TruGolf 2024 Guidance Update
Rhea-AI Summary
TruGolf Holdings (NASDAQ: TRUG) has announced an update to its 2024 guidance, significantly exceeding targets. The company expects 2024 sales to reach $22.5 million, with second half 2024 EBITDA projected to exceed $2.2 million, substantially above the previous target range of $1.1-1.5 million. Full-year 2024 EBITDA is expected to surpass $1.2 million.
Strong growth was driven by the launch of new games for TruGolf's Multisport Arcade, including Hoops, Quarterback, Cornhole, and Wild West Shootout. Additionally, the release of E6 APEX Course play, featuring over 1,200 courses in 4K with IBM watsonx.ai integration, boosted both hardware and software sales. The company plans to expand its franchise presence throughout 2025, with first locations expected to open by year-end.
Positive
- Record sales of $22.5 million expected for 2024
- Second half 2024 EBITDA projected at $2.2+ million, exceeding guidance of $1.1-1.5 million
- Full year 2024 EBITDA expected to exceed $1.2 million
- Strong product demand leading to inventory stockouts
- Successful launch of new gaming content and E6 APEX Course play
Negative
- Inventory shortages limiting sales potential
- Franchise locations not yet operational
News Market Reaction
On the day this news was published, TRUG gained 25.55%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Record Sales in 2024
Significantly Exceeds Second Half EBITDA Target
Salt Lake City, Utah, Feb. 18, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading golf technology company, announced today an update to its previously issued guidance targets. In November the Company announced it expected sales growth for 2024 to be between
Chief Executive Officer and Director Chris Jones said, “We are very pleased with the growing sales momentum for our upgraded and industry leading golf simulators. Second half demand was so strong for some products that we simply ran out of inventory. In response, we have taken actions to adjust for the robust market adoption so that we can better deliver products during this dynamic growth period for TruGolf. Interest in our franchise concept remains high and we anticipate announcing contracts for additional franchises in the United States throughout 2025. We expect the first franchise locations to open before the end of the year, with associated delivery of TruGolf simulators in the first half of 2025.”
Growth in the 2nd half was attributable to the launch of new games for TruGolf’s Multisport Arcade including Hoops, Quarterback, Cornhole, and an update to the ever popular Wild West Shootout pushing sales of both Arcade software and hardware worldwide. Another primary driver was the launch of E6 APEX Course play with over 1,200 courses from around the world in 4K visual splendor, more than any company in the industry, with exclusive benefits for TruGolf’s APOGEE Launch Monitor customers fueling both hardware and software sales growth. This APEX release also included an integration with IBM watsonx.ai.
TruGolf expects to issue its fourth quarter and full year 2024 results in late March 2025, on schedule with requirements for emerging growth companies as defined in the Jumpstart of Businesses Startup Act of 2012.
Disclaimer on Forward Looking Statements
This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the Company’s forecasts for total sales and EBITDA discussed above. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in the Forward Looking Statements and Risk Factors sections of the Company’s S-1 filed with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events.
About TruGolf, Inc.:
TruGolf is a golf technology company, committed to making golf, easy. From innovative uses for AI to build content and enhanced image and spatial analysis, to gamified golf improvement plans, TruGolf is an industry leader in the growing technological revolution in the sport of golf. Since TruGolf's founding it has redefined what is possible with golf through technology. TruGolf’s suite of Hardware, Software, and Web Products make the game easier to Play, Improve and Enjoy.
Contact: Michael Bacal
mbacal@darrowir.com
917-886-9071
FAQ
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