SharpLink discloses Q3 2024 financial results

Online performance-based marketing company powering the US sports betting and iGaming vertical SharpLink Gaming released its financial results for the third quarter of 2024.

Operating expenses and revenue decrease in Q3

On Friday, the company uncovered its financial report, highlighting details regarding its performance for the three months ended September 30, 2024.

For the latest trading period, the company's revenue declined to $881,690.

A year-over-year comparison to the $1,349,331 result in Q3 2023 reveals a decrease of 34.7% for Q3 this year.

The reported total operating expenses also took a dip from $1,795,057 in Q3 last year to $970,080 this year. This result signals a decrease of 46% year-over-year.

Not unexpectedly, both revenue and operating expenses recorded a decrease for the first nine months ended September 30, 2024, as announced in a press release by SharpLink.

For the first nine months of 2023, the company's revenue hit $3,9m. In contrast, for the corresponding period this year, the revenue decreased by 27.7% to $2,838,908.

Similarly, the total operating expenses reported for the first nine months this year decreased to $4.4m, down by 25.9% when compared to the $5,977,327 result in 2023.

SharpLink remains focused on streamlining its affiliate marketing business

When it comes to net income, SharpLink explained: "For the nine months ended September 30, 2024, net income climbed to $11,002,266 after factoring net income from discontinued operations of $14,567,733 – up 673.3% from a net loss of $9,114,443 inclusive of the net loss from discontinued operations of $2,523,754 posted for the comparable nine months in the prior year."

Rob Phythian, SharpLink's Chairman and CEO, commented on the topic.

"The notable decline in operating expenses reflects SharpLink’s continued focus on streamlining our affiliate marketing business; and the significant improvement in our bottom line results is largely a result of our $22.5 million cash sale of our SportsHub fantasy sports and sports game development businesses to RSports Interactive, Inc. earlier this year," explained the executive.

He pointed out that since the company started to streamline its operations, it was able to clear its entire debt and focus on strategic growth opportunities.

Phythian added that through such opportunities, SharpLink seeks to deliver long-term value to its shareholders.

Finally, the CEO and Chairman, confirmed that the company remains focused on growth and sharing insights about its future.

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