Core Viewpoint - Newton Golf Company is set to host a webcast and investor Q&A session to discuss its third quarter 2025 financial results, highlighting its focus on performance-driven innovation in golf equipment [1][2]. Group 1: Webcast Details - The webcast is scheduled for Thursday, Nov. 13, 2025, at 4:30 p.m. ET, featuring discussions led by the CEO and CFO on the company's recent performance and future outlook [2]. - Participants can register for the webcast through a provided link and are encouraged to submit questions in advance [2][3]. - A replay of the webcast will be available on the company's investor relations website shortly after the event [3]. Group 2: Company Overview - Newton Golf, formerly known as Sacks Parente, emphasizes innovation in golf equipment design by applying principles of physics to enhance performance [5]. - The company offers precision-engineered products, including Newton Motion shafts and Gravity putters, aimed at improving golfers' consistency and accuracy [5]. Group 3: Investor Engagement - Investors can stay updated on company news and strategic developments by signing up for alerts through the investor relations website [4]. - The company encourages direct communication with its investor relations team for any inquiries [6].

Financial Data and Key Metrics Changes - Consolidated revenues for Q3 2025 were $934 million, a 3% increase year-over-year, driven by growth in both Topgolf and golf equipment segments [23][24] - Q3 adjusted EBITDA was $115 million, a decrease of $4 million year-over-year, primarily due to $12 million in incremental tariffs [23][24] - Net debt decreased to $2.23 billion from $2.54 billion year-over-year, attributed to increased cash [25][26] Business Line Data and Key Metrics Changes - Golf equipment segment revenue increased 4% year-over-year to $305 million, with golf clubs up 4% and golf balls up 6% [24] - Active lifestyle segment revenue was approximately flat at $156 million, with operating income down due to tariffs [12][24] - Topgolf revenue increased 4% to $472 million, driven by the addition of six new venues and a 1% increase in same-venue sales [24][27] Market Data and Key Metrics Changes - The US golf market is up 2% year-to-date, with mid-single-digit growth in sell-through reports [7][8] - Participation in golf remains strong, with rounds played up 1.4% year-to-date [8] - Market share in golf balls reached an all-time high of 22.6% in August across both on- and off-course channels [8] Company Strategy and Development Direction - The company is focused on delivering "demonstrably superior and pleasingly different" products to enhance pricing power and market share [10][14] - Continued emphasis on value initiatives at Topgolf, including new pricing strategies and marketing optimization [15][16] - The company is committed to the separation of Topgolf and is actively evaluating strategic alternatives [20][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic direction and raised full-year guidance based on strong Q3 performance [5][20] - The company anticipates ongoing challenges from tariffs but is implementing cost management initiatives to mitigate impacts [13][31] - Positive trends in consumer engagement and traffic growth at Topgolf are expected to continue into Q4 [15][60] Other Important Information - The company implemented a reduction in force of about 300 positions to manage costs effectively [13] - New venues for Topgolf are on track, with four openings planned for the year [19] - The company is optimistic about the impact of new technology and innovations on product performance [9][10] Q&A Session Summary Question: Pricing power on golf equipment due to strong demand - Management indicated that pricing power is dependent on product differentiation and will consider strategic pricing adjustments to mitigate tariff impacts [34][36] Question: Trends in Topgolf visitation and food and beverage sales - Management reported strong traffic growth and positive trends in food and beverage sales, driven by new offerings and value initiatives [37][41] Question: Sell-through trends and consumer behavior changes - Management noted strong sell-through trends and consumer engagement, with a positive outlook for the golf segment [44][46] Question: Visibility on corporate event bookings for Q4 - Management has reasonable visibility on corporate event bookings, with over half booked 30 days out [76] Question: Update on CEO search and its impact on separation timing - Management is encouraged by the quality of candidates for the CEO position and is confident in the existing team's performance during the transition [88][90] Question: Expectations for tariffs in 2026 - Management indicated that if current tariff rates hold, the impact could be more than double that of 2025 [90]

Core Insights - Topgolf Callaway Brands Corp. reported strong third-quarter results, with revenue and Adjusted EBITDA exceeding expectations, driven by robust performance in the Golf Equipment segment and positive same venue sales growth in Topgolf [2][8][10] - The company raised its full-year 2025 financial guidance based on current business trends and improved outlook [2][19] Consolidated Results - For Q3 2025, net revenues were $934.0 million, a decrease of 7.8% from $1,012.9 million in Q3 2024. For the nine months ended September 30, 2025, net revenues were $3,136.8 million, down 5.4% from $3,314.9 million in the same period of 2024 [3][10] - Income from operations for Q3 2025 was $28.3 million, down 16.0% from $33.7 million in Q3 2024. For the nine months, it decreased slightly to $200.6 million from $203.6 million [3][11] - The net loss for Q3 2025 was $14.7 million, compared to a loss of $3.6 million in Q3 2024. The loss per share was $(0.08) for Q3 2025, compared to $(0.02) in Q3 2024 [3][11] Non-GAAP Results - Non-GAAP income from operations for Q3 2025 was $35.3 million, down 17.9% from $43.0 million in Q3 2024. For the nine months, it increased to $244.3 million from $237.4 million [4][10] - Non-GAAP net loss for Q3 2025 was $9.2 million, compared to a profit of $4.3 million in Q3 2024. Non-GAAP loss per share was $(0.05) for Q3 2025, compared to $0.02 in Q3 2024 [4][10] Segment Results - Topgolf segment revenue increased by 4.2% to $472.2 million in Q3 2025, while Golf Equipment revenue rose by 4.0% to $305.3 million. Active Lifestyle segment revenue decreased by 41.2% to $156.5 million [13][16] - Topgolf operating income for Q3 2025 was $31.1 million, up 9.9% year-over-year, while Golf Equipment operating income decreased to $23.2 million, down 13.4% [14][16] Financial Outlook - The company raised its full-year 2025 revenue guidance to a range of $3.90 billion to $3.94 billion and Adjusted EBITDA guidance to $490 million to $510 million, reflecting better-than-expected Q3 results and improved outlook [19][20] - Topgolf's full-year revenue guidance was revised to a range of $1.77 billion to $1.79 billion, with same venue sales expected to decline in the mid-single digits [19][20] Balance Sheet and Cash Flow - Company liquidity increased by $391 million year-over-year to $1,254 million, primarily due to cash proceeds from the sale of Jack Wolfskin and cash from operations [8][24] - Inventory decreased by $97.7 million year-over-year to $568.7 million, largely due to the sale of Jack Wolfskin [24]

Third Quarter 2025 Earnings Call November 5, 2025 NON-GAAP FINANCIAL MEASURES DISCLAIMERS This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") such as Adjusted EBITDA, Adjusted EBITDA margin, net leverage ratio and net sales in constant currency. These non-GAAP financial measures are not measures of financial performance derived in accordance with GAAP and may exclude items that are significant to understanding and assessing ...

Core Insights - Newton Golf Company has announced an At-the-Market (ATM) equity offering agreement to raise up to US$10 million in common stock, with Kingswood U.S. acting as the sales agent [1][3] - The capital raised will support production, retail and tour channel expansion, and ongoing innovation in golf equipment, particularly in shafts and putters [1][3][4] Company Overview - Newton Golf is a technology-driven golf equipment company specializing in high-performance shafts and putters, with recent product releases including the Newton Fast Motion shaft line designed to enhance swing speed while maintaining control [2][8] - The company has expanded its product line from putters to performance shafts, including the Newton Motion and Fast Motion families, which are engineered for higher swing speed and stability [3][8] Financial Strategy - Under the ATM program, Newton Golf can sell newly issued shares at prevailing market prices, allowing for efficient access to growth capital while aligning with market liquidity [3] - The capital raised is intended to support retail sell-through, fitter network expansion, and tour adoption, indicating a focus on increasing market presence and sales [3][5] Market Engagement - Newton Golf has showcased its new shafts and putters at major industry events, enhancing engagement with fitters and retailers, which is expected to lead to faster inventory turns and wider distribution [4] - The company is gaining traction in the market, supported by growing media coverage and ongoing product releases [4][5]

Core Insights - The launch of a dedicated Japanese e-commerce site, www.newtongolf.jp, marks a significant milestone in Newton Golf's international expansion strategy [1][2][3] - The new platform aims to meet the growing demand for golf equipment in Japan, which is the world's second-largest golf market [3] - The site will feature Newton's advanced performance technologies, enhancing the customer experience for golfers in Japan [3][4] Company Strategy - The launch aligns with Newton Golf's strategic focus on increasing its international direct-to-consumer (DTC) presence [3] - The company aims to strengthen engagement with golfers worldwide and reinforce its position as a leader in science-driven golf innovation [3] Market Context - Golf participation is on the rise in Japan, providing a favorable environment for Newton Golf's product offerings [2] - The new platform allows golfers in Japan to access Newton's technology-driven innovations designed for performance, precision, and consistency [2]

Core Insights - Newton Golf Company is participating in an educational program with World Long Drive to inspire students through the science of golf [1][2][6] - The initiative combines live competition, classroom learning, and hands-on demonstrations to illustrate physics principles in athletic performance [2][3] Company Overview - Newton Golf Company (NASDAQ: NWTG) focuses on technology-driven golf products, utilizing physics-based engineering and U.S. manufacturing [8] - The product portfolio includes premium shafts, putters, grips, and accessories for golfers of all levels, with all products made in the USA [8] Educational Initiative - The program aims to connect classroom learning with real-world applications in golf, emphasizing concepts like velocity, torque, and energy transfer [3][6] - Long Drive athletes participated in demonstrations showcasing the application of physics in achieving elite performance [4][5] Recent Performance - Newton Golf had a successful showing at the 2025 World Long Drive Championships, with athletes using Newton Motion™ shafts achieving strong results [5] - The company's technology is gaining traction among professionals for its ability to enhance distance and consistency in performance [5][6] Future Plans - Newton Golf plans to expand its STEM-driven educational program in partnership with World Long Drive, targeting schools and communities nationwide in 2026 [6]

Core Insights - Newton Golf Company is participating in an educational program with World Long Drive to inspire students through the science of golf [1][2][6] - The initiative combines live competition, classroom learning, and hands-on demonstrations to illustrate physics principles in athletic performance [2][3] - The company's technology, particularly the Newton Motion™ shafts, is gaining traction among professionals for enhancing performance [5][6] Company Overview - Newton Golf Company (NASDAQ: NWTG) focuses on advancing golf through physics-based engineering and U.S. manufacturing [8] - The product portfolio includes premium shafts, putters, grips, and accessories designed for golfers of all levels [8] - The manufacturing facility in St. Joseph, Missouri, ensures high-quality control with all products made in the USA [8] Educational Initiative - The program aims to connect classroom concepts like velocity and energy transfer to real-world applications in golf [3][6] - Long Drive athletes participated in demonstrations showcasing the application of physics in achieving elite performance [4][5] - The company plans to expand this STEM-driven educational initiative to reach more schools and communities nationwide in 2026 [6]

Market Overview - The third quarter of 2025 was characterized by exuberant markets and rising speculation, with major U.S. equity indices reaching new highs despite stretched valuations [2][3] - The enthusiasm surrounding artificial intelligence (AI) and cryptocurrencies significantly influenced risk assets, leading to concerns about potential bubble-like conditions [2][3][4] - AI-related companies saw rapid valuation increases as investors anticipated AI's transformative potential across various industries [3][4] AI and Cryptocurrency Trends - AI-linked companies propelled the S&P 500 and Nasdaq to all-time highs, reflecting a strong investor appetite for AI-related investments [3] - Bitcoin surpassed the $100,000 mark and approached $120,000 by late Q3, contributing to a broader crypto market valuation of approximately $3.9 trillion [5] - The rapid inflows into crypto markets exemplify speculative behavior, raising concerns about volatility and the potential for sudden reversals [5][6] Investment Strategy - The company emphasizes a disciplined investment approach, focusing on genuine innovation while being cautious of extreme market pricing [2][6] - Historical precedents, such as the late-1990s tech boom, highlight the risks associated with "priced for perfection" scenarios, particularly in AI-related stocks [4][6] - The company aims to separate durable economic fundamentals from speculative narratives, maintaining a balanced stance amid market hype [6] Corning's Position - Corning has benefited from increased demand for fiber optics driven by AI, with its stock rising approximately 75% year-to-date [7] - The company is compared to its past during the dot-com boom, where it experienced extraordinary demand and soaring valuations, raising caution about current market conditions [8][9] - Corning's current valuation is near 36x earnings, which, while not at 2000 extremes, still raises concerns about sustainability given historical returns on equity [13] Portfolio Adjustments - The company exited positions in Donnelley Financial, Lazard, and Capstone Copper, while initiating a new holding in Topgolf Callaway Brands [19] - The decision to exit Donnelley Financial was based on concerns over market share loss to competitors, while Lazard's stock approached fair value [20][22] - Topgolf Callaway Brands was initiated due to its straightforward business model and potential for value realization through a possible sale [24][29]

Company Overview - FST Corp. is a leading manufacturer and marketer of steel and graphite golf shafts, as well as a provider of various golf-related services [7] - The company was founded in 1989 and operates under the KBS brand, which is utilized by golfers at all levels, including professionals in the PGA and other major golf associations [7] - FST Corp. has established a vertically integrated business model that provides significant competitive advantages over peer brands and is currently focusing on expansion into the PRC and other under-tapped golf shaft markets [7] Event Details - FST Corp. will present at the 19th annual LD Micro Main Event on October 21st, 2025, at 1:00 PM PT in San Diego, California [1][4] - The event will feature around 120 companies presenting in half-hour increments and will include one-on-one investor meetings [6] - The LD Micro Main Event will take place from October 19th to 21st, 2025, and will include keynote speakers and a closing reception [5]