Core Viewpoint - TruGolf Holdings, Inc. is actively working to regain compliance with Nasdaq listing rules after being notified of non-compliance due to negative stockholders' equity of ($10,508,104) [1] Group 1: Compliance Plan - The company presented a plan to the Nasdaq Hearings panel on May 15, 2025, detailing steps to regain compliance and requested an extension to execute the plan [1] - A special meeting of shareholders is scheduled for May 30, 2025, to vote on actions related to the compliance plan [2] - The Hearings panel has not yet made a determination regarding the extension or potential delisting [1] Group 2: Financial Position - TruGolf has a strong cash position exceeding $10 million, which is deemed sufficient for current operating needs [2] - The company has entered into an Equity Line of Credit for $20 million to provide liquidity without reducing shareholder equity if additional funds are needed [7] - Approximately two-thirds of accrued dividends payable owed to the company's founders were converted to common stock [7] Group 3: Company Overview - TruGolf is a leader in golf technology, focusing on innovative uses of AI and gamified golf improvement plans [3] - The company aims to enhance the golfing experience through a suite of hardware, software, and web products [3]

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________________ to __________________________ Commission file number: 001-40970 TRUGOLF HOLDINGS, INC. (Exact name of registrant as specified in its c ...

Iconic Golf Simulator Company Now Franchising Grants Seasoned Healthcare Entrepreneur Opportunity to Develop Long Island Dr. Ben Litaien CFE, Chief Development Officer at TruGolf Links LONG ISLAND, NY, May 14, 2025 (GLOBE NEWSWIRE) -- TruGolf Links Franchising, LLC (“TruGolf”), wholly owned by TruGolf Holdings, Inc. (Nasdaq: TRUG), the leading provider of golf simulator software and hardware, announced today the signing of its newest franchisee, Giovanni “Gio” Dinsay. With over 27 years of experience in ...

All Convertible Notes & Majority of Related Party Notes to be Converted to Equity Salt Lake City, Utah, April 24, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ:TRUG), a leading provider of golf simulator software and hardware, announced today that it has entered into agreements with its existing noteholders to exchange all its outstanding convertible notes into a newly created Series A Preferred Stock. In addition, the common stock warrants previously issued with the convertible notes were exchang ...

Core Insights - TruGolf Holdings, Inc. reported record sales of $21.9 million for 2024, marking a 6.2% increase compared to 2023 sales [1] - The company narrowed its net losses by 14.5% to $8.8 million in 2024, down from a net loss of $10.3 million in 2023 [1] - Gross margin improved to 66.7% in 2024 from 61.9% in 2023, while operating expenses decreased by 22% [3][4] Financial Performance - Revenue for 2024 was $21.9 million, up from $20.6 million in 2023 [11] - Loss from operations decreased significantly to $2.1 million in 2024 from $8.7 million in 2023 [3][11] - The company ended 2024 with $10.9 million in cash, a substantial increase from $3.3 million in 2023 [4][9] Operational Highlights - The company implemented effective cost controls, leading to a 40% reduction in SG&A expenses, amounting to a decrease of $4.4 million [4] - Cash flow used in operations improved by over 35%, decreasing from $6.1 million in 2023 to $4.0 million in 2024 [4] - TruGolf anticipates the opening of new franchise locations in the U.S. by the end of Q2 2025, with high interest in its franchise concept [2] Market Position and Future Outlook - The market has shown enthusiastic adoption of TruGolf's new hardware and software products launched in 2024 [2] - The company plans to continue innovating in the virtual golf space with further product developments expected in 2025 [2] - Interest in the franchise model remains strong, with contracts for additional franchises anticipated to be announced throughout 2025 [2]

Market Overview - TruGolf's total addressable market for golf products in 2022 was estimated at $1.4 billion, with a forecasted CAGR of 11.05%, reaching $3.8 billion by 2031[26]. - The company currently holds a 4.28% market share in the golf products sector, with 69% of the market derived from indoor golf simulators[26]. - In 2022, the off-course golf market reached approximately $27.9 million, surpassing on-course play for the first time, with a 13% year-over-year increase in off-course participation[25]. - The indoor golf market has seen a significant increase due to factors such as the high costs of outdoor golf and the closure of over 100 golf courses annually[27]. - The indoor golf simulator market is expected to grow significantly, driven by the increasing popularity of off-course golf activities[25]. Product Development and Innovation - TruGolf's Apogee launch monitor is designed for easy installation and maintenance, reducing calibration time from 20-30 minutes to under five minutes[40]. - TruGolf's E6 software is compatible with 90% of hardware in the market, allowing access to a wide range of customers in both indoor and outdoor settings[26]. - The company is collaborating with a video game company to enhance its E6 software with photorealistic graphics through a new dynamic graphics engine[24]. - E6 Apex software features a new graphics engine providing photo-realistic recreations of golf courses with accuracy within 2 inches on fairways and 2 centimeters on greens[47]. - The company plans to launch new products, including the next generation of Apogee and the Mini Trainer, while phasing out legacy products[73]. Business Strategy and Expansion - The company plans to launch a franchise solution to capitalize on the growing demand for commercial indoor golf offerings[28]. - The company plans to franchise indoor golf entertainment venues, requiring spaces between 5,000 and 32,000 square feet, significantly less than traditional golf courses[51]. - Future franchise locations will operate as authorized resellers, with a pre-sales requirement to ensure profitability prior to operations[52]. - The company has signed a Joint Venture agreement in China to manage distribution across Asia, aiming to expand its market presence[216]. - TruGolf's business model aims to unify the golf technology space, positioning itself as a leader in both hardware and software solutions[209]. Marketing and Sales - Approximately 80% of the company's marketing efforts focus on lead generation through various channels, including SEO and social media campaigns[66]. - The company continues to invest in expanding its sales force and marketing efforts to increase product adoption and awareness[216]. - TruGolf's software integrates with over 24 third-party golf technology hardware manufacturers, covering approximately 90% of the global market[208]. Financial Performance and Risks - The company anticipates needing to raise additional capital in the future to support its growth strategy and operations[112]. - Rising costs for raw materials, labor, and freight could negatively affect the Company's gross margin and profitability[115]. - Supply chain disruptions due to factors like the COVID-19 pandemic and geopolitical conflicts could materially impact operations and profitability[118]. - Consumer spending is sensitive to macroeconomic conditions, including inflation and geopolitical events, which could adversely affect sales[141]. - Economic downturns may lead to declines in consumer purchases, particularly for discretionary premium sporting goods, impacting financial performance[142]. Compliance and Regulatory Challenges - The Company is subject to various U.S. federal, state, and foreign laws and regulations, which may evolve and impact operations[86]. - The cost of compliance as a public company is estimated to exceed $250,000 annually, potentially affecting the company's ability to continue as a going concern[147]. - Legal and regulatory challenges related to intellectual property protection could negatively impact sales and financial condition[153]. Operational Insights - The company experiences increased product usage and higher sales volumes during the first and fourth quarters due to seasonality[83]. - The Company typically increases marketing, sales, and customer service activities during the third and fourth quarters to meet seasonal demand[84]. - The Company employs approximately 72 employees, with 71 full-time and one part-time, many of whom work remotely[95]. - The company has collected extensive swing data since 2017, which offers insights into performance trends and consumer behavior[57]. Stock and Equity Information - As of April 14, 2025, the company had 29,881,672 shares of Class A common stock issued and outstanding, with current directors and executive officers owning approximately 16.8% of these shares[170]. - The company's stockholders' equity was reported at ($10,508,104), indicating non-compliance with Nasdaq's minimum stockholders' equity requirement of $10,000,000[174]. - The company received a notification for not maintaining a minimum bid price of $1 per share for 30 consecutive business days, with a compliance period ending on May 5, 2025[176]. - The company also received a notice regarding its market value of publicly held securities falling below the $15,000,000 threshold required for continued listing on Nasdaq[177]. - The company has never declared or paid dividends on its common stock and does not anticipate doing so in the foreseeable future[199]. Cybersecurity and Technology - The company has engaged an outside consulting firm to review its information systems environment and improve security measures[190]. - The company utilizes a Cloud-only architecture to enhance security and minimize risks associated with system downtime and data breaches[182]. - The company has not experienced any cybersecurity incidents that materially affected its business strategy or financial condition[188].

Core Concept - TruGolf and Digital Legends have partnered to create an advanced golf simulator that allows players to compete against legendary golfer Ben Hogan in a highly realistic digital environment [2][3][4]. Group 1: Technology and Experience - The simulator utilizes TruGolf's E6 Apex platform and cutting-edge AI to accurately recreate golf legends, providing an immersive experience for users [3][4]. - The technology aims to erase the barriers of time, allowing golfers to learn from both historical and contemporary legends [4][5]. Group 2: Market Position and Future Plans - TruGolf is recognized as a leader in golf technology, focusing on innovative AI applications and gamified improvement plans [6]. - Digital Legends is expanding its intellectual property portfolio, aiming to integrate various legendary figures into modern entertainment and sports experiences [7][8]. - The public debut of this technology is scheduled for Augusta, with a full release planned for fall 2025 [4].

Core Insights - TruGolf Links Franchising, LLC is expanding its franchise model by signing a regional development deal with John Young to open 40 new golf simulator centers across Tennessee [1][4] - The company aims to create a modern, inclusive, and community-driven golf experience for players of all skill levels, starting with a flagship location in Knoxville [1][3] - TruGolf has a comprehensive franchise program that includes both individual and regional developer opportunities, featuring state-of-the-art technology and facilities [4][7] Company Overview - TruGolf, Inc. has been a key player in the golf industry since 1983, focusing on innovative indoor golf solutions and technology to make golf more accessible [6] - The company’s mission is to grow the game of golf by making it more available, approachable, and affordable through technology [6] - TruGolf has developed award-winning video games and innovative hardware solutions, including an e-sports platform to connect golfers globally [6] Franchise Model - The franchise program allows for individual franchises and emphasizes regional developers who can manage territories with populations of 1 million or more [7] - Regional developers are responsible for opening flagship locations and developing additional units, receiving compensation for attracting franchisees and providing local support [7] - Each facility will feature advanced simulator bays, dining areas, and pro shops, with flagship locations designed to be 5,000 square feet or more [4]

Core Insights - TruGolf Holdings, Inc. has engaged Eventus Advisory Group for financial services advisory and CFO support to enhance its financial operations and strategic priorities [1][2] - Eventus has over 17 years of experience with micro- and small-cap companies, specializing in financial operations, technical accounting, and SEC compliance [2][6] - TruGolf is working to regain compliance with Nasdaq listing requirements by improving its balance sheet and reducing outstanding liabilities by the March 31, 2025 deadline [3] Company Overview - TruGolf is a leading golf technology company focused on making golf easier through innovative AI applications, enhanced image analysis, and gamified improvement plans [5] - The company has a strong history of delivering innovative golf simulation solutions and is recognized as a leader in the golf technology space [3] Eventus Overview - Eventus is a CFO advisory firm that supports public and private companies with services including accounting, financial operations, regulatory compliance, and corporate governance [6] - The firm aims to help businesses navigate complex financial landscapes, allowing clients to focus on sustainable growth [6]