Achieves revenue growth of 75% year-on-year in Q2 2024 and 157% in H1 2024

Retention rate for paid subscriptions exceeds 45% in Q2 2024

SCOTTSDALE, Arizona, August 20, 2024 (GLOBE NEWSWIRE) — Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), the developer of the Signing Day Sports app and platform to assist high school athletes in the recruiting process, today provided a business update and announced select financial results for the three and six months ended June 30, 2024.

Daniel Nelson, Chief Executive Officer and Chairman of Signing Day Sports, stated, “We are proud to announce revenue growth of 75% for the second quarter of 2024 compared to the second quarter of 2023, along with an even more remarkable revenue growth of 157% year-over-year for the first half of 2024 compared to the same period last year. This impressive growth was primarily driven by increased event and subscription revenue. Since going public in late 2023, the Company has been laser-focused on growing the Signing Day Sports app and attracting more student-athletes to our platform. In 2024, we took strategic steps to better position the Company for long-term success, including bringing the application into-house and hiring an in-house engineer to take the app to the next level.”

“We know we are building something truly special that can positively impact the lives of many. The connections we have made across the country have been incredibly encouraging for our team and it is inspiring to see them engaging with so many people and working together toward a common goal. The energy and dedication we have witnessed is remarkable and we look forward to continuing to build relationships and support student-athletes and their families in achieving their goals,” concluded Mr. Nelson.

Jeff Hecklinski, President of Signing Day Sports, stated, “Throughout 2024, we made significant improvements to the Signing Day Sports app, which continues to receive praise from student-athletes and their families as they move through the recruiting process. In addition to our focus on app development, we are also dedicated to growing our paying subscriber base. In the second quarter of 2024, paid subscriptions increased 42% compared to the same quarter of 2023, with an impressive 96% growth in the first half of 2024 compared to the same period in 2023. The Signing Day Sports app has been used by student-athletes and their families, as well as the college programs across the country who use the app to find great matches for their respective programs.”

“Based on the growth in paying app users in the first half of 2024, we expect continued growth in paid user subscriptions and revenue going forward. Our increased presence at recruiting events has exposed more student-athletes to the app through a free one-month trial. Our paid subscription retention rate was over 45% month-over-month for the fiscal quarter ended June 30, 2024. This past quarter, we also began to see the impact of our strategic alliances with GOAT Farm Sports (US Army Bowl) and SAJE Enterprises (EDP Soccer), which provide us with preferred access to key recruiting events where we are an official sponsor. In addition, our platform expansion to include baseball, softball and soccer player recruitment has expanded our reach and is consistent with the goals of these collaborations. We believe these initiatives will drive new subscriptions, increase renewal rates and reduce user churn. We look forward to building on our progress in the second half of 2024 and beyond.”

Financial results for the three months ended June 30, 2024

• Total revenues for the quarter ended June 30, 2024 were approximately $0.20 million, an increase of 75% from approximately $0.12 million for the comparable quarter in 2023.
• Cost of sales totaled approximately $0.06 million for the three months ended June 30, 2024, compared to approximately $0.01 million for the three months ended June 30, 2023.
• Advertising and marketing expenses were approximately $0.001 million for the three months ended June 30, 2024, compared to approximately $0.107 million for the comparable period in 2023.
• General and administrative expenses were approximately $1.27 million for the three months ended June 30, 2024, compared to approximately $0.67 million for the comparable period in 2023.
• For the three months ended June 30, 2024, net loss was approximately $1.3 million and diluted loss per share was $0.08, compared to net loss of approximately $0.9 million and diluted loss per share of $0.11 for the three months ended June 30, 2023.

Financial results for the six months ended June 30, 2024

• Total revenues for the six months ended June 30, 2024 were approximately $0.44 million, an increase of 157% from approximately $0.17 million for the comparable period in 2023.
• Cost of sales totaled approximately $0.13 million for the six months ended June 30, 2024, compared to approximately $0.01 million for the six months ended June 30, 2023.
• Advertising and marketing expenses were approximately $0.09 million for the six months ended June 30, 2024, compared to approximately $0.20 million for the comparable period in 2023.
• General and administrative expenses were approximately $3.31 million for the six months ended June 30, 2024, compared to approximately $1.22 million for the comparable period in 2023.
• For the six months ended June 30, 2024, net loss was approximately $3.8 million and diluted loss per share was $0.25, compared to net loss of approximately $1.7 million and diluted loss per share of $0.22 for the six months ended June 30, 2023.

The selected results contained in this press release should be reviewed together with the Company’s complete financial results for the three and six months ended June 30, 2024. Complete financial results for the three and six months ended June 30, 2024 will be available in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 19, 2024 and available at www.sec.gov.

Day of contract signing Sport

Signing Day Sports’ mission is to help student-athletes achieve their goal of playing college sports. The Signing Day Sports app allows student-athletes to create their Signing Day Sports recruiting profile, which includes information college coaches need to evaluate and verify them via video technology. The Signing Day Sports app includes a platform to upload a comprehensive data set, including video-verified metrics (such as height, weight, 40-yard dash, wingspan, and hand size), academic information (such as official transcripts and SAT/ACT scores), and technical skill videos (such as drills and mechanics that illustrate player mechanics, coordination, and development). For more information about Signing Day Sports, visit https://bit.ly/SigningDaySports.

Forward-looking statements

This press release contains “forward-looking statements” that are subject to significant risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements in this press release can be identified by the use of words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, including, but not limited to, the Company’s ability to raise sufficient funds to maintain operations and develop additional services and offerings, market acceptance of the Company’s current products and services and planned offerings, competition from existing online and retail offerings or potentially new offerings that may be launched, impact of strategic changes to the Company’s business on its net sales, revenues, results from continuing operations or other results of operations, the Company’s ability to attract new users and customers, increase subscription renewal rates and reduce user churn rates, the Company’s ability to retain or acquire intellectual property rights, the Company’s ability to adequately support future growth, the Company’s ability to comply with user privacy laws and other current or anticipated legal requirements, and the Company’s ability to attract and retain key personnel to effectively manage its business. These risks, uncertainties and other factors are described more fully in the “Risk Factors” section of the Company’s periodic reports filed with the Securities and Exchange Commission. These risks, uncertainties and other factors are, in some cases, beyond our control and could materially affect results. Should one or more of these risks, uncertainties or other factors materialize, or should our underlying assumptions prove incorrect, actual events or results may differ materially from those implied or projected in the forward-looking statements. No forward-looking statement is a guarantee of future performance. The forward-looking statements contained in this announcement are made as of the date hereof, and the Company undertakes no obligation to update this information, except as required by applicable law.

Contacts for investors:
Crescendo Communications, LLC
212-671-1020
[email protected]