CAMARILLO, CA, Oct. 28, 2024 (GLOBE NEWSWIRE) -- NEWTON GOLF Company (Nasdaq: SPGC) ("NEWTON GOLF" or the "Company"), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, reports preliminary financial results for the third quarter of 2024 (three months ended September 30, 2024) ahead of its quarterly filing.
Financial Highlights for Third Quarter 2024
- Revenue of $1,150,000 - $1,250,000 in 3Q24, an increase of 1,163% at the midpoint of the range over $95,000 in 3Q23 and a sequential increase of 48% at the midpoint of the range over $813,000 in 2Q24.
- Gross margin of 63-67% in 3Q24 was driven by increased volume in manufacturing and compares to 41% in 3Q23.
- Announced a complete rebranding of the Company.
- Launched the new Gravity Premium putter line with the introduction of five models.
- Expanded the Company's global presence with the launch of the Newton Motion shafts in Japan in 50 of its largest golf retail locations.
- Closed on $732,000 of underwritten public offering of shares of common stock.
- Increased the number of professionals using the Newton Motion Shafts on the PGA TOUR Champions to 34, generating greater exposure.
- Executed successful digital campaigns.
- Introduced the new advanced performance shafts for higher swing speeds.
NEWTON GOLF Company Executive Chairman Greg Campbell commented, "Our third quarter was marked by continued momentum in the sales of our Newton Motion replacement driver shafts and the first full quarter of revenue from our fairway woods replacement shafts. The continued traction we are seeing from professional golfers, highlighted by 34 Champions TOUR players now using the Newton Motion shafts, gives us confidence that our technology-forward approach to design is the proper cornerstone of our product development strategy. Additionally, a recent launch of our putter line that now carries the NEWTON GOLF Gravity brand can potentially add to our growth trajectory."
This press release contains preliminary estimated financial results for the quarter ended September 30, 2024, and may change as a result of management's continued review. The preliminary financial information included in this press release reflects the Company's current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial and operational information should not be viewed as a substitute for full financial statements and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial and operational information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.
About NEWTON GOLF: A Sacks Parente Company
NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company's innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.
In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company's intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.
The Company's future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company's websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.
For more information, please visit the Company's website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.
Investor Contact for NEWTON GOLF
CORE IR
516-222-2560
investors@sacksparente.com
