SharpLink Gaming Ltd. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q1 2023 revenue rose 79% YoY to $3.39 million, compared to $1.9 million in Q1 2022.
  • Business Segment Revenue Highlights:
    • Fantasy Sports (via SportsHub acquisition): $1.4 million (vs. $0 in Q1 2022)
    • Sports Gaming Client Services: $1.05 million (up 17% YoY from $911,000)
    • Affiliate Marketing – International: $1.01 million (up 9% YoY from $924,000)
    • Affiliate Marketing – U.S.: $280,000 (up 355% YoY from $62,000)
  • Gross Profit: Increased 114% to $1.34 million vs. $627,000 in Q1 2022.
  • Gross Profit Margin: Improved to 40%, up from 33% YoY.
  • Operating Expenses: Decreased 51% to $3.6 million in Q1 2023, compared to $7.55 million in Q1 2022.
  • Net Loss: Reduced by 60% to $2.82 million, or $1.00 per share, versus $7.04 million, or $2.99 per share, in Q1 2022.
  • Cash Position: As of March 31, 2023, the company held:
    • $28.83 million in cash (vs. $39.33 million as of Dec 31, 2022)
    • $10.97 million in restricted cash (vs. $11.13 million in prior quarter)

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Operator: Good morning, everyone, and thank you for participating on SharpLink's webcast. Joining us from SharpLink Gaming today is Rob Phythian, Co-Founder and CEO; Bob DeLucia, SharpLink's CFO; and Dodi Handy, Director of Communications. Before I turn the floor over to them, I remind you that during today's call, statements that are not historical facts, including any projections, statements regarding future events or future financial performance or statements of intent or belief are forward-looking statements and are covered by the safe harbor disclaimers contained in the company's public filings with the SEC. Actual end results may differ materially from what is expressed in or implied by these forward-looking statements. With that said, I'd now like to introduce Dodi Handy. Dodi, the floor is yours. Dodi Handy: Thank you, Kat, and hello, everyone, and welcome to SharpLink Gaming's First Quarter 2023 Earnings Call. Before we begin, I'd like to thank all of the shareholders who kindly submitted questions to us in advance of today's call. We greatly appreciate your active engagement and helping us to ensure that we cover the topics of most relevant interest to you. We're going to be kicking off today's call with Bob DeLucia first reviewing the financial results for the 3 months ended March 31, 2023, after which Rob will endeavor to address the questions we've received. So with that, Bob, I'm going to turn it over to you. Robert DeLucia: Thanks, Dodi. In my remarks today,

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