Core Insights - TruGolf is collaborating with D3 Sports Tech to enhance gamified experiences in golf and multisport arcade games, leveraging D3's expertise in skills-based wagering and compliance [1][14] - The partnership aims to utilize advanced game and player data analytics to increase user engagement and create more immersive virtual experiences [1][14] - D3 Sports Tech's digital wallet services will enable TruGolf to operate tournaments and challenges in over 100 countries, enhancing player engagement and revenue opportunities [7][12] Company Overview - TruGolf is a leading golf technology company focused on making golf more accessible through innovative uses of AI and gamified improvement plans [3][14] - D3 Sports Tech specializes in digital wallet solutions for skills-based gaming, providing legal compliance for cash payouts in over 100 countries [12][15] - Both companies are committed to advancing golf simulation technology and enhancing the overall gaming experience for players [6][7] Market Insights - The collaboration addresses the strong connection between golf and wagering, with a significant percentage of recreational golfers likely to wager on their games [6] - D3 Sports Tech's solutions have been certified by gaming boards in Nevada and New Jersey, ensuring compliance for real-money challenges [12] - The partnership is expected to introduce new features that make gameplay more meaningful and rewarding for users [6][7]

Core Viewpoint - TruGolf Holdings, Inc. has initiated coverage with a price forecast of $2, focusing on golf technology and esports platforms following a merger in Q1 2024 [1] Group 1: Growth Projections - Analyst Jack Vander Aarde projects strong multi-year growth driven by next-generation paid software subscriptions, hardware replacement sales, and accelerated domestic franchise center rollouts [2] - The company has secured commitments for 120 U.S. franchise locations, potentially generating over $24 million in revenue from bundled hardware and equipment [3] - Aarde anticipates revenue growth of 9% in 2024, 20% in 2025, and 30% in 2026 [4] Group 2: Financial Outlook - The company is expected to reach nearly breakeven EBITDA in 2024, with positive EBITDA and free cash flow projected for 2025 [5] - Aarde forecasts a 10-year revenue compound annual growth rate of 20% and EBITDA margins of 20% [5] - TruGolf ended Q3 2024 with $7.5 million in cash, sufficient to support operations for at least 12 months [5] Group 3: Strategic Initiatives - TruGolf may explore strategic growth capital opportunities to accelerate franchise expansion [6] - TRUG shares have seen a price increase of 19.7%, trading at $0.4423 [7]

Core Insights - TruGolf Holdings, Inc. reported a strong third quarter in 2024 with sales reaching $6,236,795, marking an 82% increase compared to the same quarter in 2023. The company achieved an EBITDA of $1.1 million despite having no franchising revenues recognized [1][2]. Financial Performance - The gross margin for Q3 2024 was 69%, up from 55% in Q3 2023. Year-to-date gross margin stood at 66%, slightly down from 67% in the same period last year [3]. - Operating income for Q3 2024 was $872,000, a significant improvement of 137% compared to an operating loss of $2.3 million in Q3 2023. Year-to-date operating loss decreased by 87% to $856,000 from $6.8 million in the same period last year [3]. - Year-to-date 2024 free cash flow was $3.1 million, compared to a negative $6.1 million in the same period of 2023 [3]. Growth Initiatives - The company has launched a franchise concept with 120 franchise locations committed across the United States, which is expected to enhance user engagement with the sport and support technology sales growth [2]. - TruGolf has revised its full-year revenue target for 2024, expecting total revenue growth of 9%-13% compared to 2023 levels, with EBITDA for the second half of 2024 estimated between $1.1 million to $1.5 million [2]. Cash and Assets - As of September 30, 2024, TruGolf's current assets totaled $14,417,544, an increase from $12,656,606 at the end of 2023. Cash and cash equivalents were reported at $7,452,185, up from $3,297,564 [6][7]. - Total assets increased to $17,039,690 from $15,769,560 at the end of 2023 [7]. Liabilities - Total current liabilities rose to $16,153,607 from $10,668,339 at the end of 2023, indicating an increase in obligations [8][9]. - The company reported a stockholders' deficit of $10,226,583 as of September 30, 2024, compared to $3,917,728 at the end of 2023 [11].

Product and Technology - TruGolf's latest launch monitor, Apogee, features a voice command system and a laser indicator, enhancing user experience and accuracy[170]. - TruGolf E6 Connect Software records over 725,000 indoor golf shots per day, integrating with approximately 90% of global golf technology hardware[172]. - The company offers a wide range of hardware products priced from just under $400 to over $100,000, catering to various consumer segments[171]. - TruGolf's business model aims to unify the golf technology industry through innovative hardware and software solutions[176]. - The Virtual Golf Association (VGA) allows users to earn points through gameplay, enhancing user engagement and competition[173]. Financial Performance - Revenues for the three months ended September 30, 2024, were $6,236,795, an increase of $2,805,060 or 81.74% compared to $3,431,735 for the same period in 2023[210]. - Gross profit for the same period was $4,312,702, reflecting an increase of $2,414,658 or 127.22% from $1,898,044 in 2023[210]. - Revenues for the nine months ended September 30, 2024, were $15,121,980, an increase of $1,333,280 or 9.67% compared to $13,788,700 for the same period in 2023[220]. - Net loss for the nine months ended September 30, 2024, was $2,931,370, a reduction of $5,080,519 or 63.41% compared to a net loss of $8,011,889 for the same period in 2023[219]. Operating Expenses and Costs - Operating expenses decreased by $781,334 or 18.51% to $3,440,421 for the three months ended September 30, 2024, compared to $4,221,755 in 2023[214]. - Operating expenses decreased by $5,279,827 or 32.85% to $10,795,100 for the nine months ended September 30, 2024, due to management's efforts to reduce payroll and other expenses[222]. - The cost of revenues increased by $390,402 or 25.46% to $1,924,093 for the three months ended September 30, 2024, from $1,533,691 in 2023[213]. - Cost of revenues increased by $651,899 or 14.39% to $5,183,328 for the nine months ended September 30, 2024, primarily due to increased shipping costs and inflationary pressures on materials[221]. Capital and Financing - On January 31, 2024, TruGolf completed a business combination, changing its name from Deep Medicine Acquisition Corp. to TruGolf Holdings, Inc.[177]. - The PIPE Financing includes up to $15,500,000 in senior convertible notes and warrants, with the first closing generating gross proceeds of $4,185,000[179][181]. - The company has the right to require additional purchases of PIPE Convertible Notes, potentially raising an additional $10,850,000[183]. - The company received proceeds of approximately $2,237,213 from a business combination on January 31, 2024, and recorded a PIPE Convertible Note of $4,650,000[227]. Cash and Liquidity - As of September 30, 2024, the company had $7,452,185 in cash and cash equivalents, compared to $5,397,564 as of December 31, 2023[230]. - The company expects significant cash requirements of $7,000,000 to $8,000,000 for employee salaries and $1,000,000 to $1,200,000 for software and hardware development over the next 12 months[242]. - The company may need to raise additional capital or issue debt to support ongoing operations due to continued net losses and negative operating cash flows[238]. - The company maintains a balance of $802,738 in variable rate lines of credit compared to total fixed rate debt of $14,509,137 as of September 30, 2024[251]. Cybersecurity and Compliance - The company has established an incident response plan and team to address cybersecurity risks and has engaged a third party to enhance its cybersecurity practices[253]. - The company has completed regular testing of its systems' resiliency, including penetration and disaster recovery testing[253]. - There is no assurance that the company's cybersecurity mitigation efforts will fully prevent incidents from occurring[253]. - TruGolf's management emphasizes the importance of maintaining compliance with Nasdaq listing requirements to ensure liquidity and trading of its securities[177]. Market and Distribution - The company has established a global network of authorized resellers and retail outlets for its hardware offerings[171]. - The simulator/screen golf market has seen a surge, with 6.2 million Americans using golf simulators in the past year, a 73% increase compared to pre-pandemic levels[191]. - The company has signed a Joint Venture agreement in China to manage distribution needs across Asia, with EMEA sales still below 5% of total sales[195]. Software Development - The company capitalized $1,967,418 in software development costs for the nine months ended September 30, 2024, with an amortization of $279,001 during the same period[188]. - As of September 30, 2024, the balance of capitalized software was $1,738,417 net of accumulated amortization[188]. - Deferred revenue recorded by the company as of September 30, 2024, was $575,000[187]. Interest and Debt - Interest expense increased by $911,035 or 71.97% to $2,176,810 for the nine months ended September 30, 2024, primarily due to interest on PIPE convertible notes[225]. - A hypothetical 10% change in interest rates would not materially impact the company's cash, cash equivalents, or annualized interest expenses[251]. - The amount exceeding FDIC insurance limits in bank deposit accounts was $6,125,053 as of September 30, 2024[252]. Regulatory Status - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay adopting new accounting standards[249].

Core Viewpoint - TruGolf Holdings, Inc. anticipates strong revenue growth in the second half of 2024, driven by its franchising business and new product market adoption [1][2]. Financial Outlook - Total sales are projected to increase by 8%-12% by the end of 2024 compared to 2023 levels [2]. - EBITDA for the second half of 2024 is expected to exceed $500,000, indicating a return to profitability [2]. Business Developments - The launch of the TruGolf Links franchise concept has been well received, contributing to positive market interest and growth expectations [2]. - Recent hardware and software products have gained broad market acceptance, reinforcing TruGolf's position as a leading provider of golf simulator equipment [2]. Company Background - TruGolf has been innovating in the golf industry since 1983, focusing on making golf more accessible through technology [4]. - The company has developed award-winning video games and innovative hardware solutions, including an e-sports platform to connect golfers globally [4].

● . . TruGolf Holdings, Inc. to Present at The LD Micro Main Event XVII Presentation on Wednesday, October 30th at 12:00 PM PT September 30, 2024 2:00 PM EDT | Source: LD Micro Salt Lake City, Utah--(Newsfile Corp. - September 30, 2024) - TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulation software and hardware, announced today that it will be presenting at the 17th annual Main Event on Wednesday, October 30th at 12:00 PM PT at the Luxe Sunset Boulevard Hotel. Brenner Adams, Chief G ...

As filed with the Securities and Exchange Commission on September 23, 2024 Registration No. 333-277068 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 TRUGOLF HOLDINGS, INC. (Exact name of Registrant as specified in its charter) (Primary Standard Industrial Classification Code Number) (Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices) ...

As filed with the Securities and Exchange Commission on August 29, 2024 Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 TRUGOLF HOLDINGS, INC. (Exact name of Registrant as specified in its charter) Registration No. 333-277068 UNITED STATES SECURITIES AND EXCHANGE COMMISSION (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 6770 85-3269086 (I.R.S. Employer Identification N ...

As filed with the Securities and Exchange Commission on August 29, 2024 Registration No. 333-277068 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 TRUGOLF HOLDINGS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 6770 85-3269086 (I.R.S. Employer Identification N ...

As filed with the Securities and Exchange Commission on August 29, 2024 Registration No. 333-277068 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT Under The Securities Act of 1933 TRUGOLF HOLDINGS, INC. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 6770 85-3269086 (I.R.S. Employer Identification N ...