CAMARILLO, CA, Jan. 27, 2025 (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 fourth quarter of 2024 (three months ended December 31, 2024) and full year of 2024 ahead of its quarterly filing.

Financial Highlights

• Revenue is expected to be between $1.1 million – $1.3 million in 4Q24, an increase of 882% at the midpoint of the range from revenue of $117,000 in 4Q23

• Gross margin is expected to increase from 36% in 4Q23 to 72-74% in 4Q24, driven by increased sales and efficiencies in the manufacturing process in calendar 2024

• Full year 2024 revenue is expected to increase from $349,000 in fiscal 2023 to $3.4 million – $3.6 million, representing almost 10-fold growth

• Full year 2024 gross margin is expected to increase from 35% in fiscal 2023 to 65-67%, driven by increased volume in manufacturing in calendar 2024

2024 Corporate Highlights

• Announced a complete rebranding of the Company to NEWTON GOLF Company

• Launched the Newton Fairway Motion shafts

• Launched the new Newton Gravity premium putter line through the introduction of five new putter models

• Expanded the Company’s global presence with the launch of the Newton Motion shafts in 50 of Japan’s largest golf retail locations

• Increased the number of golf professionals using the Newton Motion Shafts on the PGA TOUR Champions from less than five at the beginning of 2024 to 34 at the end of 2024

• Executed successful digital campaigns with high return on ad spending that were instrumental in the Company’s revenue growth

• Closed on $9.1 million in financings to support the Company’s strategic growth

• Introduced new advanced performance shafts for higher swing speeds in January 2025

NEWTON GOLF Executive Chairman Greg Campbell commented, “Our expected improved results in 4Q24 and full year 2024 is reflective of the growing acceptance of our unique technology and design elements in our putters and replacement shafts. We recognized significantly increased sales of our NEWTON Motion replacement shafts throughout 2024 from both professional and recreational golfers, and we expect that momentum to continue in 2025. Despite it being generally off season for golf, we were pleased with our Black Friday and Cyber Monday sales, and we look forward to improved gross margin performance as we scale production and bring down unit cost.”

This press release contains preliminary estimated financial results for the quarter and fiscal year ended December 31, 2024, and the financial results 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.

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