Connexa Sports Technologies Inc. (Connexa), a Delaware-based company, reported its financial performance for the quarter ended January 31, 2024. The company's net sales for the quarter were $2,069,559, a significant increase from the $1,605,783 reported in the same quarter of the previous year. However, the cost of sales also rose to $776,844 from $535,957 year-on-year. Connexa's gross profit for the quarter was $1,292,715, up from $1,069,826 in the prior year. Operating expenses, including selling and marketing, general and administrative expenses, totaled $3,485,837, resulting in an operating loss of $2,193,122 for the quarter. The company also reported a net loss from continuing operations before provision for income taxes of $3,772,628 for the quarter. Connexa's balance sheet showed a significant increase in cash and cash equivalents, from...Show More

Connexa Sports Technologies Inc. (Connexa), a Delaware-based company, reported its financial performance for the quarter ended January 31, 2024. The company's net sales for the quarter were $2,069,559, a significant increase from the $1,605,783 reported in the same quarter of the previous year. However, the cost of sales also rose to $776,844 from $535,957 year-on-year. Connexa's gross profit for the quarter was $1,292,715, up from $1,069,826 in the prior year. Operating expenses, including selling and marketing, general and administrative expenses, totaled $3,485,837, resulting in an operating loss of $2,193,122 for the quarter. The company also reported a net loss from continuing operations before provision for income taxes of $3,772,628 for the quarter. Connexa's balance sheet showed a significant increase in cash and cash equivalents, from $202,095 as of April 30, 2023, to $17,192,733 as of January 31, 2024. This increase was primarily due to the issuance of common stock and pre-funded warrants for an aggregate amount of approximately $16.5 million. The company's total assets stood at $21,745,510, compared to $7,107,572 as of April 30, 2023. Connexa's business development included the sale of 75% of Foundation Sports back to the original sellers and the sale of PlaySight. The company also entered into a securities purchase agreement with investors for the issuance and sale of shares and pre-funded warrants. Connexa's future plans involve securing additional financing to support its planned development and growth strategies. The company is also focused on remedying identified material weaknesses in its internal control over financial reporting and disclosure controls and procedures.