Signing Day Sports Achieves 334% Year-Over-Year Revenue Growth for First Quarter of 2024

Paid Monthly Subscriptions Increase by More than 200% Year-Over-Year for Q1 2024

Conversion Rate from Free Trials to Paid Subscriptions at More than 40%

SCOTTSDALE, Ariz., May 16, 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 reported financial results for the three months ended March 31, 2024.

Daniel D. Nelson, Chief Executive Officer and Chairman of Signing Day Sports, remarked, "We are thrilled to announce a 334% year-over-year revenue increase for the first quarter of 2024 compared to the first quarter of 2023. Since going public in late 2023, the Company has been intensely focused on expanding the Signing Day Sports app and attracting more student-athletes to our platform. In Q1 2024, we took strategic steps to position the Company for long-term success. We brought application development in-house and hired an in-house engineer to further develop the application. Moreover, while expenses trended higher in the first quarter of 2024 compared to the same quarter in 2023, some of these were one-time costs including expenses associated with the app's expansion. The Company is continuously reviewing its business operations to identify opportunities to further reduce expenses, which may positively impact our bottom line as we continue to grow. We believe that we have developed an SaaS business model that resonates with our audience," stated Mr. Nelson.

Jeff Hecklinski, President of Signing Day Sports, stated, "Beyond our emphasis on developing the application, we are dedicated to expanding our user base. We have increased our paid monthly subscribers by over 200% in the first quarter of 2024 compared to the same period in 2023. We see this as just the start and anticipate further subscriber growth with the introduction of new sports support to our platform in the second quarter of 2024."

"Moreover, the success of our annual U.S. Army Combine events has resulted in a greater number of student-athletes receiving free one-month trial subscriptions to the app. Our conversion rate from these free trials to paid subscriptions stands at more than 40%. With plans to expand the application to more sports, we aim to further support and guide student-athletes in their recruiting journey. The future of the Signing Day Sports App and the Company is extremely promising, and we are excited as we continue to progress into 2024 and beyond," concluded Mr. Hecklinski.