Business
Sacks Parente Golf, Inc. Announces Year End 2023 Financial Results and Provides Corporate Update
Camarillo, Calif., March 18, 2024 (GLOBE NEWSWIRE) -- Sacks Parente Golf, Inc. (NASDAQ:SPGC), (the “Company” or “Sacks Parente”), a technology-forward golf
About this update from Newton Golf Company, Inc.
[{"type":"text","content":"Camarillo, Calif., March 18, 2024 (GLOBE NEWSWIRE) -- Sacks Parente Golf, Inc. (NASDAQ:SPGC), (the “Company” or “Sacks Parente”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, reports its financial results for the year ended December 31, 2023 and provides a business update. FY 2023 Highlights Raised $11.6 million in net proceeds from completed IPO in August 2023Recognized sequentially higher revenue over last three quarters of 2023Made 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 in excess of 60% of Company revenue in 2024Invested in sales and marketing to grow brand awareness of Sacks Parente premium putter family and newly launched Newton Motion product lineHired Scott White, former CEO of Ben Hogan Golf Equipment Company, as Chief Operating Officer Recent Corporate Highlights Anticipating continued sequentially higher revenue throughout 2024 with improved gross margins. The Company 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 aheadAnnounced that the Company’s premium putters and Newton Motion driver shafts were available in all 126 Club Champion retail stores nationwide. The Company expects to see accelerated quarterly revenue from this relationship begining in 2Q24Entered into player agreements for Newton Motion shaft sponsorships with Ken Duke (PGA Tour Champions), and Fernandra Lira (LET/LPGA/Epson Tours)Appointed golf-industry veteran Jane Casanta to the Board of Directors “We built a strong foundation in 2023 and are positioned well to execute our strategic plan and grow our revenue in 2024 and beyond,” commented Greg Campbell, Executive Chairman. “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. I...