Business
Sacks Parente Golf, Inc. Reports Second Quarter 2024 Financial Results and Provides Corporate Update
Camarillo, Calif., Aug. 05, 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., Aug. 05, 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 its fiscal second quarter ended June 30, 2024 and provides a business update. Financial Highlights Revenue of $813,000 in 2Q24 increased 132% sequentially from $350,000 in 1Q24Gross margin of 60% in 2Q24 and for the six months ended June 30, 2024 was driven by sales of higher-margin Newton shafts that accounted for approximately 80% of the Company’s revenue over the first two quarters of 2024 Significant increase in orders received from Club Champion during the 2Q24 Recent Corporate Highlights Introduced a Weekly Driver Performance Pool program for players on the PGA TOUR Champions that use the Company’s Newton Motion driver shafts in tournamentsExpanded the Newton Golf Shaft division with the addition of the Newton Motion Fairway Wood shaft to complement the initial Newton Motion Driver shaft “Brand recognition and sales of our Newton Motion replacement shafts surged in the second quarter and has continued into the third quarter. 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,” commented Greg Campbell, Sacks Parente’s Executive Chairman. “Our advertising efforts continue to pay off handsomely, and we are seeing more momentum for our 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. It is also rewarding to receive similarly positive feedback from ‘weekend golfers’ with regard to 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.” About Sacks Parente Golf Sacks Parente Golf, Inc. serves as the parent entity of technology-forward golf companies that help golfers elevate their game. With a growing portfolio of golf products, including putters, go...