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Signing Day Sports, Inc. (NYSE American: SGN) is a leading technology company dedicated to revolutionizing the college sports recruitment process for high school athletes. The company's flagship platform, Signing Day Sports, is a comprehensive digital ecosystem designed to help student-athletes get discovered and recruited by coaches and recruiters nationwide.
Through the Signing Day Sports app, high school athletes can create robust recruitment profiles that include video-verified measurables (such as height, weight, and 40-yard dash times), academic information (like transcripts and SAT/ACT scores), and technical skill videos. This extensive data set is essential for college coaches to evaluate and verify the athletes' capabilities, making the recruitment process more efficient and transparent.
The company has achieved significant milestones, including record participation at the 2023 U.S. Army Bowl Week, where 1,000 new athletes signed up for the app. It also announced a schedule of 21 events for the 2024 U.S. Army Bowl National Combine Series, which will expose over 4,000 student-athletes to its platform. These events are crucial in providing recruitment exposure and promoting the app to new users.
Financially, Signing Day Sports has reported a 334% year-over-year revenue increase for Q1 2024, reflecting its expanding influence and growing subscriber base. The company has also diversified its revenue streams by launching a new line of dietary supplements and branded apparel, catering to the holistic needs of student-athletes.
The company's mission is to help student-athletes achieve their dream of playing college sports. With plans to expand its platform to support additional sports, Signing Day Sports continues to innovate and grow, offering unparalleled support and opportunities for aspiring college athletes.
Signing Day Sports (NYSE American: SGN) reported a 334% year-over-year revenue growth for Q1 2024, reaching approximately $235,000 compared to $54,000 in Q1 2023. Monthly paid subscriptions increased by over 200%, and the conversion rate from free trials to paid subscriptions exceeded 40%. The company has focused on expanding its app and user base, including bringing app development in-house and hiring an in-house engineer. However, higher expenses were noted, including $2.1 million in advertising, marketing, and administrative costs, leading to a net loss of $2.5 million for Q1 2024, up from $865,000 in Q1 2023.
Signing Day Sports, Inc. provided an update on its annual report, revealing audited financial statements for the fiscal year ended December 31, 2023. The report included an audit opinion with a going concern emphasis of matter paragraph. This announcement is in compliance with NYSE American regulations and does not alter any previous filings for the year.
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