Slinger Reports Fiscal 2020 Financial Results

Rhea-AI Summary

Slinger Bag Inc. (OTCQB: SLBG) reported impressive revenues of $11.2 million for the fiscal year ending April 30, 2021, driven by the sale of approximately 20,000 tennis ball launchers. The company signed 50 distributor agreements across six continents and plans to release Slinger Bags for two additional sports, along with an AI-driven app in 2021. The strong market demand is underscored by a 44% increase in new tennis players during the pandemic. Slinger projects sales of $18 million for the 2021 fiscal year, highlighting robust growth momentum.

Positive

• Generated gross revenues of $11.2 million in the first full year.
• Sold over 20,000 Slinger Bag tennis ball launchers.
• Projected sales of $18 million for the 2021 fiscal year.
• Established 50 distribution agreements across six continents.
• Acquired a leading tennis SaaS technology platform, Foundation Tennis.

Negative

• None.

The tennis innovator generated revenues of $11.2 million on sales of approximately 20,000 Slinger Bag tennis ball launchers, signed distribution deals across six continents, and is set to both release Slinger Bags for two new sports and launch an AI-driven tennis app in 2021

BALTIMORE, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Slinger Bag Inc. (OTCQB: SLBG) ("Slinger" or the "Company"), a sports brand focused on innovating game improvement technology and equipment, with the vision to become a leading connected sports company, today reported revenues and earnings for the fiscal year ending April 30, 2021. In its first full year of operations, Slinger generated gross revenues of $11.2 million on sales of over 20,000 Slinger Bag tennis ball launchers and accessories. The strong first year sales numbers speak to the product-market fit the Company has achieved with the Slinger Bag across all levels of tennis, from professionals to new players and federations to local clubs and courts. Buoyed by an uptick in tennis participation during the COVID-19 pandemic, Slinger has caught the attention of the entire sport, attracted new players and has changed how the sport is practiced, played, and enjoyed.

In 2020, Slinger also constructed a world-class ambassador team, led by tennis icon Tommy Haas, acquired leading tennis SaaS technology platform Foundation Tennis, solidified 50 distributor agreements across six continents, and partnered with many of the leading incumbent brands in the sport, such as Dunlop and Wilson Sporting Goods. “We are proud today to share our strong financial numbers from the 2020 fiscal year, our first full year of operations selling the Slinger Bag,” said Slinger CEO Mike Ballardie. “We have been continually impressed by the growing demand for the Slinger Bag, and we ended the fiscal year on a high note with our most successful quarter to date and sustained growth in both unit sales and overall revenues. We have been very busy into the new fiscal year as well and our internal plans and strategy is aggressive as we continue to build a leading connected sports company.”

With its recent acquisition of Foundation Tennis and upcoming internal technology developments, new products and app release, Slinger continues to establish its position as a leading connected sports company globally, combining its proprietary and innovative Slinger Bag with SaaS capabilities, AI-driven software, and a consumer brand with a strong affinity among its users.

As an affordable and accessible consumer product, Slinger is well-positioned to capitalize on the growth in tennis interest and participation brought on by the pandemic due to the socially distanced nature of the sport. 2020 saw a significant increase in both new players in the sport (44 percent) and racquet sales (40 percent), as well as overall participation growth (20 percent).¹ “We have made significant progress as a company in a short amount of time, and the future is very bright. From the addition of Foundation Tennis to the release of the Slinger app, to key internal hires, new ambassadors, and partnerships, the sky's the limit for the Slinger brand in 2021 as we go deeper into tennis to best serve our customers and expand into new sport verticals,” continued Ballardie.

Fiscal Year 2020 Financial Highlights (ending April 30^th, 2021)

• Gross Sales: $11.2 million
• Q4 Gross Sales: $3.5 million
• 2020 Gross Profit: $3.1 million
• Q4 Gross Profit: $1.6 million
• Slinger Bags Sold: 20,000
• Q4 Slinger Bags Sold: 5,500

Fiscal Year 2020 Commercial Highlights (ending April 30^th, 2021)

• 50 distributor agreements across six continents
• Sponsored key tennis events (US Open, Tie Break Tens, Battle of the Brits, Miami Open, Ultimate Tennis Showdown)
• Key media features (Fox Business, Forbes, WSJ, GQ, Seeking Alpha, Tennis Esquire, New York Times, Financial Times, Tennis Channel, Telegraph, The Guardian, Newsmax, Sky News) 
• Uplisted to the OTCQB Venture Market
• Signed key strategic partnerships (DAHCOR, USTA, Dunlop, Wilson Sporting Goods, Peter Burwash International, TB10, Team Headquarters, Peter Burwash International)
  
  

The company projects sales of $18 million for its Slinger Bag in the 2021 fiscal year, intends to launch two additional Slinger Bag products, and is set to release its AI-driven Slinger app later this summer.

The Slinger Bag is available to order now - to find out more about Slinger Bag, visit https://slingerbag.com.

ENDS

For Investor Relations inquiries visit slingerbagir.com, contact investors@slingerbag.com or 443-407-7564.

To contact the US Slinger Press Office, Brittany Zoet at Uproar PR, bzoet@uproarpr.com

To contact the EU and UK Slinger Press Office, Joe Murgatroyd at Brandnation, Press@slingerbag.com or +44(0)207 940 7294

Slinger Legal Counsel: Kalfa Law. Contact: shira@kalfalaw.com.

About Slinger Bag^®: Slinger^® is a new sports brand focused on delivering innovative, game improvement technologies and equipment across all ball sport categories. With the vision to become a leading connected sports company, Slinger^® enhances the skill and enjoyment levels of players of all ages and abilities. Slinger^® is initially focused on building its brand within the global tennis market, through its Slinger Bag^® Tennis Ball Launcher and Accessories. Slinger Bag^® has underpinned its proof of concept with over $200M of retail value in global distribution agreements since the Spring of 2020. Led by CEO Mike Ballardie (former Prince CEO and Wilson EMEA racquet sports executive) Slinger^® is primed to disrupt what are traditional global markets with its patented, highly transportable, and affordable Slinger Bag^® Launcher and its suite of connected app and SaaS services.

Slinger Bag Disclaimer: Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company's products and services, the ability to complete development plans in a timely manner, changes in relationships with third parties, product mix sold by the Company and other factors described in the Company's most recent periodic filings with the Securities and Exchange Commission, including its 2019 Annual Report on Form 10-K and quarterly reports on Form 10-Q.

Forward-Looking Statements: This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.

These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential, "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

¹https://www.espn.com/tennis/story/_/id/30882614/survey-tennis-participation-increased-covid-19-pandemic

Attachment

• Slinger Bag Inc.

FAQ

What were Slinger Bag's total revenues for the fiscal year 2021?

Slinger Bag reported total revenues of $11.2 million for the fiscal year ending April 30, 2021.

How many tennis ball launchers did Slinger Bag sell in its first year?

Slinger Bag sold approximately 20,000 tennis ball launchers in its first full year.

What is Slinger Bag's sales projection for the fiscal year 2022?

Slinger Bag projects sales of $18 million for the fiscal year 2022.

What new products is Slinger Bag planning to release?

Slinger Bag plans to release Slinger Bags for two new sports and an AI-driven tennis app in 2021.

What growth has Slinger Bag experienced during the pandemic?

There was a 44% increase in new players in tennis during the pandemic, which aided Slinger Bag's market demand.