Newton Golf Company reported that third quarter revenue was $1.2 million in the third quarter, an increase of 1,175 percent over $95,000 in Q3 2023 and a sequential increase of 49 percent over $813,000 in the 2024 second quarter.
Gross margin as a percent of revenue increased from 41 percent in Q3 2023 to 66.5 percent in the 2024 third quarter. This increase was reportedly driven primarily by increased volume in manufacturing
The company, previously know as Sacks Parente Golf, posted a net loss of $1.06 million in the quarter, compared to a net loss of $1.2 million in the year-ago Q3 period. The loss per common share was 73 cents per share in Q3, compared to 94 cents per share in the 2023 Q3 period.
The company had cash and cash equivalents of $1.3 million at quarter-end, compared to $5.3 million at the end of 2023.
Inventory was $325,000 at quarter-end, compared to $196,000 at the end of the prior year.
Closed a $732,000 underwritten public offering of shares of common stock
Newton Golf Executive Chairman Greg Campbell commented, “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.”
Image courtesy Newton Golf
