NEWTON GOLF: A Sacks Parente Company (Nasdaq: SPGC)?and B2i Digital Featured Company reported financial results and new product launches for its fiscal third quarter of 2024, which ended September 30, 2024. Among the financial and corporate highlights, the company cited:
- Revenue Growth:?$1.21 million in Q3 2024, reflecting a 1,175% year-over-year increase from Q3 2023 and a 49% sequential rise from Q2 2024.
- Gross Margin Increase:?Improved to 66.5%, up from 41% in Q3 2023, driven by higher manufacturing volumes.
- Capital Raise:?Closed a $732,000 underwritten public offering of common stock.
- Rebranding:?Announced a complete rebranding of the Company to NEWTON GOLF Company.
- Product Launches:?The Gravity Premium putter line was introduced, featuring five new models.
- Global Expansion:?Launched Newton Motion shafts in 50 major retail locations across Japan.
- Pro Golfer Adoption:?Increased the number of professionals using the Newton Motion Shafts on the PGA TOUR Champions to 34.
- Advanced Performance:?Unveiled new high-performance shafts designed for higher swing speeds.
Executive Chairman of NEWTON GOLF, Greg Campbell, noted, “We are encouraged by the very strong sales growth in the third quarter that was driven by the continued adoption of our Newton Motion replacement driver shafts and the first full quarter of revenue from our fairway woods replacement shafts. These revolutionary products have been a hit with professionals and amateurs alike and speak to the quality engineering and craftsmanship that go into every shaft we make. Our recent rebranding as NEWTON GOLF speaks to these very design principles that are at the foundation of our products, including the recently introduced NEWTON Golf Gravity line of putters. As an emerging golf brand, the ability of our products to connect with golfers across the world is important. We believe the early traction our products are getting here in the U.S., as well as overseas in the Japanese and Korean markets, portends well for the future growth of our entire product line.”
Full Press Release: https://lnkd.in/efCVvvcE
As a subsidiary of Sacks Parente Golf, Inc., NEWTON GOLF is a technology-driven golf brand known for its innovative advancements like the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, and ultra-light carbon fiber shafts. With a U.S. manufacturing base in St. Joseph, Missouri, NEWTON GOLF is committed to producing top-tier golf equipment while expanding into new product lines and international markets.
For more details, please view the?full Q3 results?or contact the investor relations team at?[email protected]. Follow B2i Digital for more NEWTON GOLF updates soon.
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