• It's the Callaway Golf (MODG) of golf equipment and apparel.
• Think of it as a Nike (NKE) or Under Armour (UAA), but solely focused on golf products.

• Golf Clubs: Newton Golf manufactures a comprehensive line of golf clubs, including drivers, irons, putters, and wedges tailored for different player proficiencies.
• Golf Balls: The company produces various golf balls engineered for optimal distance, spin control, and feel for diverse playing conditions.
• Golf Apparel & Accessories: NWTG offers a wide array of golf apparel, such as shirts, pants, outerwear, and accessories like gloves, hats, and footwear.
• Golf Bags: Newton Golf designs and sells golf bags, including stand bags, cart bags, and travel bags, focusing on durability and functionality.

Newton Golf (NWTG) Major Customers

Based on the typical business model for a golf equipment and apparel manufacturer, Newton Golf (NWTG) would primarily sell its products to other companies (B2B - Business-to-Business) rather than directly to individual consumers. These customer companies are primarily retailers that then sell the products to end-users.

Newton Golf's major customers would likely include large sporting goods chains, specialty golf retailers, and major online marketplaces. Here are examples of such companies that would be major customers:

• Dick's Sporting Goods (symbol: DKS): A leading omni-channel sporting goods retailer in the United States, which also owns Golf Galaxy, a prominent specialty golf retailer. Dick's Sporting Goods represents a critical distribution channel for golf equipment and apparel brands.
• Worldwide Golf Shops: One of the largest independent golf retailers globally, operating various well-known banners such as Roger Dunn Golf Shops, Edwin Watts Golf, The Golf Mart, and Golfers' Warehouse. While the parent company is privately held, its extensive network of stores and online presence makes it a major customer for golf manufacturers.
• Amazon.com (symbol: AMZN): As a dominant global e-commerce platform, Amazon serves as a major wholesale customer for many brands, allowing them to distribute products directly through Amazon's retail operations and marketplace services to millions of online shoppers.

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Dr. Greg Campbell, Executive Chairman and Chief Executive Officer

Dr. Greg Campbell brings nearly 40 years of experience in emerging technologies, product development, and public company leadership. He has successfully guided two companies through public offerings. Dr. Campbell previously managed a $1.2 billion P&L as Senior Vice President & General Manager at Lam Research. He currently serves as CEO of V-Grid Energy Systems, a company focused on converting agricultural waste into renewable electricity and bio-carbon. He holds a Ph.D. in Electrical and Electronics Engineering from UCLA and BA/MA in Engineering from Cambridge University. Dr. Campbell has been leading Newton Golf as Executive Chairman since 2018.

Jeff Clayborne, Chief Financial Officer

Jeff Clayborne brings over three decades of financial leadership across public and private companies in the consumer, technology, and entertainment sectors. He has led successful IPOs. Mr. Clayborne previously served as CFO of Perfect Moment, where he led the company through a successful IPO, restructured the balance sheet, and implemented operational improvements. He also served as CFO of Verb Technology Company, Inc., overseeing its uplisting to Nasdaq and securing over $100 million in capital through multiple financing rounds. He has held senior financial leadership roles at SONDORS, Universal Music Group, and The Walt Disney Company, where he managed large-scale financial operations and led M&A transactions. He holds an MBA from the University of Southern California and a Bachelor of Science in Accountancy from Northern Illinois University and is a Certified Public Accountant (CPA).

Akinobu Yorihiro, Director and Chief Technology Officer

Akinobu Yorihiro is a co-founder of Newton Golf (formerly Sacks Parente Golf). He serves as Director and Chief Technology Officer and previously held roles as CFO and Chief Legal Officer. Mr. Yorihiro possesses deep expertise in international business development, manufacturing, and intellectual property. He has chaired Nippon Xport Ventures since 2017 and has a strong background in cross-border transactions, having been a corporate M&A partner at Bingham McCutchen LLP. He earned a B.A. in Economics and Mathematics from Claremont McKenna College and a J.D. from Georgetown University Law Center.

Key Risks to Newton Golf (NWTG)

1. Persistent Unprofitability and Risk of Depleting Cash Reserves: Newton Golf has consistently reported net losses and is projected to remain unprofitable for the next three years. Despite experiencing significant revenue growth, the company's net losses have widened, indicating potential fundamental issues with its business model's ability to achieve profitability. These continued financial losses pose a substantial risk of depleting its cash reserves, which is critical for its long-term viability.
2. Small Market Capitalization and Extreme Stock Volatility: With a market capitalization typically under $10 million, Newton Golf is considered a micro-cap stock, making it highly susceptible to extreme price volatility. The company's stock has plummeted over 98-99% in the past year, reflecting significant market challenges and a precarious financial situation.
3. Shareholder Dilution: Shareholders of Newton Golf have experienced substantial dilution over the past year. This often occurs when a company issues new shares to raise capital, which can negatively impact the value of existing shares.

• The rise of entertainment-focused golf venues, such as Topgolf and Drive Shack, which offer a social, game-centric, and less time-intensive golf experience. These venues attract a broader, younger demographic and compete for leisure time and discretionary spending that might otherwise be allocated to traditional golf rounds, equipment, or memberships, thereby shifting consumer engagement with golf.
• The increasing sophistication and accessibility of advanced golf simulators and virtual reality (VR) golf experiences. These technologies allow individuals to play and practice golf without the need for a physical course, potentially reducing demand for traditional green fees, course memberships, and equipment primarily designed for outdoor play, especially as the technology becomes more immersive and widespread.

• Global Golf Equipment Market: This market was valued at approximately USD 7.48 billion in 2022 and is projected to reach about USD 11.01 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 5.0% from 2023 to 2030. North America held the largest share of this market, accounting for around 53.4% in 2022.
• Global Golf Club Market: A more specific segment relevant to Newton Golf's shafts and putters, this market was valued at USD 4.05 billion in 2024 and is projected to grow to USD 4.83 billion by 2030, with a CAGR of 3.0% from 2025 to 2030. North America was the dominant region in the global golf club market, holding a revenue share of 45.1% in 2024.
• Global Golf Apparel Market: For its expanding golf apparel and accessories line, the global market size was valued at USD 9.07 billion in 2024. It is projected to increase to USD 13.28 billion by 2032, exhibiting a CAGR of 4.95% from 2025 to 2032. North America was the leading region in the golf apparel market, with a market share of 55.57% in 2024.

• Launch and Growth of New and Recently Launched Products: Newton Golf anticipates continued strong demand for its premium golf shafts, particularly the recently introduced Newton Fast Motion shafts, which have seen rapid market adoption. The company also expects significant growth in its putter product line as advertising efforts are re-emphasized.
• Expansion of Global Distribution: The company is focused on scaling its operations and expanding global distribution, as evidenced by securing distribution in numerous Japanese golf retail locations. Collaborations with prominent sports merchandisers are also aimed at increasing visibility and sales through broader distribution.
• Increased Adoption by Professional Golfers: Newton Golf is experiencing growing traction among professional golfers, with its shafts being used by over 50 professionals across various tours by Q2 2025. This increased adoption on professional tours serves to validate product performance and drives consumer demand.
• Growth of Direct-to-Consumer (DTC) and Expanded Retail Channels: The company has seen significant revenue growth driven by its growing direct-to-consumer channel through its websites, alongside expanded retail distribution. Newton Golf continues to leverage these channels to drive sales.

1. Share Repurchases
   • Newton Golf authorized a share repurchase program of up to $1 million of its common stock, effective January 31, 2025, and valid until January 31, 2026.
2. Share Issuance
   • In October 2025, Newton Golf entered into an At-the-Market (ATM) equity offering agreement, allowing for the potential sale of up to $10 million in common stock to support production, expand distribution channels, and fund innovation.
   • The company completed an underwritten public offering in December 2024, raising approximately $8.4 million in gross proceeds to strengthen strategic initiatives, accelerate product development, and enhance operational capabilities.
   • In March 2025, a 1-for-30 reverse stock split was approved and became effective, impacting the number of outstanding shares.
3. Inbound Investments
   • Newton Golf completed an underwritten public offering in December 2024, raising approximately $8.4 million in gross proceeds.
4. Capital Expenditures
   • In April 2022, Newton Golf expanded its manufacturing operations by opening a dedicated facility in St. Joseph, Missouri, aimed at maintaining high-quality production standards and manufacturing products in the United States.
   • As of the last 12 months, Newton Golf's capital expenditure to revenue ratio stood at 10.9%.
   • The capital from the October 2025 ATM offering is intended to support production and ongoing innovation in golf shafts and putters.