TruGolf Holdings Financials
This page shows TruGolf Holdings (TRUG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
TruGolf Holdings has an operating margin of -9.6%, meaning the company retains $-10 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -42.1% the prior year.
TruGolf Holdings's revenue grew 6.2% year-over-year to $21.9M, a solid pace of expansion. This earns a growth score of 46/100.
TruGolf Holdings's current ratio of 0.94 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 18/100, which could limit financial flexibility.
While TruGolf Holdings generated -$4.0M in operating cash flow, capex of $36K consumed most of it, leaving -$4.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
TruGolf Holdings passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, TruGolf Holdings generates $0.45 in operating cash flow (-$4.0M OCF vs -$8.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
TruGolf Holdings earns $-3.9 in operating income for every $1 of interest expense (-$2.1M vs $545K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
TruGolf Holdings generated $21.9M in revenue in fiscal year 2024. This represents an increase of 6.2% from the prior year.
TruGolf Holdings's EBITDA was -$1.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 79.1% from the prior year.
TruGolf Holdings generated -$4.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 35.6% from the prior year.
TruGolf Holdings reported -$8.8M in net income in fiscal year 2024. This represents an increase of 14.5% from the prior year.
TruGolf Holdings earned $-0.76 per diluted share (EPS) in fiscal year 2024. This represents an increase of 99.9% from the prior year.
TruGolf Holdings held $8.8M in cash against $3.6M in long-term debt as of fiscal year 2024.
TruGolf Holdings's gross margin was 66.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 4.7 percentage points from the prior year.
TruGolf Holdings's operating margin was -9.6% in fiscal year 2024, reflecting core business profitability. This is up 32.5 percentage points from the prior year.
TruGolf Holdings's net profit margin was -40.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 9.7 percentage points from the prior year.
TruGolf Holdings invested $36K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 71.5% from the prior year.
TRUG Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.1M-4.8% | $4.3M-20.0% | $5.4M-20.0% | $6.7M+73.9% | $3.9M-22.7% | $5.0M-26.2% | $6.8M+28.8% | $5.3M |
| Cost of Revenue | $1.3M-47.5% | $2.4M+39.0% | $1.7M-17.3% | $2.1M+60.6% | $1.3M-33.6% | $2.0M-40.5% | $3.3M+77.5% | $1.9M |
| Gross Profit | $2.8M+48.9% | $1.9M-47.8% | $3.7M-21.2% | $4.6M+80.7% | $2.6M-15.7% | $3.1M-12.8% | $3.5M+2.4% | $3.4M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $3.3M+26.6% | $2.6M-3.2% | $2.7M+118.2% | $1.2M-38.1% | $2.0M+10.5% | $1.8M+394.8% | $369K-69.7% | $1.2M |
| Operating Income | -$1.1M+40.5% | -$1.9M-51.5% | -$1.2M+1.0% | -$1.2M-58.8% | -$785K+16.8% | -$944K+48.8% | -$1.8M-548.8% | $411K |
| Interest Expense | $108K-92.9% | $1.5M+3798.3% | $39K+102.9% | -$1.3M-263.6% | $821K+750.6% | $97K+149.1% | -$197K-144.7% | $439K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$7.3M-119.1% | -$3.3M-24.4% | -$2.7M+54.5% | -$5.9M-273.7% | -$1.6M-20.5% | -$1.3M-261.7% | -$360K-229370.1% | $157 |
| EPS (Diluted) | $-4.87 | N/A | N/A | $-0.42-250.0% | $-0.12+45.5% | $-0.22+99.9% | $-191.83-1918400.0% | $0.01 |
TRUG Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $23.0M-5.6% | $24.4M+17.6% | $20.7M+20.9% | $17.1M+21.9% | $14.1M-9.1% | $15.5M-1.8% | $15.8M+57.5% | $10.0M |
| Current Assets | $19.2M-8.7% | $21.0M+15.1% | $18.2M+23.3% | $14.8M+26.0% | $11.7M-3.4% | $12.2M-4.0% | $12.7M+26.4% | $10.0M |
| Cash & Equivalents | $11.4M+41.9% | $8.1M-23.4% | $10.5M+19.7% | $8.8M+32.0% | $6.7M-15.0% | $7.8M+137.3% | $3.3M+508.4% | $542K |
| Inventory | $2.7M-0.8% | $2.7M-30.0% | $3.9M+64.0% | $2.3M+0.6% | $2.3M0.0% | $2.3M+10.2% | $2.1M | N/A |
| Accounts Receivable | $2.2M+2.8% | $2.2M+38.4% | $1.6M+12.9% | $1.4M-46.8% | $2.6M+36.3% | $1.9M-19.5% | $2.4M | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $16.7M-16.5% | $20.0M-20.7% | $25.3M+16.1% | $21.8M-11.4% | $24.6M+0.1% | $24.6M+24.7% | $19.7M+37.3% | $14.3M |
| Current Liabilities | $15.0M-17.4% | $18.2M-0.2% | $18.2M+15.4% | $15.8M+33.7% | $11.8M+21.7% | $9.7M-9.1% | $10.7M+223.9% | $3.3M |
| Long-Term Debt | $3.2M-3.6% | $3.3M-7.5% | $3.6M0.0% | $3.6M+94.6% | $1.8M0.0% | $1.8M-12.8% | $2.1M | N/A |
| Total Equity | $6.3M+45.1% | $4.3M+194.5% | -$4.6M+1.6% | -$4.6M+55.8% | -$10.5M-15.8% | -$9.1M-131.6% | -$3.9M+9.3% | -$4.3M |
| Retained Earnings | -$36.8M-35.6% | -$27.1M-13.9% | -$23.8M-12.6% | -$21.2M-38.9% | -$15.2M-11.5% | -$13.7M-10.5% | -$12.4M-76.2% | -$7.0M |
TRUG Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$624K+31.1% | -$905K-101.6% | -$449K+93.6% | -$7.1M-13325.4% | -$53K-102.0% | $2.7M+22187.5% | -$12K+77.4% | -$54K |
| Capital Expenditures | $52K+386.0% | -$18K-128.4% | $64K | N/A | N/A | $332K+765.7% | $38K+104.9% | $19K |
| Free Cash Flow | -$676K+26.8% | -$924K-79.9% | -$513K | N/A | N/A | $2.3M+4728.9% | -$50K+30.1% | -$72K |
| Investing Cash Flow | -$879K+31.3% | -$1.3M-282.5% | -$335K-112.4% | $2.7M+346.0% | -$1.1M-231.3% | -$332K-197.2% | -$112K+44.1% | -$200K |
| Financing Cash Flow | $4.9M+1900.3% | -$271K-110.8% | $2.5M-67.7% | $7.8M+37398.2% | -$21K-122.7% | $92K+95.5% | $47K-76.4% | $200K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | $0 | N/A |
TRUG Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.3%+25.0pp | 44.4%-23.6pp | 68.0%-1.0pp | 69.0%+2.6pp | 66.4%+5.5pp | 60.9%+9.4pp | 51.5%-13.3pp | 64.8% |
| Operating Margin | -27.1%+16.3pp | -43.4%-20.5pp | -22.9%-4.4pp | -18.5%+1.8pp | -20.3%-1.4pp | -18.8%+8.3pp | -27.1%-34.9pp | 7.8% |
| Net Margin | -177.3%-100.2pp | -77.0%-27.5pp | -49.5%+37.5pp | -87.0%-46.5pp | -40.5%-14.6pp | -26.0%-20.7pp | -5.3%-5.3pp | 0.0% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -31.7%-18.0pp | -13.6%-0.8pp | -12.9%+21.3pp | -34.2%-23.1pp | -11.2%-2.8pp | -8.4%-6.1pp | -2.3%-2.3pp | 0.0% |
| Current Ratio | 1.28+0.1 | 1.16+0.2 | 1.00+0.1 | 0.94-0.1 | 0.99-0.3 | 1.25+0.1 | 1.19-1.9 | 3.04 |
| Debt-to-Equity | 0.51-0.3 | 0.76+1.5 | -0.78-0.0 | -0.77-0.6 | -0.17+0.0 | -0.20+0.3 | -0.54+2.8 | -3.32 |
| FCF Margin | -16.5%+5.0pp | -21.4%-11.9pp | -9.5% | N/A | N/A | 46.6%+47.4pp | -0.7%+0.6pp | -1.4% |
Note: Shareholder equity is negative (-$4.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is TruGolf Holdings's annual revenue?
TruGolf Holdings (TRUG) reported $21.9M in total revenue for fiscal year 2024. This represents a 6.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is TruGolf Holdings's revenue growing?
TruGolf Holdings (TRUG) revenue grew by 6.2% year-over-year, from $20.6M to $21.9M in fiscal year 2024.
Is TruGolf Holdings profitable?
No, TruGolf Holdings (TRUG) reported a net income of -$8.8M in fiscal year 2024, with a net profit margin of -40.2%.
What is TruGolf Holdings's earnings per share (EPS)?
TruGolf Holdings (TRUG) reported diluted earnings per share of $-0.76 for fiscal year 2024. This represents a 99.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is TruGolf Holdings's EBITDA?
TruGolf Holdings (TRUG) had EBITDA of -$1.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does TruGolf Holdings have?
As of fiscal year 2024, TruGolf Holdings (TRUG) had $8.8M in cash and equivalents against $3.6M in long-term debt.
What is TruGolf Holdings's gross margin?
TruGolf Holdings (TRUG) had a gross margin of 66.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is TruGolf Holdings's operating margin?
TruGolf Holdings (TRUG) had an operating margin of -9.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is TruGolf Holdings's net profit margin?
TruGolf Holdings (TRUG) had a net profit margin of -40.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is TruGolf Holdings's free cash flow?
TruGolf Holdings (TRUG) generated -$4.0M in free cash flow during fiscal year 2024. This represents a 35.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is TruGolf Holdings's operating cash flow?
TruGolf Holdings (TRUG) generated -$4.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are TruGolf Holdings's total assets?
TruGolf Holdings (TRUG) had $17.1M in total assets as of fiscal year 2024, including both current and long-term assets.
What are TruGolf Holdings's capital expenditures?
TruGolf Holdings (TRUG) invested $36K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is TruGolf Holdings's current ratio?
TruGolf Holdings (TRUG) had a current ratio of 0.94 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is TruGolf Holdings's debt-to-equity ratio?
TruGolf Holdings (TRUG) had a debt-to-equity ratio of -0.77 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is TruGolf Holdings's return on assets (ROA)?
TruGolf Holdings (TRUG) had a return on assets of -51.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is TruGolf Holdings's cash runway?
Based on fiscal year 2024 data, TruGolf Holdings (TRUG) had $8.8M in cash against an annual operating cash burn of $4.0M. This gives an estimated cash runway of approximately 26 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is TruGolf Holdings's debt-to-equity ratio negative or unusual?
TruGolf Holdings (TRUG) has negative shareholder equity of -$4.6M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is TruGolf Holdings's Piotroski F-Score?
TruGolf Holdings (TRUG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are TruGolf Holdings's earnings high quality?
TruGolf Holdings (TRUG) has an earnings quality ratio of 0.45x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can TruGolf Holdings cover its interest payments?
TruGolf Holdings (TRUG) has an interest coverage ratio of -3.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is TruGolf Holdings?
TruGolf Holdings (TRUG) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.