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]
TruGolf Reports 2024 Financial Results