Connexa Sports Technologies, Inc., the parent of Slinger Bag, posted an operating loss of $1.2 million in the fiscal second quarter, which ended October 31, against a loss of $4.5 million a year ago.
Sales were down slightly to $2.3 million from $2.4 million in the year-ago period but would have increased approximately 10 percent over the prior year, including account orders received but not shipped due to inventory shortages.
For the six months, revenue reached $5.4 million compared to $6.0 million in the same period a year-ago and an operating loss of $3.1 million, down approximately 72 percent from the operating loss of $7.6 million in last year’s second quarter.
“Our underlying Slinger Bag business continues to be strong, and our focus on reducing our operating expense burden is already driving significant improvements in operating and net income results for both the quarter and half-year periods. Our expectation remains unchanged in that we expect to deliver revenue growth at least 10 percent for fiscal 2024 and to deliver sustainable operating profitability within the fourth quarter,” said Mike Ballardie, CEO of Connexa Sports Technologies.
“Slinger Bag remains strongly in demand by tennis consumers across the globe and we are now seeing demand increasing for both our recently introduced Pickleball and Padel Tennis launchers now that they are being seen in action out on courts everywhere,” he continued. “In the latest quarter, consumer demand in the US outstripped supply, and we found ourselves out of inventory for the last 2 weeks of the quarter. We are working with our Asian suppliers to build inventory at a faster rate for the balance of this fiscal year.”
Over the last few weeks, as part of its Sport-as-a-Service vision, Connexa Sports initiated beta testing of its Slinger App, bringing its AI algorithms and analysis for tennis. The Slinger App records practice sessions or match play videos, analyzes play, and provides feedback on how to improve.
Connexa Sports said the app provides an opportunity for supplemental revenue growth based on monthly or yearly subscriptions in the range of $15 and $100, respectively.
“We envision our AI platform as a product and technology that will be at the heart of ‘powering’ the Connexa portfolio of brands. It will be the driver of real-time data and analytics for tennis players and the Slinger App has been designed to be used both as a stand-alone app or in conjunction with a player using their Slinger Bag Launcher,” said Ballardie.
Photo courtesy Slinger Bag
