In its first quarterly report after selling a majority stake in Topgolf, CALY’s Q4 net loss from continuing operations narrowed by 30% to $66.0 million from a loss of $93.9 million, as revenue slipped 1% to $367.5 million from $371.4 million. Gross margin dropped 220 basis points to 37.1%, including 340 b.p. from incremental tariffs. Operating expenses grew by 12% in dollars, largely due to a $19 million increase in incentive compensation, and by 580 b.p. to 51.8% of sales. Adjusted EBITDA loss from continuing operations was $25.1 million against a ... Log in to view full article.