SportsMap Tech Acquisition (SMAP) - 2025 Q1 - Quarterly Results

Revenue Performance - First quarter revenue decreased 49% to $1.2 million from $2.3 million in 2024[6] - Software revenue increased 25% to $0.25 million from $0.2 million in 2024[6] Net Loss and Expenses - Net loss per share decreased 58% to $0.14 as of March 31, 2025[6] - Total operating expenses for the first quarter were $5.3 million, compared to $3.4 million in 2024[11] - Operating loss for the first quarter was $4.6 million, compared to a loss of $2.6 million in 2024[11] Customer Engagement and Retention - The company received $2.1 million in subscription renewals from its largest customer, expected to be recognized over a 12-month period starting June 2025[6] - A leading automaker has renewed its subscriptions for MSAI Connect, indicating strong customer retention[6] Product and Market Development - Active sensors connected to the MSAI Connect platform increased to approximately 550, a 19% increase quarter over quarter and over 500% year over year[6] - The company is seeing traction with early fire detection pilots in various industries, including automotive and manufacturing[6] Liquidity - The company maintained a current ratio of 1.4 as of March 31, 2025, indicating overall liquidity[6]