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TRUG

TruGolf Holdings, Inc.

TRUG

TruGolf Holdings, Inc. • NASDAQ
$1.35 ▲ 10.66% (+0.13)
Market Cap $1.51 M
52w High $55.00
52w Low $0.81
Dividend Yield 0%
P/E -0.04
Volume 59.38K
Outstanding Shares 1.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.106M ▼ $3.961M ▲ $-7.278M ▼ -177.26% ▼ $-4.87 ▼ $-6.744M ▼
Q2-2025 $4.311M ▼ $3.782M ▼ $-3.321M ▼ -77.049% ▼ $-3.75 ▼ $-1.416M ▼
Q1-2025 $5.389M ▼ $4.897M ▼ $-2.67M ▲ -49.549% ▲ $-0.78 ▼ $-975.974K ▲
Q4-2024 $6.737M ▲ $5.895M ▲ $-5.864M ▼ -87.044% ▼ $0.85 ▲ $-1.052M ▼
Q3-2024 $6.237M $3.44M $-60.175K -0.965% $-0.018 $1.155M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.435M ▼ $22.984M ▼ $16.727M ▼ $6.257M ▲
Q2-2025 $13.711M ▲ $24.358M ▲ $20.044M ▼ $4.314M ▲
Q1-2025 $10.516M ▼ $20.719M ▲ $25.284M ▲ $-4.565M ▲
Q4-2024 $10.882M ▲ $17.142M ▲ $21.783M ▼ $-4.641M ▲
Q3-2024 $7.452M $17.04M $27.266M $-10.227M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.278M ▼ $-623.865K ▲ $-878.856K ▲ $4.878M ▲ $3.376M ▲ $-675.9K ▲
Q2-2025 $-3.321M ▼ $-905.427K ▼ $-1.28M ▼ $-270.98K ▼ $-2.456M ▼ $-2.185M ▼
Q1-2025 $-2.67M ▲ $-449.119K ▲ $-334.69K ▼ $2.518M ▼ $1.734M ▼ $-783.809K ▲
Q4-2024 $-5.864M ▼ $-7.067M ▼ $2.709M ▲ $7.789M ▲ $3.43M ▲ $-7.104M ▼
Q3-2024 $-60.175K $455.806K $-534.02K $879.127K $800.913K $-78.174K

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Franchise Revenue
Franchise Revenue
 $0 ▲$0 ▲$0 ▲
Other
Other
 $0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement TruGolf is still operating at a very small scale, with revenue that has stayed almost flat over the past several years. The company generates a modest gross profit but has not yet reached consistent profitability, showing small net losses recently. Earnings per share are negative and somewhat volatile, which is common for early‑stage tech companies investing heavily in product and platform development. Overall, the income statement reflects a business that is still in the “build and invest” phase rather than a mature, profit‑focused company.

Balance Sheet

Balance Sheet The balance sheet is lean, with a small asset base and limited cash, though cash improved in the most recent year. Debt is present but not excessive in absolute terms given the company’s tiny size, and reported equity has been thin, reflecting cumulative losses and the early stage of the business. The prior jump in assets and equity around the SPAC listing has since tapered down, suggesting that much of that capital has been deployed. The reverse stock split in 2025 also hints at pressure on the share price and a need to remain in compliance with listing requirements.

Cash Flow

Cash Flow Cash flow from operations has hovered around breakeven with some periods of modest outflows, indicating that the business is not yet self‑funding but also not burning cash at an extreme rate. Capital spending has been very light, which is consistent with a software‑ and IP‑heavy model but also means growth is more about product development and partnerships than large physical build‑outs. Overall, cash generation is fragile and still dependent on careful cost control and access to outside financing when needed.

Competitive Edge

Competitive Edge TruGolf occupies a focused niche within the golf simulator and broader sports‑simulation market. Its main edge comes from tightly integrating its own hardware and software into a single ecosystem, which can create switching costs and user loyalty. The brand has been around for decades and is recognized in golf technology circles, but it competes against several well‑funded and well‑known rivals across both premium and value segments. The company’s position is promising but not unchallenged: it must keep differentiating on ease of use, realism, and total experience to maintain and grow its share.

Innovation and R&D

Innovation and R&D Innovation is the clear centerpiece of TruGolf’s story. The company has developed its own overhead launch monitor that avoids the hassle of marked balls or clubs, and it pairs that with its E6 software platform, which is known for realism and rich features. The next‑generation E6 APEX software leans heavily into artificial intelligence, including automated course creation and personalized training, supported by partnerships and acquisitions in AI and machine learning. The MultiSport ARCADE expands the offering beyond golf into family‑friendly, multi‑sport entertainment. All of this creates meaningful technical differentiation, but also implies ongoing R&D spend and execution risk: the value of this innovation depends on how well it is adopted and monetized in practice.

Summary

TruGolf is a small, early‑stage public tech company in the golf simulator space, with modest, flat revenue and continuing net losses as it invests in its platform. Its balance sheet and cash flows are thin but not alarming for a business of this size, provided it can maintain access to capital. The real story is strategic rather than purely financial: the company is trying to build a defensible ecosystem around integrated hardware, software, and AI‑driven features, and extend that into multi‑sport entertainment. Success will depend less on historical financials and more on whether TruGolf can translate its innovation pipeline and partnerships into broader market adoption, stronger recurring revenue, and eventually more stable profitability in a competitive, fast‑moving niche.

NEWS

November 20, 2025 · 4:45 PM UTC

TruGolf Strengthens Golf Industry Technology Leadership as Its Core Software Powers Sky Sports' Award-Winning Coverage of the 2025 Open Championship at Royal Portrush

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November 17, 2025 · 8:30 AM UTC

TruGolf Reports Third Quarter 2025 Results: Strong Margins, Strengthened Balance Sheet, and Expanding Contract Revenue Supports Long-Term Growth Strategy

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October 8, 2025 · 8:03 PM UTC

TruGolf Named Exclusive Golf Technology Supplier to New Golf Everywhere Facility

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