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Sep 30, 2025
SharpLink Gaming Inc Q3 2025 Earnings Report
SharpLink Gaming reported a return to profitability in Q3 2025, driven by its ETH Treasury Management operations.
Key Takeaways
SharpLink Gaming achieved $104M in net income for Q3 2025, reversing prior losses. This turnaround was powered by its ETH Treasury Management strategy, which delivered significant unrealized and realized gains alongside staking revenue. Affiliate marketing revenue declined year-over-year, but cost controls helped maintain positive operating income.
Net income of $104.3M in Q3 2025, compared to a net loss of $885K in Q3 2024
ETH Treasury Management generated $113.6M in total operating income, including $10.3M from staking rewards
Affiliate marketing revenue fell to $570K, down from $882K YoY
Company ended Q3 with over $11.1M in cash and $2.4B in crypto assets at fair value
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
SharpLink expects continued growth in staking rewards and onchain yield from ETH deployment to Linea. ETH concentration remains the key strategic focus.
Positive Outlook
- Plans to deploy $200M of ETH to Linea L2 for enhanced yield
- LsETH redemption of $121M in ETH completed post-quarter
- Strong momentum in ETH accumulation and staking rewards
- Participation in Linea Consortium for strategic Ethereum alignment
- Expected scaling of staking rewards as treasury grows
Challenges Ahead
- Affiliate marketing revenue declined YoY
- No LsETH staking rewards recognized until redemption
- Significant crypto asset impairments incurred ($6.95M in Q3)
- Heavy reliance on ETH price and staking conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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