Golf One Media

Sacks Parente Golf By The Numbers

by | Mar 19, 2024 | BUSINESS

Sacks Parente Golf Company(SPGC: NASDAQ), the putter company that surprised the golf industry with an IPO this past August, reported a loss of $4.6 million in 2023 on revenue of $349,000 compared to a loss of $3.5 million on revenue of $190,000 in 2022.

The company, which raised $11.6 million in net proceeds from its completed IPO, said it recognized  “sequentially higher’’ revenue over last three quarters of 2023 and made “significant investment’’ in equipment and facility improvements for manufacturing and distribution facility in St. Joseph, MO.

SPGC also said its anticipates “continued sequentially higher revenue’’ throughout 2024 with improved gross margins. The company also 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.

The company’s premium putters and Newton Motion driver shafts are available in all 126 Club Champion retail stores nationwide. SPGC said it expects to see accelerated quarterly revenue from this relationship begining in in the second quarter of 2024.

“We built a strong foundation in 2023 and are positioned well to execute our strategic plan and grow our revenue in 2024 and beyond,” said Greg Campbell, Executive Chairman of SPGC. “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 for that trend to continue, 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.’’

The company’s stock price on March 18 closed at 62 cents per share – once cent less than its close of March 17.

sacksparente.com

oncore_golf
revo_sunglasses

About the Author

<a href="https://golfonemedia.com/author/steve_pike/" target="_self">Steve Pike</a>

Steve Pike

Steve “Spike” Pike is a lifelong journalist whose career covers Major League Baseball, the NFL, and college basketball. For the past 26 years, Spike has been one of the more respected voices in the golf and travel industries, working for such publications as Golfweek, Golf World, and Golf Digest for The New York Times Magazine Group. In 1998, Spike helped launch the PGA.com website for the PGA of America. As a freelance travel and golf writer, Spike’s travels have taken him around the world. He has played golf from Pebble Beach to St. Andrews, walked the Great Wall of China, climbed an active volcano in the Canary Islands, been on safari in South Africa, and dived with sharks off Guadalupe, Baja California. Steve lives in Delray Beach, Fla, and posts his golf and travel content on his website at spikeongolfandtravel.com. He can be reached at spikee41@hotmail.com.