SharpLink Gaming Reports Full Year 2024 Financial Results
SharpLink Gaming (SBET) reported its full year 2024 financial results, showing mixed performance. Revenue declined 26.1% to $3.66 million from $4.95 million in 2023. However, the company achieved net income of $10.1 million ($2.29 per share) compared to a net loss of $14.24 million in 2023, primarily due to discontinued operations.
Key developments include the sale of Sports Gaming Client Services and SHGN businesses to RSports Interactive for $22.5 million, enabling debt reduction of $19.4 million. Operating expenses decreased 45.6% to $5.67 million. Cash position stood at $1.44 million, down 42.2% year-over-year.
The company raised $1.83 million through an At-The-Market Offering and acquired a 10% stake in Armchair Enterprises (CryptoCasino.com) for $500,000. SharpLink also completed its domestication merger, transitioning from an Israeli company to a Delaware , and initiated a strategic review process to evaluate potential business combinations.
SharpLink Gaming (SBET) ha riportato i risultati finanziari dell'intero anno 2024, mostrando una performance mista. I ricavi sono diminuiti del 26,1% a 3,66 milioni di dollari rispetto ai 4,95 milioni del 2023. Tuttavia, l'azienda ha raggiunto un utile netto di 10,1 milioni di dollari (2,29 dollari per azione) rispetto a una perdita netta di 14,24 milioni di dollari nel 2023, principalmente a causa delle operazioni discontinue.
Tra i principali sviluppi si evidenzia la vendita dei servizi di clientela per il gioco sportivo e delle attività SHGN a RSports Interactive per 22,5 milioni di dollari, consentendo una riduzione del debito di 19,4 milioni di dollari. Le spese operative sono diminuite del 45,6% a 5,67 milioni di dollari. La posizione di cassa si è attestata a 1,44 milioni di dollari, in calo del 42,2% rispetto all'anno precedente.
L'azienda ha raccolto 1,83 milioni di dollari tramite un'offerta sul mercato e ha acquisito una partecipazione del 10% in Armchair Enterprises (CryptoCasino.com) per 500.000 dollari. SharpLink ha anche completato la sua fusione di domesticazione, passando da un'azienda israeliana a una del Delaware, e ha avviato un processo di revisione strategica per valutare potenziali combinazioni aziendali.
SharpLink Gaming (SBET) informó sus resultados financieros del año completo 2024, mostrando un desempeño mixto. Los ingresos cayeron un 26,1% a 3,66 millones de dólares desde 4,95 millones en 2023. Sin embargo, la empresa logró un ingreso neto de 10,1 millones de dólares (2,29 dólares por acción) en comparación con una pérdida neta de 14,24 millones de dólares en 2023, principalmente debido a operaciones descontinuadas.
Los desarrollos clave incluyen la venta de Servicios de Clientes de Juegos Deportivos y negocios de SHGN a RSports Interactive por 22,5 millones de dólares, lo que permitió una reducción de deuda de 19,4 millones de dólares. Los gastos operativos disminuyeron un 45,6% a 5,67 millones de dólares. La posición de efectivo se situó en 1,44 millones de dólares, una caída del 42,2% interanual.
La empresa recaudó 1,83 millones de dólares a través de una Oferta en el Mercado y adquirió una participación del 10% en Armchair Enterprises (CryptoCasino.com) por 500,000 dólares. SharpLink también completó su fusión de domesticación, pasando de ser una empresa israelí a una de Delaware, y comenzó un proceso de revisión estratégica para evaluar combinaciones comerciales potenciales.
SharpLink Gaming (SBET)는 2024년 전체 연도 재무 결과를 보고하며 혼합된 성과를 보여주었습니다. 수익은 2023년 4.95백만 달러에서 3.66백만 달러로 26.1% 감소했습니다. 그러나 회사는 2023년 14.24백만 달러의 순손실에 비해 10.1백만 달러(주당 2.29달러)의 순이익을 달성했습니다. 이는 주로 중단된 운영 때문입니다.
주요 개발 사항으로는 RSports Interactive에 스포츠 게임 고객 서비스 및 SHGN 사업의 매각이 2,250만 달러에 이루어졌으며, 이로 인해 1,940만 달러의 부채가 감소했습니다. 운영 비용은 45.6% 감소하여 567만 달러가 되었습니다. 현금 보유액은 144만 달러로 전년 대비 42.2% 감소했습니다.
회사는 시장에서 183만 달러를 모금하고 Armchair Enterprises (CryptoCasino.com)의 10% 지분을 50만 달러에 인수했습니다. SharpLink는 또한 이스라엘 회사에서 델라웨어 회사로 전환하는 국내화 합병을 완료했으며, 잠재적인 비즈니스 조합을 평가하기 위한 전략적 검토 프로세스를 시작했습니다.
SharpLink Gaming (SBET) a rapporté ses résultats financiers pour l'année complète 2024, montrant des performances mitigées. Les revenus ont diminué de 26,1 % pour atteindre 3,66 millions de dollars contre 4,95 millions en 2023. Cependant, l'entreprise a réalisé un bénéfice net de 10,1 millions de dollars (2,29 dollars par action) par rapport à une perte nette de 14,24 millions de dollars en 2023, principalement en raison de l'arrêt d'opérations.
Les développements clés incluent la vente des services clients de jeux sportifs et des activités SHGN à RSports Interactive pour 22,5 millions de dollars, permettant une réduction de la dette de 19,4 millions de dollars. Les frais d'exploitation ont diminué de 45,6 % pour atteindre 5,67 millions de dollars. La position de trésorerie s'élevait à 1,44 million de dollars, soit une baisse de 42,2 % d'une année sur l'autre.
L'entreprise a levé 1,83 million de dollars grâce à une offre sur le marché et a acquis une participation de 10 % dans Armchair Enterprises (CryptoCasino.com) pour 500 000 dollars. SharpLink a également terminé sa fusion de domestication, passant d'une entreprise israélienne à une entreprise du Delaware, et a lancé un processus de révision stratégique pour évaluer d'éventuelles combinaisons commerciales.
SharpLink Gaming (SBET) hat seine finanziellen Ergebnisse für das gesamte Jahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Umsatz fiel um 26,1% auf 3,66 Millionen Dollar von 4,95 Millionen Dollar im Jahr 2023. Das Unternehmen erzielte jedoch einen Nettogewinn von 10,1 Millionen Dollar (2,29 Dollar pro Aktie) im Vergleich zu einem Nettoverlust von 14,24 Millionen Dollar im Jahr 2023, hauptsächlich aufgrund von eingestellten Betrieben.
Zu den wichtigsten Entwicklungen gehört der Verkauf der Sportspiel-Kundenservices und der SHGN-Geschäfte an RSports Interactive für 22,5 Millionen Dollar, was eine Schuldenreduzierung von 19,4 Millionen Dollar ermöglichte. Die Betriebskosten sanken um 45,6% auf 5,67 Millionen Dollar. Die Liquiditätsposition betrug 1,44 Millionen Dollar, ein Rückgang von 42,2% im Jahresvergleich.
Das Unternehmen hat 1,83 Millionen Dollar durch ein At-The-Market-Angebot gesammelt und eine 10%ige Beteiligung an Armchair Enterprises (CryptoCasino.com) für 500.000 Dollar erworben. SharpLink hat auch seine Domesticierungsfusion abgeschlossen, indem es von einem israelischen Unternehmen zu einem Unternehmen in Delaware übergegangen ist, und einen strategischen Überprüfungsprozess initiiert, um potenzielle Unternehmenszusammenschlüsse zu bewerten.
- Net income improved to $10.1 million from -$14.24 million loss
- Eliminated $19.4 million in debt through business sale proceeds
- Operating expenses reduced by 45.6% to $5.67 million
- Raised $1.83 million through At-The-Market Offering
- Stockholders' equity improved to $2.08 million from -$9.4 million deficit
- Revenue declined 26.1% to $3.66 million
- Cash position decreased 42.2% to $1.44 million
- Net loss from continuing operations of $4.47 million
- Additional share dilution through At-The-Market Offering
Insights
SharpLink Gaming's 2024 financial results present a mixed but fundamentally transformative picture. The company has executed a significant strategic pivot by divesting its Sports Gaming Client Services and SHGN businesses for
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MINNEAPOLIS, March 17, 2025 (GLOBE NEWSWIRE) -- SharpLink Gaming, Inc. (Nasdaq: SBET) (“SharpLink” or the “Company”), an online performance-based marketing company serving the U.S. sports betting and global iGaming industries, today announced its financial results for the full year ended December 31, 2024.
Financial Highlights
- Revenues declined
26.1% to$3,662,349 in 2024 from$4,952,725 in 2023. - Total operating expenses dropped
45.6% to$5,669,248 for the 12 months ended December 31, 2024 compared to$10,425,865 for the same 12-month period in 2023. - Net income rose to
$10,099,619 , or$2.29 income per share, from a net loss of$14,243,182 , or$5.19 loss per share, for the years ended December 31, 2024 and 2023, respectively.
- Net income from discontinued operations, net of tax, totaled
$14,573,262 in 2024, which was up586.7% from a net loss from discontinued operations, net of tax of$14,243,182 for the prior year. - Net loss from continuing operations for the 12 months ended December 31, 2024 totaled
$4,473,643 , representing a60.2% decrease when compared to a net loss from continuing operations of$11,248,598 for the 12 months ended December 31, 2023.
- Net income from discontinued operations, net of tax, totaled
- As of December 31, 2024, cash on hand was
$1,436,729 , a42.2% decrease when compared to cash on hand of$2,487,481 as of December 31, 2023. Total stockholders’ equity was$2,082,869 as of December 31, 2024, which compared to a total stockholders’ deficit of$9,399,769 as of December 31, 2023. From May 2024 through to February 6, 2025, the Company raised gross proceeds, in aggregate, of$1,834,925 pursuant to its At-The-Market Offering, offered under its initial and supplemental prospectuses filed with the U.S. Securities and Exchange Commission – of which$896,215 in gross proceeds were raised as of December 31, 2024 and the remaining$938,710 was raised in early 2025.
2024 Operational Highlights
- On January 18, 2024, SharpLink completed the sale of its Sports Gaming Client Services and SHGN businesses to RSports Interactive, Inc. for
$22.5 million in an all-cash transaction. - Immediately following the sale, SharpLink used a portion of the proceeds from the sale to retire approximately
$19.4 million , in aggregate, in outstanding debt obligations, thereby eliminating all interest-bearing debt on its balance sheet. - On February 13, 2024, completed domestication merger with SharpLink Gaming, Ltd., changing from an Israel limited liability company to a Delaware corporation.
- In February, established new Board of Directors for SharpLink Gaming, Inc. with the appointments of Rob Phythian as Chairman and Leslie Bernhard, Obie McKenzie and Robert Gutkowski as new independent members of the Board.
- In July, announced that the Board of Directors had initiated a formal review process to evaluate strategic alternatives for the Company, including, but not limited to, a sale, merger, strategic business combination or other transaction, which the Board and management felt offered the best opportunities to operative SharpLink’s affiliate marketing business, drive growth and create and maximize value for the Company’s stockholders.
- Subsequent to the end of the year, in February 2025, SharpLink announced that the Company acquired a
10% equity stake in U.K.-based Armchair Enterprises Limited (“Armchair”), which owns and operates CryptoCasino.com. The acquisition was made for$500,000 in cash, along with a right of first refusal to acquire a controlling interest in Armchair.
Rob Phythian, Chairman and CEO of SharpLink Gaming, stated, “As I reflect on our financial results for 2024, I am proud of the decisive actions our leadership has taken to streamline and focus SharpLink’s business operations and position our Company for future growth. The successful sale of our fantasy sports and sports game development businesses and the elimination of our debt marked pivotal moments in our journey. Looking ahead, we remain committed to exploring strategic opportunities that will enhance our affiliate marketing business and increase stockholder value. Our recent investment in Armchair Enterprises is a testament to our proactive approach to identifying and capitalizing on emerging trends in the iGaming space.”
“In particular, we see significant potential in blockchain technologies, which are poised to revolutionize the global digital gaming sector. The transparency, security and efficiency offered by blockchain can enhance user experiences and foster trust within the online gaming community. By embracing these advancements, we believe we can unlock new avenues for growth and makes strides forward in positioning SharpLink as a recognized leader in the markets we serve,” concluded Phythian.
About SharpLink Gaming, Inc.
Headquartered in Minneapolis, Minnesota, SharpLink is a trusted marketing partner to leading sportsbooks and online casino gaming operators worldwide. Through its iGaming affiliate marketing network, known as PAS.net, SharpLink focuses on driving qualified traffic and player acquisitions, retention and conversions to U.S. regulated and global iGaming operator partners worldwide. In fact, PAS.net won industry recognition as the European online gambling industry’s Top Affiliate Website and Top Affiliate Program for four consecutive years by both igamingbusiness.com and igamingaffiliate.com. SharpLink also owns and operates a portfolio of direct-to-player, state-specific, affiliate marketing websites designed to attract, acquire and drive local sports betting and online casino gaming traffic to its valued partners which are licensed to operate in each respective state. For more information, please visit www.sharplink.com.
Forward-Looking Statements
This release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business through strategic growth opportunities, the potential benefits of the Company’s products, services and technologies and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, government regulation of online betting, customer acceptance of new products and services, the demand for its products and its customers’ economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company and its competitors, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the SEC. The Company does not undertake any responsibility to update the forward-looking statements in this release.
CONTACT INFORMATION:
INVESTOR AND MEDIA RELATIONS
ir@sharplink.com
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