Executive Summary

Q3 2025 revenue was $0.03M, down 44% YoY and down 54% QoQ; net loss improved to $0.57M vs $1.60M YoY on materially lower G&A and cost of revenues .
Management highlighted disciplined cost control (G&A down 39% YoY to $0.89M) and operational streamlining, positioning for a leaner expense base ahead of upcoming events and product expansion .
Strategic narrative centered on the proposed business combination with One Blockchain/BlockchAIn; revised S-4 drafts were submitted and the closing is targeted for late Q4 2025 or Q1 2026, contingent on SEC/NYSE American approvals and stockholder vote .
Product expansion: first basketball combine launched with Thurl Bailey; national football combine planned for Q4, adding potential engagement catalysts despite current revenue softness .

What Went Well and What Went Wrong

G&A fell 39% YoY to ~$0.89M and cost of revenues dropped to ~$0.01M, reducing quarterly net loss to ~$0.57M vs ~$1.60M in Q3 2024 .
Clear business combination progress: revised S-4 drafts filed and listing review ongoing; management sees the combination as “transformational,” citing One Blockchain’s revenue/net income in 2024 and expansion plans .
New sport rollout: inaugural basketball combine hosted with Thurl Bailey, with planned expansion of basketball recruitment technology in the coming months .
- “We remain confident in our path forward… We believe the best days for Signing Day Sports are still ahead…” — Daniel Nelson, CEO .

Revenue declined to ~$31k from ~$55k YoY and from ~$67k QoQ, reflecting lower event fee payments amid operational streamlining .
Liquidity stepped down QoQ: cash fell to ~$0.22M (from ~$0.66M in Q2) and total assets to ~$1.0M (from ~$1.4M), which could constrain near-term operating flexibility .
No formal financial guidance provided; continued near-term revenue pressure and reliance on event-driven inflows create visibility risk pending the business combination .

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD)	$0.15M	$0.07M	$0.03M
Net Loss ($USD)	$(0.84)M	$(1.40)M	$(0.57)M
Diluted EPS ($USD)	$(0.445)*	$(0.388)*	$(0.144)*
G&A ($USD)	$0.97M	$1.60M	$0.89M
Cash and Equivalents ($USD)	$0.49M*	$0.66M	$0.22M
Total Assets ($USD)	$1.40M*	$1.40M	$1.00M

Values with * retrieved from S&P Global.

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue – Actual ($USD)	$0.15M	$0.07M	$0.03M
Revenue – Consensus ($USD)	Unavailable	Unavailable	Unavailable
Primary EPS – Actual ($USD)	$(0.445)*	$(0.388)*	$(0.144)*
Primary EPS – Consensus ($USD)	Unavailable	Unavailable	Unavailable

Consensus estimates were not available via S&P Global for SGN in Q1–Q3 2025. Values with * retrieved from S&P Global.

KPI	Q1 2025	Q2 2025	Q3 2025
Accounts Payable Reduction vs 12/31/24 (%)	N/A	69.8%	64.9%
Loans Payable	N/A	Fully repaid	N/A
Combines Hosted	5 U.S. Army Bowl Regional Combines	N/A	First Basketball Combine (Salt Lake City)
Product Expansion	Football combines momentum	N/A	Basketball recruitment support announced

Metric	Period	Previous Guidance	Current Guidance	Change
Business Combination Closing Timeline	Late Q4 2025 or Q1 2026	N/A	Expected close late Q4 2025 or Q1 2026 (subject to SEC effectiveness, NYSE American listing, stockholder approval)	New
Event Pipeline	Q4 2025	N/A	Upcoming national football combine	New
Basketball Rollout	Q4 2025 onward	N/A	Additional combines and recruitment features “over the coming months”	New

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
Business Combination with One Blockchain/BlockchAIn	S-4 confidential submission announced in July; One Blockchain’s 2024 financials highlighted	Revised S-4 drafts submitted; closing targeted late Q4 2025/Q1 2026; NYSE American listing review underway	Progressing toward close
AI/HPC Infrastructure Narrative	One Blockchain focus on Bitcoin mining and HPC hosting	Combined entity plans expansion into high-performance AI-related computing	Expanding scope
Product Expansion – Basketball	N/A	First basketball combine; rollout of recruitment technology over coming months	Launch phase
Cost Discipline	Net loss down 66% YoY in Q1 via streamlined costs	Q3 G&A down 39% YoY; net loss improved YoY	Sustained cost control
Liquidity	Cash increased to ~$0.66M; total assets ~$1.4M in Q2; loans repaid	Cash ~$0.22M; total assets ~$1.0M in Q3	Sequential decline

Note: No earnings call transcript was available in the document catalog for Q3 2025.

“We continue to make measurable progress… disciplined approach to streamlining operations and reducing expenses has resulted in reduced net loss and improvement in our financial condition.” — Daniel Nelson, CEO .
“We are highly encouraged by the momentum behind our proposed business combination with One Blockchain… transformational opportunity… accelerate product innovation, expand into new verticals…” — Daniel Nelson, CEO .
“Expanding into basketball represents a natural evolution… bring the same verified exposure and data-driven recruiting tools to basketball student-athletes.” — Jeff Hecklinski, President .
“We view the combination with One Blockchain as a transformational step… position the combined company to deliver significant upside…” — Daniel Nelson, CEO .

Wall Street consensus via S&P Global was unavailable for SGN’s quarterly revenue and EPS in Q1–Q3 2025, limiting “beat/miss” analysis vs estimates. Actual revenue and EPS are provided above; values marked with * were retrieved from S&P Global.
Given lack of coverage, any post-quarter estimate resets will likely hinge on visibility into event-driven revenue, basketball rollout cadence, and timing/probability of the business combination closing .

The quarter emphasized expense discipline: G&A -39% YoY and cost of revenues near de minimis levels, driving a materially lower net loss despite revenue softness .
Revenue pressure persists (event fee-driven), with Q3 down 44% YoY and 54% QoQ; near-term growth depends on Q4 event execution and basketball expansion .
Liquidity stepped down QoQ (cash ~$0.22M); monitor working capital and funding needs ahead of the proposed business combination .
The business combination is the primary narrative catalyst; revised S-4 drafts submitted and targeted closing late Q4 2025/Q1 2026, subject to regulatory/listing and stockholder approvals .
Basketball launch adds a new vertical and engagement channel; execution on “over the coming months” rollout is a key operational milestone .
With no consensus coverage, trading may be headline-driven around transaction progress and event announcements; watch for SEC effectiveness, NYSE American decisions, and any updated transaction disclosures .
For medium-term thesis, upside is contingent on combining SGN’s platform with One Blockchain’s infrastructure growth plans (HPC/AI-related computing), expanding product scope and potential revenue streams .