From Tennis Ball Launchers to Tokenized Equities: What Connexa Sports (YYAI) – Now AiRWA

Ticker & Exchange: NASDAQ: YYAI (renamed AiRWA Inc. on Oct. 7 2025).
Latest closing price (7 Oct 2025):US$0.18 per share with a market capitalization around US$2.6 million ^[1]; the stock has lost ~93 % in a single day and trades near its 52‑week low of $0.175 ^[2].
Year‑to‑date performance: According to Macrotrends, YYAI opened 2025 at $1.27 and closed at $0.18 on Oct. 7 2025, implying an 85 % drop; the 2025 high was $4.90 and the all‑time high (pre‑split) was $50,400 ^[3].
Rebranding & $100 million funding: On Oct. 6 2025 the company announced it would rename itself AiRWA Inc. and receive a $100 million investment from JuCoin Capital, including 150,000 Solana tokens (≈US$30 M) ^[4].
Business pivot: Connexa built its brand on the Slinger Bag portable ball launcher, acquired analytics firms Gameface AI and PlaySight, and marketed a “Watch – Play – Learn” sports‑tech ecosystem ^[5].
Latest earnings (FY 2025): Revenue for the fiscal year ended 30 Apr 2025 rose 147 % to US$12.8 M and operating income was US$6.66 M ^[6] ^[7]. Net income attributable to the company was US$3.49 M (EPS of $0.36) ^[8].
Liquidity concerns: Although working capital increased to $16 M, the company had just $54 k in cash and depended on $15.39 M of accounts receivable from licensees ^[9] ^[10]. Earlier filings flagged substantial doubt about continued operations because of persistent losses and reliance on debt ^[11].
Analyst & market sentiment: StockInvest.us rates YYAI a “strong sell” because short‑ and long‑term moving averages signal a continued downtrend and extreme volatility (daily ranges exceeding 1,000 %) ^[12].
Industry landscape: The sports‑technology market was US$26.77 billion in 2024 and is expected to reach US$139.41 billion by 2032 (CAGR ≈ 23 %), driven by wearables, AI/ML and virtual‑reality fan engagement ^[13]. The AI in sports market itself was US$1.2 billion in 2024 and is forecast to US$4.7 billion by 2034 ^[14].

Stock Price & Recent Performance

A micro‑cap stock in free‑fall

After trading between $1 and $3 for much of August 2025, Connexa Sports’ share price crashed when it announced a $500 million joint‑venture with crypto exchange JuCoin to build the AiRWA real‑world‑asset (RWA) platform.

Aug. 29 2025: RTTNews reported that the stock plunged 46.84 % to $2.03 after the JuCoin deal was announced ^[15].
Oct. 7 2025 close: The stock ended at $0.18, down 92.83 % on the day with no volume support ^[16]. Stockanalysis.com shows the pre‑market price on Oct. 8 2025 at $0.2233, implying slight recovery ^[17].
Volatility & technical signals: StockInvest.us describes YYAI as “high risk”, noting that it moved $2.56 (1,460 %) between high and low the previous day, with a 14‑day average true range predicting an opening price of $1.03 but cautioning that such swings may exceed 1,000 % ^[18]. The service downgraded the stock from “Hold” to “Strong Sell” ^[19].

The combination of extreme volatility, negligible support levels and negative technical indicators means YYAI is behaving like a speculative penny stock rather than an established sports‑technology player.

Macrotrends & long‑term view

Historical data compiled by Macrotrends shows the magnitude of the decline: the share price averaged $1.4475 in 2025, opened the year at $1.27, reached a high of $4.90, and closed at $0.18, an 85 % annual drop ^[20]. The stock’s all‑time high after adjusting for splits was a staggering $50,400 in April 2021 ^[21], illustrating the destruction of shareholder value over the past four years.

Recent News & Developments (Oct 6–8 2025)

Rebranding to AiRWA and infusion of Solana tokens

On Oct. 6 2025 Connexa Sports announced it would rename itself “AiRWA Inc.”, repositioning as a platform for tokenized real‑world assets. The press release explained that JuCoin Capital had committed $100 million to the new AiRWA Exchange, including 150,000 Solana tokens (≈$30 M) ^[22]. Chairman Hongyu Zhou said the name change marked “the beginning of a new era” and that the Solana blockchain was chosen for its speed and low fees ^[23].

A day later, the company announced it had received the Solana tokens and completed test settlements of tokenized U.S. equities. Zhou emphasized that AiRWA aims to let crypto‑savvy users trade tokenized U.S. equities with blockchain‑like efficiency, noting that more than 4 million users from JuCoin’s ecosystem would gain access to the platform ^[24].

Strategic security partnership

On Sept. 24 2025 Connexa signed a contract with Inca Digital to strengthen the exchange’s security framework. Zhou described the partnership as a “natural fit”, combining JuCoin’s digital‑asset expertise with Connexa’s public‑market governance and Inca Digital’s compliance services ^[25].

$500 million AiRWA joint‑venture filing

The Aug. 25 2025 filing with the SEC disclosed that Connexa and JuCoin would each contribute $250 million to launch AiRWA, an RWA‑tokenization exchange. The platform aims to provide deep liquidity, cross‑chain trading, NFTs, derivatives and a future stablecoin called USDR ^[26] ^[27]. Zhou described the partnership as a step toward a “secure, efficient and interconnected financial ecosystem” ^[28]. RTTNews noted that the announcement triggered heavy selling because investors were uncertain about the pivot; trading volume reached 22.3 million shares, far above the 928 k average ^[29].

From Slinger Bag to AiRWA – Business Model Evolution

Origins: portable ball launchers and sports‑tech acquisitions

Connexa’s roots lie in Slinger Bag Inc., a company that designed a portable and affordable ball launcher for tennis and other racquet sports. The 2023 Form 10‑K recounts that the firm acquired Foundation Sports Systems, Gameface AI, and PlaySight Interactive, turning itself into a holding company for sports technology subsidiaries ^[30]. The company marketed a “Watch – Play – Learn” ecosystem combining smart equipment, video analytics and AI‑based performance feedback ^[31]. CEO Mike Ballardie told Pickle Shack in 2022 that Connexa aimed to integrate the Slinger Bag with PlaySight cameras and Gameface AI, providing players with video replay, stroke analysis and remote coaching ^[32].

Gameface AI acquisition and the promise of artificial intelligence

In Sept. 2021 Slinger announced the $24 million acquisition of Gameface AI, an AI platform offering real‑time stroke and biomechanics analysis via mobile cameras. The press release stated that Gameface’s camera‑agnostic platform would allow scalable solutions across sports and that the sports AI market was projected to grow at 28.7 % annually ^[33] ^[34]. Ballardie called the deal “the next step towards becoming a connected sports company,” while Gameface CEO Jalal Shaik said their technology “democratizes high‑performance analytics” ^[35].

Rebrand to Connexa and subsequent divestitures

In May 2022 Slinger formally changed its name to Connexa Sports Technologies Inc., highlighting that it combined Slinger, PlaySight, Gameface AI, and Foundation Sports to serve more than one million users ^[36]. However, the 2023 Form 10‑K shows that Connexa later sold PlaySight and divested 75 % of Foundation Sports back to its founder, leaving the company primarily dependent on licensing and royalty income ^[37].

Pivot to tokenized assets: AiRWA Exchange

The 2025 strategic pivot essentially abandons the sports‑tech hardware and analytics business in favour of tokenizing real‑world assets. The AiRWA Exchange will allow customers to trade fractionalized U.S. equities and other RWAs using Solana tokens. Hongyu Zhou claims the integration of Solana will offer “unmatched speed and flexibility” ^[38]. The company intends to target crypto enthusiasts rather than mainstream sports consumers, marking a significant departure from its original mission.

Financial Health & Earnings

Fiscal year 2025 results (year ended 30 Apr 2025)

Connexa’s FY 2025 Form 10‑K shows a company finally reporting positive income after years of losses. Revenue surged 147 % to $12.8 million thanks to royalty income from new licensees ^[39]. Cost of revenue grew 153 % to $3.0 million as amortization of intangible assets increased ^[40]. Operating income jumped to $6.66 million, and after taxes the company recorded net income of $4.63 million, with $3.49 million attributable to Connexa (EPS $0.36) ^[41].

However, the cash situation was precarious: working capital improved to $16 million, but the company held just $54 k in cash and relied on $15.39 million in accounts receivable from licensees ^[42] ^[43]. Management acknowledged that operations were financed by chairman Hongyu Zhou’s advances and that raising capital in the markets remained essential ^[44].

Historical performance and going‑concern warnings

The 2023 Form 10‑K reveals that FY 2022 sales totaled $16.8 million but heavy share‑based compensation and acquisition costs led to a net loss of $51.8 million ^[45]. Auditors expressed substantial doubt about the company’s ability to continue as a going concern due to working‑capital deficits and reliance on financing ^[46]. These warnings underscore how extraordinary the 2025 profitability appears – and how fragile it may be given the company’s limited cash and new strategic direction.

Strategic Partnerships, Acquisitions & Leadership Changes

JuCoin & AiRWA joint‑venture: The definitive agreement filed Aug. 29 2025 commits each party to $250 million and envisions a broad platform for tokenizing stocks, commodities, NFTs and derivatives ^[47]. This partnership effectively repositions the company as a decentralized finance (DeFi) player.
Inca Digital security partnership: The Sept. 24 2025 contract aims to provide ecosystem mapping, threat intelligence and compliance services to the AiRWA Exchange. Zhou said that merging JuCoin’s digital‑asset know‑how, Connexa’s public‑company governance, and Inca’s security would deliver best‑in‑class compliance ^[48].
Previous acquisitions:
- Gameface AI (2021): The AI analytics firm brought technology that analyses strokes and biomechanics using phone cameras. The acquisition statement emphasised the opportunity to offer scalable AI‑driven coaching across sports ^[49].
- PlaySight Interactive (2020) & Foundation Sports: These acquisitions expanded the company into camera‑based court analytics and tennis club software. However, both were largely divested in 2022 ^[50].
Leadership:Mike Ballardie, CEO during the sports‑tech expansion, promoted the “Watch – Play – Learn” strategy, but by 2025 the company’s leadership centres on Hongyu Zhou (formerly chairman), who spearheaded the AiRWA pivot and provides significant financing ^[51] ^[52]. The shift suggests a transfer of control toward Zhou and the JuCoin consortium.

Expert Commentary & Market Sentiment

TipRanks analysis: TipRanks’ AI rating (reported by QuiverQuant) flagged YYAI as “underperforming”, pointing to declining revenues, negative profitability and high liabilities; technical indicators showed a bearish trend and poor valuation metrics ^[53].

StocksToTrade perspective: A July 2025 article described investor sentiment as mixed. The piece noted that Connexa stock rose 11 % after announcing technological advancements, but emphasised that global economic uncertainties could undermine the company’s strategic engagements. Lead trader Tim Bohen advised traders: “If you’re still guessing at the end of your analysis, it’s probably not a trade worth taking.” ^[54] The article concluded that the company stands at a “crucial crossroad,” balancing potential innovation with execution risks ^[55].

StockInvest.us rating: The platform labels YYAI a “Strong Sell”, citing sell signals from both short‑ and long‑term moving averages, the absence of support at current prices, and daily volatility exceeding 1,000 %. It warns that the stock “may perform very badly in the next couple of days” and that traders should exercise extreme caution ^[56].

Overall, analysts and traders view the stock as a highly speculative play dependent on the success of the AiRWA platform and the company’s ability to secure liquidity.

Industry Context: Sports‑Tech, AI & Wearables

The sports‑technology sector is rapidly growing, driven by wearable devices, AI/ML, VR/AR and data analytics. According to Fortune Business Insights, the global sports‑technology market was valued at US$26.77 billion in 2024 and is projected to soar to US$139.41 billion by 2032, a CAGR of 23.1 % ^[57]. The report notes that 70 % of fans prefer consuming sports content on smartphones, while adoption of VR/AR is rising as leagues seek to engage fans at home ^[58]. Major players include Catapult, Garmin, Apple and Samsung ^[59].

Within this broader space, AI in sports is a nascent but promising niche. Global Market Insights estimates the AI‑in‑sports market at US$1.2 billion in 2024, projected to reach US$4.7 billion by 2034 with a 14.7 % CAGR ^[60]. Drivers include performance analytics, injury prevention, personalized fan engagement, and AI‑assisted officiating ^[61] ^[62]. The integration of AI into video analysis, wearable sensors and coaching tools is accelerating, with companies such as WSC Sports, IBM Watson, Stats Perform, and Disney’s ESPN adopting AI for automated highlights and customized content ^[63]. At the same time, the high cost of technology and data‑privacy concerns remain barriers ^[64].

Connexa’s early acquisitions (Gameface AI, PlaySight) placed it squarely in this fast‑growing field, but the pivot to DeFi shifts its focus away from the sports‑performance niche. Whether AiRWA can leverage the underlying sports‑technology know‑how (e.g., AI analytics) to differentiate its RWA platform remains unclear.

Outlook & Forecasts

Connexa’s transformation into AiRWA offers both opportunity and risk:

Short‑term (0–12 months)

Volatility will likely persist. With the stock trading under $0.20 and extremely thin support, any positive or negative news could trigger multi‑hundred‑percent swings. StockInvest.us expects the stock to open around $1.03 on Oct. 8 but warns that the possible intraday range could exceed 1,000 % ^[65].
Execution of the AiRWA Exchange matters. Investors will watch whether the company can launch the exchange on time, convert JuCoin’s 4 million users into active traders and comply with U.S. securities regulations.
Liquidity needs remain urgent. Despite improved earnings, the company’s cash balance is minimal and it relies on receivables and advances from the chairman ^[66]. Any delays in collecting license fees could strain operations.

Long‑term (12 months and beyond)

Pivoting away from sports tech may alienate core users. Connexa built brand loyalty around tennis and pickleball players. Focusing on tokenized equities could diminish its sports‑tech identity unless the platform integrates sports‑related tokens or leverages existing AI analytics.
Regulatory and competition risks. The AiRWA Exchange enters a crowded and uncertain field of digital‑asset trading. Regulatory scrutiny of crypto exchanges and stablecoins has intensified. Competitors like Coinbase, Binance and emerging decentralized exchanges already offer tokenized assets.
Potential upside if RWA tokenization gains traction. Should tokenized equities become mainstream, AiRWA could capture an early mover advantage by offering cross‑chain settlement, Solana liquidity and JuCoin’s user base. However, success hinges on technology execution and compliance.
Possible re‑entry into sports‑tech. Given the company’s existing patents, AI analytics and distribution networks, management could still monetise sports technology through licensing or spin‑offs. The Gameface AI platform remains valuable if integrated into other sports or metaverse applications.

Conclusion

Connexa Sports Technologies (now AiRWA Inc.) embodies one of the most dramatic pivots on the NASDAQ. Once celebrated for its Slinger Bag tennis launcher and AI‑driven coaching tools, the company now seeks to build a blockchain‑based exchange for tokenized real‑world assets. This shift comes amid severe stock volatility, limited cash reserves and mixed investor sentiment.

While FY 2025 results show the first profitable year, the company’s financial stability depends on collecting receivables and securing new capital. The $100 million investment from JuCoin and the strategic partnership with Inca Digital could provide the resources to launch AiRWA, but the venture also exposes shareholders to regulatory, technological and market risks.

In the broader context, the sports‑technology industry continues to grow rapidly, driven by wearables, AI and immersive fan experiences ^[67] ^[68]. Connexa’s expertise in this space could still be leveraged, but investors considering YYAI should recognize that the company’s current value proposition revolves around crypto‑asset trading rather than sports equipment or analytics. Given the strong sell signals, extreme volatility and uncertain business pivot, YYAI remains a speculative play that requires careful due diligence and risk management.

In summary, the report reveals that Connexa Sports’ rebrand to AiRWA Inc. comes amid a precipitous stock decline, with shares collapsing to $0.18 and market cap around $2.6 million ^[69]. This crash followed the company’s pivot from sports technology to blockchain-based real-world asset trading, fueled by a $100 million infusion from JuCoin and strategic ties with Inca Digital ^[70]. The analysis underscores how investor confidence remains shaky, as technical indicators flash “strong sell” and daily volatility routinely exceeds 1,000%, casting YYAI as a highly speculative play ^[71].

I also learned that despite reporting its first profitable year with FY2025 revenue of $12.8 million and net income of $3.49 million, Connexa’s liquidity is fragile; it holds only $54k in cash and relies heavily on accounts receivable ^[72]. The broader sports-tech market is booming – projected to hit $139.41 billion by 2032 – and AI in sports alone could reach $4.7 billion by 2034 ^[73] ^[74]. However, by pivoting to crypto, the company risks losing its sports-tech identity and entering a crowded, highly regulated arena. The report concludes that while AiRWA presents a bold opportunity, it’s fraught with execution and compliance risks, meaning investors should approach YYAI with caution.

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References

From Tennis Ball Launchers to Tokenized Equities: What Connexa Sports (YYAI) – Now AiRWA – Means for Investors in 2025