Signing Day Sports Achieves 334% Year-Over-Year Revenue Growth for First Quarter of 2024
16 Mai 2024 - 1:00PM
Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”)
(NYSE American: SGN), the developer of the Signing Day Sports app
and platform to aid high school athletes in the recruitment
process, today provided a business update and reported financial
results for the three months ended March 31, 2024.
Daniel D. Nelson, Chief Executive Officer and Chairman of
Signing Day Sports, remarked, "We are thrilled to announce a 334%
year-over-year revenue increase for the first quarter of 2024
compared to the first quarter of 2023. Since going public in late
2023, the Company has been intensely focused on expanding the
Signing Day Sports app and attracting more student-athletes to our
platform. In Q1 2024, we took strategic steps to position the
Company for long-term success. We brought application development
in-house and hired an in-house engineer to further develop the
application. Moreover, while expenses trended higher in the first
quarter of 2024 compared to the same quarter in 2023, some of these
were one-time costs including expenses associated with the app's
expansion. The Company is continuously reviewing its business
operations to identify opportunities to further reduce expenses,
which may positively impact our bottom line as we continue to grow.
We believe that we have developed an SaaS business model that
resonates with our audience," stated Mr. Nelson.
Jeff Hecklinski, President of Signing Day Sports, stated,
"Beyond our emphasis on developing the application, we are
dedicated to expanding our user base. We have increased our paid
monthly subscribers by over 200% in the first quarter of 2024
compared to the same period in 2023. We see this as just the start
and anticipate further subscriber growth with the introduction of
new sports support to our platform in the second quarter of
2024."
"Moreover, the success of our annual U.S. Army Combine events
has resulted in a greater number of student-athletes receiving free
one-month trial subscriptions to the app. Our conversion rate from
these free trials to paid subscriptions stands at more than 40%.
With plans to expand the application to more sports, we aim to
further support and guide student-athletes in their recruiting
journey. The future of the Signing Day Sports App and the Company
is extremely promising, and we are excited as we continue to
progress into 2024 and beyond," concluded Mr. Hecklinski.
Financial results for the three months ended March 31,
2024
- Revenue totaled approximately $235,000 for the quarter ended
March 31, 2024, an increase of 334%, compared to approximately
$54,000 for the three months ended March 31, 2023.
- Cost of revenues sold totaled approximately $69,000 for the
three months ended March 31, 2024, compared to approximately
$16,000 for the three months ended March 31, 2023.
- Advertising and marketing and general and administrative
expenses were approximately $2.1 million for the three months ended
March 31, 2024, compared to approximately $727,000 for the three
months ended March 31, 2023.
- Net loss was approximately $2.5 million, or ($0.16) per share,
for the three months ended March 31, 2024, compared to a net loss
of approximately $865,000, or ($0.12) per share, for the three
months ended March 31, 2023.
The complete financial results for the three months ended March
31, 2024, are available in the Company’s Quarterly Report on Form
10-Q, which was filed with the Securities and Exchange Commission
and is available at: www.sec.gov.
Signing Day Sports
Signing Day Sports' mission is to help student-athletes achieve
their goal of playing college sports. Signing Day Sports' app
allows student-athletes to build their Signing Day Sports'
recruitment profile, which includes information college coaches
need to evaluate and verify them through video technology. The
Signing Day Sports app includes a platform to upload a
comprehensive data set including video-verified measurables (such
as height, weight, 40-yard dash, wingspan, and hand size), academic
information (such as official transcripts and SAT/ACT scores), and
technical skill videos (such as drills and mechanics that exemplify
player mechanics, coordination, and development). For more
information on Signing Day Sports, go to
https://ir.signingdaysports.com/overview/default.aspx.
Forward-Looking Statements
This press release contains "forward-looking statements" that
are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of
words such as "may," "could," "will," "should," "would," "expect,"
"plan," "intend," "anticipate," "believe," "estimate," "predict,"
"potential," "project" or "continue" or the negative of these terms
or other comparable terminology. These statements are only
predictions. You should not place undue reliance on forward-looking
statements because they involve known and unknown risks,
uncertainties and other factors, including without limitation, the
Company's ability to obtain additional funding to develop
additional services and offerings, market acceptance of the
Company's current services and planned offerings, competition from
existing online and retail offerings or new offerings that may
emerge, impacts from strategic changes to our business on our net
sales, revenues, income from continuing operations, or other
results of operations, the Company's ability to attract new users
and customers, increase the rate of subscription renewals, and slow
the rate of user attrition, the Company's ability and third
parties' abilities to protect intellectual property rights, the
Company's ability to adequately support future growth, the
Company's ability to comply with user data privacy laws and other
current or anticipated legal requirements, and the Company's
ability to attract and retain key personnel to manage its business
effectively. These and other risks, uncertainties and other factors
are described more fully in the section titled “Risk Factors” in
the Company’s periodic reports which are filed with the Securities
and Exchange Commission. These risks and uncertainties are, in some
cases, beyond our control and could materially affect results. If
one or more of these risks or uncertainties occur, or if our
underlying assumptions prove to be incorrect, actual events or
results may vary significantly from those implied or projected by
the forward-looking statements. No forward-looking statement is a
guarantee of future performance. Forward-looking statements
contained in this announcement are made as of this date, and the
Company undertakes no duty to update such information except as
required under applicable law.
Investor Contacts:Crescendo Communications,
LLC212-671-1020SGN@crescendo-ir.com
Signing Day Sports (AMEX:SGN)
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