AiRWA Inc (YYAI) Q1 2024 Earnings Report

Connexa Sports Technologies posted a material top-line contraction in QQ1 2024, recording USD 0.705 million in revenue, a year-over-year decline of 77.4% and a sequential drop of 22.7%. The gross margin stood at 38.6% (USD 0.272 million gross profit), but the company generated a substantial operating loss of USD 3.256 million and a net loss of USD 4.220 million for the quarter, driven primarily by elevated SG&A (USD 3.521 million) and a USD 0.966 million interest expense. Despite negative profitability, the company maintains a liquidity cushion anchored by USD 18.211 million in cash and short-term investments, with net cash provided by financing activities of USD 1.615 million and a modest operating cash outflow of USD 0.073 million in the quarter. The lack of quarterly earnings visibility is notable, but Connexa’s balance sheet shows significant liquidity headroom (cash and short-term investments) to support ongoing commercialization efforts around its Slinger device family and Gameface AI analytics. The absence of a formal forward-looking guidance limits near-term predictability, underscoring the higher-risk, high-variance profile of a small-cap sports tech company positioned for early-stage revenue growth.