Newton Golf Company Inc. (NWTG) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations as a technology-forward golf company, with a portfolio that includes putting instruments, golf shafts, golf grips, and other golf-related products. The company expanded its manufacturing business in April 2022 to include advanced premium golf shafts.
For the year ended December 31, 2024, Newton Golf reported net sales of $3.45 million, a significant increase from $349,000 in the previous year. This increase was primarily driven by the introduction of the Newton Motion driver shaft product line.
The company reported a net loss of $11.75 million for the year, compared to a net loss of $4.63 million in 2023. The increase in net loss was attributed to financing costs and changes in the fair value of warrant liabilities.
Newton Golf's cash and cash equivalents as of December 31, 2024, were $7.65 million. The company expects its cash on hand to last for at least the next 12 months.
The company underwent two reverse stock splits during the fiscal year, one at a ratio of 1-for-10 shares effective July 30, 2024, and another at a ratio of 1-for-30 shares effective March 17, 2025.
Newton Golf Company Inc. is subject to various risks, including fluctuations in demand for golf products, competition, and economic conditions that could impact consumer spending.
The company does not anticipate paying cash dividends to common stockholders in the foreseeable future.
Newton Golf's Board of Directors consists of five members, with Greg Campbell serving as the Executive Chairman. The company has established audit, compensation, and nominating and corporate governance committees.
The filing also includes information on the company's executive compensation, equity compensation plans, and details of stock options granted to directors and officers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Newton Golf Company Inc. annual 10-K report dated April 4, 2025. To report an error, please email [email protected].