Sacks Parente Golf, Inc. reported $349.000 in revenues for the 2023 full year, compared to $190,000 in 2022.

Gross margin for the year was 35.0 percent of net sales, compared to 42.1 percent in 0222. Selling, general and administrative (SG&A) expenses were $4.5 million in 2023, compared to $2.9 million in the prior year. Research and development (R&D) expense was $258,000 in 2023, compared to $78,000 in 2022.

Resulting operating loss was $4.6 million in 2023, compared to an operating loss of $2.9 million in 2022.

The net loss for 2023 was $4.6 million, or a loss of 38 cents per share, compared to a net loss of $3.5 million, or a loss of 34 cents per diluted share, in the prior year.

Balance Sheet

  • Cash and Cash Equivalents of over $5.3 million at year-end, compared to $147,000 at 2022 year-end.
  • Inventory was $248,000 at year-end, compared to $142,000 at the prior year-end.

FY 2023 Highlights

  • Raised $11.6 million in net proceeds from completed IPO in August 2023;
  • Recognized sequentially higher revenue over the last three quarters of 2023;
  • Made significant investment in equipment and facility improvements for manufacturing and distribution facility in St. Joseph, MO;
  • Launched Newton Motion product line of ready-to-play replacement driver shafts in November 2023, which is expected to generate more than 60 percent of company revenue in 2024;
  • Invested in sales and marketing to grow brand awareness of Sacks Parente premium putter family and the newly launched Newton Motion product line;
  • Hired Scott White, former CEO of Ben Hogan Golf Equipment Company, as chief operating officer;
  • Appointed golf-industry veteran Jane Casanta to the Board of Directors; and
  • Entered into player agreements for Newton Motion shaft sponsorships with Ken Duke (PGA Tour Champions) and Fernandra Lira (LET/LPGA/Epson Tours)

Outlook
Anticipating continued sequentially higher revenue throughout 2024 with improved gross margins. The company said it is benefitting from accelerating Newton Motion shaft shipments, including to multiple international customers, efficient marketing ad spend on shafts, and the start of the seasonally strong period of the year with warmer months ahead.

“We built a strong foundation in 2023 and are well-positioned to execute our strategic plan and grow our revenue in 2024 and beyond,” commented Greg Campbell, executive chairman of Sacks Parente Golf, Inc. “Our IPO in August provided us the capital to bring on additional talent to our team and complete the buildout of our Missouri manufacturing facility, including recently transferring production of our premium putter line from California to our Missouri facility to improve efficiencies. In addition, we have increased our marketing budget to help promote awareness of primarily our Newton product line. We have been pleased with the initial reception and order patterns, including from some international customers, for our Newtwon shafts and see this momentum continuing, especially as we begin the seasonally stronger spring months for the golf industry. We anticipate sequentially record revenue throughout 2024 and see the expected success from the Newton product line as a key component of that growth. Given our direct-to-consumer strategy, we are encouraged by our current strong return on ad spending with Newton and look forward to that trend continuing, especially given our team’s proven marketing experience in the golf industry.

“The Sacks Parente foundation is in place, we have the resources to execute, and we look forward to sharing our milestones and successes as they unfold,” concluded Campbell.

Image courtesy Sacks Parente