MARCH 20, 2025 | Fellow Shareholders:
We are planning to report our Q4 2024/year-end results next week.
We wanted to outline a few key points about these results ahead of time:
- While we continue to finalize both announced transactions, please recall that our 2024 performance does not reflect deals that will complete in 2025.
- To refresh your memory, our previously-issued guidance from when we reported Q3 2024 in November is that we were expecting $2.4M in revenue for the fourth quarter.
- This performance reflected the steady increase in organic distribution and sales of FORME, FORME Golf and especially CLMBR.
- We also strengthened our balance sheet over the course of the year, setting ourselves up well for all the activity that we’ve subsequently announced.
- We expect to begin to see the impact of our 2025 potential transactions to some extent in Q2 and definitely in Q3 2025 results.
All in, as we noted in our Year End update, the story of 2024 is very much about the CLMBR asset acquisition – closing on it, and establishing a better commercial path for that brand and equipment over the course of the back half of the year. We’ll provide more color on that next week.
So as we head into next week’s announcement, bear in mind that our transformation is expected to begin showing our reported results in the near future, not in last year’s numbers.
Look at the Q4 and full-year 2024 performance, therefore, as a baseline:
- We clarified our growth strategy, stabilized our listing and put all the pieces in place to negotiate the deals and lock in the new institutional investment we’ve secured so far in 2025.
- We also fine-tuned our disciplined acquisition formula that’s driving the significant jump in guidance from Q3 to our present expectations of $50M+ in pro forma revenue for 2025.
All in, we’re proud of our progress, however, the best is yet to come.
So stay tuned and stay bullish!