Signing Day Sports Announces Selected Financial Results for Three and Six Months Ended June 30, 2024
2024年8月20日 - 7:00PM
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 announced selected
financial results for the three and six months ended June 30, 2024.
Daniel Nelson, Chief Executive Officer and Chairman of Signing
Day Sports, stated, "We are proud to announce 75% year-over-year
revenue growth for Q2 2024 compared to Q2 2023, along with an even
more remarkable 157% year-over-year revenue growth for the first
half of 2024 compared to the same period last year. This impressive
growth is primarily driven by increases in both event and
subscription revenue. Since going public in late 2023, the Company
has been laser-focused on expanding the Signing Day Sports app and
attracting more student-athletes to our platform. In 2024, we have
taken strategic steps to better position the Company for long-term
success, including bringing application development in-house and
hiring an in-house engineer to elevate the app to the next
level.”
“We know that we are building something truly special that can
positively impact many lives. The connections we have made across
the country have been incredibly encouraging for our team and it is
inspiring to see how they engage with so many people, working
together toward a shared goal. The energy and dedication we have
experienced is remarkable and we are excited to continue building
relationships, supporting student-athletes and their families in
reaching their goals,” concluded Mr. Nelson.
Jeff Hecklinski, President of Signing Day Sports, stated,
"Throughout 2024, we have made significant enhancements to the
Signing Day Sports app, which continues to earn praise from
student-athletes and their families as they navigate their way
through the recruiting process. Alongside our focus on app
development, we are also dedicated to expanding our paid subscriber
base. In Q2 2024, paid subscriptions increased by 42% compared to
the same quarter in 2023, with an impressive 96% growth in the
first half of 2024 compared to the same period in 2023. The Signing
Day Sports app has been used by student-athletes and their families
and the college programs across the country that use the app to
identify good fits for their respective programs.”
"Based on the growth in paying app users during the first half
of 2024, we anticipate continued growth in paid user subscriptions
and revenue moving forward. Our enhanced presence at recruiting
events has exposed more student-athletes to the app through a free
one-month trial. Our retention rate for paid subscriptions from
month to month was over 45% for the fiscal quarter ended June 30,
2024. During the past quarter, we also began to see the impact of
our strategic alliances with GOAT Farm Sports (U.S. Army Bowl) and
SAJE Enterprises (EDP Soccer), which provide us with preferential
access to key recruitment events where we serve as the official
sponsor. Moreover, our platform expansion to include baseball,
softball, and soccer recruitment has broadened our reach and aligns
with the goals of these collaborations. We believe these
initiatives will drive new subscriptions, boost renewal rates, and
lower user attrition. We’re excited to build upon our progress in
the second half of 2024 and beyond."
Financial results for the three months ended June 30,
2024
- Revenue totaled approximately $0.20 million for the quarter
ended June 30, 2024, an increase of 75%, compared to approximately
$0.12 million for the comparable 2023 quarter.
- Cost of revenues totaled approximately $0.06 million for the
three months ended June 30, 2024, compared to approximately $0.01
million for the three months ended June 30, 2023.
- Advertising and marketing expenses were approximately $0.001
million for the three months ended June 30, 2024, compared to
approximately $0.107 million for the 2023 comparable period.
- General and administrative expenses were approximately $1.27
million for the three months ended June 30, 2024, compared to
approximately $0.67 million for the 2023 comparable period.
- Net loss was approximately $1.3 million, and diluted loss per
share was $0.08, for the three months ended June 30, 2024, compared
to a net loss of approximately $0.9 million, and diluted loss per
share of $0.11, for the three months ended June 30, 2023.
Financial results for the six months ended June 30,
2024
- Revenue totaled approximately $0.44 million for the six months
ended June 30, 2024, an increase of 157%, compared to approximately
$0.17 million for the comparable 2023 period.
- Cost of revenues totaled approximately $0.13 million for the
six months ended June 30, 2024, compared to approximately $0.01
million for the six months ended June 30, 2023.
- Advertising and marketing expenses were approximately $0.09
million for the six months ended June 30, 2024, compared to
approximately $0.20 million for the 2023 comparable period.
- General and administrative expenses were approximately $3.31
million for the six months ended June 30, 2024, compared to
approximately $1.22 million for the 2023 comparable period.
- Net loss was approximately $3.8 million, and diluted loss per
share was $0.25, for the six months ended June 30, 2024, compared
to a net loss of approximately $1.7 million, and diluted loss per
share of $0.22, for the six months ended June 30, 2023.
The selected results included in this press release should
be reviewed together with the Company’s complete financial results
as of and for the three and six months ended June 30, 2024. The
complete financial results as of and for the three and six months
ended June 30, 2024 are available in the Company’s Quarterly Report
on Form 10-Q, which was filed with the Securities and Exchange
Commission on August 19, 2024, 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://bit.ly/SigningDaySports.
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 sufficient funding to maintain
operations and develop additional services and offerings, market
acceptance of the Company's current products and services and
planned offerings, competition from existing online and retail
offerings or new offerings that may emerge, impacts from strategic
changes to the Company's business on its 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 to retain or obtain 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 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, uncertainties and other
factors are, in some cases, beyond our control and could materially
affect results. If one or more of these risks, uncertainties or
other factors become applicable, 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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