The massive GAAP loss and EPS miss will pressure the stock near-term, but the company's core ETH holdings and staking yield story remain intact. Watch for the Galaxy Sharplink Onchain Yield Fund to close and for ETH price recovery to reverse unrealized losses. The stock may trade more on ETH price action than quarterly GAAP results going forward.
Price Chart
Executive Summary
Sharplink reported a GAAP net loss of $685.6M ($3.25/share) for Q1 2026, massively missing the $0.00 consensus estimate due to $506.7M in unrealized losses on crypto assets and a $191.7M impairment charge. Revenue rose to $12.1M from $0.7M a year ago, driven by staking income, but the headline EPS miss and GAAP loss dominate the narrative. The company also announced a non-binding MOU with Galaxy Digital for a ~$125M onchain yield fund, but this is early-stage and does not offset the quarter's financial damage.
Key Financial Metrics
Key Facts
- GAAP net loss of $685.6M ($3.25/share) vs consensus estimate of $0.00 — a massive miss
- Total revenue of $12.1M, up from $0.7M YoY, driven by $11.5M in staking revenue
- Unrealized loss on crypto assets of $506.7M and LsETH impairment charge of $191.7M
- ETH holdings: 870,821 ETH as of March 31, 2026, increasing to 872,984 ETH as of May 4, 2026
- Announced non-binding MOU with Galaxy Digital for ~$125M Galaxy Sharplink Onchain Yield Fund
- Cash and cash equivalents declined to $16.9M from $28.5M at year-end 2025
Financial Impact
GAAP net loss of $685.6M vs consensus $0.00 EPS; revenue $12.1M vs $14.8M consensus
Risk Factors
- Continued ETH price decline could trigger further unrealized losses and impairments
- Cash burn: cash dropped from $28.5M to $16.9M in one quarter
- Galaxy fund MOU is non-binding — may not close or may launch on worse terms
- Massive dilution risk: 210.9M diluted shares vs 531K a year ago
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3291851 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $6.18 $8.82 | ▼ −42.72% | ▼ −43.63% | $9.58 (−55.02%) |
Jun 30, 2026 13w ago | 8-K | $4.80 $6.38 | ▲ +32.92% | ▲ +33.95% | $9.58 (+99.58%) |
Jun 23, 2026 14w ago | 8-K | $4.72 $6.32 | ▲ +33.90% | ▲ +31.97% | $9.58 (+102.97%) |
Jun 11, 2026 16w ago | Institutional Cluster | $5.43 $5.32 | ▼ −2.03% | ▼ −3.92% | $9.58 (+76.43%) |
May 15, 2026 20w ago | Insider Cluster | $6.72 $5.80 | ▼ −13.69% | ▼ −15.81% | $9.58 (+42.56%) |
May 14, 2026 20w ago | 3 | $6.72 $5.80 | ▼ −13.69% | ▼ −15.81% | $9.58 (+42.56%) |
May 11, 2026 20w ago | 8-K | $7.76 $5.32 | ▲ +31.44% | ▲ +31.14% | $9.58 (−23.45%) |
May 11, 2026 20w ago | Press Release | $7.76 $5.32 | ▲ +31.44% | ▲ +31.14% | $9.58 (−23.45%) |
Mar 9, 2026 29w ago | Press Release | $7.60 $6.24 | ▼ −17.89% | ▼ −15.09% | $9.58 (+26.05%) |
US Market Status
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