季報
季度報告
10-Q
2026-08-07
Sharplink轉型以太幣庫存管理 第二季收入飆升至1153萬美元惟錄3.94億美元虧損
AI 繁中摘要
Sharplink, Inc.（納斯達克：SBET）公布截至2026年6月30日止第二季度及上半年的10-Q季報。公司自2025年6月起將以太幣（ETH）定為主要庫存資產，並正式由SharpLink Gaming更名為Sharplink，全面轉型為以ETH財務管理為核心業務的企業。
📊 業績重點（未經審計）：
第二季度（截至2026年6月30日）：
- 總收入：1,153萬美元，較去年同期的69.7萬美元大幅增長，主要來自質押收入1,116萬美元（去年同期僅2.9萬美元），可見ETH質押業務已成為主要收入來源。
- 淨虧損：3.943億美元（去年同期虧損1.034億美元），每股虧損1.88美元。虧損擴大主因是ETH價格下跌導致未實現虧損3.21億美元，以及加密資產（LsETH/weETH）減值損失7,609萬美元。
- 經調整後，公司期內錄得已變現加密資產收益143萬美元。
上半年（六個月）合計：
- 總收入：2,359萬美元（去年同期144萬美元）。
- 淨虧損：10.798億美元，每股虧損5.16美元。
- 營運活動現金流出：1,780萬美元。
💰 資產負債狀況（截至2026年6月30日）：
- 現金：5,620萬美元（2025年底為2,854萬美元）。
- 按公平值列帳的加密資產：9.888億美元（2025年底為18.997億美元），反映ETH持倉市值隨幣價下跌而縮減。
- 按成本列帳的加密資產（LsETH及weETH）：3.691億美元。
- 總資產：14.161億美元；總負債：557萬美元；股東權益：14.105億美元。
🏢 重大企業事件：
- 2026年2月正式更名為Sharplink, Inc.。
- 2026年4月與Galaxy Digital及ParaFi Capital達成相互終止協議，兩份資產管理合約於2026年5月31日屆滿，無需支付終止費用，反映公司已建立內部資產管理團隊。
- 公司於2025年5月曾進行1比12的反向股份拆細。
- 期內發行10,013,351股普通股，集資約7,333萬美元；另回購2,132,773股股份（約1,002萬美元）作為庫存股。
- 2026年6月22日簽訂新的股份購買協議；截至2026年8月3日，已發行在外普通股為217,223,604股。
🔮 業務展望與投資者啟示：
公司已全面轉型為「ETH庫存管理」模式，透過原生質押、流動性質押及重質押（restaking）賺取收益，並與ether.fi、Linea及EigenCloud簽訂戰略合作協議，將至少2億美元的weETH橋接
展開英文正文
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(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ________ Commission file number: 001-41962 SHARPLINK, INC. (Exact name of registrant as specified in its charter) Delaware 87-4752260 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 200 S. Biscayne Boulevard, Floor 20 Miami, Florida 33131 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (612) 293-0619 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock SBET The Nasdaq Capital Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “emerging growth company” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ As of August 3, 2026, there were 217,223,604 shares of Common Stock issued and outstanding. TABLE OF CONTENTS PAGE PART I. FINANCIAL INFORMATION 4 ITEM 1. FINANCIAL STATEMENTS: 4 Condensed Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025 4 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (unaudited) 8 Notes to Condensed Consolidated Financial Statements (unaudited) 10 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 42 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 62 ITEM 4. CONTROLS AND PROCEDURES 62 PART II. OTHER INFORMATION 63 ITEM 1. LEGAL PROCEEDINGS 63 ITEM 1A. RISK FACTORS 63 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 70 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 70 ITEM 4. MINE SAFETY DISCLOSURES 70 ITEM 5. OTHER INFORMATION 70 ITEM 6. EXHIBITS 71 SIGNATURES 72 2 The following terms are used throughout this Quarterly Report on Form 10-Q, including the financial statements and notes in Part I, Item 1 and MD&A in Part I, Item 2. Glossary of Defined Terms Total ETH Holdings — The Company’s aggregate ETH exposure, comprising directly held (native) ETH plus the ETH obtainable on an as-if-redeemed basis from the Company’s LsETH and weETH positions, measured in ETH units. ETH Concentration — also referred to as Eth per share. A treasury key performance indicator calculated by dividing Total ETH Holdings by Basic-Equivalent Shares Outstanding and expressing the result per 1,000 shares; because the metric is stated per 1,000 shares, it should not be read as ETH per single share. Basic-Equivalent Shares Outstanding — Common shares outstanding plus shares issuable upon exercise of pre-funded warrants, which carry a nominal exercise price. As-If-Redeemed Basis — A presentation that expresses LsETH and weETH holdings as the amount of ETH into which they would convert if redeemed, using the applicable protocol conversion rate as of the measurement date. Native ETH — ETH held directly by the Company (whether unstaked or natively staked), accounted for at fair value under ASC 350-60, as distinguished from ETH held indirectly through liquid staking or restaking receipt tokens. Native Staking — Participation in Ethereum’s proof-of-stake consensus as a delegator, whereby the Company delegates ETH to third-party validators and earns protocol-level rewards; the underlying ETH is not derecognized. Liquid Staking — An arrangement in which ETH is contributed to a third-party protocol (e.g., Liquid Collective) in exchange for a transferable receipt token (LsETH) representing a claim on the pooled staked ETH and related rewards. Liquid Restaking — An arrangement in which ETH is deposited with a third-party protocol (e.g., ether.fi) in exchange for a receipt token (weETH) whose underlying ETH also provides cryptoeconomic security to additional services, layering restaking risk on top of liquid staking risk. Receipt Token — A token (such as LsETH or weETH) received upon staking that evidences an enforceable right to redeem the underlying ETH and accrued rewards; accounted for as an indefinite-lived intangible asset under ASC 350-30. Rebasing / Non-Rebasing — A rebasing token reflects accrued rewards by increasing the number of tokens held; a non-rebasing token (such as weETH) keeps the token quantity fixed and instead reflects rewards through an increasing conversion rate relative to ETH. Protocol Conversion Rate (PCR) — A protocol-published rate reflecting the amount of ETH into which one unit of a receipt token (LsETH or weETH) is redeemable, updated as staking rewards, penalties, and fees accrue; it is not a market trading price. Slashing — A protocol-level penalty in which a portion of staked ETH is forfeited due to validator or operator misconduct, distinct from inactivity incurred for downtime. Bonding / Unbonding Period — The protocol-defined waiting period before staked ETH can be activated or, upon a withdrawal request, redeemed and returned. Validator Exit Queue / Withdrawal Queue — The ordered protocol mechanism that governs the timing with which validators may exit and staked ETH may be withdrawn, which can delay redemption. Delegator vs. Validator — A validator operates a node that processes and verifies transactions on the network; a delegator (the Company’s role in native staking) assigns ETH to a validator and shares in rewards without operating a node. Total Value Locked (TVL) — The aggregate value of assets committed to or maintained within a protocol or network, used as the basis for certain protocol incentives earned by the Company. Protocol Incentives — Consideration earned under third-party programs (e.g., the SPA with ether.fi, Linea, and EigenCloud) for providing and maintaining TVL, recognized as revenue under ASC 606. Hard Fork — A change to a blockchain’s protocol rules that is not backward-compatible, resulting in a divergence of the network into two separate chains. Layer 2 (L2) — A secondary network built on top of a base blockchain (Ethereum mainnet) that processes transactions off the base layer to increase throughput and reduce cost while relying on the base layer for settlement and security. Zero-Knowledge Proof — A cryptographic method by which one party can prove a statement is true without revealing the underlying data supporting it. zkEVM — A zero-knowledge Ethereum Virtual Machine; a Layer 2 architecture (e.g., Linea) that uses zero-knowledge proofs to validate batches of transactions. Sequencer — The component of a Layer 2 network that orders and batches transactions before they are settled to the base layer. Prover — The component of a zero-knowledge Layer 2 network that generates the cryptographic proof validating a batch of transactions. Cross-Chain Bridge — A protocol that transfers tokens or messages between separate blockchain networks (e.g., moving weETH from Ethereum mainnet to Linea); historically a frequent target of exploits. OFT Bridge / LayerZero v2 — An omnichain fungible token bridge (used here via ether.fi’s weETH OFT bridge) built on the LayerZero v2 cross-chain messaging protocol. Autonomous Verifiable Service (AVS) — A service (secured through restaking via EigenCloud) that relies on restaked ETH for cryptoeconomic security and exposes that ETH to additional slashing and operational risk beyond Ethereum staking itself. Smart Contract — Self-executing code deployed on a blockchain that runs automatically when specified conditions are met and generally cannot be reversed once executed. 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS SHARPLINK, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) June 30, 2026 December 31, 2025 (unaudited) Assets Current Assets Cash $56,195 $28,539 USDC stablecoin - 1,882 Accounts receivable, net of allowance for credit losses of $0 both periods presented 280 221 Prepaid expenses and other current assets 880 511 Total current assets 57,355 31,153 Crypto assets at fair value 988,838 1,899,683 Crypto assets at cost 369,148 500,912 Other assets 751 18 Total assets $1,416,092 $2,431,766 Liabilities and Stockholders’ Equity Current Liabilities Accounts payable and accrued expenses $5,486 $12,749 Total current liabilities 5,486 12,749 Long-Term Liabilities Other long term liabilities 86 - Total liabilities 5,572 12,749 Commitments and Contingencies (Note 10) - Stockholders’ Equity Common Stock, $0.0001 par value; authorized shares 2,500,000,000; issued 221,054,539 and 198,646,255, respectively; outstanding shares: 216,983,308 and 196,707,797 respectively 22 20 Treasury stock, 4,071,231 of Common Stock at cost (41,743) (31,721) Additional paid-in capital 3,344,472 3,263,114 Accumulated deficit (1,892,231) (812,396) Total stockholders’ equity 1,410,520 2,419,017 Total liabilities and stockholders’ equity $1,416,092 $2,431,766 See accompanying notes to these condensed consolidated financial statements 4 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except share and per share data) 2026 2025 2026 2025 For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Revenue from staking $11,161 $29 $22,662 $29 Revenue from affiliate marketing 367 668 924 1,410 Total revenue 11,528 697 23,586 1,439 Gains and (losses) from operations Realized gain on crypto assets, net 1,433 5,374 13,438 5,374 Unrealized loss on crypto assets at fair value, net (321,003) (2,437) (827,667) (2,437) Total gains (losses) from operations, net (319,570) 2,937 (814,229) 2,937 Operating expenses Cost of revenues from affiliate marketing 258 488 690 1,098 Selling, general, and administrative expenses 9,060 2,387 18,939 3,503 Stock-based compensation, related party - 16,379 - 16,379 Impairment of crypto assets at cost 76,093 87,813 267,763 87,813 Total operating expenses 85,411 107,067 287,392 108,793 Operating loss (393,453) (103,433) (1,078,035) (104,417) Other income Interest income 178 37 381 49 Total other income 178 37 381 49 Net loss before income taxes (393,275) (103,396) (1,077,654) (104,368) Income tax expense (999) (27) (2,181) (30) Net loss $(394,274) $(103,423) $(1,079,835) $(104,398) Denominator for net loss per share - basic and diluted: Basic and diluted weighted average shares 209,784,133 24,202,467 209,358,151 12,989,772 Net loss per share - basic and diluted $(1.88) $(4.27) $(5.16) $(8.04) See accompanying notes to these condensed consolidated financial statements 5 SHARPLINK, INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED) (In thousands, except share data) Shares Amount Shares Amount Shares Amount Capital Shares Amount deficit equity Series A-1 preferred stock Series B preferred stock Common stock Additional Paid-In Treasury stock Accumulated Total shareholders’ Shares Amount Shares Amount Shares Amount Capital Shares Amount deficit equity Balance at December 31, 2024 601 $ 1 1,040 $ 1 407,295 $- $79,920 (8) $(29) $(77,809) $ 2,084 Net loss - - - - - - - - - (975) (975) Stock-based compensation expense - - - - - - 69 - - - 69 Issuance of common stock for exercise of warrants - - - - 25,000 - - - - - - Shares sold for cash - - - - 142,960 - 907 - - - 907 Balance as of March 31, 2025 601 $1 1,040 $1 575,255 $- $80,896 (8) $(29) $(78,784) $2,085 Net loss - - - - - - - - - (103,423) (103,423) Stock-based compensation expense - - - - - - 16,416 - - - 16,416 Shares issued for vested restricted stock - - - - 37,502 - 261 - - - 261 Issuance of Common Stock for exercise of warrants - - - - 69,842 - - - - - - Issuance of Common Stock for exchange agreement (601) (1) (1,040) (1 ) 38,683 - - - - - - Issuance of Common Stock sold in private placement May 20, 2025 - - - - 34,000 - 3,848 - - - 3,848 Issuance of Common Stock sold in private placement May 26, 2025 - - - - 58,704,673 6 404,618 - - - 404,624 Issuance of Common Stock sold in at-the-market-offering - - - - 6,694,837 1 128,707 - - - 128,708 Balance at June 30, 2025 - $- - $- 66,154,792 $7 $634,746 (8) $(29) $(182,207) $452,519 See accompanying notes to these condensed consolidated financial statements. 6 SHARPLINK, INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED) (In thousands, except share data) Series A-1 preferred stock Series B preferred stock Common stock Additional Paid-In Treasury stock Accumulated Total shareholders’ Shares Amount Shares Amount Shares Amount Capital Shares Amount deficit equity Balance at December 31, 2025 - $ - - $ - 198,646,255 $ 20 $3,263,114 (1,938,458) $(31,721) $(812,396) $ 2,419,017 Net loss - - - - - - - - - (685,561) (685,561) Stock-based compensation expense - - - - - - 3,001 - - - 3,001 Shares issued for vested restricted stock - - - 340,385 - - - - - - Settlement of accrued bonuses in shares (gross) of common stock - - - - 490,273 - 5,040 - - - 5,040 Shares of common stock withheld for taxes for net share settlement - - - - (351,404) - (2,896) - - - (2,896) Balance as of March 31, 2026 - $- - $- 199,125,509 $20 $3,268,259 (1,938,458) $(31,721) $(1,497,957) $1,738,601 Net loss - - - - - - - - - (394,274) (394,274) Stock-based compensation expense - - - - - - 3,055 - - - 3,055 Shares issued for vested restricted stock - - - - 129,809 - - - - - - Issuance of Common Stock for exercise of pre-funded warrants - - - - 11,817,165 1 - - - - 1 Issuance of Common Stock sold in private placement June 23, 2026 - - - - 10,013,351 1 73,330 - - - 73,331 Shares of Common Stock withheld for taxes for net share settlement - - - - (31,295) - (172) - - - (172) Stock repurchased (treasury stock) - - - - - - - (2,132,773) (10,022) - (10,022) Balance at June 30, 2026 - $- - $- 221,054,539 $22 $3,344,472 (4,071,231) $(41,743) $(1,892,231) $1,410,520 7 SHARPLINK, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands) 2026 2025 Six Months Ended June 30, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(1,079,835) $(104,398) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization - 4 Stock-based compensation expense 6,056 106 Stock-based compensation expense, related party - 16,379 Impairment of crypto assets at cost 267,763 87,813 Unrealized loss on crypto assets received at fair value, net 827,667 2,437 Realized gain on crypto assets, net (13,438) (5,374) Rewards on native staking (18,693) (29) Rewards on liquid staking (2,650) - Rewards from protocol incentives and rebates (2,000) - Changes in assets and liabilities Accounts receivable 11 (7) Other receivable - 273 Prepaid expenses and other current assets (369) (164) Accounts payable and accrued expenses (2,308) 822 Net cash used in operating activities (17,796) (2,138) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of other assets (733) (502) Crypto assets purchased (16,110) (405,817) USDC stablecoin redemptions 1,882 - Net cash used in investing activities (14,961) (406,319) CASH FLOWS FROM FINANCING ACTIVITIES: Taxes paid related to net share settlement of equity awards (2,896) - Gross proceeds from private placement and warrants 75,001 302,083 Issuance costs paid related to private placements and warrants (1,670) (20,376) Repurchases of shares of Common Stock (10,022) - Gross proceeds from sale of Common Stock - 130,217 Issuance costs paid related to sale of Common Stock - (4,015) Gross proceeds from shares sold in capital raise - 4,500 Issuance costs related to shares sold in capital raise - (652) Shares issued for restricted stock - 261 Net cash provided by financing activities 60,413 412,018 Net change in cash 27,656 3,561 Cash, beginning of period 28,539 1,541 Cash, end of period $56,195 $5,102 See accompanying notes to these condensed consolidated financial statements. 8 SHARPLINK, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (UNAUDITED) (In thousands) SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for interest $- $- Cash paid for taxes $2,167 $141 NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES: Crypto assets received as equity contributions $- $123,397 Receipt of LsETH rebate receivable $106 $- Deposits of crypto assets (ETH) at fair value for liquid staking activities $197,455 $465,343 Receipt of crypto assets (LsETH) at cost for liquid restaking activities $ - $ (470,236 ) Receipt of crypto assets (weETH) at cost for liquid restaking activities $(205,844) $- Receipt of crypto assets (ETH) at fair value for redemption of crypto assets (LsETH at cost) $(32,497) $- Redemption of crypto assets (LsETH) at impaired cost $28,671 $- ETH received from traded LsETH $(43,866) $- LsETH traded for ETH $42,129 - Stock-based bonus accrual settled with shares of Common Stock $5,040 $- Issuance of Common Stock for vested restricted stock $- $37 Shares of Common Stock withheld for taxes in net share settlement $172 - 9 SHARPLINK, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (dollar amounts in thousands, except share, per share data, and crypto asset tokens) Note 1 – Organization Background and Nature of Business Headquartered in Miami, Florida, Sharplink, Inc. (the “Company” or “Sharplink”), a Delaware corporation, undertook a significant strategic shift in June 2025 by adopting Ether (“ETH”), the native cryptocurrency of the Ethereum blockchain, as its primary treasury asset. This strategy reflects the Company’s commitment to align the corporate treasury with the future of programmable finance, digital capital markets and decentralized infrastructure. The Company seeks to benefit from ETH accumulation, derived utilizing proceeds from multiple financings, by (i) yield and other returns generated from staking and related treasury activities and (ii) potential ETH price appreciation. We delegate our ETH to third-party validators and participate in both native and liquid staking and restaking programs. See Note 3 – Crypto Asset Holdings. The Company also operates an online affiliate marketing business that delivers unique fan activation solutions to its sportsbook and online casino gaming partners. The Company’s ETH Treasury Management strategy is now its core operational focus. Since the launch of its ETH Treasury Management strategy, the Company has raised capital through private investment in public equity (“PIPE”) transactions, follow-on offerings and at-the-market (“ATM”) sales. The Company has utilized the majority of the proceeds to acquire ETH (see Note 3-Crypto Asset Holdings) and fund working capital. Additional details regarding these equity offerings are included in Note 6 – Equity. On February 3, 2026, the Company formally changed its corporate name to “Sharplink, Inc.” from “SharpLink Gaming, Inc.” in connection with a corporate rebranding initiative. Reverse Stock Split On May 5, 2025, the Company effected a one-for-twelve (1:12) reverse stock split of all the Company’s Common Stock, par value $0.0001 per share (the “Common Stock”), whereby the Company decreased the number of issued and outstanding Common Stock from 7,916,206 to 659,684. Proportional adjustments for the reverse stock split were made to the Company’s outstanding stock options, warrants and equity incentive plans. All share and per-share data and amounts have been retrospectively adjusted as of the earliest period presented in the consolidated financial statements to reflect the reverse stock split. Note 2 – Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by Sharplink, Inc. pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of Company management, the foregoing statements contain all adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial position of the Company as of June 30, 2026 and December 31, 2025, as well as its results of operations for the three and six months ended June 30, 2026 and 2025. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited consolidated financial statements as of that date. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported a