TruGolf Holdings, Inc.

What they do

TruGolf sells portable, professional, commercial and custom golf simulators plus standalone software products including E6 Connect and E6 GOLF, and also offers multi-sport gaming applications. Franchise operations run through wholly-owned subsidiary TruGolf Links Franchising, LLC. The company is headquartered in Centerville, Utah, and has been led by founder-CEO Chris Jones since 2007.

Revenue drivers

• Golf simulator hardware — Simulator sales across portable, professional, commercial and custom configurations generate the bulk of reported revenue; quarterly revenue has ranged from $4.1M to $5.8M over the last four reported quarters.
• Software (E6 Connect, E6 GOLF) — Standalone software products are sold alongside hardware and separately; the filings identify these as core offerings but do not disclose a separate revenue figure for them.
• Multi-sport gaming applications — Multi-sport gaming applications are offered as an additional product line; no discrete revenue contribution is disclosed in the excerpts.
• TruGolf Links franchising — Franchise operations are conducted through wholly-owned subsidiary TruGolf Links Franchising, LLC; no segment-level revenue or unit counts are given in the excerpts.

Recent performance

Annual revenue declined to $18.9M in 2025 from $21.3M in 2024 and $20.6M in 2023, while net loss widened to $15.2M in 2025 from $8.8M in 2024. Operating cash flow improved to negative $1.7M in 2025 from negative $4.0M in 2024. Recent quarterly revenue was $4.1M (Sept 2025), $5.2M (Dec 2025), $5.0M (Mar 2026) and $5.8M (Jun 2026). At June 30, 2026 the company reported total assets of $18.0M, total liabilities of $15.9M, shareholder equity of $2.1M, cash of $6.4M and long-term debt of $2.1M.

Strategy

The company describes itself as engaged in design, development, manufacturing and sales of simulators and software for residential and commercial use, with franchise expansion through TruGolf Links Franchising, LLC. A 1-for-10 reverse stock split of Class A and Class B common stock was completed on March 27, 2026. The 10-K/A was filed solely to add Part III information previously omitted in reliance on General Instruction G(3); it contains no financial statement changes. Recent 8-K activity includes material agreements in August and September 2026, a Regulation FD disclosure in August 2026, and a delisting/listing-rule failure notice in August 2026.

Risks

• Nasdaq listing risk — The company reported a delisting notice or listing-rule failure on 2026-08-21, and the 10-Q lists maintaining the Nasdaq listing as a stated risk.
• Persistent losses and cash use — Net loss widened to $15.2M in 2025 from $8.8M in 2024, and operating cash flow remained negative at $1.7M in 2025.
• Revenue decline — Annual revenue fell to $18.9M in 2025 from $21.3M in 2024, and the company cites competition and ability to grow profitably among its risks.
• Dependence on license agreements and key personnel — The 10-Q flags ability to maintain existing license agreements and retain key employees as risks, and CEO Chris Jones also serves as Interim CFO and President.

Outlook

The filings do not provide specific financial guidance for fiscal 2026. Management's listed forward-looking items center on meeting future capital requirements, maintaining the Nasdaq listing, retaining key employees and maintaining existing license agreements. The company also flagged a delisting notice in August 2026 and disclosed several material agreements in August and September 2026.