Surf Lakes Global

Investment Highlights

Company Overview

Names you know

• Surfing royalty: three-time world champion Tom Curren is an investor and ambassador; 1999 world champion Mark “Occy” Occhilupo is reported to be an owner of the venture, with Occy’s Peak named after him.
• World-class test pilots: 2012 world champion Joel Parkinson, Connor O’Leary and Laura Enever have surfed the Yeppoon waves.

The Business

Surf Lakes has developed and patented a new way to make surfing waves. A central wave device (the “plunger”) drops into a purpose-shaped lake, sending concentric swells outward that break as five distinct waves over different reef shapes — so beginners, intermediates and experts surf at the same time.

The company earns revenue two ways: licensing its technology to property developers under long-term licences (royalties and service fees), and developing and operating its own surf parks.

Milestones

• Technology proven: full-scale wave generation demonstrated at Yeppoon, Queensland, since 2020 — one of very few companies globally to have built a surfing wave pool at full scale.
• IP moat: 2 core patent families granted across major markets including the US, China, Japan, Europe and the Middle East, plus 55 registered trademarks.
• Commercial pipeline: 9 licence agreements signed; the company reports 1,000+ inbound enquiries. US projects in development include Norco (California) and Peak Surf Park (Tampa Bay, Florida), which is targeting a 2026 groundbreaking.
• Revenue growth: licensing revenue up ~175% from FY23 to FY24 (audited, SEC-filed).
• Leadership upgrade: Troy Warfield appointed CEO (June 2025) — previously President of Topgolf International, where he led international franchise expansion; founder Aaron Trevis continues as CTO.

Upside from here

• First commercial park is the catalyst: the company’s stated priority is opening its first commercial facility; a working public park would validate the licensing model at scale.
• Institutional capital: US Capital Global Partners engaged (Oct 2025) to raise US$100m equity and US$40m debt for US commercialisation.
• Growing surf park sector: a large pipeline of surf parks is under development across the US, Europe and Australasia, and Surf Lakes’ 360-degree, multi-wave design targets higher throughput per site.

Growth momentum

• Revenue up ~175%: licensing revenue grew from US$0.38m (FY23) to US$1.06m (FY24, audited).
• Demand: 1,000+ inbound enquiries and 9 licence agreements signed, including Las Vegas.
• US capital markets: redomiciled to Delaware specifically to access US capital markets and support expansion.

Valuation context

• Anchored to the latest primary price: investors subscribed at US$3.10 per share in the company’s 2025 Regulation CF offering, filed with the SEC.
• Discounted entry: this parcel offers the same company exposure at A$3.60 (≈US$2.52) per share — a ~19% discount — without the 3% investor processing fee charged in the primary round.
• Rare liquidity: shares in the company are not listed and are seldom offered on secondary markets.

Previous Funding

• 2016–2023 — Surf Lakes Holdings: raised capital from wholesale and retail investors to build and prove the full-scale Yeppoon facility; the company reports over $28m raised from investors worldwide.
• Dec 2023 — Redomicile: Scheme of Arrangement completed; Surf Lakes Global, Inc. (Delaware) became the parent, issuing 1 share for every 10 Surf Lakes Holdings shares.
• 2024–2025 — Regulation CF offerings (DealMaker): Class B Common Stock offered at US$3.10 per share; maximum offering increased to ~US$5.0m in Sept 2025.
• Oct 2025 — Institutional raise: US Capital Global Partners engaged as lead advisor targeting US$100m equity and US$40m debt.
• Notable investor: three-time world surfing champion Tom Curren.

Products & Services

Technology

• Surf Lakes central wave device — patented hydraulic-pneumatic “plunger” creating concentric swells that break as five waves at once; up to 2,000 waves per hour, wave heights up to ~8 ft depending on setting.
• Surf Lakes Standard, XL and XXL — scalable lake sizes (trademarked) to suit different sites and capacity needs.

Business Lines

• Technology licensing — long-term licences to developers in defined territories, generating royalties and service fees.
  
• Company-owned parks — direct development and operation, starting with the Yeppoon, Queensland site.
  
• Surf park precincts — parks designed as anchors for surrounding residential, retail and hospitality development.