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Connexa Sports Technologies Inc. [CNXA], a leading provider of sports technology solutions, announced its financial results for the quarter ended July 31, 2023. The company reported a net loss of $846.8 million for the quarter, compared to a net loss of $4.3 billion in the same period last year. Quarterly revenue declined to $3.1 million, down from $3.6 million in the prior year quarter.
The company's operating loss for the quarter was $1.9 million, compared to an operating loss of $3.1 million in the prior year quarter. Connexa Sports Technologies Inc. attributed the decrease in operating loss to reduced selling and marketing expenses, which declined from $756.8 million to $242.4 million. General and administrative expenses also decreased from $3.3 million to $2.5 million. Despite these cost savings, the company's overall financial performance remained weak.
Connexa Sports Technologies Inc. experienced a decline in revenue compared to the same period last year. The company's net sales for the quarter amounted to $3.1 million, a decrease of 13.1% from the prior year quarter's net sales of $3.6 million. The decrease in revenue can be attributed to lower sales volume and challenges in the sports industry due to the ongoing COVID-19 pandemic. The company expects revenue growth to remain sluggish in the near term as the sports industry continues to navigate the impact of the pandemic.
The company's balance sheet indicates a relatively stable financial position. As of July 31, 2023, Connexa Sports Technologies Inc. had total current assets of $4.6 million and total assets of $6.6 million. The company's current liabilities amounted to $23.3 million, while its long-term liabilities totaled $1.7 million. However, the company has a shareholder's deficit of $18.4 million, indicating a weak financial position.
Connexa Sports Technologies Inc. reported a basic and diluted loss per share of $1.93 for the quarter, compared to a loss per share of $24.29 in the prior year quarter. The decrease in loss per share can be attributed to the increased number of weighted average common shares outstanding. The company issued additional shares for contingent consideration and settlement of accounts payable during the quarter.
Despite facing challenges in the current environment, Connexa Sports Technologies Inc. remains optimistic about its future prospects. The company continues to invest in research and development to enhance its sports technology solutions and expand its customer base. Connexa Sports Technologies Inc. also aims to streamline its operations and optimize its cost structure to improve financial performance. The company is closely monitoring the evolving sports industry landscape and adapting its strategies to capitalize on emerging opportunities.
In conclusion, Connexa Sports Technologies Inc. reported a net loss of $846.8 million for the quarter ended July 31, 2023, with quarterly revenue declining to $3.1 million. While the company experienced a decrease in operating loss and implemented cost-saving measures, its overall financial performance remained weak. Connexa Sports Technologies Inc. is focused on navigating the challenges posed by the COVID-19 pandemic and remains committed to driving growth through innovation and operational efficiency.