SharpLink Gaming Ltd. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Headline Highlights
  • Revenue Growth: SharpLink reported Q3 2023 revenue of $3.3 million, a 153% increase compared to $1.3 million in Q3 2022. For the first nine months of 2023, revenue rose 101% to $9.9 million from $4.9 million in the same period of 2022.
  • Gross Profit: Gross profit surged by 505% to $1.1 million in Q3 2023, compared to $188,000 in Q3 2022. For the nine-month period, gross profit was $3.5 million, up 281% from $905,000 in the prior year.
  • Gross Profit Margins: Improved significantly to 34.8% in Q3 2023 vs. 14.5% in Q3 2022; and to 34.7% for the nine-months vs. 18.3% in 2022.
  • Operating Expenses: Increased by 71% to $3.6 million in Q3 2023 from $2.1 million in Q3 2022, largely due to the December 2022 merger with SportsHub and expansion efforts.
  • Net Loss: Q3 2023 net loss stood at $2.9 million ($0.99/share), 39% higher than the $2.1 million ($0.86/share) loss in Q3 2022. However, YTD net loss declined 34% to $9.2 million ($3.35/share) from $13.9 million ($5.89/share) in prior year.

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Operator: Good morning, ladies and gentlemen, and welcome to SharpLink Gaming's Third Quarter 2023 Results Webcast. Please note that this event is being recorded and will be available for replay shortly after the conclusion of our live broadcast. Joining us today from SharpLink is the company's Co-Founder and Chief Executive Officer, Rob Phythian; and Robert DeLucia, Chief Financial Officer. 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 outcomes and results may differ materially from what is expressed in or implied by these forward-looking statements. With that said, I would now like to introduce Rob Phythian, CEO of SharpLink. Please go ahead, Rob. Rob Phythian: Thank you, Kat, and good morning, everybody. SharpLink posted another strong quarter, marked by triple-digit percentage revenue growth for both the three- and nine-month reporting periods. The revenue expansion that we achieved over the past three consecutive quarters is due in large measure to the successful execution of our M&A activities, which began in December 2021 with the acquisition of FourCubed, followed by our merger with SportsHub Games Network just one year later in Dec

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