Drive Shack Inc. stock saw upswing this morning to as high as 50 cents per share following the Dallas-based company’s third quarter 2022 report. Drive Shack’s stock last week plummeted to a 52-week low of 35 cents per share.
Drive Shack reported Q3 combined revenue (Amercan Golf, Drive Shack, Puttery) at $88.7 million, an increase of $12.3 million compared to $76.4 million in the same period last year.
The company’s entertainment golf business, comprised of Drive Shack and Puttery venues, generated total revenue of $16.7 million in Q3 t2022, an increase of $5.4 million compared to $11.3 million in Q3 of 2021.
The four Puttery venues open at the end of the third quarter this year generated total revenue of $6.6 million compared to $0.8 million in the same period last year. The Company debuted its first Puttery venue in The Colony, Texas in September 2021, which was open for one month in the third quarter 2021.
“Our sales results this quarter reflect the strong momentum we continue to see across American Golf and Puttery. Drive Shack’s performance was slightly lower than last year driven mostly by weather,” said Drive Shack Inc.’s President and Chief Executive Officer Hana Khouri. “Event revenue this quarter is over $3 million higher than prior year. We have seen the demand for future events across both the corporate and social categories continue to rise, which will translate into strong revenue results in the back half of this year.”
The company reported a Q3 loss of loss $5.2 million compared to a loss of $5.9 million for the third quarter 2021. Khouri said the improvement to lwas primarily due to the addition of new Puttery venues and a reduction in overall general corporate expenses, including payroll.
For the first nine months of 2022, Drive Shack reported combined revenue at $244 million compared to $211 million the same period a year ago. The company reported a loss of $30 million the first nine months of this year versus $13 million the same period a year ago.