Key points:
- SharpLink reported a net income of $10.1m in 2024, compared to a $14.24m loss in 2023
- The company sold its fantasy sports and gaming divisions for $22.5m, eliminating all outstanding debt
SharpLink Gaming has released its financial results for the full year ending 31 December 2024.
The company reported a decline in total revenue, which fell 26.1% year-over-year to $3.66m. However, it posted a significant turnaround in profitability, achieving a net income of $10.1 million ($2.29 per share) compared to a net loss of $14.24m ($5.19 per share) in 2023.
This shift was largely driven by a one-time gain from discontinued operations, contributing $14.57m in net income.
Operating expenses were also reduced by 45.6% to $5.67m, reflecting an effort to streamline costs.
At the end of 2024, the company’s cash on hand stood at $1.44m, down from $2.49m the previous year, while stockholders’ equity turned positive, reaching $2.08m from a deficit of $9.4m in 2023.
Good to know: A key milestone for the company in 2024 was the sale of its Sports Gaming Client Services and SHGN businesses to RSports Interactive for $22.5m in January. A significant portion of the proceeds was used to eliminate approximately $19.4m in outstanding debt, leaving the company free of interest-bearing liabilities
Alongside these financial changes, SharpLink also underwent structural and strategic shifts. It completed a domestication merger to transition from an Israel-based entity to a Delaware corporation and appointed a new Board of Directors.
In July, the company announced a formal review process to explore alternatives such as mergers, acquisitions or partnerships to support its affiliate marketing business.
Continuing this trend, in early 2025, SharpLink acquired a 10% equity stake in UK-based Armchair Enterprises, the owner of CryptoCasino.com, for $500,000.
Reflecting on the company’s performance, Chairman and CEO Rob Phythian stated: “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.”
