Signing Day Sports Achieves 334% Year-Over-Year Revenue Growth for First Quarter of 2024
Signing Day Sports (NYSE American: SGN) reported a 334% year-over-year revenue growth for Q1 2024, reaching approximately $235,000 compared to $54,000 in Q1 2023. Monthly paid subscriptions increased by over 200%, and the conversion rate from free trials to paid subscriptions exceeded 40%. The company has focused on expanding its app and user base, including bringing app development in-house and hiring an in-house engineer. However, higher expenses were noted, including $2.1 million in advertising, marketing, and administrative costs, leading to a net loss of $2.5 million for Q1 2024, up from $865,000 in Q1 2023.
- 334% year-over-year revenue growth in Q1 2024.
- Revenue increased from $54,000 in Q1 2023 to $235,000 in Q1 2024.
- Monthly paid subscriptions rose by over 200% year-over-year.
- Conversion rate from free trials to paid subscriptions exceeded 40%.
- Brought application development in-house, potentially enhancing app quality and performance.
- Introduced new sports support to the platform, expected to drive future growth.
- Net loss increased significantly from $865,000 in Q1 2023 to $2.5 million in Q1 2024.
- Advertising, marketing, and administrative expenses surged to approximately $2.1 million in Q1 2024, up from $727,000 in Q1 2023.
- Higher expenses, including one-time costs, negatively impacted the bottom line.
Signing Day Sports reported a significant 334% year-over-year revenue increase for Q1 2024. This kind of growth is noteworthy, especially for a company that recently went public. However, despite the impressive revenue figures, the company is still operating at a net loss of approximately
From a financial perspective, the key takeaway is the balance between revenue growth and expense management. The company's ability to convert free trials to paid subscriptions at a rate of more than
For retail investors, while the revenue growth is impressive, the continuing net losses and expense trends should be closely watched. The company's future financial health will depend on its ability to sustain revenue growth while managing costs effectively.
The increase in paid monthly subscriptions by over
The high conversion rate from free trials to paid subscriptions is also noteworthy. A
Retail investors should note that the company appears well-positioned for further growth, provided they continue to expand their value proposition and successfully launch new sports features. Monitoring user engagement and subscription renewal rates in subsequent quarters will be key to understanding long-term market acceptance and financial sustainability.
Paid Monthly Subscriptions Increase by More than
Conversion Rate from Free Trials to Paid Subscriptions at More than
SCOTTSDALE, Ariz., May 16, 2024 (GLOBE NEWSWIRE) -- 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
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
"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
Financial results for the three months ended March 31, 2024
- Revenue totaled approximately
$235,000 for the quarter ended March 31, 2024, an increase of334% , 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, LLC
212-671-1020
SGN@crescendo-ir.com
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