SportsMap Tech Acquisition (SMAP) - 2024 Q2 - Quarterly Results

Financial Performance - Second quarter revenue increased by 59% year over year, reaching $2.1 million compared to $1.3 million in Q2 2023[2] - First half of 2024 revenue rose by 90% year over year, from $2.3 million to $4.4 million[2] - Annual recurring revenue surged approximately 500%, increasing from $450 thousand to $2.7 million[2] - Operating loss for Q2 2024 was $4.8 million, compared to a loss of $3.2 million in Q2 2023[9] - Net loss for the second quarter was $6.4 million, compared to a net loss of $0.7 million in the same period last year[9] Capital and Debt Management - The company raised $26.5 million through a public offering of $11.5 million and a private placement of $15 million[2] - All remaining convertible notes and other debt totaling $7.05 million were converted to equity, eliminating future liabilities[5] Business Development - MSAI launched its Inspections business, expanding service offerings to meet enterprise customer needs[3] - A strategic partnership was established with Denali Advanced Integration to facilitate customer access to MSAI's solutions[3] Compliance and Governance - The company demonstrated compliance with NASDAQ listing requirements by significantly strengthening shareholders' equity[3]