The Topgolf Callaway brand, which includes Topgolf, Callaway Golf, Travismathew, Toptracer, Odyssey and Ogio, has released its fourth quarter financial results and 2024 annual closing results.
In the fourth quarter of 2024, the Topgolf Callaway brand reported a 3% increase in net revenue from the previous year, reaching $924 million. Despite a significant $1,452 million non-cash disability fee related to Topgolf’s goodwill and intangible assets, the company has increased its adjusted EBITDA by 45% to $101 million. The quarterly GAAP net loss was $1,512 million, primarily due to impairment charges.
For the full year of 2024, net revenue fell 1.1% to $4,239 million. The company reported GAAP losses from operations of $1,257 million compared to revenue from operations of $237 million in 2023. Annual adjusted EBITDA fell by 1.5%, down $587 million.
The Topgolf Callaway brand has performed in a variety of performances across the segment, with Topgolf revenues remaining at $439 million in the fourth quarter, with revenue from the new venue offsetting sales at the same venue. Earnings increased 2.7% to $1,809 million annually.
Equipment Brand Revenue Callaway and Odyssey revenues increased by $224 million, up 12.7% in the fourth quarter due to strong sales in the club and ball sector. Full-year revenue fell 0.4% to $1,382 million.
The company highlighted several strategic initiatives, including its continuous focus on improving sales for the same venue at Topgolf, including plans to pursue separation of the Topgolf business with a one-off separation cost of around $50 million.
Commenting on the results, Chip Brewer, president and CEO of Topgolf Callaway Brands, said:
He also acknowledged “short-term headwinds” including foreign currency exchange rates and cost pressures, but was confident in the company’s ability to navigate these challenges and return to growth.
The company’s stock price ended at $6.80, up from a height of $16.29 last July, following the results news and forecasts for 2025.
