TRUG

Salt Lake City, Utah, May 21, 2026 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, yesterday reported its first quarter 2026 results. Q1 2026 vs. Q1 2025: Financial Highlights • Revenue: $5.0 million for the first quarter 2026 vs. $5.2 million in the first quarter 2025. The year-on-year sales decline primarily reflected a modest decline in the sale of golf simulators which was somewhat offset by slightly higher software contracts.• Net Loss: $(1.4) million for the 2026 first quarter as compared to $(2.7) million for the 2025 period. • Total operating expenses declined by 14.9% in Q1 2026 as compared to the 2025 period. • Net cash used by operations in Q1 2026 declined to $0.1 million from $0.4 million in Q1 2025. “Q1 was a solid start to the year for TruGolf but we have greater expectations to grow the top line over the course of 2026 through greater market adoption of the new products and features we have been introducing in the last 12 months.” Said Chris Jones, CEO and Director of TruGolf. “To assist in our sales efforts, we have added David Harper as Head of Global Sales during the quarter. David has extensive experience in developing and expanding sales efforts and we are excited about the potential for greater concentrated efforts in this area. Additionally, we have continued to enhance our finance team by the recent addition of Steven Passey as Chief Financial Officer. Steven’s experience in improving the financial processes and operations of smaller organizations makes him an ideal fit for our current needs.” Mr. Jones concluded, “Finally, we are excited by the recent announcements of two TruGolf Links flagship locations on Long Island, New York, both of which are targeted to open before year end. We continue to expect our first flagship franchise location for TruGolf Links to open in Cherry Hill New Jersey later in the second quarter.” Q1 2026 Results: First quarter 2026 sales were $5.0 million, down from first quarter 2025 sales of $5.2 million. Golf simulator revenues were down $0.2 million or 4.4% year-over-year in the quarter, while software contracts modestly increased. Salaries in Q1 2026 declined 59.2% to $0.8 million from $1.9 million in Q1 2025. This change was the result of the company now capitalizing the salary component of software development costs. Selling, General & Administrative (SG&A) costs increased 16.8%, or $3.2 million from $2.7 million due to increased amortization from the aforementioned capitalized software development costs. Interest expense in Q1 2026 declined by 89.2% to $0.2 million from $1.5 million in Q1 2025. The decline was the result of earlier efforts to restructure the Company’s debt and convert it into preferred shares. Net loss for the quarter declined to $1.4 million from $2.6 million in the 2025 period. In the first quarter of 2026 the Company repurchased 439,208 shares for $346,503 under the previously announced share repurchase plan. Operations: Cost of revenues in the quarter increased $0.5 million primarily due to the new inclusion of warehouse employee salaries and wages of $0.2 million and an increase of $0.2 million in shipping costs compared to the 2025 Q1 costs. As a result, gross profit for Q1 2026 declined $0.8 million to $2.7 million from $3.4 million in Q1 2025. Gross margin declined to 53.0% in Q1 2026 from 68% in the 2025 period. The 2026 first quarter loss from operations increased $0.1 million to $(1.3 million), compared to $(1.2 million) for the 2025 period. Net cash used in Q1 2026 operating activities decreased to $0.1 million as compared to $0.4 million during the first quarter of 2025. The period over period change was primarily attributable to favorable changes in working capital, including increases in deferred revenue and accounts payable, partially offset by changes in inventory and accounts receivable. During Q1 2026, our net cash used in investing activities was $1.1 million as compared to net cash used in investing activities of $0.3 million during Q1 2025. The increase in cash used in investing activities was primarily due to an increase in capitalized costs for software development. The Company ended the first quarter of 2026 with $10.9 million in cash on hand, down $1.6 million from the $12.6 million in cash on hand at the end of Q4 2025. Net Loss decreased to $1.4 million for 2026’s first quarter, compared to $2.7 million for the 2025 period. Disclaimer on Forward Looking Statements This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the Company's anticipated Cherry Hill, New Jersey opening in the second quarter and the success of the TruGolf Links franchise rollout. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, www.sec.gov. About TruGolf Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology. CONTACTS: Michael Bacal [email protected] 917-886-9071 TRUGOLF HOLDINGS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. TRUGOLF HOLDINGS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. TRUGOLF HOLDINGS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Salt Lake City, Utah, April 16, 2026 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, today reported its fourth quarter and full year 2025 results. 2025 vs. 2024: Q4 2025 vs. Q4 2024: Financial Highlights Cash: $10.5 million unrestricted; $12.6 million including restricted cash, up 15.5% from December 31, 2024. Total liabilities decreased to $15.9 million from $21.8 million at year-end, following the exchange of certain notes payable into equity and settlement of merger-related obligations. Golf Simulator Hardware sales increased 7.1% for the year. Stockholders’ Equity: Positive $4.3 million vs. $(4.6) million deficit at year-end 2024. Net Loss: $(1.96) million for the 2025 fourth quarter as compared to $(5.86) million for the 2024 period. The 2025 loss was primarily due to a non-recurring, non-cash $2.0 million inventory adjustment resulting from a change in accounting systems. Revenue: $5.1 million for the quarter vs. $6.2 million in 2024, but up sequentially from third quarter’s $4.1 million. The year-on-year sales decline primarily reflected timing of product deliveries and deferred recognition related to software and franchise contracts. "2025 was a transitional year for TruGolf, where we addressed capital market issues, revamped our accounting systems and procedures and made major investments in new products to position the company for significant growth in the years ahead." Said Chris Jones, CEO and Director of TruGolf. "We have overcome many challenges in the past year and we appreciate our shareholder's patience as we strengthened our capital structure, increased liquidity and expanded our product lineup to create the broadest suite of offerings in simulated golf. 2025's results, while understandable, are not in line with the potential we see for our company. Our 2026 outlook is a better reflection of what we think TruGolf can deliver when operating on all cylinders. We expect our first flagship franchise location for TruGolf Links to open in Cherry Hill New Jersey in the second quarter and we have introduced D3 wagering software into our product lineup. We have also seen increased market interest in our recently introduced TruGolf RANGE product and believe this will translate into significantly higher sales in 2026." Q4 2025 Results: Fourth quarter 2025 sales were $5.1 million, down from 2024’s fourth quarter sales of $6.2 million. While hardware sales were up year-over-year in the quarter, the change in how the Company books software licenses resulted in the decline for the period. Cost of goods in the quarter increased $1.8 million due to a non-cash one time inventory adjustment. As a result, gross profit for Q4 2025 declined to $1.1 million from $3.9 million in Q4 2024. Salaries in Q4 2025 declined 76.4% to $1.1 million from $4.7 million in Q4 2024. This change was the result of the company now capitalizing the salary component of software development costs. Selling, General & Administrative (SG&A) costs increased to $2.3 million from $1.2 million due to increased amortization from the aforementioned capitalized software development costs. Interest expense in Q4 2025 declined dramatically to $0.1 million from $4.8 million in Q4 2024. The decline was the result of earlier efforts to restructure the Company's debt and convert it into preferred shares. Net loss for the quarter declined to $1.96 million from $5.86 million in the 2024 period. 2025 Results: For the year, sales were $18.9 million as compared to $21.3 million in 2024, a decline of $2.4 million or 11.3%. While hardware sales of golf simulators were up 7% for the year, the increase couldn't offset the decline in the sale of software licenses. That decrease was due to how the Company sold its content subscription licenses during the year ended December 31, 2025, which has resulted in $1.3 million in deferred revenue to be recognized over the next twelve months. Cost of goods increased by $1.96 million, or 26.5% to $9.4 million for 2025, as compared to $7.4 million for 2024. Substantially all of the increase was attributable to $2.2 million in non-recurring inventory adjustments arising from the reconciliation of inventory records in connection with the Company's transition to a new accounting system during the year. The Company does not expect similar adjustments to recur following the completion of the system transition. These adjustments are not representative of the Company's ongoing cost structure. Excluding these charges, cost of revenue was relatively flat year-over-year, consistent with prior year levels relative to revenue volume. Gross profit decreased $4.4 million, or 31.4%, to $9.5 million for the year ended December 31, 2025, compared to $13.9 million for the year ended December 31, 2024. Gross margin declined to 50.4% from 65.2%, primarily reflecting the impact of the non-recurring inventory reconciliation adjustments described above and the decline in higher-margin content software subscription revenue. Excluding the $2.2 million inventory adjustments, adjusted gross margin would have been approximately 62.1%, compared to 65.2% in the prior year. Management presents these adjusted measures to provide investors with additional insight into the Company’s underlying operating performance exclusive of the system transition-related adjustments. Selling, General & Administrative (SG&A) costs increased $4.3 million or 65.0%, to $11.0 million for 2025, compared to $6.7 million in 2024. The increase was driven higher by the following factors: (i) increased costs of contract labor of $1.3 million used in connection with product upgrades; (ii) increased amortization of $0.97 million of capitalized software development costs; (iii) increased professional fees $0.25 million in 2025, reflecting higher legal and accounting costs associated with the Company's public company compliance obligations and financial statement preparation; (iv) higher credit card processing fees of $0.14 million, consistent with changes in the Company's revenue mix and payment processing activity during the year. Somewhat offsetting these higher operating expenses was a $4.7 million decrease in salaries, wages and benefits due primarily to an increase in salaries being capitalized for time spent on developing new versions of the Company's platform software. 2025's loss from operations increased $4.0 million to $(6.1 million), compared to $(2.1 million) for 2024. The widening operating loss was driven primarily by the $4.4 million decline in gross profit, which was largely attributable to the non-recurring inventory reconciliation adjustments and the decline in higher-margin software subscription revenue, while total operating expenses remained essentially flat year-over-year. Net Cash used in 2025 operating activities decreased by $2.3 million to $1.7 million as compared to $4.0 million in 2024. This improvement occurred despite the increase in Net Loss because of the significant contributions of noncash charges to Net Loss. The largest noncash contributors were: $6.1 million loss on extinguishment of debt; inventory reconciliation adjustments of $2.2 million; the $1.1 million amortization of capitalized software development costs. However, cash used in investing activities increased by $4.2 million primarily due to the Company’s $3.2 million continued and expanded investment in capitalized software development costs. Net Loss increased to $15.8 million for 2025, compared to $8.8 million for 2024. The increase in Net Loss was driven by the decline in gross profit and the $6.1 million non-recurring loss on extinguishment of debt, partially offset by a $3.7 million reduction in interest expense resulting from the debt restructuring transactions completed during the year. Disclaimer on Forward Looking Statements This news release contains certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute "forward-looking statements" and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the Company's anticipated Cherry Hill, New Jersey opening in the second quarter; the anticipated market adoption and revenue contribution of the TruGolf RANGE product; the expected revenue contribution of E6 APEX and LaunchBox; and the success of the rollout of its new products, including D3 wagering software. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, www.sec.gov. About TruGolf Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology. CONTACTS: Michael Bacal [email protected] 917-886-9071 TRUGOLF HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS The accompanying notes are an integral part of these consolidated financial statements. TRUGOLF HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT) FOR THE YEAR ENDED DECEMBER 31, 2025 AND 2024 The accompanying notes are an integral part of these consolidated financial statements. TRUGOLF HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS The accompanying notes are an integral part of these consolidated financial statements. TRUGOLF HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS The accompanying notes are an integral part of these consolidated financial statements.

Salt Lake City, Utah, Nov. 17, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, today reported its third quarter 2025 results. Third Quarter 2025 vs. Third Quarter 2024: Financial Highlights Cash: $11.4 million unrestricted; $13.5 million including restricted cash, up 30% from December 31, 2024. Total liabilities decreased to $16.7 million from $21.8 million at year-end, following the exchange of certain convertible notes into equity and settlement of merger-related obligations. Gross Margin: 69%, up sequentially from second quarter 2025. Remaining contract performance obligations of approximately $6.2 million. The Company has a consistent history of recognizinġ deferred revenue and fulfilling customer deposits on a rolling 3 month basis. Stockholders’ Equity: Positive $6.26 million (vs. $(4.6) million deficit at year-end 2024). Net Loss: $(7.3) million for the third quarter, primarily due to a non-cash $6.1 million loss on extinguishment of debt. Revenue: $4.1 million for the quarter vs. $6.2 million in 2024, primarily reflecting timing of product deliveries and deferred recognition related to software and franchise contracts. Operational Highlights Continued investment in product development, including E6 APEX, LaunchBox, and the upcoming TruGolf Range platform set to debut at the 2026 PGA Show. Advancements in AI-driven analytics and commentary, powered by IBM watsonx.ai, which the Company believes will become a key differentiator in TruGolf’s software ecosystem. Franchise and multi-bay facility model under construction, with the first “Golf Everywhere” installation in Flower Mound, TX, representing the blueprint for national rollout. “Q3 marked a pivotal quarter for TruGolf as we completed the restructuring of our balance sheet, regained full NASDAQ compliance, and positioned the company for growth in 2026.” Said Chris Jones, CEO and Director of TruGolf. “Today TruGolf’s underlying fundamentals are stronger than they have been since going public, we are now operating with a capital structure free of short-term debt pressure, strong liquidity and a positive equity base. We expect to maintain sufficient cash to fund operations for at least 12 months and anticipate renewed growth momentum in 2026 as new product lines begin contributing revenue. We believe our share price does not yet reflect the progress achieved or the opportunity ahead, and we remain confident that operational execution and strategic visibility in 2026 will unlock meaningful shareholder value.” In the quarter, the Company experienced significant professional fees ($0.4 million) in connection with regaining compliance with Nasdaq listing requirements. At the same time, it recognized large development costs ($0.2 million) and increased contract labor costs ($0.3 million) associated with refreshing its product and software offerings. Additionally, top line sales were reduced in the quarter by ($2.1 million) as compared to 2024’s quarter primarily due to a change in our policy for recognition of sales of product licenses. This change has also led to an increase in deferred revenue. Gross margin for 2025’s third quarter was 69.3% as compared to 69.1% in 2024’s quarter and a major improvement from 2025’s second quarter of 44.4% as performance returned to historic levels. 2025’s third quarter loss from operations was higher at ($1.1) million as compared to profits of $0.9 million in the 2024 period, driven largely by SG&A costs in the third quarter due to the previously mentioned higher professional fees in connection with regaining NASDAQ compliance, higher costs of contract labor used in connection with product upgrades and increased amortization of capitalized software. Somewhat offsetting these higher operating expenses was a $1.1 million decrease in salaries, wages and benefits due primarily to an increase in salaries being capitalized for time spent on developing new versions of the Company’s platform software. Net losses increased to ($7.3) million for 2025’s third quarter, versus a net loss of ($0.06) million in the 2024 period, driven most notably by the losses from extinguishment of $6.1 million in debt in the quarter and the associated recognition of interest expenses associated with the exchange of convertible notes for Series A Preferred shares and warrants in the period as well as $0.4 million in professional fees and related expenses associated with regaining compliance with Nasdaq listing standards. Interest expense in the third quarter of 2025 declined by $0.8 million due to exchange of outstanding convertible notes. The convertible note exchange in the third quarter resulted in the previously mentioned ($6.1) million loss on extinguishment of debt. The Company’s liabilities declined by $3.3 million in the quarter to $16.7 million. Disclaimer on Forward Looking Statements This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the ability of the Company to fund its operations for 12 months and the success of the rollout of its new products. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, www.sec.gov About TruGolf: Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology. TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements. TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements. TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.

Salt Lake City, Utah, Aug. 20, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, announced today its second quarter 2025 results. The Company reported sales of $4.3 million, up 11.3% compared to 2024 second quarter sales of $3.9 million. Net losses increased to ($3.3) million for 2025’s second quarter, versus a net loss of ($1.6) million in the 2024 period, driven most notably by professional fees and the recognition of interest expense. EPS for 2025’s second quarter improved to ($4.63), as compared to 2024’s ($6.80) loss per share. Chief Executive Officer and Director Chris Jones said, “Seasonally, the second quarter is typically our toughest period, but the company still managed to achieve significant year-on-year revenue growth. However, the big story of Q2 was our efforts to regain compliance with Nasdaq’s listing standards, a process we successfully concluded in July. With our debt load now significantly reduced, we are optimistic about achieving substantial operational improvements in the latter half of the year, especially as the current upward trend in sales continues." Mr. Jones continued, “During the quarter we took several non-cash charges related to inventory adjustments and costs associated with our TruTrack product. Absent these write-downs, operationally profitability was in line with prior periods. We expect reported margins to return to traditional levels in Q3. In July we commenced US sales of our Launchbox monitor and we are very excited about the prospects for this mass market product. The initial results for the first month of LaunchBox sales are promising. I am also happy to report on the successful grand opening of our first TruGolf Links franchise in the Chicago area on July 29th. We expect a larger flagship franchise location to open in the fourth quarter of this year and more to follow in 2026.” Operations: Gross margin for 2025’s second quarter was 44.4% as compared to 66.4% in 2024’s quarter as performance was hurt by the $0.9 million of write-downs associated with inventory adjustments and the TruTrack product. For the first half of 2025, sales grew 9% to $9.7 million from $8.9 million. Gross margin was 57.5% as compared to 63.3% in the first half of 2024. 2025’s second quarter loss from operations was higher at ($1.9) million as compared to ($0.8) million in the 2024 period, driven largely by higher cost of goods sold in the second quarter due to the previously mentioned inventory write-down. Year-to-date 2025’s losses from operations were $3.1 million, 80% higher than in 2024’s first half loss of ($1.7) million with increased operating expenses driven primarily by higher professional expenses associated with regaining Nasdaq compliance of $600,000, higher spending on marketing of $336,000 and capitalized software of $296,000. 2025 second quarter operating expenses increased by 13% or $0.4 million, driven by higher SG&A costs arising from increased marketing costs of $114,000, higher professional fees of $377,000 associated with regaining Nasdaq compliance and an increase in amortization expense related to capitalized software of $130,000. This was offset by a decrease in salaries, wages and benefits of $111,000, or 10%, due primarily to an increase in salaries being capitalized for time spent on developing new versions of the Company’s platform software. Interest expense in the second quarter of 2025 rose by $0.7 million and for the first half of 2025, interest expense increased by $1.8 million with the increases resulting from amortization expense of the PIPE Convertible Notes debt discount, the write-off of remaining debt discounts upon the conversion of related to the PIPE Convertible Notes, and the make-good interest expense upon the conversion of related PIPE Convertible Notes. Disclaimer on Forward Looking Statements This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the timing of new franchise openings during 2025. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, www.sec.gov About TruGolf: Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology. TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements. TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements. TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.

Salt Lake City, Utah, May 15, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, announced today its first quarter 2025 results. The Company reported sales of $5.4 million, up 7.5% compared to 2024 first quarter sales of $5.0 million. Net losses doubled to ($2.6) million for 2025’s first quarter, versus a net loss of ($1.3) million in the 2024 period, driven largely by recognition of interest expenses associated with the conversion of convertible notes in the period. EPS for 2025’s first quarter was ($0.09), an improvement from 2024’s ($0.22) loss per share. Chief Executive Officer and Director Chris Jones said, “2025 got off to a solid start and we expect the sales cadence to improve over the course of the year, driven by new product introductions. Management’s attention has also focused on addressing the previously reported Nasdaq listing deficiencies. The Company has announced a plan that will significantly reduce debt on its balance sheet and increase shareholder equity. This plan has been presented at a Nasdaq Listing Qualifications hearing on May 15th and we expect to receive their determination in the near term.” Mr. Jones continued, “We look forward to further growth in the business as we continue to innovate in creating the best virtual golf ecosystem in the market. We expect the first franchise locations to open over the next 90 days, with the associated delivery of TruGolf hardware and software solutions. We are optimistic that new products expected to launch in the coming months will be well received.” Operations: Gross margin for 2025’s first quarter improved to 68.0% as compared to 61.0% in 2024’s quarter. 2025’s loss from operations was 30.7% higher at ($1.2) million as compared to ($0.9) million in 2024. 2025 operating expenses increased by 22.5% or $0.9 million, driven by higher SG&A costs arising from higher third-party installation expenses, increased marketing costs and higher professional fees. Interest expense jumped by $1.1 million as $1.7 million in principal amount of convertible notes and their$1.1 million associated accrued and make-whole interest converted to shares and their full interest costs were recognized in the conversion period. Cash flow used in operations was approximately $0.5 million in the first quarter of 2025, versus generation of $2.7 million in 2024’s quarter, with the difference resulting from a growth in inventory in the 2025 period, as well as the greater net loss for the period. Disclaimer on Forward Looking Statements This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the timing of new franchise openings during 2025. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, www.sec.gov About TruGolf: Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology. TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Record Sales Achieved Salt Lake City, Utah, April 21, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, announced today an overview of its 2024 results that were filed on Form 10-K on April 15, 2025. The Company reported record sales of $21.9 million, an increase of 6.2% percent as compared to 2023 sales. The gains were driven by continued enthusiastic market adoption of new hardware and software products launched earlier in 2024. Net losses narrowed by 14.5% to ($8.8) million for 2024, versus a net loss of ($10.3) million in 2023. Notably, 42% of the net loss for 2024 was due to non-cash expenses. EPS for the full year was ($0.76), a significant improvement from 2023’s ($857.35) loss per share. Chief Executive Officer and Director Chris Jones said, “We are very pleased with our growing sales momentum for our upgraded and industry-leading golf simulators and software. Cost controls were effective and contributed to our greater cash generation in the second half of the year. We ended the year with $10.9 million in cash, and our debt went down. Interest in our franchise concept remains high and we anticipate announcing contracts for additional franchises in the United States throughout 2025. We now expect the first franchise locations to open by the end of the second quarter, with associated delivery of TruGolf simulators in the first half of 2025.” Mr. Jones continued, “2024 saw the rollout of our new, industry-leading golf simulator products that were eagerly accepted by the market. While 2024’s sales growth was somewhat hindered by select product availability, we expect to continue setting the standard in the world of virtual golf with further hardware and software innovations arriving in 2025.” Operations: Gross margin for 2024 improved to 66.7% as compared to 61.9% in 2023. 2024’s loss from operations was 75% lower at ($2.1) million as compared to ($8.7) million in 2023. 2024 operating expenses declined by 22% or $4.7 million. These improvements were driven by implementing better cost controls, reducing discretionary spending and achieving greater productivity through enhanced operational efficiencies. 2024 SG&A expenses declined by 40%, or $4.4 million, in 2024 as compared to 2023. Non-cash stock compensation expense for the year was $658,000. Cash flow used in operations was $4.0 million in 2024, versus $6.1 million in 2023, an improvement of over 35%. TruGolf ended 2024 with $10.9 million in cash on the balance sheet. As previously disclosed, on October 2, 2024, the Company received a delist determination letter from the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market (“Nasdaq”) related to its failure to maintain stockholders’ equity for continued listing. The Company has requested a hearing to appeal the delist determination, which has been scheduled for May 15, 2025. Disclaimer on Forward Looking Statements This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the timing of new franchise openings during 2025. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, www.sec.gov About TruGolf: Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology. Contact: Michael Bacal [email protected] 917-886-9071 TRUGOLF HOLDINGS, INC CONSOLIDATED BALANCE SHEETS TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS