Connexa Announces Continued Growth for Tennis Ball Launcher
12 Oktober 2023 - 3:25PM
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.
-XX-
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)
407-7564www.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.
In addition, statements such as “we believe” and
similar statements reflect our beliefs and opinions on the relevant
subject. These statements are based on information available to us
as of the date of this press release. And while we believe that
information provides a reasonable basis for these statements, that
information may be limited or incomplete. Our statements should not
be read to indicate that we have conducted an exhaustive inquiry
into, or review of, all relevant information. These statements are
inherently uncertain, and you are cautioned not to rely unduly on
these statements.
Although we believe the expectations reflected
in the forward-looking statements were reasonable at the time made,
we cannot guarantee future results, level of activity, performance
or achievements. Moreover, neither we nor any other person assumes
responsibility for the accuracy or completeness of any of these
forward-looking statements. You should carefully consider the
cautionary statements contained or referred to in this section in
connection with the forward-looking statements contained in this
press release and any subsequent written or oral forward-looking
statements that may be issued by us or persons acting on our
behalf.
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.html3
https://biz.crast.net/fmi-tennis-equipment-market-growing-at-a-cagr-of-2-9-in-the-forecast-period-2029/
Connexa Sports Technolog... (NASDAQ:CNXA)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Connexa Sports Technolog... (NASDAQ:CNXA)
Historical Stock Chart
Von Mai 2023 bis Mai 2024