The massive EPS miss and flat revenue, combined with a recent S-3 shelf filing, create a bearish setup for SLE. Monitor the company's ability to convert its growing pipeline into revenue and achieve its Q4 EBITDA profitability target; failure to do so could accelerate cash burn and necessitate a dilutive capital raise.
Price Chart
Executive Summary
Super League Enterprise reported Q2 2026 results with gross revenue essentially flat YoY at ~$3.0M, a GAAP net loss of -$4.39M (EPS -$2.70 vs consensus -$1.33, a 103% miss), and an Adjusted EBITDA loss of ~$1.7M. While the company highlighted improving net revenue (+16% sequentially), gross margin expansion to 41%, and a growing sales pipeline, the headline EPS miss and flat top-line in a challenging ad environment are the dominant signals for this micro-cap stock.
Key Financial Metrics
Key Facts
- Gross revenue for Q2 2026 was ~$3.0M, essentially flat YoY and sequentially.
- GAAP net loss per share was -$2.70, a 103% miss vs consensus of -$1.33.
- Net revenue increased 16% sequentially to ~$1.24M; gross margin expanded to 41% from 36%.
- Adjusted EBITDA loss improved ~20% YoY to ~$1.7M from ~$2.1M.
- Cash and investments at quarter end were ~$6.7M, down from $11.4M at Q1 end, reflecting cash burn and Misfits acquisition costs.
- Company reaffirmed target of Adjusted EBITDA profitability in Q4 2026.
- Weighted pipeline per seller increased 57% sequentially to ~$2.8M as of July 31.
- All preferred stock was redeemed during the quarter, simplifying the capital structure.
- An S-3 shelf registration was filed 13 days prior to this earnings release, signaling potential future capital needs.
Financial Impact
GAAP net loss of -$4.39M in Q2 2026, compared to -$2.78M in Q2 2025. EPS miss of 103% vs consensus. Cash burn of ~$2.5M in operating cash flow for Q2.
Risk Factors
- Flat gross revenue in a challenging advertising environment with no clear catalyst for near-term growth.
- Significant EPS miss (-103%) signals deteriorating operating leverage and higher-than-expected costs.
- Recent S-3 shelf filing (13 days prior) suggests potential for future dilutive capital raise, despite management's stated sufficiency of liquidity.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-028647 |
| Exhibit: ex_1006627.htm | 0001437749-26-028647 |
| Document: slgg20260818d_8k.htm | 0001437749-26-028647 |
| Document: 0001437749-26-028647-index-headers.html | 0001437749-26-028647 |
| Document: 0001437749-26-028647-index.html | 0001437749-26-028647 |
| Document: 0001437749-26-028647.txt | 0001437749-26-028647 |
| 8-K Data (Synthetic) | 0001437749-26-028647 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | — | awaiting T+5 | — | — |
Oct 21, 2026 4d ago | 8-K | $5.57 | awaiting T+5 | — | $5.84 (−4.94%) |
Oct 21, 2026 4d ago | 424B5 | $5.57 | awaiting T+5 | — | $5.84 (−4.94%) |
Oct 19, 2026 7d ago | 8-K | $4.80 | awaiting T+5 | — | $5.84 (+21.77%) |
Oct 15, 2026 11d ago | DEFA14A | $4.65 $5.57 | ▲ +19.78% | ▲ +20.80% | $5.84 (+25.70%) |
Oct 13, 2026 13d ago | Press Release | $4.88 $5.45 | ▲ +11.68% | ▲ +12.83% | $5.84 (+19.77%) |
Oct 13, 2026 13d ago | 8-K | $4.88 $5.45 | ▲ +11.68% | ▲ +12.83% | $5.84 (+19.77%) |
Oct 9, 2026 16d ago | DEFA14A | $4.86 $4.80 | ▼ −1.23% | ▲ +0.26% | $5.84 (+20.27%) |
Oct 6, 2026 20d ago | DEFA14A | $5.03 $4.88 | ▼ −2.98% | ▼ −2.84% | $5.84 (+16.20%) |
Sep 30, 2026 25d ago | SC 13D/A | $5.42 $4.77 | ▼ −11.99% | ▼ −13.29% | $5.84 (+7.84%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers