GBR Friday | Newton Golf’s Sales Tripled in Q1—So Why Is the Stock Crashing, and What Does It Tell Us About the State of Golf’s Startup Economy?
Every Tuesday and Friday Morning, We Bring You the Ten-Minute Summary of What Happened Last Week in the Golf Industry While you Were Golfing.
Hi all,
Whether you're at Quail Hollow for the PGA Championship or watching from home (not a bad setup, honestly), welcome to this week’s edition.
Today’s briefing is split between the global golf business and the pro tour circuit—but our spotlight falls on a name that’s been punching above its weight in both: Newton Golf. The company just posted triple-digit growth, caught a tailwind of pro validation… and then watched its stock whipsaw on Wall Street. What’s really going on here?
Let’s dig in.
Industry
Circuits
Just for Paid Subscribers: Strong Growth, Sliding Stock: What Newton Golf’s Q1 Says About Confidence in Golf’s Startup Economy
1. INDUSTRY
TAGMARSHAL AND PLAYERS 1ST ANNOUNCE STRATEGIC PARTNERSHIP
Tagmarshal, the industry leader in pace-of-play and course optimization has entered a strategic partnership with Players 1st, the top platform for post-round player experience analytics. By integrating Tagmarshal’s real-time operational data with Players 1st’s post-round feedback, course operators will gain comprehensive insight into both player behavior and sentiment—unlocking the ability to make smarter, data-backed decisions that elevate the golfer experience and boost operational efficiency. Key elements of the partnership include:
Seamless integration of Tagmarshal’s pace metrics—such as round times, flow patterns, and staff touchpoints—with Players 1st’s survey-based sentiment data
Access to powerful data sets, including over 75 million tracked rounds via Tagmarshal and 12 million post-round surveys from Players 1st, capturing more than 14,000 responses daily
Actionable insights that align AI-powered course optimization with real-time golfer satisfaction metrics to drive improvements in pace, service, and profitability
More information on the new partnership between Tagmarshal and Players 1st can be found here.
INDONESIA'S GOLF EQUIPMENT MARKET ON COURSE FOR GROWTH, DRIVEN BY CUSTOMIZATION AND SMART TECHNOLOGY
Indonesia’s golf equipment market is projected to grow from USD 815.97 million in 2024 to USD 1.08 billion by 2030, rising at a CAGR of 4.94%, according to the Indonesia Golf Equipment Market – Focused Insights 2025–2030 report. The market remains moderately concentrated, with global brands like Acushnet, Callaway, PING, TaylorMade, and Sumitomo Rubber Industries leading in premium segments, while regional and local players cater to entry-level and price-sensitive consumers. Growth is being fueled by a surge in equipment personalization, new smart technologies, and the expansion of golf tourism and infrastructure. Key trends include:
Custom-fitted clubs using AI and 3D printing, tailored to swing types, physical build, and play style.
Smart golf equipment such as microchip-enabled balls, AR glasses, and AI-powered swing trainers delivering real-time performance data.
Indoor golf simulators rising in popularity across cities like Jakarta and Surabaya, allowing year-round play and training.
Golf’s status as a luxury sport, driving demand for high-end gear among aspirational players and tourism-focused venues.
New course development in destinations like Bali and Bandung, linked to resorts and real estate, increasing access and participation.
Despite this momentum, challenges persist. Many younger Indonesians gravitate toward faster-paced, social sports like badminton and futsal, which require less time, space, and financial investment. Still, with over 26 golf courses in active development and a growing appetite for premium experiences, Indonesia’s golf equipment market is poised for continued growth—particularly among affluent players, tech-savvy enthusiasts, and urban professionals. The full Research and Markets report is available here.
GOLF CLUB MEMBERSHIP FEES CONTINUE TO RISE IN 2025
Golfshake.com’s survey of golfers across the UK highlights widespread fee increases in 2025, with 87% of respondents reporting a rise in their golf club membership costs. While the majority saw modest hikes—48% reported increases of 0–5%, and 32% saw 6–10%—a notable 7% faced hikes exceeding 10%. Surprisingly, 11% experienced no change, and 2% even saw fees decrease.
Key reasons cited for the increases include:
Rising operating costs (energy, course maintenance, repairs)
Higher staffing expenses (minimum wage, tax, inflation-adjusted salaries)
Course and clubhouse improvements
Financial sustainability planning
The perceived value for money in club membership also declined, with only 66% feeling their membership was good value, down from 71% previously, and 17% saying it wasn’t. The data also revealed a slight drop in waiting lists and joining fees, though 38% of clubs still charge an entry fee, prompting criticism in an era when affordability remains a concern. Golfshake.com’s full report findings can be found here.
TITLEIST LAUNCHES NEW GOLF BALL FITTING APP
Titleist has unveiled a new golf ball fitting app designed to help Professionals deliver faster, data-driven golf ball recommendations tailored to each player’s swing. Using input from 12 shots—half-wedge, full-swing pitching wedge, 7-iron, and driver—the app combines launch monitor metrics with golfer-specific information and processes the data through a proprietary algorithm built from thousands of previous fittings. The result is a personalized Titleist golf ball recommendation in under 15 minutes, enhancing both fitting accuracy and customer engagement. Titleist executives say the tool can be used as a standalone fitting solution, a warm-up aid, or as a starting point for a full-bag fitting—making it a versatile asset for golf pros and retailers aiming to improve player performance and drive golf ball sales. More details of Titleist’s app for golf ball fitting can be found here.
PGA TOUR 2K25 LAUNCHES SEASON 2 WITH ST ANDREWS, NEW GAME MODES, AND MAJOR-INSPIRED CHALLENGES
2K has officially launched Season 2 of PGA TOUR 2K25, introducing a host of new features and content tied to the real-life major championship calendar, including the long-awaited debut of The Old Course at St Andrews Links—available now as a free update. Featuring the three host venues of the 2025 PGA Championship, U.S. Open, and Open Championship, Season 2 adds themed challenges, a new “challenges” game mode with evolving skill-based tasks, and a three-hole in-game course launching May 21 in partnership with Charles Schwab. Players can adopt the greenskeeper archetype, modelled on precision putters like Matt Fitzpatrick and Lydia Ko, unlocking unique quests and rewards including the powerful “green reader” skill at 85+ overall. The latest clubhouse pass offers free and premium rewards such as a ruby Titleist T100 Iron, long flop shot type, and limited-edition Scotty Cameron Phantom 5.5 Putter. More information on Season 2 od PGA Tour 2K25 can be found here.
2. CIRCUITS
PGA CHAMPIONSHIP DELIVERS MAJOR VALUE AS PREMIUM SALES AND TICKET DEMAND SURGE AT QUAIL HOLLOW
The 2025 PGA Championship teed off Thursday at Quail Hollow Club with record-breaking hospitality sales and soaring ticket demand, underscoring its status as one of golf’s most fan-forward events. General admission tickets, priced at $250, include unlimited food and non-alcoholic beverages—part of the Championship+ model now in its fourth year. Tournament director Jason Soucy called it “maybe the best value proposition in professional sports.” While Monday’s practice round was closed to spectators, weekend crowds are expected to reach 40,000, bolstered by a luxury hospitality buildout larger than any in PGA Championship history. Premium sales have already surpassed the $23 million record set at last year’s U.S. Open, with new offerings like Club PGA on the 13th tee fetching $1,250 per ticket. Meanwhile, the resale market is booming—SeatGeek reports an average secondary market price of $345, a 43% jump from last year’s Valhalla event, marking the highest such figures for the tournament this decade. You can read David Rumsey’s full story for Front Office Sports here.
PGA TOUR/PIF NEGOTIATIONS ON THE AGENDA AS TRUMP SET TO MEET WITH MBS
Donald Trump has arrived in the Middle East for a commercial-focused tour of Saudi Arabia, Qatar, and the UAE. One of the many key topics on his agenda: influencing the fractured future of men’s professional golf. While LIV Golf—backed by Saudi Arabia’s Public Investment Fund—has spent over $5 billion with little return beyond modest broadcast ratings and fringe sponsorships, Trump remains financially entangled through hosting LIV events and eyeing renewed ties with the PGA Tour. His February White House summit involving Tiger Woods, Adam Scott, PGA Tour commissioner Jay Monahan, and PIF chief Yasir Al-Rumayyan ended in acrimony, with Al-Rumayyan rejecting proposed terms and disengaging from further talks. As we approach the second anniversary on June 6, of the initial Framework Agreement being announced, continued stagnation of negotiations has left tour leadership and fans impatient for a conclusion to be reached. Trump is scheduled to have talks with Saudi’s leader, Mohammed bin Salman, will any conclusion be reached? Eamon Lynch’s article for Golfweek can be viewed here.
DP WORLD TOUR SIGNS MULTI-YEAR SUSTAINABILITY PARTNERSHIP WITH VESTAS
The DP World Tour has announced a multi-year partnership with Vestas, the global leader in sustainable energy solutions, that will run through the end of the 2027 season. As part of the agreement, Vestas becomes the Tour’s Official Wind Energy Solutions Partner and an Official Partner of four tournaments each year, leveraging the DP World Tour’s global presence, spanning 26 countries in 2024, to showcase its renewable technologies. This collaboration aligns with the DP World Tour’s Green Drive strategy and its commitment to becoming net-zero carbon by 2040, having already deployed solar, hydrogen, and battery power at event sites. Vestas will also advise the Tour on cutting-edge energy efficiency practices, supporting the Tour’s mission to lead in climate-conscious sporting events. More information on the DP World Tour’s new partnership with Vestas can be found here.
RYDER CUP CAPTAINS KEEP DOOR OPEN FOR LIV GOLFERS AHEAD OF 2025 MATCH AT BETHPAGE
U.S. Ryder Cup Captain Keegan Bradley and Europe’s Luke Donald have affirmed that LIV Golf players remain eligible for selection, with both emphasizing performance over affiliation as the deciding factor. With LIV golfers limited to earning Ryder Cup points through majors, many will need to rely on captain’s picks—each captain gets six. Bryson DeChambeau, currently fifth in U.S. standings after a recent LIV win in Korea, and Brooks Koepka, a five-time major winner, are firmly in the mix, having participated in a recent team dinner hosted by Bradley. On the European side, Tyrrell Hatton sits fourth in points, while Jon Rahm—currently 29th—will need strong showings in the remaining majors to secure automatic qualification. Donald confirmed no player has received assurances but is monitoring LIV performances closely, noting that all players must earn their spot. More from both captains on the selection process is available here.
3. JUST FOR PAID SUBSCRIBERS
NEWTON GOLF IS GROWING FAST—SO WHY IS WALL STREET PULLING BACK? A SIGNAL FROM THE STARTUP SIDE OF THE GOLF INDUSTRY
Newton Golf did what investors say they want: it delivered growth. Big growth. Revenue more than tripled in Q1 2025, gross margins hit 70%, and its signature Newton Motion shaft gained traction on every major tour. The company is still small, but the product seems real.
So why did the stock collapse?
Just hours after Newton reported earnings Thursday morning, shares jumped 23% in pre-market trading. But by Friday afternoon, the stock was down more than 13%—a 30.6% drop from its post-earnings peak—erasing the rally entirely, even as broader markets finished higher.
The answer lies in a familiar gap: the space between performance and perception, product and scale, promise and patience.
📊 Newton’s First Quarter by the Numbers
Revenue: $1.2 million (up 246% from Q1 2024)
Gross margin: 70% (up from 54%)
Net loss: $525,000 (vs. $1.2 million last year)
Tour presence: Over 30 pros now using Newton shafts, including 8 new in Q1
Cash on hand: $5.9 million
Full-year guidance: $6.5–7.0 million in revenue
Operationally, this was a strong quarter. Shaft sales grew 314%, international distribution expanded, and the company secured visibility at the PGA Show and through leading club fitters in the U.S., Europe, and Japan. This is what early traction looks like in the equipment space.
But the market saw something else.
📉 A Stock Surge—and a Crash
Newton opened Thursday at $2.09. By 8:40am—just over an hour after releasing earnings—the stock had hit $2.58, up more than 23%. Then came the reversal:
Thursday close: $1.93
Friday at 3:00pm: $1.79
Drop from post-earnings high: –30.6%
This is more than noise. It’s volatility with a message.
🔒 Beyond the Headline Numbers
Newton Golf is a California-based golf equipment startup focused on physics-driven innovation, best known for its Newton Motion shaft. Formerly operating under the name Sacks Parente, the company rebranded in 2024 and uplisted to the NASDAQ, positioning itself as a high-tech challenger in a space dominated by legacy players like Callaway and Acushnet. Newton’s products—particularly its lightweight, torque-resistant shafts—are designed to improve consistency and control through a science-first approach to design. The company assembles its gear in the U.S. and pitches itself as a premium, performance-validated alternative to traditional OEMs.
Newton has gained early traction on tour, with more than 30 professionals now using its shafts across the PGA TOUR, LPGA, Champions Tour, and Korn Ferry Tour. The company has also expanded its retail reach internationally, secured distribution in Japan, and showcased its full line at the 2025 PGA Merchandise Show.
Newton’s top-line growth is real—but so is the pullback. What’s behind the market’s hesitation?
That’s what we unpack in the subscriber-only analysis:
What’s driving the stock’s volatility, and how common it is for early-stage golf brands.
The financial pressure behind Newton’s growth, and what it reveals about the company’s burn rate.
How Newton compares in scale to equipment giants like Callaway and Acushnet
What this earnings cycle signals about investor expectations in the golf innovation space.
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