Sacks Parente Golf, Inc. reported revenue of $813,000 in the 2024 second quarter, a 132 percent increase sequentially from $350,000 from the first quarter and just $47,000 in the prior-year Q2 period. The company said it had a “significant increase in orders from Club Champion” during the quarter.
Gross margin amounted to 60 percent of net sales in the second quarter, reportedly driven by sales of higher-margin Newton Shafts that accounted for approximately 80 percent of the company’s revenue over the first two quarters of 2024.
Total operating expenses were $1.69 million in the second quarter, up sharply from $665,000 in the year-ago quarter.
The loss from operations was $1.20 million in the quarter, compared to a loss of $650,000 in Q2 2023.
Net loss for the period was 1.16 million, or a loss of 79 cents per share, compared to a net loss of $672,000, or a loss of 62 cents per share, in the year-ago quarter.
“Brand recognition and sales of our Newton Motion replacement shafts surged in the second quarter and has continued into the third quarter,” commented Greg Campbell, executive chairman of Sacks Parente Golf, Inc. “Revenue more than doubled in the second quarter from the first quarter thanks to this product momentum in the Newton segment, and we currently see revenue accelerating sequentially in the third quarter.”
Campbell said the company’s advertising efforts continued to pay off handsomely, and SPG sees more momentum for the Newton Driver Shaft among the players on the PGA Tour Champions.
“These are competitive professionals who recognize and appreciate superior products, so it is gratifying to know that our engineering and product development have hit the mark with this very elite group,” he continued. It is also rewarding to receive similarly positive feedback from ‘weekend golfers’ regarding how Newton Motion shafts have added distance and control to their game. We look forward to additional revenue growth and brand building in the third quarter.”
Image courtesy SPG
