SBET Sharplink, Inc. - Common Stock
NASDAQ · Hotels, Restaurants & Leisure · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 7, 2026
$9.35
· of 52w range
· above low
· to high
$4.4652w low
$19.5452w high
Market Cap (MRQ)
$2.03B
P/E (TTM)
-1.5
EPS (TTM)
$-6.39
Revenue (TTM)
$50M
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52W Range
$4–$20
Analyst Rating
BUY
Price Target
$17
P/E
-1.5
ROE
-183.6%
Net Profit Margin
-3406.3%
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SBET Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$9.35
Market Cap (MRQ)
$2.03B
P/E (TTM)
-1.5
EPS (TTM)
$-6.39
Revenue (TTM)
$50M
ROE (TTM)
-183.6%
52W Range
$4–$20
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| May 6, 2025 | 1-for-12 | Reverse |
| April 26, 2023 | 1-for-10 | Reverse |
| July 28, 2021 | 1-for-2 | Reverse |
| March 2, 2010 | 1-for-2 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$28M2022-12-31 → 2025-12-31
EPS$-7.372022-12-31 → 2025-12-31
Free Cash Flow$-18M2023-12-31 → 2025-12-31
Net margin-3406.3%2023-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | SBET | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -1.55Y avg ≈-1.5 | ≈-1.5 | · | · | |
| P/S (TTM) | 40.45Y avg ≈27.8 | ≈27.8 | · | · | |
| P/B (MRQ) | 1.45Y avg ≈4.4 | ≈4.4 | · | · | |
| Price / FCF | -104.85Y avg ≈-3.8 | ≈-3.8 | · | · | |
| Price / Cash Flow | -104.85Y avg ≈-4.5 | ≈-4.5 | · | · | |
| Price / Tangible Book | 0.8 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | SBET | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -3401.5%5Y avg ≈-975.2% | ≈-975.2% | · | · | |
| EBITDA Margin | -2616.0%5Y avg ≈-975.2% | ≈-975.2% | · | · | |
| Pretax Margin (TTM) | -3400.0%5Y avg ≈-987.8% | ≈-987.8% | · | · | |
| Net Profit Margin (TTM) | -3406.3%5Y avg ≈-876.7% | ≈-876.7% | · | · | |
| ROA (TTM) | -182.9%5Y avg ≈-18.0% | ≈-18.0% | · | · | |
| ROE (TTM) | -183.6%5Y avg ≈284.7% | ≈284.7% | · | · | |
| ROIC | -30.4%5Y avg ≈-45.8% | ≈-45.8% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | SBET | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 10.55Y avg ≈2.9 | ≈2.9 | · | · | |
| Quick Ratio | 2.35Y avg ≈1.9 | ≈1.9 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | SBET | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 666.1%5Y avg ≈227.3% | ≈227.3% | · | · | |
| Revenue CAGR 3Y | 100.3% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | SBET | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.1 | ≈0.1 | · | · | |
| Receivables Turnover | 115.55Y avg ≈45.9 | ≈45.9 | · | · | |
| Revenue / Employee | ≈$1.9M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-3664.1%
Next Report
Nov 10, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 3, 2026 | $-1.88 | $0.01 | -13923.5% |
| March 31, 2026 | $-3.25 | $-0.01 | — | |
| Dec. 31, 2025 | $-7.37 | $0.18 | -4268.6% | |
| Sept. 30, 2025 | $0.62 | $2.64 | -76.5% | |
| Sept. 30, 1997 | $57.60 | $146.88 | -60.8% | |
| June 30, 1997 | $144.00 | $132.19 | 8.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| 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
| 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
| 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
| 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
| 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.1 | 0.1 | · | |
| Receivables Turnover | 115.5 | 10.8 | 11.6 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Book Value / Share | $12.30 | $0.43 | $-3.28 | · | |
| Revenue / Share | $0.28 | $0.90 | $1.79 | · | |
| Cash Flow / Share | $-0.18 | $-5.64 | $0.21 | · | |
| Cash / Share | $0.15 | $0.29 | $0.87 | · | |
| EPS (TTM) | $-7.37 | $27.62 | $-5.17 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 666.1% | -26.1% | 41.9% | · | |
| Revenue CAGR 3Y | 100.3% | · | · | · |
Valuation (TTM)
| 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
| 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 | · | 149,056,400 | 24,202,467 | 531,226 | · | 292,528 | 282,709 | 259,140 | · | 2,863,607 | 2,813,900 | 2,813,900 | |
| Shares (Diluted) | 209,784,133 | 210,865,894 | · | 167,172,597 | 24,202,467 | 531,226 | · | 292,528 | 343,444 | 298,479 | · | 2,863,607 | 2,813,900 | 2,813,900 | |
| EBITDA | $-393M | $-685M | · | $105M | $-103M | $-925.5K | · | $-797.4K | $-1M | $-2M | · | · | · | · |
Balance Sheet
| 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
| 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
| 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
| 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
| 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 | · | · | · | · |
Per Share
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $6.50 | $8.73 | · | $15.97 | $6.84 | $3.62 | · | $0.56 | $0.79 | $0.85 | · | · | · | · | |
| Revenue / Share | $0.06 | $0.06 | · | $0.06 | $0.03 | $1.40 | · | $0.21 | $0.24 | $0.27 | · | · | · | · | |
| Cash Flow / Share | · | $-0.05 | · | · | · | $-0.97 | · | · | · | $-5.39 | · | · | · | · | |
| Cash / Share | $0.26 | $0.08 | · | $0.06 | $0.08 | $2.39 | · | $0.52 | $0.69 | $1.19 | · | · | · | · | |
| EPS (TTM) | $-6.39 | $-8.78 | · | $-13.81 | $-17.45 | $-14.53 | · | $34.02 | $36.04 | $36.15 | · | · | · | · |
Valuation (TTM)
| 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 | $50M | $39M | · | $13M | $3M | $3M | · | $4M | $4M | $5M | · | · | · | · | |
| Net Income TTM | $-1.71B | $-1.42B | · | $-1M | $-106M | $-3M | · | $6M | $4M | $930.9K | · | · | · | · | |
| Market Cap | $1.04B | $1.28B | · | $3.27B | $657M | $2M | · | $32M | $25M | $59M | · | · | · | · | |
| Enterprise Value | · | · | · | · | · | · | · | $30M | $23M | · | · | · | · | · | |
| P/E | -0.8 | -0.7 | · | -1.2 | -0.6 | -0.2 | · | 0.3 | 0.2 | 0.5 | · | · | · | · | |
| P/S | 20.7 | 32.6 | · | 249.4 | 209.0 | 0.6 | · | 8.2 | 5.8 | 12.5 | · | · | · | · | |
| 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 | · | · | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | 7.8 | 5.3 | · | · | · | · | · | |
| Earnings Yield | -133.1% | -136.1% | · | -81.2% | -175.7% | -417.5% | · | 383.1% | 500.6% | 206.3% | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 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 |
| Metric | 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 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Free Cash Flow | $-18M | $-23M | $570.7K | · |
Institutional owners (13F) 193 filers · $672.3M total · As of Sept. 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.
Holders
193
Value held
$672.3M
New positions
59
Exited positions
52
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 59 (+2 vs prior Q) | 52 (+11 vs prior Q) | 62 (+13 vs prior Q) | 36 (-19 vs prior Q) | +22.8M |
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 |
|---|---|---|---|---|
| BlackRock, Inc. | $77,471,074 | 16,139,807 | 11.52% | Shares |
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | $68,916,350 | 14,357,573 | 10.25% | Shares |
| FMR LLC | $44,873,909 | 9,348,731 | 6.67% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $37,655,745 | 5,472,724 | 5.60% | Shares |
| VANGUARD GROUP INC | $30,033,008 | 3,359,397 | 4.47% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $28,009,920 | 5,835,400 | 4.17% | Shares |
| UBS Group AG | $22,576,051 | 4,703,344 | 3.36% | Shares |
| Toroso Investments, LLC | $22,159,533 | 2,478,695 | 3.30% | Shares |
| Invesco Ltd. | $21,270,543 | 4,431,363 | 3.16% | Shares |
| CITADEL ADVISORS LLC | $19,925,203 | 4,151,084 | 2.96% | Shares |
| STATE STREET CORP | $17,522,890 | 3,650,602 | 2.61% | Shares |
| WOLVERINE TRADING, LLC | $17,379,094 | 1,006,900 | 2.59% | Call option |
| MORGAN STANLEY | $14,926,987 | 3,109,789 | 2.22% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $14,802,720 | 3,083,900 | 2.20% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $12,742,560 | 2,654,700 | 1.90% | Call option |
| Weiss Asset Management LP | $11,103,461 | 2,313,221 | 1.65% | Shares |
| JANE STREET GROUP, LLC | $11,025,600 | 2,297,000 | 1.64% | Call option |
| VANGUARD CAPITAL MANAGEMENT LLC | $10,850,266 | 2,260,472 | 1.61% | Shares |
| MILLENNIUM MANAGEMENT LLC | $9,341,251 | 1,946,094 | 1.39% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,798,578 | 1,833,037 | 1.31% | Shares |
| CITADEL ADVISORS LLC | $8,357,760 | 1,741,200 | 1.24% | Put option |
| WOLVERINE TRADING, LLC | $8,170,884 | 473,400 | 1.22% | Put option |
| Philosophy Capital Management LLC | $7,842,806 | 1,633,918 | 1.17% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,802,040 | 1,625,425 | 1.16% | Shares |
| NORTHERN TRUST CORP | $7,665,317 | 1,596,941 | 1.14% | Shares |
| BANK OF AMERICA CORP /DE/ | $7,399,493 | 1,541,561 | 1.10% | Shares |
| GOLDMAN SACHS GROUP INC | $7,390,239 | 1,539,633 | 1.10% | Shares |
| MACQUARIE GROUP LTD | $6,875,227 | 1,432,339 | 1.02% | Shares |
| CITIGROUP INC | $6,693,623 | 1,394,505 | 1.00% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $6,583,594 | 1,371,582 | 0.98% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,509,018 | 1,147,712 | 0.82% | Shares |
| JANE STREET GROUP, LLC | $5,439,840 | 1,133,300 | 0.81% | Put option |
| Nuveen, LLC | $3,919,953 | 816,657 | 0.58% | Shares |
| MMCAP International Inc. SPC | $3,876,480 | 807,600 | 0.58% | Shares |
| Toroso Investments, LLC | $3,713,676 | 415,400 | 0.55% | Call option |
| Parallax Volatility Advisers, L.P. | $3,589,920 | 747,900 | 0.53% | Call option |
| WOLVERINE TRADING, LLC | $3,544,962 | 205,386 | 0.53% | Shares |
| CITADEL ADVISORS LLC | $3,430,080 | 714,600 | 0.51% | Call option |
| BARCLAYS PLC | $3,219,087 | 670,643 | 0.48% | Shares |
| Clear Street Group Inc. | $2,917,622 | 607,838 | 0.43% | Shares |
| Walleye Trading LLC | $2,761,440 | 575,300 | 0.41% | Call option |
| Marex Group Ltd | $2,708,885 | 564,351 | 0.40% | Shares |
| LAKEWOOD CAPITAL MANAGEMENT, LP | $2,683,200 | 559,000 | 0.40% | Shares |
| Walleye Trading LLC | $2,564,640 | 534,300 | 0.38% | Put option |
| UBS Group AG | $2,496,960 | 520,200 | 0.37% | Call option |
| Bank of New York Mellon Corp | $2,488,133 | 518,361 | 0.37% | Shares |
| Savant Capital, LLC | $2,429,382 | 431,890 | 0.36% | Shares |
| SIGNATUREFD, LLC | $1,920,960 | 400,200 | 0.29% | Shares |
| IMC-Chicago, LLC | $1,400,059 | 291,679 | 0.21% | Shares |
| Marshall Financial Group, LLC | $1,355,962 | 282,492 | 0.20% | Shares |
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.
Company insiders 10 insiders · 6 officers · 6 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 |
| Rob Phythian | Co-Chief Executive Officer | July 24, 2025 A | 22,679 | 0 | 0 | $0 |
| Robert Michael Delucia | Chief Financial Officer | July 24, 2026 F | 412,336 | 0 | 1 | $-17,686 |
| Dana Eschenburg Perez | Chief Accounting Officer | Sept. 9, 2026 F | 63,612 | 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 |
| Obie Mckenzie | Director | July 24, 2026 A | 74,996 | 0 | 1 | $-95,530 |
| Leslie Bernhard | Director | July 24, 2026 A | 74,996 | 0 | 1 | $-95,530 |
| Robert M Gutkowski | Director | July 24, 2026 A | 74,996 | 0 | 1 | $-95,530 |
| Joseph Michael Lubin | Director | April 15, 2026 X | 1,200,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 17 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 … | 2.24% | 20,436 SH | Oct. 1, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.06% | 163,550 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.05% | 4,837,033 SH | Sept. 11, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.05% | 54,222 NS | July 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.04% | 90,048 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 1,081,991 SH | Aug. 19, 2026 | Daily |
| ISCG · iShares Trust | 0.03% | 33,259 SH | Sept. 10, 2026 | Daily |
| FDIS · FIDELITY COVINGTON TRUST | 0.01% | 30,558 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 2,260,472 SH | Aug. 19, 2026 | Daily |
| VCR · VANGUARD WORLD FUND | 0.01% | 110,408 SH | Aug. 19, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 27,018 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 268,407 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 50,402 SH | Sept. 10, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 15,633 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 1,790,773 SH | Sept. 11, 2026 | Daily |
| ISCB · iShares Trust | · | 9,111 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 21,241 SH | Sept. 11, 2026 | Daily |
SBET Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 14 analysts
BUY
Median target
$14.00
+49.7%
3 21.4%
Strong Buy
10 71.4%
Buy
1 7.1%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
8 analysts · 2026-10-01Mean target $16.62 +77.8%
Now
Current price $9.35
Low$8.00
Mean$16.62
High$30.00
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Source: SEC 10-Q filed Aug 7, 2026