NextTrip, Inc. (SASI)·Q1 2024 Earnings Summary

Executive Summary

• The quarter was dominated by strategic transformation: Sigma completed the acquisition of NextTrip on Dec 29, 2023 (becoming a travel technology company), changed fiscal year-end to Feb 28, and outlined plans to rebrand to NextTrip, Inc. with a ticker change to “NTRP” .
• Management closed the sale of legacy additive manufacturing IP to Divergent Technologies, stating this “leaves the Company with no debt other than zero interest loans from the Company’s current Chairman and CEO,” positioning for a cleaner capital structure ahead of platform ramp .
• Operationally, NextTrip highlighted a 6M+ legacy customer database, $400M bookings in 2019, >200 direct supplier relationships, and a soft launch that saw >75% month-over-month top-line growth; full platform go-live targeted within 30–60 days during the period .
• No Q1 2024 earnings press release or call transcript was furnished in the reviewed period; the company focused disclosures on the acquisition, asset sale, listing compliance, and financing to support pivot execution .

What Went Well and What Went Wrong

What Went Well

• Completed acquisition of NextTrip; CEO transition to NextTrip’s Bill Kerby; and plans to rebrand/ticker change, consolidating focus on travel tech under a single public platform .
  • “This transaction will allow NextTrip the ability to execute our strategic growth plans and expand our reach into new markets as part of a public company…” — Bill Kerby .
• Divested legacy additive QA assets to Divergent for ~$1.6M, which management says eliminated debt (aside from zero-interest insider loans), improving balance sheet optionality for growth .
• Platform readiness and early traction: >200 blue-chip relationships; >2M hotels (moving to ~3M properties at go-live); soft launch delivered >75% MoM top-line growth; go-live targeted in 30–60 days .

What Went Wrong

• No quantitative Q1 2024 financial update or guidance; limited financial transparency during the transition period (press releases emphasized strategic actions vs. P&L) .
• Nasdaq compliance risk remained a focus; the company communicated steps taken to regain the stockholders’ equity requirement and warned of potential delisting if compliance wasn’t evidenced in the next filing .
• External capital needs persisted: the company raised ~$0.67M via Series I Preferred/Warrants in February 2024 to fund working capital and execution, underlining reliance on external financing in the near term .

Financial Results

Note: The company did not furnish a Q1 2024 8-K 2.02/press release with financials; available historical quarterly data below reflects legacy Sigma operations for trend context.

Segment breakdown (qualitative; no segment revenue reported):

KPIs and operating indicators:

Guidance Changes

No financial (revenue, margin, EPS, OpEx, tax) guidance was issued during the period. Management referenced operational timing for launch.

Earnings Call Themes & Trends

No earnings call transcript was furnished for Q1 2024 in the reviewed filings. Narrative themes from management disclosures are summarized below.

Management Commentary

• “This transaction will allow NextTrip the ability to execute our strategic growth plans and expand our reach into new markets as part of a public company… with access to additional sources of capital… focused on scaling our travel booking engine that… had an over 6 million legacy customer database and generated over $400 million in bookings in 2019.” — Bill Kerby, CEO .
• “Soft launch in late November 2023 resulted in top-line revenue growth of over 75% vs the prior month… target launch in the next 30–60 days… over 3 million properties in 200+ countries.” — Lyndsey North, President .
• “The sale of Sigma legacy assets… leaves the Company with no debt other than zero interest loans from the Company’s current Chairman and CEO… now well positioned to introduce our travel agent participation program…” — Bill Kerby, CEO .

Q&A Highlights

• No Q1 2024 earnings call transcript or Q&A was furnished in the reviewed filings. Prior disclosures during the transaction period also indicated the company was not hosting regular quarterly calls while executing strategic actions .

Estimates Context

• Wall Street consensus (S&P Global) for Q1 2024 was not available via our system for SASI during the period reviewed. Given the reverse acquisition and business model pivot, published estimates may be limited or absent .

Key Takeaways for Investors

• Execution pivot: The business is now NextTrip (travel tech) after closing the acquisition and selling legacy assets—investment case rests on scaling the booking engine and distribution .
• Early operating signals: >75% MoM growth in soft launch, >200 supplier relationships, and ~3M properties at go-live underpin initial traction potential, but revenue/EPS cadence remains unquantified .
• Balance sheet simplification: Management indicates no financial debt aside from zero-interest insider loans post-asset sale; pro forma equity implied ~$5.4M as of the pro forma date .
• Listing risk mitigants: Company asserted steps to regain Nasdaq equity compliance; next periodic filing remained a monitoring point in the period .
• Capital needs: February 2024 preferred/warrant raise (~$0.67M gross) supports near-term operations but signals ongoing reliance on external capital until operating cash flow scales .
• Catalysts: Full platform go-live and early booking momentum; brand/ticker transition to NextTrip/NTRP; additional distribution partnerships; and evidence of traction across Leisure/Business/Solutions could drive sentiment .

Footnotes:

• The company did not furnish a Q1 2024 8-K 2.02 or earnings call transcript in the period reviewed; disclosures focused on acquisition close, asset sale, Nasdaq compliance, and financing .