Connexa Reports FY 2024 Audited Financial Results and Provides Review of Operations
Connexa Sports Technologies Inc. (YYAI)
Company Research
Source: GlobeNewswire
Gross Margin Improves to 41% on 15% lower revenuesOperating expenses reduced by 60% Operating loss improved 71%Net income improved 38% Windsor Mills, MD, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Connexa Sports Technologies Inc. (Nasdaq:YYAI) reported audited operating results for the FY24 period ended April 30, 2024 and provided an update of operations. For the fiscal year 2024 ended April 30, 2024, the Company reported revenue of $8.4 million compared to $9.9 million in the year-ago period – a decrease of 15 percent. Despite on-going high consumer demand, the revenue shortfall can be directly attributed to inventory availability issues stemming back to the end of Q3. Gross margin continued to improve to 41% driving a 22 percent increase in gross profit for the full year. Coupled with significant decreases in operating expenses, the company reported an operating loss for the year of $6.4M – an improvement of 71 percent over prior year. Correspondingly the company’s net i
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Sec Filings
- 9/10/24 - Form 10-Q
- 9/9/24 - Form SC
- 9/9/24 - Form SC
- YYAI's page on the SEC website