- Connexa Sports’ original portfolio product continues to be in high demand from global tennis players.
- The Slinger Bag Tennis Launcher surpasses $40 million in cumulative revenues since launch in July 2020
- Connexa Sports expects to deliver an operating profit in Q4 FY24
- The global tennis market continues to expand to over 120 million players by 20301
BALTIMORE, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Connexa Sports Technologies Inc. (NASDAQ: CNXA) (www.connexasports.com) is pleased to announce that its flagship consumer product, Slinger Bag (www.slingerbag.com), continues to deliver strong consumer demand for its original Tennis launcher, a single product offering, which debuted in late summer 2020 and has seen cumulative sales through to today, in excess of $40 million.
As a single product offering in Tennis, the Slinger Bag Tennis Launcher has been incredibly successful as a result of its market-disruptive, highly-transportable, versatile and $500, entry price affordability.
Globally there are 87 million tennis players, which represent a 4.5% growth over 2019 and the ITF leadership has goals to reach 120 million by 20301. Additionally, the USTA indicates 23.6 million current tennis participants in the US, which is a 5.9 million increase since 20202. Just this week, the US Open has hosted a daily attendance of 70,000, with similar rising interest at the other Grand Slams and global venues. As such, the tennis market is poised to grow at a CAGR of 2.9% over the next six years3 and Slinger Bag is looking to be at the forefront of taking commercial advantage of significant growth in players by making access to Tennis readily available to all.
In fact we would go as far to say that over the past 3 years that Slinger Bag has been available in the global tennis market, that Slinger Bag has contributed to this increase in levels of participation by eliminating the constant challenge of finding a playing partner and by making Tennis accessible to all players of all ages and abilities, generating more tennis play sessions, more often. With a Slinger Bag players can hit balls at any time and in any place. You don’t even need a court!
This positive participation growth is also being experienced across all racquet sport categories and plays into the hands of Slinger Bag and its innovative ball launchers. Slinger Bag is now also available for Pickleball and Padel Tennis and the company’s goal is to contribute to continually attracting new players to these sports and to supporting avid players, teaching pros, rising juniors, and professional athletes alike.
“We continue to be excited at the rapid growth we see every day in our Slinger Bag tennis ball launcher. It is amazing that a new brand can garner such global awareness and support with a single product. Our knowledge and understanding of the needs and expectations of racquetsports consumers is such that the product sells itself based on it features, benefits, performance and value for money” said Mike Ballardie, CEO of Connexa Sports. “ Slinger Bag has already resonated with so many players across the globe who are now important advocates for the brand and who are generating their own highly valuable user video content around training practices and drills. Not many much more established brands see this level of consumer engagement” continued Ballardie.
“As we look out over the balance of our Fiscal 2024 year our expectation is to deliver continued growth in our Slinger Bag business, with cumulative Tennis launcher sales expected to exceed $8million in fiscal 2024 (expected to reach $50million in cumulative revenues for the period August 2020 to April 2024) and our new Pickleball and Padel launchers are expected to deliver new combined revenue streams of $5million – all which lead to our expectation that in Q4 we will deliver our inaugural quarter of positive operating results” concluded Ballardie.
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About Connexa Sports Technologies:
Connexa Sports a leading connected sports company delivering products, technologies, and Sport-as-a-Service across a range of sport verticals. Connexa’s mission is to reinvent sports through technological innovation driven by an unwavering focus on today’s sports consumer.
Contact Information:
investors@connexasports.com
(443) 407-7564
www.connexasports.com
Forward-Looking Statements
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.
Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in “Item 1A. Risk Factors” in our 10-K filing as of September 14, 2023 and our ability to continue as a going concern. Accordingly, you should not rely on these forward-looking statements, which speak only as of the date of this press release. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this press release.
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1 International Tennis Federation Global Report (2021)
2 https://www.usta.com/en/home/stay-current/national/u-s--tennis-participation-grew-for-third-straight-year-in-2022.html
3 https://biz.crast.net/fmi-tennis-equipment-market-growing-at-a-cagr-of-2-9-in-the-forecast-period-2029/
