Connexa Sports Technologies Inc. - CNXA STOCK NEWS

Connexa Sports Technologies Inc. (CNXA) reported a 29% increase in revenue for the quarter ending January 31, 2024, with operating expenses reduced by 26% year-to-date. The operating loss improved by 38% year-to-date, and net income saw a 92% improvement for Q3 and 96% year-to-date. Despite challenges in inventory availability, the company remains resilient, with revenue on track for an estimated 5% growth in FY24.

Connexa Sports Technologies Inc. (CNXA) has regained compliance with Nasdaq's minimum shareholder equity rule by receiving a $16.5 million investment from three non-US investors. This investment allows the company to meet the Shareholder's Equity compliance threshold, as detailed under Nasdaq listing requirements. CEO Mike Ballardie expressed delight in welcoming the new investors into the company.

Connexa Sports Technologies Inc. (Nasdaq:CNXA) has received very positive feedback from beta testers for its AI-driven Slinger App for tennis, including ATP Coach of the Year Darren Cahill. The app, powered by Gameface, provides tennis players with analytics data through an AI platform, with plans to launch a 'freemium' version in February 2024 and offer a subscription service for advanced features. The Slinger App aims to provide regular, actionable insights to help players improve their game and is designed for both iOS and Android users.

Connexa Sports Technologies Inc. (Nasdaq:CNXA) appoints ArenaCX as a strategic partner for outsourcing Slinger Bag's consumer response and service operations, resulting in a 90% improvement in customer response times in the first month. Customer satisfaction also increases by 12%.

Connexa Sports Technologies Inc. (Nasdaq:CNXA) announced that its partnership with AdVenture Media Group has resulted in close to $2 million in revenue for its operating company, Slinger Bag, with an average 18.9X Return on Advertising Spend (ROAS) over the past 3 months. The media campaign during Black Friday week achieved an impressive 35X ROAS. AdVenture Media, a New York-based digital marketing agency, has been instrumental in delivering outstanding digital advertising results for Slinger Bag, leveraging their expertise as a Google Premier Partner and their experience with leading brands like Forbes®, Nasdaq®, Hanes®, and AMC Networks®.

Connexa Sports Technologies Inc. (CNXA) confirms the initial roll-out of the beta version of its Slinger App for tennis will start this week, with 250 tennis players per day being given free access to the app. The app, powered by Gameface, provides tennis players with access to analytics data through an AI platform that analyzes and extracts data from uploaded player practice or match videos. The app is designed to be used both as a stand-alone app or in conjunction with a player using their Slinger Bag Launcher. The 'freemium' version is planned to launch in February 2024, with a subscription service to follow as new analytic features are added. The company aims to access the growing sports AI market, which was recognized as being USD 2.1 billion in 2022 and is expected to grow at a CAGR of 30.10% from 2023-2030.

Connexa Sports Technologies Inc. (CNXA) reported a 59 percent improvement in operating loss for the quarter ended October 2023 and a 72 percent improvement year-to-date. Operating expenses were reduced by 60 percent year-on-year, and the company achieved positive net income for the 6 months to October 2023. Revenue is on track for an estimated 10 percent growth in FY24, with operational profitability expected by 4Q24.

Connexa Sports Technologies Inc. (Nasdaq:CNXA) announces the beta launch of the Slinger Bag analytics app for tennis - powered by Gameface Artificial Intelligence (AI) - available for iOS and Android users. The app provides invaluable insights into players' tennis game by analyzing data from uploaded player or match videos. The Slinger App uses a patent-pending AI algorithm to recognize and analyze core fundamentals in different playing styles and techniques, offering self-coaching tips and insights for improvement. The launch of the Slinger App is expected to drive significant consumer engagement and generate recurring revenues in the growing Sports AI market.

Connexa Sports Technologies Inc. (Nasdaq:CNXA) has been granted utility and design patents in several key commercial and manufacturing territories for its Slinger Bag Ball Launcher, covering all ball sport verticals and key features like the Oscillator and Telescopic Ball Collector Tube.