Core Viewpoint - Signing Day Sports, Inc. reported significant growth in student-athlete subscriptions and provided an update on its financial performance for the nine and three months ended September 30, 2024, highlighting both revenue growth and increased net losses [1][2][3]. Financial Performance - For the nine months ended September 30, 2024, revenue was approximately $0.49 million, up from approximately $0.23 million in the same period of 2023, representing a growth of over 113% [3]. - Cost of revenues for the same period was approximately $0.16 million, compared to approximately $0.04 million in 2023 [3]. - Advertising and marketing expenses decreased to approximately $0.09 million from approximately $0.31 million year-over-year [3]. - General and administrative expenses rose to approximately $4.77 million from approximately $1.84 million in the prior year [3]. - The net loss for the nine months was approximately $5.41 million, with a diluted loss per share of $0.34, compared to a net loss of approximately $2.68 million and a diluted loss per share of $0.35 in 2023 [3]. Quarterly Results - For the three months ended September 30, 2024, revenue was approximately $0.06 million, remaining relatively flat compared to the same quarter in 2023 [4]. - Cost of revenues for the quarter was approximately $0.03 million, up from approximately $0.01 million in the prior year [4]. - Advertising and marketing expenses were approximately $(0.001) million, a significant decrease from approximately $0.76 million in the comparable period of 2023 [4]. - General and administrative expenses for the quarter were approximately $1.46 million, compared to approximately $0.57 million in the same quarter of 2023 [4]. - The net loss for the quarter was approximately $1.60 million, with a diluted loss per share of $0.09, compared to a net loss of approximately $0.9 million and a diluted loss per share of $0.12 in 2023 [4]. Business Model and Mission - Signing Day Sports aims to assist student-athletes in achieving their goal of playing college sports through its app, which allows them to create recruitment profiles that include essential information for college coaches [6]. - The app features a platform for uploading comprehensive data sets, including video-verified measurables, academic information, and technical skill videos [6].
Signing Day Sports Announces Selected Financial Results for Nine and Three Months Ended September 30, 2024