Signing Day Sports Financial Update
Achieves 75% Year-Over-Year Revenue Growth for Q2 2024 and 157% Growth for H1 2024
Retention Rate for Paid Subscriptions at More than 45% for Q2 2024
Signing Day Sports, Inc. (NYSE American: SGN) is the developer of the Signing Day Sports app and platform aimed at aiding high school athletes in the recruitment process. The company has shared its financial results for the three and six months ended June 30, 2024.
Daniel Nelson, Chief Executive Officer of Signing Day Sports, announced, "We are proud to report a 75% year-over-year revenue growth for Q2 2024 compared to Q2 2023, and a remarkable 157% year-over-year revenue growth for the first half of 2024 compared to the same period last year. This growth is driven by increased event and subscription revenue. Since going public in late 2023, we have focused on enhancing the Signing Day Sports app and attracting more student-athletes to the platform. We have made significant strides toward long-term success by bringing application development in-house and hiring new talent to advance the app functionality."
Mr. Nelson added, "We believe we are building something that can significantly impact many lives, fostering connections nationwide that inspire our team. The engagement from student-athletes and their families has been encouraging as we strive toward shared goals."
Jeff Hecklinski, President of Signing Day Sports, noted, "Throughout 2024, our team has made substantial improvements to the Signing Day Sports app, which continues to receive positive feedback from student-athletes and their families navigating the recruitment process. We have seen a 42% increase in paid subscriptions in Q2 2024 compared to Q2 2023, and a 96% growth in the first half of 2024 versus the previous year. Our app aids student-athletes and college programs in identifying matches for recruitment."
He continued, "Given our growth in app usage, we expect ongoing increases in paid subscriptions and revenue. Our enhanced visibility at recruitment events has introduced more student-athletes to our platform with a complimentary trial option. The retention rate for paid subscriptions exceeded 45% on a month-to-month basis for the quarter ended June 30, 2024. Additionally, we are beginning to see the positive effects of our partnerships with GOAT Farm Sports and SAJE Enterprises, which give us exclusive access to key recruitment events as sponsors. Our expansion into baseball, softball, and soccer recruitment complements these alliances and is set to drive new subscriptions and improve renewal rates, while lowering user attrition. We are eager to leverage our successes in the second half of 2024 and onwards."
Financial Performance Overview
Results for Q2 2024
Revenue reached approximately $0.20 million for the quarter ended June 30, 2024, marking a 75% increase from approximately $0.12 million in Q2 2023. The cost of revenues was around $0.06 million, compared to $0.01 million in the previous year. Advertising and marketing expenses were approximately $0.001 million, while general and administrative expenses rose to approximately $1.27 million from about $0.67 million. The net loss for Q2 2024 was roughly $1.3 million, with a diluted loss per share of $0.08, compared to a net loss of approximately $0.9 million and a diluted loss per share of $0.11 in the prior year.
Results for H1 2024
For the six months ended June 30, 2024, revenue totaled approximately $0.44 million, an increase of 157% from about $0.17 million in the identical period the previous year. The cost of revenues was approximately $0.13 million, compared to $0.01 million in 2023. Advertising and marketing expenditures were around $0.09 million while general and administrative costs escalated to approximately $3.31 million from about $1.22 million. The net loss for the first half of 2024 was about $3.8 million, with a diluted loss per share of $0.25, as against a net loss of approximately $1.7 million and a diluted loss per share of $0.22 in H1 2023.
Signing Day Sports is dedicated to helping student-athletes pursue their college sports aspirations through its application. The app facilitates students in developing a recruitment profile containing essential information that coaches need, including video-verified measurements like height, weight, academic records, and technical skill videos.
Frequently Asked Questions
What is Signing Day Sports?
Signing Day Sports is a platform designed to assist high school athletes in the recruitment process for college sports.
How much revenue growth did Signing Day Sports achieve?
The company reported a 75% revenue growth for Q2 2024 and 157% growth for the first half of 2024.
What is the retention rate for paid subscriptions?
The retention rate for paid subscriptions exceeded 45% for the fiscal quarter ended June 30, 2024.
What are the company's future expectations?
The company anticipates continued growth in paid subscriptions and revenue, driven by enhancements in their app and new strategic partnerships.
Who can use the Signing Day Sports app?
The app is designed for high school student-athletes and their families, as well as college coaches looking for potential recruits.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/