TruGolf Holdings, Inc.

Listed Company

TRUGCIK 0001857086NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthSporting & Athletic Goods, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$18.88M

Net Income

$-15.23M

Total Assets

—

Equity

—

Shares Out

914.3K

Op. Cash Flow

$-1.70M

Business

TruGolf Holdings, Inc. designs, manufactures and sells indoor golf simulation hardware and software and develops franchised indoor golf entertainment venues. Its main offerings include E6 Connect and E6 Apex simulation software, Apogee and other launch monitors, portable, signature and commercial simulators, multi-sport games, installation and support services, a franchise model, and data analytics tied to a Virtual Golf Association. Key business areas comprise hardware, software, commercial and custom installation solutions, franchising, and data monetization. The company distributes through direct sales, national and international resellers and channel partners across the United States, Canada, Europe, Australia, Africa and developing markets in Latin America and Asia, serving residential, commercial and entertainment customers.

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-03-31	FY 2022 2022-03-31
Revenue, net	19	21	21	—	—
Cost of revenue	9	7	8	—	—
Total gross profit	10	14	13	—	—
Salaries, wages and benefits	5	9	10	—	—
Selling, general and administrative	11	7	11	—	—
Total operating expenses	16	16	21	2	409,912
Loss from operations	−6	−2	−9	—	—
Interest income	265,708	106,400	108,011	—	—
Interest expense	−3	−7	−2	—	—
Gain on fair value adjustment	—	142,319	—	—	—
Loss on extinguishment of debt	−6	−270,594	—	—	—
Gain on investment	—	262,035	—	—	—
Other income	600	—	—	—	—
Total other expense	−9	−7	−2	2	−4,133
Loss from operations before provision for income taxes	−15	−9	−10	−342,663	−414,045
Provision for income taxes	—	—	—	57,569	—
Net loss	−15	−9	−10	−400,232	−414,045
Net loss per common share - basic	−51.39	−377.98	−857.35	—	—
Net loss per common share - diluted	−51.39	−377.98	−857.35	—	—
Weighted average shares outstanding - basic	296,313	23,270	11,994	—	—
Weighted average shares outstanding - diluted	296,313	23,270	11,994	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-06-30	FY 2023 2023-12-31	FY 2023 2023-03-31
Cash and cash equivalents	10	9	—	3	—
Restricted cash	2	2	—	2	—
Accounts receivable, net	1	1	—	2	—
Inventory, net	863,257	2	—	2	—
Prepaid expenses and other current assets	985,076	116,619	—	262,133	20,408
Other current assets	—	45,737	—	—	—
Total Current Assets	15	15	—	13	10
Property and equipment, net	355,499	143,852	—	234,308	—
Capitalized software development costs, net	4	2	—	—	—
Right-of-use assets	682,648	634,269	—	972,663	—
Other long-term assets	31,023	31,023	—	2	—
Total Assets	20	17	—	16	10
Accounts payable	3	3	—	2	—
Deferred revenue	6	3	—	2	—
Line of credit, bank	802,738	802,738	—	802,738	—
Dividend notes payable	118,362	4	—	—	—
Accrued interest	594,590	661,376	—	459,872	—
Accrued and other current liabilities	1	999,307	—	1	—
Accrued and other current liabilities - assumed in Merger	45,008	45,008	—	—	—
Lease liability, current portion	502,526	363,102	—	334,255	—
Total Current Liabilities	14	16	—	11	3
PIPE loan payable, net	—	4	—	—	—
Gross sales royalty payable	1	1	—	1	—
Lease liability, net of current portion	191,944	305,125	—	668,228	—
Total Liabilities	16	22	—	20	7
Commitments and Contingencies (Note 20)	—	—	—	—	—
Treasury stock at cost, 9 shares of common stock held, respectively	−2	−2	—	−2	—
Additional paid-in capital	47	19	—	10	—
Accumulated deficit	−41	−21	—	−12	−6
Total Stockholders Equity (Deficit)	4	−5	11	−4	−6
Total Liabilities and Stockholders Equity (Deficit)	20	17	—	16	10

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-03-31	FY 2022 2022-12-31
Depreciation and amortization	1	301,442	58,641	—	—
Amortization of convertible notes discount	359,037	728,278	97,111	—	—
Amortization of right-of-use asset	372,955	338,394	298,208	—	—
Change in fair value of derivative liability	—	−142,319	—	—	—
Bad debt expense	82,137	826,207	681,479	—	—
Change in OCI	—	1,662	—	—	—
Stock issued for make good provisions on debt conversion	2	700,821	—	—	—
Stock options issued to employees	11,139	538,323	—	—	—
Stock issued for services	—	119,959	6	—	—
Accounts receivable, net	256,312	173,512	−1	—	—
Inventory, net	1	−230,261	2,396	—	—
Prepaid expenses	−868,457	145,514	−114,385	294,898	—
Other current assets	45,737	−45,737	17,840	—	—
Other assets	—	50,001	−2	—	—
Accounts payable	−52,318	444,961	596,434	—	—
Deferred revenue	2	1	−1	—	—
Accrued interest payable	−66,786	201,504	615,582	—	—
Accrued and other current liabilities	464,432	−634,557	374,819	—	—
Other liabilities	−50,000	−63,015	63,015	—	—
Lease liability	−395,092	−334,256	−269,848	—	—
Net cash used in operating activities	−2	−4	−6	−1	—
Purchases of property and equipment	−205,443	−36,339	−127,413	—	—
Capitalized software, net	−3	−2	—	—	—
Sale of short-term investments	—	2	—	—	—
Net cash provided by (used in) investing activities	−3	741,143	−3	120	—
Proceeds from PIPE loans, net of discount	3	9	—	—	—
Proceeds from exercise of Series A Preferred warrants	5	—	—	—	—
Proceeds from notes payable - related party	—	2	—	1	—
Proceeds from investment fund (PIPE)	—	2	—	—	—
Cash acquired in Merger	—	103,818	—	—	—
Debt refinance conversion	—	192,787	—	—	145,992
Costs of Merger paid from PIPE loan	—	−2	—	—	—
Repayments of line of credit	—	−2	—	—	—
Repayments of liabilities assumed in Merger	—	−100,000	—	—	—
Repayments of notes payable	−10,000	−9,146	−107,569	—	—
Repayments of notes payable - related party	−687,000	−535,000	−37,000	—	—
Net cash provided by financing activities	7	9	4	−120	—
Net change in cash, cash equivalents and restricted cash	2	5	−4	−281,563	—
Interest	108,993	923,975	1	—	—
Income taxes	—	—	—	—	—
PIPE note principal converted to Class A Common Stock	3	6	—	—	—
Dividend note principal converted to Class A and Class B Common Stock	4	—	—	—	—
Exchange of PIPE Notes and Series A and B Warrants for Series A Convertible Preferred Stock and Warrants for Series A Convertible Preferred Stock	6	—	—	—	—
Series A Convertible Preferred Stock issued in exchange of PIPE Notes	5	—	—	—	—
Series A Convertible Preferred Stock dividends converted to Class A Common Stock	5	—	—	—	—
Right-of-use assets obtained in exchange for operating lease liabilities (lease modification)	421,334	—	—	—	—
Convertible notes exchanged for PIPE note	—	2	—	—	—
Class A Common Stock exchanged in Merger	—	4	—	—	—
Class A Common Stock issued in Merger	—	1,154	—	—	—
Class B Common Stock issued in Merger	—	172	—	—	—
Derivative liability related to warrants	—	142,319	—	—	—
Termination of loan payable	—	2	—	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro