SharpLink Gaming Ltd. Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarterly Revenue: $10.8 million, up over 10x year-over-year from $900,000 in Q3 2024. The growth is attributed to Ethereum (ETH) treasury management and near 100% staking of ETH holdings.
  • Net Income: $104.3 million, compared to a net loss of $900,000 in Q3 2024. Driven by $107.3 million unrealized gains from ETH holdings appreciation and a $6.3 million realized gain from conversion of ETH to LSE (liquid staked ETH).
  • ETH Holdings:
    • As of Sept 30, 2025:
      • 580,841 ETH (net fair value $2.4 billion)
      • 236,906 LSE (net cost $622.7 million)
    • As of Nov 9, 2025: Total 861,251 units: 637,752 ETH and 223,499 LSE.
  • ETH Per Share Concentration: Increased from 2.0 (June 2025 inception) to 4.0 in Q3 2025.
  • Cash and Stablecoins:
    • Cash: $11.1 million (up from $1.4 million as of Dec 31, 2024)
    • USDC Holdings: $26.7 million
  • SG&A Expenses: $12.4 million vs. $709,000 in Q3 2024, reflecting expansion of the in-house team and strategic growth investments.

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Operator: Good morning, everyone, and thank you for participating in today's conference call to discuss SharpLink Gaming Ltd.'s financial and operating results for the third quarter ended September 30, 2025. The release is available in the Investor Relations section of SharpLink Gaming Ltd.'s website. By now, you should have access to the third quarter 2025 earnings press release, which was issued yesterday afternoon at approximately 4:05 PM Eastern Time. This call will also be available for webcast replay on the company's website. Following management's remarks, we will open the call up for Q&A. I will now hand the call over to SharpLink Gaming Ltd.'s Vice President of Business and Legal Affairs, Dodi Handy. Please go ahead. Dodi Handy: Thank you, operator. Please see SharpLink Gaming Ltd.'s quarterly report on Form 10-Q filed yesterday with the SEC and the earnings press release, which crossed the wire yesterday afternoon. These documents list some of the factors that may cause the results of SharpLink Gaming Ltd. to differ materially from what we say today and which identify some of the risks and uncertainties that could affect our business prospects and future results. SharpLink Gaming Ltd. assumes no duty and does not undertake to update any forward-looking statements. Any forward-looking statements made by us during this call are based only on information currently available to us and speak only as of the date when they are made. In addition, we may be discussing or pro

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