Executive Summary

Q1 2025 delivered a materially narrower loss on leaner opex: net loss of approximately $0.84M, a 66% YoY improvement, on revenue of approximately $0.15M (down vs ~$0.23M in Q1 2024); management emphasized cost discipline and a pivot toward higher-margin subscription growth .
Engagement catalysts were strong: five U.S. Army Bowl regional combines attracted nearly 1,000 athletes, weekly recruiting webinars expanded reach, and the company renewed its U.S. Army Bowl partnership through 2026 to support future subscription conversion .
No formal guidance was issued; management framed expectations qualitatively around scalable, higher-margin, subscription-led growth while noting “strategic initiatives” underway .
Liquidity and risk backdrop: subsequent 10-K included a going concern emphasis from the auditor; investors should weigh improving operating efficiency against funding and execution risks .

What Went Well and What Went Wrong

What Went Well

Cost discipline drove loss improvement: “streamline costs and strike the right balance between growth and efficiency—resulting in a 66% year-over-year reduction in net loss” .
Demand/brand momentum: five regional combines (Atlanta, Orlando, Chicago, Phoenix, Jackson) “attracted nearly 1,000 high school athletes,” expanding brand visibility and verified data capture for app profiles .
Strategic positioning: renewed U.S. Army Bowl deal through 2026, with revenue-sharing and per-participant stipend mechanics intended to feed the app’s subscription funnel; management called the platform “well-positioned to drive growth in higher-margin, subscription-based revenues” .

What Went Wrong

Revenue declined YoY: Q1 2025 revenue of approximately $0.15M vs ~$0.23M in Q1 2024, reflecting variability in event and subscription timing at a small base .
No quantitative guidance; estimate visibility remains low with limited Street coverage (no consensus EPS or revenue published via S&P Global for Q1 2025), heightening forecasting uncertainty.
Going-concern emphasis in the 10-K (subsequent to quarter-end) underscores funding and execution risk despite operational improvements .

Financial Results

Core P&L and Margins (oldest → newest)

Metric	Q2 2024	Q3 2024	Q1 2025
Revenue ($M)	$0.20	$0.06	$0.15
Net Loss ($M)	$(1.30)	$(1.60)	$(0.84)
Diluted EPS	$(0.08)	$(0.09)	$(0.45)*
Gross Margin (%)	69.7%*	45.3%*	90.4%*
G&A Expense ($M)	$1.27	$1.46	$0.97

Notes: Values marked with * retrieved from S&P Global.

YoY view for Q1

Metric	Q1 2024	Q1 2025
Revenue ($M)	~$0.23	~$0.15
Net Loss ($M)	~$(2.50)	~$(0.84)

Liquidity/Operating Cash Flow (sequential reference)

Metric	Q2 2024	Q3 2024	Q1 2025
Cash & Equivalents (end, $M)	—	—	$0.49*
Total Debt (end, $M)	—	—	$0.12*
Cash from Operations ($M)	—	—	$(1.78)*

Notes: Values marked with * retrieved from S&P Global. Q2/Q3 2024 liquidity metrics not disclosed in the cited press releases.

KPIs and Operating Drivers (oldest → newest)

KPI	Q2 2024	Q3 2024	Q1 2025
Paid subscription momentum	Paid subs +42% YoY; retention >45% for Q2 2024	“Increase of over 60%” in student-athlete subscriptions YoY	Emphasis on shifting mix to higher-margin subscription revenue
Events/engagement	Strategic alliances (U.S. Army Bowl, EDP Soccer) highlighted	Ongoing recruiting and app engagement	5 regional combines ~1,000 athletes; weekly webinars
Platform/product	In-house app development to “elevate the app”	Continued user engagement narrative	“Enhancements to the digital platform”

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	None	No formal guidance; qualitative focus on higher-margin, subscription-led growth	N/A
Margins/OpEx/Other	FY 2025	None	No formal quantitative guidance provided	N/A

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was available; themes are drawn from company press releases.

Topic	Previous Mentions (Q-2, Q2 2024; Q-1, Q3 2024)	Current Period (Q1 2025)	Trend
Cost discipline / operating efficiency	Not explicit in Q2/Q3 PRs	66% YoY net loss reduction; “streamline costs…balance between growth and efficiency”	Improving cost control
U.S. Army Bowl partnership & combines	Alliances with U.S. Army Bowl/EDP; subscription funnel strategy	Five regional combines (~1,000 athletes); renewed rights through 2026; stipend and revenue-share mechanics	Expanding activation
Subscription-led model	Paid subs +42% YoY; retention >45% (Q2) ; +60% YoY subs (Q3)	Positioning for higher-margin subscription revenue growth	Positive trajectory
Product/technology	In-house development to “elevate the app”	“Enhancements to the digital platform”	Continuous improvement
Liquidity/going concern	—	Auditor going concern emphasis disclosed with FY24 10-K (post-Q1)	Risk remains elevated

Management Commentary

“Streamline costs and strike the right balance between growth and efficiency—resulting in a 66% year-over-year reduction in net loss…we believe we are well-positioned to drive growth in higher-margin, subscription-based revenues.” – Daniel Nelson, CEO .
“Hosting five U.S. Army Bowl Regional Combines…attracted nearly 1,000 high school athletes…Verified data collected from these events is automatically integrated into athlete profiles on the Company’s app” .
“Retains rights as ‘National Recruiting Partner’ to U.S. Army Bowl through 2026…$60 stipend per National Combine attendee…$135 per academy fee; all participants receive video-verified data integrated into the app” .

Q&A Highlights

No earnings call transcript was published for Q1 2025; therefore no Q&A disclosures or clarifications to report.

Estimates Context

S&P Global consensus for Q1 2025 was unavailable for EPS and revenue (no estimates/coverage reflected), so no beat/miss determination can be made. Where present in S&P data, values represented actuals rather than consensus; Street model recalibration is therefore not applicable this quarter. Values marked with * are retrieved from S&P Global.

Key Takeaways for Investors

Cost actions are working: net loss improved ~66% YoY on lower operating spend, positioning the model to leverage incremental revenue as the funnel converts .
Top-of-funnel momentum is real: five regional combines (~1,000 athletes) plus weekly webinars should support subscription conversion and retention into 2H .
Revenue base remains small and variable (Q1 revenue ~$0.15M vs ~$0.23M YoY), so trajectory will hinge on execution of U.S. Army Bowl activations and subscription attach .
Limited sell-side coverage reduces near-term estimate volatility but also heightens event-driven trading around operating updates; investors should monitor combine conversion metrics and subscription retention cohorts.
Liquidity/funding risk persists given the going-concern emphasis in the FY24 audit; capital strategy remains a central watch item despite operational progress .
No formal guidance: focus on qualitative milestones (event throughput, subscription adds/retention, product enhancements) until quantitative outlooks are provided .
Near-term catalysts: continued combine rollout, evidence of subscription mix shift, and any updates on “strategic initiatives” referenced by management .

Appendix: Q1 2025 Results vs S&P Global Consensus

Metric	Q1 2025 Actual	Q1 2025 Consensus	Surprise
Revenue ($M)	$0.15	N/A	N/A
EPS	$(0.45)*	N/A	N/A