NWTG: Newton Golf initiates $10 million ATM equity offering and launches direct-to-consumer platform in Japan.

About this update from Newton Golf Company, Inc.

By Thomas Kerr, CFA NASDAQ:NWTG READ THE FULL NWTG RESEARCH REPORT At-The-Market Equity Offering On October 24, 2025, Newton Golf (NASDAQ:NWTG) initiated an ATM equity offering for up to $10.0 million. Under the ATM program, Newton Golf may sell newly issued shares on occasion at prevailing market prices at its discretion. This program enables efficient access to incremental growth capital while aligning issuance with current market liquidity. Kingswood U.S. will act as sales agent for these transactions. New Consumer Direct Website in Japan On October 28, 2025, the company announced the launch of its dedicated Japanese e-commerce site. The new platform enables golfers in Japan to purchase Newton’s performance-engineered products directly, which marks a significant milestone in the company’s international expansion plans. Dr. Greg Campbell, Executive Chairman and CEO, stated, “Japan is the world’s second largest golf market and represents a major opportunity for Newton Golf. Launching NewtonGolf.jp allows us to meet that demand directly, providing golfers in Japan with the same advanced performance technology and customer experience that have driven our growth in North America.” The new website can be found here: www.newtongolf.jp Business Highlights Valuation and Estimates The company recently raised its full-year 2025 revenue guidance to a range of $7.0 million to $7.5 million, up from the prior range of $6.5 million to $7.0 million issued last quarter, reflecting stronger-than-anticipated demand and continued momentum across key channels. Our primary valuation tool utilizes a Discounted Cash Flow process. Based on growth and profitability projections, our DCF-based valuation target is approximately $6.00 per share. Our target price may be conservative as it incorporates a high discount rate of 15.0% due to the unpredictability of earnings, prevailing interest rates, and the timeline for reaching net profitability on an annual basis. Recently, popular putter manufacturer L.A.B. Golf was acquired by a private equity firm in a deal reportedly valued at over $200 million. Reports indicate that L.A.B. Golf may sell almost 400,000 units in 2025, with putters priced at approximately $500. 2025 revenues could be in the range of $200 million. Based on 1x our 2026 estimated revenues of approximately $11.1 million, a theoretical acquisition would show 68.2% upside in NWTG stock. We have not changed our estimates at this time as we await the 3 rd quarter 2025 earnings release. Our 2025 full year revenue estimate is $7.35 million. Our 2025 GAAP EPS estimate is a loss of ($1.25). For 2026, we believe the company can continue to generate strong double-digit revenue growth, and our revenue estimate for 2026 is $11.1 million, and our 2026 EPS estimate is a loss of ($0.08). We expect the company to reach cash flow breakeven in calendar year 2026. The current market cap of only $6.6 million appears to be irrational and more reflective of the ongoing microcap stock malaise as opposed to company fundamentals. SUBSCRIBE TO ZACKS SMALL CAP RESEARCH  to receive our articles and reports emailed directly to you each morning. Please visit our  website  for additional information on Zacks SCR.  DISCLOSURE: Zacks SCR has received compensation from the issuer directly, from an investment manager, or from an investor relations consulting firm, engaged by the issuer, for providing research coverage for a period of no less than one year. Research articles, as seen here, are part of the service Zacks SCR provides and Zacks SCR receives payments totaling a maximum fee of up to $50,000 annually for these services provided to or regarding the issuer. Full Disclaimer HERE .

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