SBETHIGH SIGNALOPERATIONAL10-K

SBET underwent a fundamental business transformation, changing from SharpLink Gaming to a digital asset company with cryptocurrency holdings while experiencing substantial operational challenges.

The company has pivoted entirely from gaming to digital assets, now holding ETH, liquid staked ETH, and USDC stablecoins as part of its treasury strategy. This represents a complete strategic overhaul that introduces new volatility and regulatory risks associated with cryptocurrency operations. The dramatic increase in share count from 6.9M to 197M shares suggests significant dilution occurred during this transformation.

Comparing 2026-03-09 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

The financial results reflect the challenges of this business transformation, with gross profit declining meaningfully from $1.5M to $906K. Operating cash flow improved modestly from -$22.8M to -$17.5M, though the company remains cash flow negative. Total debt increased notably to $2.1M from $1.3M, while accounts receivable decreased slightly to $221K, suggesting the overall financial position remains strained during this strategic pivot.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+64.2%
$1.3M→$2.1M

Debt increased 64.2% — substantial leverage increase; assess whether deployed for growth or covering losses.

Gross Profit
P&L
-40.9%
$1.5M→$906K

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Operating Cash Flow
Cash Flow
+23.1%
-$22.8M→-$17.5M

Operating cash flow grew 23.1% — strong conversion of earnings to cash, healthy business fundamentals.

Accounts Receivable
Balance Sheet
-16.6%
$265K→$221K

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2026-03-09
PRIOR — 2025-03-14
ADDED
(Formerly SharpLink Gaming, Inc.) (Exact name of registrant as specified in its charter) Delaware 87-4752260 (State or other jurisdiction of incorporation) (IRS Employer Identification No.) 200 S.
As of March 4, 2026, there were 197,158,808 shares of Common Stock issued and outstanding.
These uncertainties and other factors include, among other things: our ability to remain a market innovator, to create new market opportunities, and/or to expand into new markets; the potential need for changes in our long-term strategy in response to future developments; our ability to successfully execute our strategy to operate as a digital asset company, including managing, safeguarding and deploying digital assets as part of our treasury strategy.
Our digital assets comprise of Ether ( ETH ), the native token of the Ethereum blockchain, Liquid Staked ETH (LsETH) , a token received when ETH is staked through a third-party liquid staking protocol, and USDC stablecoins, presented separately on the consolidated balance sheet under the captions Crypto assets at fair value , Crypto assets at costs , and USDC stablecoin .
and foreign governments; failure to develop or integrate new technology into current products and services; unfavorable results in legal proceedings to which we may be subject; failure to establish and maintain effective internal control over financial reporting; and general economic and business conditions in the United States and elsewhere in the world, including the impact of inflation, wars, conflicts and geopolitical events.
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REMOVED
The options have an exercise price of $14.16 and expire December 21, 2032.
The options were fully vested upon the completion of the SportsHub acquisition.
(Exact name of registrant as specified in its charter) Delaware 87-4752260 (State or other jurisdiction of incorporation or organization) (I.R.S.
As of March 14, 2025, there were 6,903,056 shares of Common Stock issued and outstanding.
Our consolidated financial statements appearing in this annual report are prepared in U.S.
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