Slinger Bag reported sales of $2.5 million in the first quarter ended July 31 versus $600,000 last year.

Gross profit was $800,000 against a loss of $400,000 a year ago. The net loss and loss per share were $3.4 million, or 12 cents, respectively.

Other highlights of the quarter include:

  • Appointed Jason Seifert as CFO;
  • Expanded distribution into China, Hong Kong and Macau markets;
  • Acquired Foundation Tennis, a SaaS technology company;
  • Signed brand ambassador agreements with Darren Cahill, Genie Bouchard and Dustin Brown;
  • Entered strategic partnership with hospitality innovator David Grutman;
  • Partnered with the Ultimate Tennis Showdown (UTS); and
  • Uplisting to NASDAQ.

“We are thrilled to see demand for the Slinger Bag continue to accelerate and expect this trend to continue in the US direct-to-consumer channel and internationally through our strong distribution networks,” said Mike Ballardie, Slinger CEO. “However, we were impacted by the global shipping and logistics issues facing many companies with production in Asia, which pushed out $1.1 million in revenue into the second quarter. We took immediate action to reduce future inventory risk by acquiring inventory earlier than planned in order to meet anticipated demand through April 2022.”

Slinger recently began the process of uplisting its shares to NASDAQ. The company has hired Lucosky Brookman LLP as counsel to advise it through this process.

Ballardie said, “As we look to the future, we have taken the initial steps towards transforming Slinger from an innovative tennis hardware company into a disruptive connected sports technology company. The first phase is ramping up rapidly as we drive distribution and brand awareness for our flagship product, the Slinger Bag, while simultaneously investing in a variety of ‘smart’ technologies including Artificial Intelligence (AI), video analytics and first-party data, setting the company on a path to provide a suite of analytics and services all aimed at generating future recurring revenue, SaaS and subscription offerings.

“Our Foundation Tennis acquisition was one such example, bringing commercial SaaS applications focused on tennis club/facility administration, management and booking systems, along with over one million club members already active within their ecosystem. As we look beyond this initial phase, we see additional opportunities to repeat this model across multiple sports including Pickleball, Padel and Soft Tennis, as well as Baseball, Softball and Cricket.

“The second phase of this process will incorporate a roll-out of our AI-driven technology giving players access to deep insights and biomechanical feedback aimed at helping them optimize their game in a way that has never been available before.

“To support this strategy, we have embarked on the application process to list our shares on the NASDAQ, which will, in turn, enhance awareness of Slinger within the investment community, increasing liquidity and providing broader access to investor capital. We are very excited about the opportunities ahead of us to build a world-class, growth-orientated connected sports company.”