Executive Summary

Q2 FY2023 (three months ended January 31, 2023) revenue was $5,949 with a net loss of $761,097; diluted EPS was $(0.02) .
Management announced “broad-based” revenue growth underway in the current quarter (Q3 FY2023) versus Q2, driven by club activations and NIL promotions across multiple universities .
Liquidity remains tight: cash was $180,442 and management disclosed substantial doubt about going concern absent new capital raises .
Plan of operations guidance was reduced to ~$1,000,000 operating funds needed over the next 12 months (vs. $2,000,000 previously), indicating disciplined spend but continued financing needs .

What Went Well and What Went Wrong

Club expansion and event-driven NIL momentum: “The seeds we have planted are starting to bear fruit,” with growth driven by Gatorverse Gymnastics and FAU Men’s Basketball promotions and marketing .
Platform engagement strategy: launch of digital and physical collectibles with community membership, VIP events, and utility designed to increase fan engagement and athlete NIL earnings .
Early signs of sequential revenue acceleration into Q3 FY2023, with total revenues of $51,011 (including $20,000 sponsorship) as club momentum and marketing ramped .

Extremely negative operating leverage: Q2 operating expenses of $767,046 against revenue of $5,949 led to a loss from operations of $(761,097) .
Going concern risk: management disclosed substantial doubt about the company’s ability to continue without additional capital; working capital was $123,605 and cash $180,442 at quarter-end .
Physical collectible fulfillment delays: shipping for physical collectibles had not yet occurred due to vendor delays, potentially deferring revenue recognition and fan experience delivery .

Metric	Q1 FY2023 (Oct 31, 2022)	Q2 FY2023 (Jan 31, 2023)	Q3 FY2023 (Apr 30, 2023)
Revenues ($USD)	$5,140	$5,949	$51,011 (incl. $20,000 sponsorship)
Loss from Operations (EBIT) ($USD)	$(565,706)	$(761,097)	$(636,848)
Operating Expenses ($USD)	$570,846	$767,046	$687,859
Net Income (Loss) ($USD)	$(565,706)	$(761,097)	$(651,848)
Diluted EPS ($USD)	$(0.01)	$(0.02)	$(0.02)

Notes:

Prior-year comparables: Q2 FY2022 had $0 revenue and a net loss of $(581,640), highlighting early-stage operations pre-OpenLocker acquisition .

Segment reporting:

KPIs and Operating Metrics:

KPI	Q1 FY2023	Q2 FY2023	Q3 FY2023
Cash and Equivalents ($USD)	$405,615	$180,442	$201,479
R&D Expense ($USD)	$72,522	$57,602	$124,893
Marketing & Advertising ($USD)	$44,048	$9,146	$54,344
Sponsorship Revenue ($USD)	$0	$0	$20,000 (one customer)
University Communities Active	Penn State, Florida, Radford (as of Dec 2022)	UConn, Penn State, Florida, Radford, FAU, Wisconsin, Kentucky, Coastal Carolina (as of Mar 2023)	Same set continuing

Metric	Period	Previous Guidance	Current Guidance	Change
Operating funds needed (next 12 months)	FY2023	~$2,000,000 (Q1 FY2023)	~$1,000,000 (Q2 FY2023)	Lowered

No formal revenue, margin, opex, tax, or dividend guidance was provided in Q2 filings or press materials .

No Q2 FY2023 earnings call transcript was available for OLKR. Narrative themes are drawn from MD&A and press release.

Topic	Previous Mentions (Q1 FY2023)	Current Period (Q2 FY2023)	Trend
Technology/platform initiatives	Enhanced Web3, Dapper wallet integration; focus on user-friendly NIL collectibles	Continued emphasis on digital + physical collectibles, VIP utility, community engagement	Sustained build-out
Supply chain/logistics	Noted operations ramp; limited early commentary	Physical collectibles shipping delayed due to vendor timing	Operational bottleneck
Product performance & events	Early collegiate communities (Penn State, Florida, Radford)	Growth catalysts: FAU Men’s Basketball NCAA run; Gatorverse Gymnastics clinic; marketing campaigns	Event-driven demand
Regulatory/macro	Going concern warnings; capital raise plans	Continued going concern disclosure; capital pursuit; $1.0M operating funds need	Ongoing financing need
R&D execution	$72.5k in Q1	$57.6k in Q2; continued platform development	Consistent investment

CEO: “Our team has been working diligently for months growing the student-athlete Clubs we have established across the country. The seeds we have planted are starting to bear fruit. We look forward to continuing our growth and leadership in this rapidly burgeoning marketplace.”
President/Founder: “We are excited to offer innovative collectibles that enable fans to directly support their favorite student-athletes… Our goal is to use NIL opportunities to not only benefit athletes but to also make college sports even more fun for the fan base.”

No Q2 FY2023 earnings call transcript found; no Q&A available [ListDocuments earnings-call-transcript: none].

Wall Street (S&P Global) consensus EPS and revenue estimates for OLKR Q2 FY2023 were unavailable; therefore, estimate comparisons are omitted.

Sequentially, the business showed early momentum into Q3 FY2023 (revenues $51,011 vs. $5,949 in Q2), driven by university club activations and event-linked demand; sponsorship revenue emerged as an incremental stream .
Q2 results underscore severe operating leverage challenges (expenses vastly exceed revenue), necessitating disciplined cost control and scalability before sustained growth can impact profitability .
Fulfillment delays for physical collectibles are a tactical risk to customer experience and cash conversion; monitoring vendor reliability and logistics execution is critical .
Liquidity remains the central risk: management disclosed substantial doubt about going concern without capital raises; cash at Q2 quarter-end was $180,442 and working capital $123,605 .
Operating funds guidance lowered to $1,000,000 for the next 12 months, indicating efforts to tighten spend but reinforcing financing dependence .
Event-driven demand (e.g., FAU’s NCAA run, gymnastics clinics) and continued community activation are catalysts; sustaining demand when events subside is a key question for medium-term revenue durability .
Near-term trading implications: stock likely reacts to evidence of revenue scaling in Q3/Q4 and tangible progress on financing; medium-term thesis hinges on conversion of community engagement into repeatable revenue while reducing unit economics drag .