Slinger Bag Q2 Results Show Rapid Progress
Impressive Q2 results for Slinger Bag, the new ball sport innovation company, indicate the brand's potential for long term exponential growth
Baltimore, Maryland--(Newsfile Corp. - December 17, 2020) - Slinger Bag (OTC Pink: SLBG), the sports brand focused on innovating game improvement equipment for ball sports with an initial focus on the global tennis market, is proud to announce its Q2 results. Slinger Bag delivered progressive results for the quarter with revenue and gross margin all growing exponentially. All of this goes to underline the significant progress the part-crowdfunded startup has made since the global launch of its game-changing Slinger Bag tennis ball launcher earlier this year.
Slinger Bag's focus on execution and increasing the brand's global footprint resulted in strong sales growth. The results for the second quarter period, ending October 31, 2020 show that YTD Slinger Bag has sold over 6,000 units across both its core North American markets and its fast-growing base of global distribution partners, generating $3.3M in total sales. The company has enjoyed an increase of 381% over previous year total sales, and generated a Q2 gross profit on Slinger Bag of $1,453,000, while retiring $625,000 of debt in FY2020.
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Company milestones to date include achieving pan-continental global distribution in 37 countries including all major tennis markets such as the USA, Japan, UK, Central Europe, India, Middle East, Australia, New Zealand and several South American markets, as well as having a brand footprint on all major continents. Slinger Bag has signed global distribution agreements lasting through to 2025 worth $200M at consumer retail value including a large-scale deal with global tennis giant Dunlop. Over 3,500 Slinger Bag units pre-ordered from a crowdfunding initiative have been delivered, while as of October 31st 2020, 11,250 launchers have been shipped from the Slinger Bag suppliers in Asia with a further 10,000 currently in production.
Slinger Bag is now recognised as the world's leading tennis ball launcher and its dramatic impact on the global tennis market and global tennis playing community is underlined by widespread media acclaim in tennis, sports and lifestyle national press plus the involvement of over 150 global tennis market influencers with a social media reach of over 140 million fans.
Slinger Bag enables tennis enthusiasts to get out on court to play at any time without the need to find a playing partner - whether that be at their club, local park, on their driveways or in any other available open space. Slinger Bag is lightweight, wheeled like a trolley bag, and easily transported in the trunk of the smallest saloon or sedan car.
This proprietary design empowers players to set up and start launching balls within minutes, and to control both the launch speed and the frequency of the balls using two customizable dials. The angle of elevation can be varied to suit groundstrokes, lobs or even, in the Ball Boy mode, to practice serves. Slinger Bag is lightweight at 15kg/33 lbs. and multi-functional, holding racquets and other gear, 72 tennis balls, and has pockets for storing wallets, keys, a towel and water bottle and is impressively affordable.
"We are delighted by the progress Slinger Bag has made in such a short period. Our impressive pace of growth has been assisted by the fact that tennis players and the tennis market have been really quick to see and understand the benefits of this game-changing product. The raft of new commercial associations we have put in place means that we have been able to establish a global footprint - especially in all the key tennis markets. We still have plenty to do and more territories to cover and are particularly keen to develop grass roots associations and marketing initiatives that can actually help support the growth of tennis participation globally," says Mike Ballardie, CEO of Slinger Bag. " Since our official commercial launch in April 2020 we have been head down focused on building our brand awareness, driving our US sales through our direct to consumer channel and expanding our global footprint through handpicked, market-leading distribution partners. The results are a testament to our executive team's vision, strategy and execution and underscore that we are on track to deliver our ambitious growth targets for Slinger Bag in both the short and longer term", he concluded.
To find out more about Slinger Bag, visit www.slingerbag.com.
For media inquiries contact the Press Office, Joe Murgatroyd, Press@slingerbag.com, at Brandnation, 443-407-7564 or +44(0)207 940 7294.
About Slinger Bag®: Slinger® is a new sports brand focused on delivering innovative, game improvement technologies and equipment across all Ball Sport categories. With the vision to become a next-generation sports consumer products company, Slinger® enhances the skill and enjoyment levels of players of all ages and abilities. Slinger® is initially focused on building its brand within the global Tennis market, through its Slinger® Tennis Ball Launcher and Accessories. Slinger® has underpinned its proof of concept with over $200M of retail value in global distribution agreements since the Spring of 2020. Led by CEO, Mike Ballardie (former Prince CEO and Wilson EMEA racquet sports executive) Slinger® is now primed to continue to disrupt what are traditional global markets with its patent-pending, highly transportable and affordable Slinger® Launcher.
Slinger Bag Disclaimer: Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company's products and services, the ability to complete development plans in a timely manner, changes in relationships with third parties, product mix sold by the Company and other factors described in the Company's most recent periodic filings with the Securities and Exchange Commission, including its 2019 Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Forward-Looking Statements: This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential, "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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