TRUG TruGolf Holdings, Inc.

Overview and Growth

In fiscal 2025, TruGolf Holdings, Inc. recorded $18.88M of revenue, net loss of $15.23M, and an operating cash outflow of $1.70M. Revenue of $18.88M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $21.86M in fiscal 2024, revenue decreased 13.6%, a top-line contraction that reduced operating scale. Diluted earnings per share were -$51.39, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted shares averaged 296.31K; this is the reported share base over which the company’s diluted per-share earnings were spread. Total assets stood at $20.18M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.94x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $9.52M as gross profit before recognizing operating expenses and other items. Gross profit represented 50.4% of revenue, showing how much of the top line remained after direct costs. Operations produced a $6.10M operating loss before non-operating and tax effects. An operating margin of -32.3% reflected costs exceeding revenue-level gross profit by 32.3% of sales. The company ended the period with a net loss of $15.23M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 80.7% after all recognized items. EBITDA was negative $4.97M, showing a deficit before interest, taxes, depreciation, and amortization. Relative to period-end equity, the net loss represented 354.1%. The net loss equaled 75.5% of period-end assets, showing the deficit relative to the asset base. The bottom-line deficit increased from $8.80M in fiscal 2024 to $15.23M.

Liquidity and Capital Structure

At period end, the $20.18M asset base was financed through $15.88M of liabilities and $4.30M of equity. At period end, current assets of $15.48M compared with current liabilities of $14.40M, defining the company’s short-term resource position. Current assets covered current liabilities by 1.07x, leaving a positive buffer for near-term obligations. The company held $10.47M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 72.7%, excluding receivables and other current assets. Total debt was $2.82M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.66x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 14.0%, comparing borrowing with the total asset balance. The equity-to-assets relationship was 21.3%, placing book capital against the total resource base. Liabilities represented 78.7% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 51.9%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 17.7% higher than fiscal 2024 assets of $17.14M, measuring the company’s own balance-sheet change. Compared with $8.78M in fiscal 2024, the current cash balance moved 19.2% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $1.70M, showing that operations absorbed cash during the period. Capital expenditures used $205.44K in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. The company recorded a $1.90M cash deficit after capital spending for the period. Free-cash-flow margin was -10.1%, reflecting a cash deficit equal to 10.1% of revenue after capital spending. The free-cash-flow deficit equaled 9.4% of total assets, placing the cash shortfall against the company’s resource base. Compared with a $4.00M operating cash outflow in fiscal 2024, the current outflow improved to $1.70M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.