Yahoo Finance

Achieves 119% Revenue Growth for Nine Months Ended September 30, 2024 Compared to 2023 Comparable Period

SCOTTSDALE, Ariz, Nov. 15, 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 aid high school athletes in the recruitment process, today provided a business update and announced selected financial results for the nine and three months ended September 30, 2024.

Daniel Nelson, Chief Executive Officer and Chairman of Signing Day Sports, commented, “During the past quarter, our team continued to provide student-athletes and their families with valuable and supportive experience guiding them through the recruitment process. In Q3 2024, we experienced an increase of over 60% in student-athlete subscriptions on the Signing Day Sports app compared to the same period in 2023. Each day, we are proud to guide these student-athletes toward meaningful opportunities to play at a higher level."

Financial results for the nine months ended September 30, 2024

• Revenue totaled approximately $0.49 million for the nine months ended September 30, 2024, compared to approximately $0.23 million for the comparable 2023 period.

• Cost of revenues totaled approximately $0.16 million for the nine months ended September 30, 2024, compared to approximately $0.04 million for the nine months ended September 30, 2023.

• Advertising and marketing expenses were approximately $0.09 million for the nine months ended September 30, 2024, compared to approximately $0.31 million for the 2023 comparable period.

• General and administrative expenses were approximately $4.77 million for the nine months ended September 30, 2024, compared to approximately $1.84 million for the 2023 comparable period.

• Net loss was approximately $5.41 million, and diluted loss per share was $0.34, for the nine months ended September 30, 2024, compared to a net loss of approximately $2.68 million, and diluted loss per share of $0.35, for the nine months ended September 30, 2023.

Financial results for the three months ended September 30, 2024

• Revenue totaled approximately $0.06 million for the quarter ended September 30, 2024, relatively flat compared to the comparable 2023 quarter.

• Cost of revenues totaled approximately $0.03 million for the three months ended September 30, 2024, compared to approximately $0.01 million for the three months ended September 30, 2023.

• Advertising and marketing expenses were approximately $(0.001) million for the three months ended September 30, 2024, compared to approximately $0.76 million for the 2023 comparable period.

• General and administrative expenses were approximately $1.46 million for the three months ended September 30, 2024, compared to approximately $0.57 million for the 2023 comparable period.

• Net loss was approximately $1.60 million, and diluted loss per share was $0.09, for the three months ended September 30, 2024, compared to a net loss of approximately $0.9 million, and diluted loss per share of $0.12, for the three months ended September 30, 2023.