Sharplink

SBET

Financial - Capital Markets · Financial Services

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

SharpLink Gaming is a technology company that connects sports fans to online betting platforms. It embeds real-time betting odds and links directly into sports media websites, so fans can place bets without leaving the page they are reading. Its main customers are sports media publishers and online sportsbooks, and it operates in the legal sports betting industry in the United States.

SharpLink earns money through performance-based fees — it gets paid when users it refers actually sign up or place bets on partner sportsbook platforms. The company is small, with most of its operations focused on the US market, where legal sports betting has expanded state by state since 2018. Its competitive position depends on having strong media partnerships and tracking technology, but its deeply negative operating margin shows it is spending far more than it earns. The key risk is whether it can grow revenue fast enough to reach profitability before running out of capital.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+56.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

6.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 years

$56M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Sharplink grew revenue 1553% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

97.8%

Premium pricing power — 97.8% gross margin

Profit after running costs

Operating Margin

-2772.1%

Losing money on operations — -2772.1%

Return on the money invested

ROCE

-15.9%

Weak — -15.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

>+1,000%

Fast-growing sales (>+1,000% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-67.5%

Burning cash (-67.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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