Executive Summary

Q2 revenue fell 67% year over year to $0.07M as event fee payments declined; net loss was $1.37M and diluted EPS was $(0.39), broadly consistent with the prior-year loss profile .
Liquidity improved: cash rose to $0.66M from $0.18M at year-end; accounts payable fell ~70%, and all loans payable were repaid, strengthening the balance sheet but capital needs persist given going-concern risk .
User and revenue mix shifted: subscriptions (revenue recognized over time) dominated, with no point-in-time event revenue this quarter, and total subscribers declined vs. last year .
Strategic catalysts: pending business combination with One Blockchain (S-4 confidentially submitted July 11) and a $10M equity purchase agreement with Helena could be stock drivers as milestones are met or financing executes .
No formal guidance or analyst consensus; estimate comparisons are unavailable (per S&P Global) and management emphasized cost discipline and balance-sheet repair into 2H25 . Values retrieved from S&P Global.*

What Went Well and What Went Wrong

What Went Well
- Balance sheet repair: cash increased to $656,707, accounts payable dropped to $679,508 (down from $2.25M), and loans payable were eliminated, moving assets above liabilities ($1.42M vs $1.06M) .
- Cost containment: advertising was minimal ($602) and cost of revenues fell sharply ($5,358) as development labor costs declined; other income was boosted by Employee Retention Credit refund ($0.21M) .
- Strategic pipeline: Business Combination Agreement with One Blockchain and an additional equity purchase program with Helena provide potential capital and transaction catalysts .
What Went Wrong
- Top-line pressure: revenue declined 67.4% YoY on lower event fee payments; total subscribers also fell to 1,730 from 2,679 .
- Operating expense mix: despite revenue pressure, G&A rose 29.7% YoY to $1.64M, driven by higher non-legal professional fees and salaries and wages .
- Going concern: substantial doubt remains given recurring losses ($1.37M for Q2; $2.21M for 1H25) and operating cash burn ($3.71M YTD) despite recent financings .

Financial Results

P&L summary (oldest → newest)

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($)	204,962	148,358 (derived from 1H25 minus Q2)	66,806
Gross Profit ($)	142,802	134,057 (derived from 1H25 minus Q2)	61,448
Gross Margin (%)	69.7% (142,802/204,962)	90.3% (134,057/148,358)	92.0% (61,448/66,806)
Total Operating Expenses ($)	1,268,836	970,405 (1H25 OpEx 2,615,290 − Q2 1,644,885)	1,644,885
Net Loss ($)	(1,312,842)	(842,994) (1H25 2,209,678 − Q2 1,366,684)	(1,366,684)
Diluted EPS ($)	(4.25)	N/A	(0.39)

Notes: Q1 2025 values are derived from 1H25 totals minus Q2 actuals as presented in the Q2 10-Q .

Revenue recognition mix

Revenue Mix	Q2 2024	Q2 2025
Over time ($)	5,525	66,806
Point in time ($)	199,437	0
Total ($)	204,962	66,806

Subscriber KPIs

Subscription Type (users)	Q2 2024	Q2 2025
Monthly	2,653	1,717
Annual	26	13
Total Subscribers	2,679	1,730

Selected balance sheet items

Metric	Dec 31, 2024	Jun 30, 2025
Cash and Cash Equivalents ($)	181,271	656,707
Accounts Payable ($)	2,251,307	679,508
Total Assets ($)	1,114,683	1,424,870
Total Liabilities ($)	3,320,557	1,063,759

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q3+	None issued	None issued	Maintained (no guidance)
Margins/OpEx/Other	FY/Q3+	None issued	None issued	Maintained (no guidance)

No numerical guidance was provided in the Q2 press release or 10-Q .

Earnings Call Themes & Trends

No Q2 2025 earnings call transcript was available; we searched for an earnings-call-transcript and found none during the period [ListDocuments: 0 documents].

Topic	Previous Mentions (Q4 2024 and Q1 2025)	Current Period (Q2 2025)	Trend
Liquidity/Going concern	Going concern emphasis disclosed (Apr 11, 2025 press release re: audit opinion)	Substantial doubt remains; ongoing funding needs highlighted	Unchanged concern
Cost discipline	Q1: 66% YoY net loss reduction and streamlined costs	Low ad spend ($602), lower COGS, but higher G&A YoY; other income aided loss	Mixed
Events/subscriptions	Q1: strong combine participation, webinars; renewed U.S. Army Bowl partnership through 2026	Revenue entirely “over time”; no event (point-in-time) revenue this quarter; subscribers down	Weaker events; subscription mix up
Strategic transactions	Q1: positioning for strategic transactions	Business Combination Agreement with One Blockchain; S-4 confidentially submitted July 11	Active pipeline
Financing	Q1: foundation for scalable growth	ATM activity in Q2 ($2.10M gross) and Helena purchase agreement ($10M capacity)	Incremental capacity

Management Commentary

“Our primary goal entering 2025 was to strengthen our financial foundation by reducing accounts payable, preserving cash, and positioning our assets to exceed liabilities, and we have delivered on that objective.” — Daniel Nelson, CEO .
“While our net loss remained relatively consistent year-over-year… we continued to implement measures aimed at improving long-term financial performance. Streamlined operations and disciplined cost management remain central to our strategy…” .

Q&A Highlights

No earnings call transcript was available for Q2 2025; therefore, there were no published Q&A clarifications this quarter [ListDocuments: 0 earnings-call-transcript].

Estimates Context

S&P Global shows no consensus for Q2 2025 EPS or revenue for SGN; the dataset includes actual revenue only (no consensus) [functions.GetEstimates]. Values retrieved from S&P Global.*
With no Street coverage, model revisions are unlikely; investors should anchor on internal run-rate, funding cadence, and transaction milestones .

Key Takeaways for Investors

Revenue compression tied to events: Q2 revenue fell 67% YoY due to fewer event fee payments while revenue recognition shifted entirely to subscriptions (over time) .
Cash runway improved but remains tight: cash up to $0.66M with liabilities at $1.06M; operating cash burn was $3.71M in 1H25, reinforcing the going-concern disclosure .
Balance-sheet cleanup is tangible: AP down ~70%, debt repaid, warrants addressed; these actions could reduce financing friction for near-term capital .
Cost/efficiency focus continues: lower ad and COGS supported high gross margins, but G&A growth and subscriber declines dilute operating leverage .
Watch the transaction tape: progress on the One Blockchain merger (S-4 path, shareholder vote, listing outcomes) and usage of the Helena facility/ATM are likely stock drivers .
Event calendar risk: absence of point-in-time event revenue this quarter suggests quarter-to-quarter volatility; execution at upcoming combines/Bowl-related activations can re-accelerate bookings .
No guidance and no consensus: lack of Street anchors heightens sensitivity to incremental disclosures and funding news flow [functions.GetEstimates].

References

Q2 2025 8-K and press release:
Q2 2025 10-Q: -
Q1 2025 8-K and press release: -
April 11, 2025 8-K and going concern release: -
No Q2 2025 earnings-call-transcript found (we searched and found none).
Estimates (S&P Global): functions.GetEstimates. Values retrieved from S&P Global.*

Signing Day Sports, Inc. (SGN)·Q2 2025 Earnings Summary