TruGolf Reports Q1 2025 Sales Growth Despite Rising Losses

# TruGolf Holdings Issues Forward-Looking Statements with Financial Data

## Forward-Looking Statements Overview

In compliance with the Litigation Reform Act of 1995, TruGolf Holdings, Inc. shares certain forward-looking statements that involve estimates, assumptions, and uncertainties. These statements, which include timing for new franchise openings in 2025, reflect the company’s current beliefs but are subject to change. Terms such as “believes,” “anticipates,” “expects,” and “projects” are used to identify these predictions, which may differ materially from actual outcomes.

The company does not commit to updating these statements after their release to reflect any changes in circumstances or unforeseen events. For a comprehensive review of potential risks and uncertainties, refer to the “Risk Factors” section in the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are accessible on the SEC’s website at www.sec.gov.

## About TruGolf

TruGolf has been an innovator in the indoor golf sector since 1983. The company focuses on making golf more accessible through technology, striving to attract a broader audience. Their offerings include award-winning video games, advanced hardware, and a new e-sports platform known as E6 CONNECT, connecting golfers worldwide. TruGolf is committed to redefining the possibilities of golf technology.

## TruGolf Holdings, Inc. Condensed Consolidated Balance Sheets

### Financial Summary

Below is the condensed consolidated balance sheet of TruGolf Holdings, Inc. as of March 31, 2025, and December 31, 2024:

# Financial Summary: Detailed Breakdown of Current and Long-Term Assets

		March 31, 2025				December 31, 2024
		(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents			10,515,820				8,782,077
Restricted cash			2,100,000				2,100,000

Accounts Receivable, Net			1,579,614				1,399,153
Inventory, Net			3,852,977				2,349,345
Prepaid Expenses and Other Current Assets			189,961				116,619
Other Current Assets			–				45,737
Total Current Assets			18,238,372				14,792,931
Property and Equipment, Net			192,711				143,852
Capitalized Software Development Costs, Net			1,710,652				1,540,121
Right-of-Use Assets			545,915				634,269
Other Long-Term Assets			31,023				31,023
Total Assets			20,718,673

# Financial Summary: Current Liabilities and Stockholders’ Deficit Overview

## Key Liabilities and Stockholders’ Equity

In the financial data presented, a clear outline of **Current Liabilities** is provided. Understanding these figures is crucial for assessing the company’s financial health.

### Total Liabilities

The total liabilities amount to **$17,142,196**.

### Breakdown of Current Liabilities

Here is a detailed breakdown of the current liabilities:

**Accounts Payable**
– **Current Period**: $2,563,454
– **Previous Period**: $2,819,703

**Deferred Revenue**
– **Current Period**: $4,141,790
– **Previous Period**: $3,113,010

**Notes Payable (Current Portion)**
– **Current Period**: $10,148
– **Previous Period**: $10,001

**Notes Payable to Related Parties (Current Portion)**
– **Current Period**: $2,937,000
– **Previous Period**: $2,937,000

**Line of Credit (Bank)**
– **Current Period**: $802,738
– **Previous Period**: $802,738

**Dividend Notes Payable**
– **Current Period**: $4,023,923
– **Previous Period**: $4,023,923

**Accrued Interest**
– **Current Period**: $565,402

### Analysis

This financial data highlights the company’s immediate financial obligations. The consistency in certain liabilities, such as the Notes Payable to Related Parties, suggests stability in those relations. However, fluctuations in other areas, such as Accounts Payable and Deferred Revenue, may indicate shifts in operational effectiveness or market conditions.

Each component of the current liabilities serves as a vital indicator of overall financial management and should be monitored closely for future financial planning and stability.

By maintaining a clear focus on these figures, stakeholders can make more informed decisions regarding the company’s financial strategy and operational adjustments.# Financial Overview: Current and Non-current Liabilities Breakdown

Accrued and other current liabilities	2,823,067	999,307
Accrued and other current liabilities – assumed in Merger	45,008	45,008
Lease liability, current portion	296,291	363,102
Total Current Liabilities	18,208,821	15,775,168
Non-current Liabilities:
Notes payable, net of current portion	7,137	9,732
Note payables to related parties, net of current portion	624,000	624,000
PIPE loan payable, net	5,165,893	4,068,953
Gross sales royalty payable	1,000,000	1,000,000
Lease liability, net of current portion

# Financial Overview: Company Liabilities and Stockholder Equity Breakdown

### Summary of Total Liabilities

The total liabilities for the company are recorded as follows:

– **Total Liabilities:**
– $25,283,922
– Previous Year: $21,782,978

### Commitments and Contingencies

Details regarding commitments and contingencies were noted but currently show no financial amounts listed.

### Stockholders’ Deficit Details

A breakdown of stockholders’ equity indicates various classes of stock with their respective par values:

– **Preferred Stock**
– $0.0001 par value, authorized shares: 10 million;
– Issued and outstanding: 0 shares

– **Common Stock**
– $0.0001 par value, authorized shares: 100 million;
– Total: Information on issued shares is not provided.

– **Common Stock – Series A**
– $0.0001 par value, authorized shares: 90 million;
– Issued and outstanding:
– Current: 29,184,965 shares
– Previous: 26,120,545 shares
– Value: $2,918 (Current), $2,612 (Previous)

– **Common Stock – Series B**
– $0.0001 par value, authorized shares: 10 million;
– Issued and outstanding: 1,716,860 shares
– Value: $172 (Current), $172 (Previous)

The detailed financial figures offer insight for stakeholders and investors as they assess the company’s financial health and potential growth trajectory. Further information on commitments and contingencies would enhance the overall understanding of the company’s obligations.# Trugolf Holdings, Inc. Reports Financial Position and Performance

## Overview of Stockholders’ Deficit

Trugolf Holdings, Inc. reported an accumulated deficit of **($23,825,818)** and **($21,155,496)** for the respective periods, indicating a challenging financial backdrop. The company holds **4,692 shares of common stock,** valued at **$2,037,000** each.

## Additional Financial Insights

The additional paid-in capital stands at **$21,294,479** for one period, compared to **$18,548,931** for the prior period. This increase reflects higher investments into the company, suggesting a commitment to support growth despite current challenges.

## Total Stockholders’ Deficit

The total stockholders’ deficit amounts to **($4,565,249)** and **($4,640,781)** for the respective reporting periods. This deficit highlights ongoing concerns, necessitating strategic financial adjustments moving forward.

## Total Liabilities and Stockholders’ Deficit

Overall, the total liabilities combined with stockholders’ deficit for Trugolf Holdings, Inc. is reported as **$20,718,673** and **$17,142,196** in the respective periods. These figures underscore the need for effective management of company resources and liabilities.

## Condensed Consolidated Statements of Operations

The unaudited statements reveal key operational metrics for Trugolf. For the three months ended March 31, 2025, and March 31, 2024, the company continues to navigate its financial landscape amid constraints.

By consistently monitoring these financial indicators, Trugolf Holdings, Inc. can aim for stability and growth within a competitive market.## Financial Insights: Revenue and Expenses Breakdown

### Revenue Overview

Revenue, net			5,389,230				5,012,022
Cost of revenue			1,726,199				1,959,023
Total gross profit			3,663,031				3,052,999

### Operating Expenses

Operating expenses:
Royalties			225,320				329,888
Salaries, wages and benefits			1,946,816				1,841,595
Selling, general and administrative			2,725,119				1,825,201
Total operating expenses			4,897,255				3,996,684
Loss from operations			(1,234,224	)			(943,685	)

### Additional Considerations
Other income or expenses data can be analyzed for a comprehensive view of the financial landscape.

Company Reports Significant Net Loss in Recent Financial Quarter

Interest income			54,596				30,587
Interest expense			(1,490,694)				(384,854)
Loss on investment			–				(3,912)
Total other expense			(1,436,098)				(358,179)
Loss from operations before provision for income taxes			(2,670,322)				(1,301,864)
Provision for income taxes			–				–
Net loss		$	(2,670,322)			$	(1,301,864)
Net loss per common share Series A – basic and diluted		$	(0.09)			$	(0.22)

# Trugolf Holdings Announces Financial Results with Increased Losses

## Key Financial Metrics

### Net Loss per Common Share
– **Series B – Basic and Diluted**:
– March 31, 2025: $(1.56)
– March 31, 2024: $(1.14)

### Weighted Average Shares Outstanding
– **Series A – Basic and Diluted**:
– March 31, 2025: 28,461,277
– March 31, 2024: 5,994,704

– **Series B – Basic and Diluted**:
– March 31, 2025: 1,716,860
– March 31, 2024: 1,144,573

## Cash Flow Overview

### Condensed Consolidated Statements of Cash Flows (Unaudited)

**For the Three Months Ended:**
– March 31, 2025
– March 31, 2024

### Cash Flows from Operating Activities
– **Net Loss**:
– March 31, 2025: $(2,670,322)
– March 31, 2024: $(1,301,864)

### Adjustments to Reconcile Net Loss
– **Depreciation and Amortization**:
– Amount for the period: $115,300

This report highlights Trugolf Holdings’ financial performance over the specified periods, showcasing key metrics and operational cash flows that reflect the company’s current fiscal situation. The increase in net loss signals ongoing challenges that will require strategic planning and potential adjustments in future operational approaches.# Financial Highlights: Key Changes in Assets and Liabilities

### Amortization and Stock Issuance

– **Amortization of Convertible Notes Discount:**
– Amount: $231,940

– **Amortization of Right-of-Use Asset:**
– Amount: $88,354

– **Change in Other Comprehensive Income (OCI):**
– Amount: – ($1,662)

– **Stock Issued for Make Good Provisions on Debt Conversion:**
– Amount: $1,087,513

– **Stock Options Issued to Employees:**
– Amount: $3,341

### Changes in Operating Assets and Liabilities

The changes in operating assets and liabilities are crucial to understanding the overall financial health.

– **Accounts Receivable, Net:**
– Change: – ($180,461)
– Amount: $468,422

– **Inventory, Net:**
– Change: – ($1,503,632)
– Amount: – ($216,569)

– **Prepaid Expenses:**
– Change: – ($73,342)
– Amount: $200,278

– **Other Current Assets:**
– Amount: $45,737
– Amount: $2,478,953

– **Accounts Payable:**
– Change: – ($256,248)
– Amount: $1,146,347

These figures provide a comprehensive overview of key financial changes, highlighting the company’s operational posture and adjustments made in response to market conditions.# Financial Overview Highlights Key Revenue and Cash Flow Metrics

Deferred revenue			1,028,780				90,524
Accrued interest payable			(95,974	)			82,759
Accrued and other current liabilities			1,823,760				(321,090	)
Lease liability			(93,865	)			(80,311	)
Net cash provided by (used in) operating activities			(449,119	)			2,668,617
Cash flows from investing activities:
Purchases of property and equipment			(64,159	)			(332,342	)
Capitalized software, net			(270,531	)			–
Net cash used in investing activities			(334,690	)			(332,342	)
Cash flows from financing activities:

# Financial Report Highlights Significant Merger Gains and Liabilities

### Key Financial Metrics from Recent Activities

Proceeds from PIPE loans, net of discount	2,520,000	4,320,000
Cash acquired in Merger	–	103,818
Increase in other liabilities	–	18,545
Costs of Merger paid from PIPE loan	–	(2,082,787)
Repayments of line of credit	–	(1,980,937)
Repayments of liabilities assumed in Merger	–	(15,716)
Repayments of notes payable	(2,448)	(2,295)
Repayments of notes payable – related party	–	(268,500)
Net cash provided by financing activities	2,517,552	92,128
Net change in cash, cash equivalents, and restricted cash	1,733,743	2,428,403

This report outlines significant financial activities, including proceeds from loans and cash implications brought on by the recent merger. Detailed analyses show various liabilities incurred and repayments made, reflecting the ongoing financial strategy of the company.# Fiscal Overview: Cash Flow and Non-Cash Activities Analyzed

## Cash Flow Overview

### Beginning and End of Year Positions

– **Cash, Cash Equivalents, and Restricted Cash – Beginning of Year**:
$10,882,077
$5,397,564

– **Cash, Cash Equivalents, and Restricted Cash – End of Year**:
**$12,615,820**
**$7,825,967**

This increase indicates positive growth in cash reserves over the year.

## Supplemental Cash Flow Information

### Cash Paid For

– **Interest**:
– $108,993
– $302,095

– **Income Taxes**:
– $0
– $0

### Non-Cash Investing and Financing Activities

– **PIPE Note Principal Converted to Class A Common Stock**:
$1,655,000
$0

– **Notes Payable Assumed in Merger**:
$0
$1,565,000

– **Accrued Liabilities Assumed in Merger**:
$0
$310,724

– **Remeasurement of Common Stock Exchanged/Issued in Merger**:
$0
$(1,875,724)

These figures reflect significant financial maneuvers including a notable equity conversion and liabilities assumed as part of merger activities.

This analysis provides a clear picture of the company’s cash position and the impact of various financial activities over the reporting period.