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Side-by-side financial comparison of Red Cat Holdings, Inc. (RCAT) and SharpLink Gaming, Inc. (SBET). Click either name above to swap in a different company.
SharpLink Gaming, Inc. is the larger business by last-quarter revenue ($10.8M vs $9.6M, roughly 1.1× Red Cat Holdings, Inc.). SharpLink Gaming, Inc. runs the higher net margin — 961.6% vs -166.0%, a 1127.6% gap on every dollar of revenue. On growth, SharpLink Gaming, Inc. posted the faster year-over-year revenue change (1129.9% vs 988.2%). SharpLink Gaming, Inc. produced more free cash flow last quarter ($-6.3M vs $-24.5M).
Mega Cat Studios is an American video game development and publishing company located in Pittsburgh, Pennsylvania. It was founded in 2015 by James Deighan, Nick Mann, and Zack Manko.
Bonne Terre Limited is a British-based gambling company, owned by Flutter Entertainment, with headquarters in Leeds, West Yorkshire and offices in Solihull. Sky Betting & Gaming consists of five core brands: Sky Bet, Sky Vegas, Sky Casino, Sky Poker and Sky Bingo.
RCAT vs SBET — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.6M | $10.8M |
| Net Profit | $-16.0M | $104.3M |
| Gross Margin | 6.6% | — |
| Operating Margin | -181.7% | — |
| Net Margin | -166.0% | 961.6% |
| Revenue YoY | 988.2% | 1129.9% |
| Net Profit YoY | -29.0% | 11880.2% |
| EPS (diluted) | $-0.16 | $0.62 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q3 25 | $9.6M | $10.8M | ||
| Q2 25 | — | $697.3K | ||
| Q1 25 | $1.6M | $741.7K | ||
| Q4 24 | $0 | $823.1K | ||
| Q3 24 | — | $881.7K | ||
| Q2 24 | — | $981.3K | ||
| Q1 24 | $5.8M | $975.9K | ||
| Q2 22 | $1.3M | — |
| Q3 25 | $-16.0M | $104.3M | ||
| Q2 25 | — | $-103.4M | ||
| Q1 25 | $-23.1M | $-974.9K | ||
| Q4 24 | $-13.3M | — | ||
| Q3 24 | — | $-885.1K | ||
| Q2 24 | — | $-463.0K | ||
| Q1 24 | $-5.5M | $12.4M | ||
| Q2 22 | $-4.8M | — |
| Q3 25 | 6.6% | — | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | -52.2% | 17.8% | ||
| Q4 24 | — | 20.2% | ||
| Q3 24 | — | 19.6% | ||
| Q2 24 | — | 28.5% | ||
| Q1 24 | 18.8% | 29.4% | ||
| Q2 22 | 25.2% | — |
| Q3 25 | -181.7% | — | ||
| Q2 25 | — | -14826.0% | ||
| Q1 25 | -765.7% | -124.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -90.4% | ||
| Q2 24 | — | -122.8% | ||
| Q1 24 | -76.0% | -172.6% | ||
| Q2 22 | — | — |
| Q3 25 | -166.0% | 961.6% | ||
| Q2 25 | — | -14832.1% | ||
| Q1 25 | -1418.9% | -131.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -100.4% | ||
| Q2 24 | — | -47.2% | ||
| Q1 24 | -93.9% | 1265.5% | ||
| Q2 22 | -367.8% | — |
| Q3 25 | $-0.16 | $0.62 | ||
| Q2 25 | — | $-4.27 | ||
| Q1 25 | $-0.27 | $-1.84 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-3.02 | ||
| Q2 24 | — | $-1.35 | ||
| Q1 24 | — | $40.31 | ||
| Q2 22 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $253.3M | $3.1B |
| Total Assets | $286.0M | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | — | ||
| Q2 22 | — | — |
| Q3 25 | $253.3M | $3.1B | ||
| Q2 25 | — | $452.5M | ||
| Q1 25 | $28.9M | $2.1M | ||
| Q4 24 | $27.0M | $2.1M | ||
| Q3 24 | — | $2.0M | ||
| Q2 24 | — | $2.8M | ||
| Q1 24 | $49.6M | $2.9M | ||
| Q2 22 | — | — |
| Q3 25 | $286.0M | $3.1B | ||
| Q2 25 | — | $453.9M | ||
| Q1 25 | $59.7M | $2.8M | ||
| Q4 24 | $51.1M | $2.6M | ||
| Q3 24 | — | $2.9M | ||
| Q2 24 | — | $3.8M | ||
| Q1 24 | $55.3M | $5.4M | ||
| Q2 22 | $85.1M | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | — | ||
| Q2 22 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-23.9M | $-6.3M |
| Free Cash FlowOCF − Capex | $-24.5M | $-6.3M |
| FCF MarginFCF / Revenue | -254.2% | -57.9% |
| Capex IntensityCapex / Revenue | 6.9% | 0.0% |
| Cash ConversionOCF / Net Profit | — | -0.06× |
| TTM Free Cash FlowTrailing 4 quarters | $-55.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-23.9M | $-6.3M | ||
| Q2 25 | — | $-1.6M | ||
| Q1 25 | $-15.9M | $-514.1K | ||
| Q4 24 | $-10.1M | $-22.8M | ||
| Q3 24 | — | $-591.2K | ||
| Q2 24 | — | $-1.7M | ||
| Q1 24 | $-4.1M | $-19.3M | ||
| Q2 22 | $-4.0M | — |
| Q3 25 | $-24.5M | $-6.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | $-16.2M | — | ||
| Q4 24 | $-10.2M | $-22.8M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-4.2M | $-19.3M | ||
| Q2 22 | — | — |
| Q3 25 | -254.2% | -57.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | -992.9% | — | ||
| Q4 24 | — | -2772.0% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -71.1% | -1977.2% | ||
| Q2 22 | — | — |
| Q3 25 | 6.9% | 0.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | 16.8% | — | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | 0.8% | 0.2% | ||
| Q2 22 | — | — |
| Q3 25 | — | -0.06× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -1.56× | ||
| Q2 22 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RCAT
| Products | $8.5M | 88% |
| Services | $1.2M | 12% |
SBET
| ETH Staking Segmet | $10.3M | 95% |
| Other | $569.8K | 5% |
