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...

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, d...

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...

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...

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...

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...