Slinger, the company that introduced the portable Slinger Bag for tennis balls in 2019, is targeting sales of $17 to $18 million for the financial year ending in April from this product, to the exclusion of recent acquisitions, representing year-on-year growth of between 57 and 67 percent. It expects to break even at the Ebitda level by the end of the year.
The company previously reported sales of $5.4 million for its second quarter, ended Oct. 31, 106 percent above the level of the year-ago period. It also reported a quarterly net loss of $38.8 million that was largely due to a $32.4 million grant of shares and warrants to the executive team.
North America represented 65 percent of the turnover. The balance came from a growing number of international distributors. The business with them is being ramped up slowly to give inventory preference to the domestic U.S. clients.
Slinger plans to raise an additional $5 million from existing bondholders to fund operations and the integration of Gameface and PlaySight, the two companies that it recently acquired to help transform itself into an online analytics and connected “Watch, Play, Learn” sports platform for tennis and other sports. Powered by artificial intelligence, the platform is expected to be up and running by March 2022, generating recurring subscription and content revenues that will be contributing about 25 percent of projected revenues of $40 million for the next financial year.
Slinger has been testing a baseball and softball launcher that should be released in 2023, and it is planning to come out with launchers for pickleball and padel tennis. For the later future, the company is envisaging an application of its technology platform to the fast-growing sports betting sector.
Under the management of Mike Ballardie, the former top executive of Wilson and Prince, Slinger has reached a market capitalization of more than $79 million on the OTCQB counter of Nasdaq. It plans to upgrade to a higher level on the stock exchange to open itself up to more institutional investors.
