Connexa Announces Continued Growth for Tennis Ball Launcher
- Slinger Bag Tennis Launcher has been incredibly successful with cumulative sales of $40 million.
- Tennis market expected to grow at a CAGR of 2.9% over the next six years.
- Slinger Bag expects to deliver an operating profit in Q4 FY24.
- None.
- Connexa Sports’ original portfolio product continues to be in high demand from global tennis players.
- The Slinger Bag Tennis Launcher surpasses
$40 million in cumulative revenues since launch in July 2020 - Connexa Sports expects to deliver an operating profit in Q4 FY24
- The global tennis market continues to expand to over 120 million players by 20301
BALTIMORE, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Connexa Sports Technologies Inc. (NASDAQ: CNXA) (www.connexasports.com) is pleased to announce that its flagship consumer product, Slinger Bag (www.slingerbag.com), continues to deliver strong consumer demand for its original Tennis launcher, a single product offering, which debuted in late summer 2020 and has seen cumulative sales through to today, in excess of
As a single product offering in Tennis, the Slinger Bag Tennis Launcher has been incredibly successful as a result of its market-disruptive, highly-transportable, versatile and
Globally there are 87 million tennis players, which represent a
In fact we would go as far to say that over the past 3 years that Slinger Bag has been available in the global tennis market, that Slinger Bag has contributed to this increase in levels of participation by eliminating the constant challenge of finding a playing partner and by making Tennis accessible to all players of all ages and abilities, generating more tennis play sessions, more often. With a Slinger Bag players can hit balls at any time and in any place. You don’t even need a court!
This positive participation growth is also being experienced across all racquet sport categories and plays into the hands of Slinger Bag and its innovative ball launchers. Slinger Bag is now also available for Pickleball and Padel Tennis and the company’s goal is to contribute to continually attracting new players to these sports and to supporting avid players, teaching pros, rising juniors, and professional athletes alike.
“We continue to be excited at the rapid growth we see every day in our Slinger Bag tennis ball launcher. It is amazing that a new brand can garner such global awareness and support with a single product. Our knowledge and understanding of the needs and expectations of racquetsports consumers is such that the product sells itself based on it features, benefits, performance and value for money” said Mike Ballardie, CEO of Connexa Sports. “ Slinger Bag has already resonated with so many players across the globe who are now important advocates for the brand and who are generating their own highly valuable user video content around training practices and drills. Not many much more established brands see this level of consumer engagement” continued Ballardie.
“As we look out over the balance of our Fiscal 2024 year our expectation is to deliver continued growth in our Slinger Bag business, with cumulative Tennis launcher sales expected to exceed
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About Connexa Sports Technologies:
Connexa Sports a leading connected sports company delivering products, technologies, and Sport-as-a-Service across a range of sport verticals. Connexa’s mission is to reinvent sports through technological innovation driven by an unwavering focus on today’s sports consumer.
Contact Information:
investors@connexasports.com
(443) 407-7564
www.connexasports.com
Forward-Looking Statements
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.
Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in “Item 1A. Risk Factors” in our 10-K filing as of September 14, 2023 and our ability to continue as a going concern. Accordingly, you should not rely on these forward-looking statements, which speak only as of the date of this press release. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this press release.
In addition, statements such as “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and you are cautioned not to rely unduly on these statements.
Although we believe the expectations reflected in the forward-looking statements were reasonable at the time made, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should carefully consider the cautionary statements contained or referred to in this section in connection with the forward-looking statements contained in this press release and any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf.
1 International Tennis Federation Global Report (2021)
2 https://www.usta.com/en/home/stay-current/national/u-s--tennis-participation-grew-for-third-straight-year-in-2022.html
3 https://biz.crast.net/fmi-tennis-equipment-market-growing-at-a-cagr-of-2-9-in-the-forecast-period-2029/
FAQ
What is the cumulative revenue of Slinger Bag Tennis Launcher since its launch?
What is the expected growth rate of the tennis market?
When does Slinger Bag expect to deliver an operating profit?
