676.5K | $958.7K | $942.2K | $842.7K | |
| Gross Profit | · | · | · | · | $209.1K | $131.8K | · | $172.6K | $280.1K | $287.2K | $350.6K | $390.7K | $401.3K | $390.1K | |
| SG&A Expense | $9M | $10M | $27M | $12M | $2M | $1M | $1M | $970.1K | $1M | $2M | $2M | $2M | $2M | $2M | |
| Operating Expenses | $85M | $202M | $73M | $20M | $107M | $2M | $2M | $2M | · | · | · | · | · | · | |
| Operating Income | $-393M | $-685M | $-735M | $105M | $-103M | $-926.0K | $-1M | $-797.4K | $-1M | $-2M | $-4M | $-1M | $-2M | $-2M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $324.2K | · | · | · | $223.9K | |
| Interest Income | · | · | · | · | · | · | · | $16.2K | $15.9K | · | $21.8K | $20.4K | $5.4K | · | |
| Other Non-op | $178.0K | $-2.0K | · | · | $37.0K | · | $54.7K | · | $297.4K | $-70.3K | $2M | $-622.7K | $-664.4K | $-473.3K | |
| Pretax Income | $-393M | $-684M | $-734M | $105M | $-103M | $-914.0K | $-1M | $-781.3K | $-873.6K | $-2M | $-5M | $-2M | $-2M | $-2M | |
| Income Tax | $999.0K | $1M | $223.6K | $792.3K | $27.0K | $3.0K | · | $6.7K | $43.1K | $5.7K | $-19.3K | $314 | $6.1K | $28.6K | |
| Net Income | $-394M | $-686M | $-734M | $104M | $-103M | $-975.0K | $-903.3K | $-885.1K | $-463.0K | $12M | $-5M | $-3M | $-3M | $-3M | |
| EPS (Basic) | $-1.88 | $-3.25 | $-1.96 | $0.70 | $-4.27 | $-1.84 | $-7.62 | $-3.02 | $-1.64 | $47.48 | $-1.92 | $-1.00 | $-1.24 | $-1.01 | |
| EPS (Diluted) | $-1.88 | $-3.25 | $-1.88 | $0.62 | $-4.27 | $-1.84 | $-8.32 | $-3.02 | $-1.35 | $40.31 | $-1.92 | $-1.00 | $-1.24 | $-1.01 | |
| Shares (Basic) | 209,784,133 | 210,865,894 | -74,070,598 | 149,056,400 | 24,202,467 | 531,226 | -547,438 | 292,528 | 282,709 | 259,140 | -5,730,437 | 2,863,607 | 2,813,900 | 2,813,900 | |
| Shares (Diluted) | 209,784,133 | 210,865,894 | -92,186,795 | 167,172,597 | 24,202,467 | 531,226 | -597,196 | 292,528 | 343,444 | 298,479 | -5,730,437 | 2,863,607 | 2,813,900 | 2,813,900 | |
| EBITDA | $-393M | $-685M | · | $105M | $-103M | $-925.5K | · | $-797.4K | $-1M | $-2M | · | · | · | · |
Balance Sheet 23
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $56M | $17M | $29M | $11M | $5M | $1M | $1M | $2M | $2M | $4M | $2M | · | · | · | |
| Receivables | $280.0K | $461.0K | $221.0K | $339.0K | $271.9K | $323.0K | $265.0K | $457.1K | $329.9K | $364.0K | $415.1K | · | · | · | |
| Prepaid Expense | $880.0K | $689.0K | $329.0K | $1M | $799.2K | $345.5K | $310.0K | $329.0K | $329.8K | $656.6K | $383.3K | · | · | · | |
| Other Current Assets | · | · | · | · | · | · | · | $16.7K | $6.8K | · | $0 | · | · | · | |
| Current Assets | $57M | $18M | $31M | $40M | $10M | $2M | $3M | $3M | $4M | $5M | $71M | · | · | · | |
| PP&E (Net) | · | · | $10.0K | $7.9K | $3.9K | $2.2K | $3.0K | $4.6K | $6.2K | $8.3K | $8.8K | · | · | · | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | $24.8K | · | · | · | |
| Intangibles | · | · | $8.0K | $9.5K | $10.7K | $11.9K | $13.0K | $14.4K | $15.7K | $16.9K | $168.1K | · | · | · | |
| Other Non-current Assets | $751.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Assets | $1.42B | $1.74B | $2.43B | $3.07B | $454M | $3M | $3M | $3M | $4M | $5M | $71M | · | · | · | |
| Accounts Payable | $5M | $5M | $13M | · | · | $692.2K | $479.0K | $743.6K | $711.4K | $919.9K | $834.1K | · | · | · | |
| Current Liabilities | $5M | $5M | $13M | $5M | $1M | $693.1K | $489.0K | $895.0K | $1M | $3M | $79M | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | · | $0 | $0 | · | $7.2K | · | · | · | |
| Other Non-current Liabilities | $86.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $6M | $5M | $13M | $5M | $1M | $693.1K | $489.0K | $895.0K | $1M | $3M | $81M | · | · | · | |
| Total Debt | · | · | · | · | · | · | · | $0 | $0 | · | · | · | · | · | |
| Common Stock | $22.0K | $20.0K | $20.0K | $19.4K | $6.6K | $58 | $0 | $343 | $343 | $336 | $572.8K | · | · | · | |
| Paid-in Capital | $3.34B | $3.27B | $3.26B | $3.18B | $635M | $81M | $80M | $79M | $79M | $78M | $78M | · | · | · | |
| Retained Earnings | $-1.89B | $-1.50B | $-812M | $-78M | $-182M | $-79M | $-78M | $-77M | $-76M | $-76M | $-88M | · | · | · | |
| Treasury Stock | $42M | $32M | $32M | $32M | $29.0K | $29.0K | $29.0K | $29.0K | $29.0K | $29.0K | $29.0K | · | · | · | |
| Stockholders' Equity | $1.41B | $1.74B | $2.42B | $3.07B | $453M | $2M | $2M | $2M | $3M | $3M | $-9M | · | · | · | |
| Liabilities + Equity | $1.42B | $1.74B | $2.43B | $3.07B | $454M | $3M | $3M | $3M | $4M | $5M | $71M | · | · | · | |
| Shares Outstanding | 216,983,308 | 199,125,509 | 196,697,343 | 192,193,183 | 66,154,792 | 575,255 | 407,287 | 3,585,350 | 3,507,808 | 3,361,608 | 2,863,734 | · | · | · |
Cash Flow 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | $1.0K | $2.8K | $2.1K | $2.0K | $2.0K | $2.4K | $2.8K | $3.4K | $3.4K | $25.0K | $27.4K | $559 | $54.4K | |
| Stock-based Comp | $3M | $3M | $10M | $3M | $36.5K | $69.0K | $36.3K | $39.6K | $43.1K | $30.1K | $57.1K | $67.8K | $40.7K | $95.8K | |
| Deferred Tax | · | · | · | · | · | · | $155 | $0 | $0 | $-7.2K | $56.0K | $0 | $6.2K | $-68.4K | |
| Amort. of Intangibles | · | · | $307 | $1.2K | $1.2K | $1.2K | $1.3K | $1.2K | $1.2K | $1.2K | $-158.3K | $28.2K | $167.1K | $60.1K | |
| Operating Cash Flow | $-7M | $-11M | $-9M | $-6M | $-2M | $-514.0K | $-1M | $-591.2K | $-2M | $-19M | $-6M | $18M | $3M | $-15M | |
| CapEx | · | · | $3.7K | $4.8K | · | · | $281 | $0 | $0 | $1.7K | $2 | $1.2K | $9.1K | $1.8K | |
| Investing Cash Flow | $-17M | $2M | $-50M | $-2.50B | $-406M | $-500.0K | $-447 | $0 | $0 | $-19M | $-187.7K | $-376.0K | $-227.2K | $-241.1K | |
| Stock Issued | · | · | $81 | $2.02B | $129M | $907.0K | $797.6K | $0 | · | · | $0 | $0 | · | · | |
| Stock Repurchased | · | · | $-488 | · | · | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | · | · | · | · | $907.2K | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $63M | $-3M | $76M | $2.51B | $411M | $907.0K | $798.0K | $0 | $71.4K | $-18M | $2M | $3M | $126.7K | $4M | |
| Net Change in Cash | $39M | $-12M | $17M | $6M | $4M | $-107.0K | $-470.2K | $-591.2K | $-2M | $-56M | $-4M | $21M | $3M | $-11M | |
| Taxes Paid | · | · | $308.2K | $0 | · | · | $245 | $138.1K | $280.4K | $86.3K | $0 | $22.4K | $44.0K | $19.9K | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | $-19M | · | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-20M | · | · | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | 30.0% | 17.8% | · | 19.6% | 28.5% | 29.4% | · | · | · | · | |
| Operating Margin | -3413.0% | -5677.4% | · | 967.6% | -14826.0% | -124.8% | · | -90.4% | -122.8% | -172.6% | · | · | · | · | |
| Net Margin | -3420.1% | -5685.5% | · | 961.6% | -14832.1% | -131.4% | · | -100.4% | -47.2% | 1265.5% | · | · | · | · | |
| Pretax Margin | -3411.5% | -5675.7% | · | 968.7% | -14820.7% | -123.2% | · | -88.6% | -89.0% | -179.8% | · | · | · | · | |
| EBITDA Margin | -3413.0% | -5677.4% | · | 967.6% | -14826.0% | -124.8% | · | -90.4% | -122.8% | -172.6% | · | · | · | · | |
| ROA | -42.2% | -78.5% | · | 6.8% | -45.2% | -23.8% | · | -60.7% | -24.6% | 457.7% | · | · | · | · | |
| ROE | -42.3% | -78.8% | · | 6.8% | -45.4% | -39.5% | · | -87.6% | -33.5% | 866.0% | · | · | · | · | |
| ROIC | -28.0% | -39.4% | · | 3.4% | -22.9% | -44.5% | · | -39.8% | -45.8% | -59.3% | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.5 | 3.3 | · | 8.7 | 6.8 | 3.3 | · | 3.2 | 3.7 | 2.1 | · | · | · | · | |
| Quick Ratio | 10.3 | 3.2 | · | 2.5 | 3.8 | 2.4 | · | 2.6 | 2.8 | 1.7 | · | · | · | · | |
| Debt / Equity | · | · | · | · | · | · | · | 0.0 | 0.0 | · | · | · | · | · | |
| LT Debt / Equity | · | · | · | · | · | · | · | 0.0 | 0.0 | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -5.2 | · | · | · | · |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.2 | · | 0.6 | 0.5 | 0.4 | · | · | · | · | |
| Receivables Turnover | 41.8 | 30.8 | · | 27.2 | 2.3 | 2.2 | · | 3.9 | 5.9 | 5.4 | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $35M | $24M | · | $13M | $3M | $4M | · | $4M | $5M | $5M | · | · | · | · | |
| Net Income TTM | $-1.08B | $-686M | · | $-1M | $-106M | $10M | · | $8M | $6M | $3M | · | · | · | · | |
| Market Cap | $1.04B | $1.28B | · | $3.27B | $657M | $2M | · | $32M | $25M | $59M | · | · | · | · | |
| Enterprise Value | · | · | · | · | · | · | · | $30M | $23M | · | · | · | · | · | |
| P/E | -0.5 | -0.7 | · | -2.0 | -0.9 | 0.1 | · | 0.3 | 0.2 | 0.5 | · | · | · | · | |
| P/S | 29.7 | 52.8 | · | 248.3 | 198.9 | 0.6 | · | 7.6 | 5.4 | 12.0 | · | · | · | · | |
| P/B | 0.7 | 0.7 | · | 1.1 | 1.5 | 1.0 | · | 15.8 | 9.1 | 20.6 | · | · | · | · | |
| P / Tangible Book | 0.7 | 0.7 | · | 1.1 | 1.5 | 1.0 | · | 15.9 | 9.2 | 20.8 | · | · | · | · | |
| P / Cash Flow | · | -120.6 | · | · | · | -3.9 | · | · | · | -3.1 | · | · | · | · | |
| P / FCF | · | · | · | · | · | · | · | · | · | -3.1 | · | · | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | -37.6 | -18.9 | · | · | · | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | 7.2 | 4.9 | · | · | · | · | · | |
| Earnings Yield | -182.9% | -135.5% | · | -50.0% | -105.5% | 979.9% | · | 393.5% | 510.0% | 211.5% | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Revenue | $28M | $4M | $5M | $3M |
| Gross Margin % | — | 24.8% | 30.9% | — |
| Operating Margin % | -2616.0% | -130.1% | -179.6% | — |
| Net Income | $-735M | $10M | $-14M | $-15M |
| Diluted EPS | $-7.37 | $27.62 | $-5.17 | $-6.13 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Debt / Equity | — | 0.0 | -0.2 | — |
| Current Ratio | 2.4 | 5.2 | 0.9 | — |
| Quick Ratio | 2.3 | 3.5 | 0.0 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|---|
| Free Cash Flow | $-18M | $-23M | $570.7K | — |
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Institutional owners (13F) 195 filers · $450.6M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 66 (+16 vs prior Q) | 51 (+14 vs prior Q) | 55 (+1 vs prior Q) | 37 (-11 vs prior Q) | +3.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | $68,916,350 | 14,357,573 | 15.29% | Shares |
| FMR LLC | $44,834,549 | 9,340,531 | 9.95% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $34,191,446 | 4,750,995 | 7.59% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $28,009,920 | 5,835,400 | 6.22% | Shares |
| Toroso Investments, LLC | $18,393,442 | 2,057,432 | 4.08% | Shares |
| STATE STREET CORP | $17,522,890 | 3,650,602 | 3.89% | Shares |
| WOLVERINE TRADING, LLC | $17,379,094 | 1,006,900 | 3.86% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $14,802,720 | 3,083,900 | 3.29% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $12,742,560 | 2,654,700 | 2.83% | Call option |
| Weiss Asset Management LP | $11,103,461 | 2,313,221 | 2.46% | Shares |
| JANE STREET GROUP, LLC | $11,025,600 | 2,297,000 | 2.45% | Call option |
| VANGUARD CAPITAL MANAGEMENT LLC | $10,850,266 | 2,260,472 | 2.41% | Shares |
| MILLENNIUM MANAGEMENT LLC | $9,341,251 | 1,946,094 | 2.07% | Shares |
| CITADEL ADVISORS LLC | $8,357,760 | 1,741,200 | 1.85% | Put option |
| WOLVERINE TRADING, LLC | $8,170,884 | 473,400 | 1.81% | Put option |
| Philosophy Capital Management LLC | $7,842,806 | 1,633,918 | 1.74% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,802,040 | 1,625,425 | 1.73% | Shares |
| MACQUARIE GROUP LTD | $6,875,227 | 1,432,339 | 1.53% | Shares |
| BANK OF AMERICA CORP /DE/ | $6,622,435 | 1,379,674 | 1.47% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $6,583,594 | 1,371,582 | 1.46% | Shares |
| GOLDMAN SACHS GROUP INC | $5,933,170 | 1,236,077 | 1.32% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,509,018 | 1,147,712 | 1.22% | Shares |
| JANE STREET GROUP, LLC | $5,439,840 | 1,133,300 | 1.21% | Put option |
| MMCAP International Inc. SPC | $3,876,480 | 807,600 | 0.86% | Shares |
| Toroso Investments, LLC | $3,713,676 | 415,400 | 0.82% | Call option |
| Parallax Volatility Advisers, L.P. | $3,589,920 | 747,900 | 0.80% | Call option |
| WOLVERINE TRADING, LLC | $3,544,962 | 205,386 | 0.79% | Shares |
| CITADEL ADVISORS LLC | $3,430,080 | 714,600 | 0.76% | Call option |
| BARCLAYS PLC | $3,019,993 | 629,165 | 0.67% | Shares |
| Clear Street Group Inc. | $2,917,622 | 607,838 | 0.65% | Shares |
| Walleye Trading LLC | $2,761,440 | 575,300 | 0.61% | Call option |
| Marex Group Ltd | $2,708,885 | 564,351 | 0.60% | Shares |
| LAKEWOOD CAPITAL MANAGEMENT, LP | $2,683,200 | 559,000 | 0.60% | Shares |
| Walleye Trading LLC | $2,564,640 | 534,300 | 0.57% | Put option |
| UBS Group AG | $2,496,960 | 520,200 | 0.55% | Call option |
| Savant Capital, LLC | $2,429,382 | 431,890 | 0.54% | Shares |
| BlackRock, Inc. | $2,300,626 | 479,297 | 0.51% | Shares |
| SIGNATUREFD, LLC | $1,920,960 | 400,200 | 0.43% | Shares |
| IMC-Chicago, LLC | $1,400,059 | 291,679 | 0.31% | Shares |
| Marshall Financial Group, LLC | $1,355,962 | 282,492 | 0.30% | Shares |
| Headlands Technologies LLC | $1,341,010 | 279,377 | 0.30% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,266,135 | 196,300 | 0.28% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $1,240,133 | 258,361 | 0.28% | Shares |
| SIMPLEX TRADING, LLC | $1,229,534 | 256,153 | 0.27% | Shares |
| RHUMBLINE ADVISERS | $1,170,157 | 243,784 | 0.26% | Shares |
| J. Derek Lewis & Associates Inc. | $1,153,200 | 240,250 | 0.26% | Shares |
| Walleye Trading LLC | $1,097,678 | 228,683 | 0.24% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $1,086,384 | 226,330 | 0.24% | Shares |
| Marathon Trading Investment Management LLC | $1,055,870 | 219,973 | 0.23% | Shares |
| Walleye Capital LLC | $1,031,040 | 214,800 | 0.23% | Put option |
| LMR Partners LLP | $984,000 | 205,000 | 0.22% | Shares |
| HSBC HOLDINGS PLC | $972,562 | 202,617 | 0.22% | Shares |
| Bank of New York Mellon Corp | $905,856 | 188,720 | 0.20% | Shares |
| DEUTSCHE BANK AG\ | $883,373 | 184,036 | 0.20% | Shares |
| Man Group plc | $822,768 | 171,410 | 0.18% | Shares |
| Collar Capital Management, LLC | $775,982 | 161,663 | 0.17% | Shares |
| WELLS FARGO & COMPANY/MN | $756,134 | 157,528 | 0.17% | Shares |
| PEAK6 LLC | $688,800 | 143,500 | 0.15% | Put option |
| MORGAN STANLEY | $656,011 | 136,669 | 0.15% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $630,720 | 131,400 | 0.14% | Call option |
| Almitas Capital LLC | $596,558 | 124,283 | 0.13% | Shares |
| MetLife Investment Management, LLC | $535,411 | 111,544 | 0.12% | Shares |
| PEAK6 LLC | $531,451 | 110,719 | 0.12% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $443,213 | 80,438 | 0.10% | Shares |
| FORA Capital, LLC | $414,975 | 86,184 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $409,973 | 85,411 | 0.09% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $405,514 | 84,482 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $387,998 | 80,833 | 0.09% | Shares |
| Caitong International Asset Management Co., Ltd | $382,853 | 79,761 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $369,816 | 77,045 | 0.08% | Shares |
| Invesco Ltd. | $360,053 | 75,011 | 0.08% | Shares |
| XTX Topco Ltd | $311,342 | 64,863 | 0.07% | Shares |
| JPMORGAN CHASE & CO | $310,708 | 53,879 | 0.07% | Shares |
| Squarepoint Ops LLC | $304,320 | 63,400 | 0.07% | Put option |
| Blueshift Asset Management, LLC | $298,714 | 62,232 | 0.07% | Shares |
| LPL Financial LLC | $295,978 | 61,662 | 0.07% | Shares |
| SIG BROKERAGE, LP | $268,800 | 56,000 | 0.06% | Put option |
| Police & Firemen's Retirement System of New Jersey | $266,290 | 55,477 | 0.06% | Shares |
| Swiss National Bank | $264,480 | 55,100 | 0.06% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $264,410 | 55,085 | 0.06% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $242,069 | 50,431 | 0.05% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $219,360 | 45,700 | 0.05% | Shares |
| TUDOR INVESTMENT CORP ET AL | $211,200 | 44,000 | 0.05% | Put option |
| AMERICAN CENTURY COMPANIES INC | $203,923 | 42,484 | 0.05% | Shares |
| Assenagon Asset Management S.A. | $181,469 | 37,806 | 0.04% | Shares |
| STRS OHIO | $177,120 | 36,900 | 0.04% | Shares |
| SEI INVESTMENTS CO | $176,179 | 36,704 | 0.04% | Shares |
| Nuveen, LLC | $176,179 | 36,704 | 0.04% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $174,662 | 36,388 | 0.04% | Shares |
| E6 Portfolios, LLC | $173,695 | 36,186 | 0.04% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $156,567 | 24,274 | 0.03% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $154,845 | 24,007 | 0.03% | Shares |
| PRUDENTIAL FINANCIAL INC | $149,400 | 31,125 | 0.03% | Shares |
| US BANCORP \DE\ | $147,384 | 30,705 | 0.03% | Shares |
| NORTHERN TRUST CORP | $141,744 | 29,530 | 0.03% | Shares |
| EntryPoint Capital, LLC | $140,342 | 29,238 | 0.03% | Shares |
| Belpointe Asset Management LLC | $140,069 | 29,181 | 0.03% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $139,507 | 29,064 | 0.03% | Shares |
| CI INVESTMENTS INC. | $135,504 | 28,230 | 0.03% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $133,277 | 27,766 | 0.03% | Shares |
Company insiders 8 insiders · 5 officers · 4 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Joseph Chalom | Chief Executive Officer | July 24, 2026 F | 1,064,360 | 0 | 0 | $0 |
| Robert Michael Delucia | Chief Financial Officer | July 24, 2026 F | 412,336 | 0 | 0 | $0 |
| Michael D Camarda | Chief Development Officer | July 24, 2026 F | 600,224 | 0 | 0 | $0 |
| Matthew A Sheffield | Chief Investment Officer | July 3, 2026 A | 602,653 | 0 | 0 | $0 |
| Dana Eschenburg Perez | Chief Accounting Officer | July 3, 2026 A | 66,453 | 0 | 0 | $0 |
| Obie Mckenzie | Director | July 24, 2026 A | 74,996 | 0 | 0 | $0 |
| Leslie Bernhard | Director | July 24, 2026 A | 74,996 | 0 | 0 | $0 |
| Robert M Gutkowski | Director | July 24, 2026 A | 74,996 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Joseph Michael Lubin, Consensys Software Inc., Consensys AG, Permanent Highest Power Capital LLC, Ethereal Ventures Fund II L.P. ×2 filings | April 16, 2026 | 7.80% | Amendment | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 22 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SATO · Invesco Exchange-Traded Fund Trust … | 2.83% | 31,313 SH | Aug. 8, 2026 | Daily |
| LFGY · Tidal Trust II | 2.04% | 354,542 NS | April 30, 2026 | N-PORT |
| IWN · iShares Trust | 0.08% | 1,783,913 SH | Aug. 8, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.07% | 76,016 NS | April 30, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.06% | 163,550 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.04% | 4,796,344 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 1,081,991 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 949,663 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.02% | 31,947 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.02% | 9,111 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.02% | 21,241 SH | Aug. 8, 2026 | Daily |
| FDIS · FIDELITY COVINGTON TRUST | 0.01% | 29,008 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 2,260,472 SH | Aug. 8, 2026 | Daily |
| VCR · VANGUARD WORLD FUND | 0.01% | 110,408 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 14,908 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 50,754 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 268,430 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 121,407 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 49,862 SH | Aug. 8, 2026 | Daily |
| TILT · FlexShares Trust | 0.00% | 4,004 NS | April 30, 2026 | N-PORT |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 15,633 SH | Aug. 8, 2026 | Daily |
| FTLS · First Trust Exchange-Traded Fund III | -0.05% | -168,419 NS | April 30, 2026 | N-PORT |