SharpLink Gaming, Inc. (NASDAQ: SBET) shares lost some of their mojo Thursday, as the online performance-based marketing company serving the U.S. sports betting and iGaming industries, announced its financial results for the three and six months ended June 30, 2024.
Revenues for the three and six months $981,272 and $1,957,218, respectively – a 27% and 24% decline from revenues of $1,343,526 and $2,576,287 reported for the comparable three- and six-month periods in 2023, respectively.
After factoring net income from discontinued operations of $453,705, net losses dropped to $462,959 for the three months ended June 30, 2024 from net losses of $3,441,158 after factoring net losses from discontinued operations of $1,035,099 for the same three-month period in 2023. For the six months ended June 30, 2024, net income totaled $11,887,397 after factoring net income from discontinued operations of $14,564,872 – significantly up from a net loss of $6,264,904 inclusive of the net loss from discontinued operations of $1,701,662 posted for the same six month period in the prior year.
As of June 30, 2024, cash on hand was $2,435,600 and total stockholders’ equity was $2,760,915. This compared to $2,487,481 cash on hand and total stockholders’ deficit of $9,399,769 as of December 31, 2023.
SBET shares dipped three cents, or 3.8%, to 75 cents.
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