Financial Results - TruGolf Holdings, Inc. reported its financial results for the year ended December 31, 2024, on February 18, 2025[5]. - The financial statements and exhibits are part of the Current Report on Form 8-K[8]. Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[4]. - The company has not elected to use the extended transition period for complying with new financial accounting standards[4]. Regulatory Information - The report indicates that the information provided is not intended to be deemed "filed" under the Securities Exchange Act of 1934[6]. - The press release detailing the financial results is attached as Exhibit 99.1[5]. Signatory Information - The report was signed by Brenner Adams, Chief Growth Officer of TruGolf Holdings, Inc.[11].

Core Insights - TruGolf Holdings, Inc. has launched its portable Launch Monitor, LaunchBox, in Canada, utilizing advanced high-speed camera technology for measuring ball data both indoors and outdoors [1][2] - The LaunchBox offers tour-level accuracy at an affordable price, making professional-grade technology accessible to all golfers [2] - The product integrates with TruGolf's E6 APEX virtual golf software, which features over 1,000 playable virtual golf courses and gamified improvement challenges [3] Product Features - LaunchBox captures club and ball data using ultra high-speed cameras without the need for specialty balls or marked clubs, providing instant shot metrics [4] - The device supports 12+ club and ball metrics, driving ranges, and virtual course play, enhanced by 5Ghz Wi-Fi for stable connectivity to PC or iOS devices [4] - E6 APEX software, built with IBM watsonx.ai, incorporates machine learning geospatial tools for accurate virtual course recreation [3] Company Overview - TruGolf is a leader in golf technology, focusing on innovative AI applications and gamified improvement plans to enhance the golfing experience [5] - The company aims to redefine golfing through technology, offering a comprehensive suite of hardware, software, and web products [5]

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO _________ Commission File Number: 001-40970 TRUGOLF HOLDINGS, INC. (Exact name of registrant as Specified in its Charter) Class A Common Stock, par value $0.0001 p ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO _________ Commission File Number: 001-40970 TRUGOLF HOLDINGS, INC. (Exact name of registrant as Specified in its Charter) (PrimaryStandardIndustrial Classificatio ...