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TRUG on Nasdaq

TruGolf Holdings, Inc.

TruGolf Holdings, Inc. is an American sporting and athletic goods company, incorporated in Delaware.1 It is headquartered in Plantation, Florida.1

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Last updated Oct 21, 2026.

Overview

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  • TickerTRUG on Nasdaq1
  • IndustrySporting & Athletic Goods, NEC1
  • HeadquartersPlantation, Florida1
  • Incorporated inDE2
  • Business address7951 S.W. 6Th Street, Suite 216, Plantation, Fl 333242
  • Filer category, Emerging growth company2

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Secretary of State. The Redomestication was approved by the Company’s stockholders at the annual meeting held on February 17, 2026.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

50.4%Gross margin4
-32.3%Operating margin4
-80.7%Net margin4
-11.3%Revenue growth, 20254
-354.1%Return on equity4
0.66×Debt to equity4
-$1.9MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Golf Simulators brought in 78% of the revenue TruGolf Holdings, Inc. broke down this way in fiscal 2025.

  1. Golf Simulators$14.7M478%up 7% from 2024
  2. Content Software Subscriptions$3.7M420%down 53% from 2024
  3. Other$473.6K43%up 59% from 2024
  4. Franchise Revenue$13.1K40%
Products and services by year
Products and services20242025
Golf Simulators$13.7M$14.7M
Content Software Subscriptions$7.9M$3.7M
Other$297.4K$473.6K
Franchise Revenue$13.1K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue45¢$9.4M
  • Selling, general and admin52¢$11.0M
  • Interest3¢$663.0K

Out of $18.9M in revenue.4 The company lost money this year.

Financial statements

Revenue54$18.9M in 2025−8% since 2023
0$10.0M$20.0M$30.0M2023: $20.6M$20.6M20232024: $21.3M$21.3M2024+3%2025: $18.9M$18.9M2025−11%
Gross profit54$9.5M in 2025−25% since 2023
0$5.0M$10.0M$15.0M2023: $12.8M$12.8M20232024: $13.9M$13.9M2024+9%2025: $9.5M$9.5M2025−31%
Operating income54-$6.1M in 2025−30% since 2023
-$10.0M-$7.5M-$5.0M-$2.5M02023: -$8.7M-$8.7M20232024: -$2.1M-$2.1M2024−76%2025: -$6.1M-$6.1M2025+190%
Net income654-$15.2M in 2025+3578% since 2022
-$20.0M-$15.0M-$10.0M-$5.0M02022: -$414.0K-$414.0K20222023: -$10.3M-$10.3M2023+2384%2024: -$8.8M-$8.8M2024−14%2025: -$15.2M-$15.2M2025+73%
Fiscal year20212022202320242025
Revenue$20.6M5$21.3M4$18.9M4
Cost of revenue$7.8M5$7.4M4$9.4M4
Gross profit$12.8M5$13.9M4$9.5M4
Selling, general and admin$11.0M5$6.7M4$11.0M4
Operating expenses$409.9K6$21.4M5$16.0M4$15.6M4
Operating income-$8.7M5-$2.1M4-$6.1M4
Interest$601.1K5$545.3K4$663.0K4
Income before tax$274.1K6
Income tax$57.6K6
Net income-$414.0K6-$10.3M5-$8.8M4-$15.2M4
Earnings per share-$857.355-$377.984-$51.394
Earnings per share (diluted)-$857.355-$377.984-$51.394
Shares (weighted, basic)12.0K shares523.3K shares4296.3K shares4
Shares (weighted, diluted)12.0K shares523.3K shares4296.3K shares4

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Corporate structure

TruGolf Holdings, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of TruGolf Holdings, Inc.

  • TruGolf Holdings, Inc. Plantation, Florida

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What TruGolf Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$1.7M5 Dec 31, 2024
Property and equipment, before depreciation$1.3M4 Dec 31, 2025$1.1M4 Dec 31, 2024+18.6%
Accumulated depreciation$951.6K4 Dec 31, 2025$957.8K4 Dec 31, 2024−0.6%
Property and equipment, net$355.5K4 Dec 31, 2025$143.9K4 Dec 31, 2024+147.1%
Operating-lease assets (leased space)$682.6K4 Dec 31, 2025$634.3K4 Dec 31, 2024+7.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$10.5M4 Dec 31, 2025$8.8M4 Dec 31, 2024+19.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$863.3K4 Dec 31, 2025$2.3M4 Dec 31, 2024−63.3%
Raw materials$1.1M4 Dec 31, 2025$2.8M4 Dec 31, 2024−60.3%

Properties, in its own words

Our headquarters are located in Centerville, Utah, where we occupy an office space under a three-year lease that we entered into in December 2022. During the year ended December 31, 2025, the Company entered into a lease extension agreement related to its office facility located in Centerville City, Utah. The amendment extended the lease term through November 30, 2026.

Our warehouse is located in North Salt Lake City, Utah, which we occupy under a five-year lease that we entered into in June 2023. Pursuant to the lease agreement, the term of the lease ends in May 2028.

The rest of Item 2

We believe that our existing facilities are adequate for our current needs. When our leases expire, or if we need to hire more employees, we may exercise our renewal option or look for additional or alternate space for our operations and we believe that suitable additional or alternative space will be available in the future on commercially reasonable terms.

Item 2 of the 10-K filed Apr 15, 2026.3

Leadership

Who has led TruGolf Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Humphrey P. Polanen2021–2022

Chief financial officer

  1. Lindsay Jones2024
  2. Steven K. Passey2026–now
2025
Board members and other officers (12)

Former names

  • Deep Medicine Acquisition Corp.Aug 3, 2021 to Feb 1, 20242

Timeline

  1. Oct 9, 20268-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares27
  2. Sep 29, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events28
  3. Sep 24, 20268-K Entered a material agreement; Executive or director change; Other events29
  4. Sep 9, 20268-K Entered a material agreement30
  5. Aug 27, 20268-K Entered a material agreement31
  6. Aug 24, 20268-K Regulation FD disclosure32
  7. Aug 21, 20268-K Listing notice or transfer; Unregistered sale of shares; Other events33
  8. Aug 18, 20268-K Entered a material agreement; Unregistered sale of shares; Other events34
  9. May 6, 20268-K Executive or director change35
  10. Mar 20, 20268-K Executive or director change36
  11. Mar 13, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed37
  12. Feb 18, 20268-K Shareholder vote38
  13. Nov 10, 2021New chief executive Humphrey P. Polanen becomes CEO13

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/202639

When it reported results

  1. Feb 19, 2025Reported quarterly or annual results40

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

231 filings to the SEC since October 2021: 7 annual reports, 16 quarterly reports, 64 major events, 26 insider forms, 21 large holders, 97 other. The latest 20:

  1. Oct 15, 2026SCHEDULE 13G/A EDGAR
  2. Oct 9, 20268-K EDGAR
  3. Sep 29, 20268-K EDGAR
  4. Sep 24, 20268-K EDGAR
  5. Sep 9, 20268-K EDGAR
  6. Aug 27, 20268-K EDGAR
  7. Aug 24, 20268-K EDGAR
  8. Aug 21, 20268-K EDGAR
  9. Aug 18, 20268-K EDGAR
  10. Aug 14, 202610-Q EDGAR
  11. May 22, 20263 EDGAR
  12. May 20, 202610-Q EDGAR
  13. May 15, 2026NT 10-Q EDGAR
  14. May 6, 20268-K EDGAR
  15. Apr 30, 202610-K/A EDGAR
  16. Apr 17, 202610-K/A EDGAR
  17. Apr 15, 202610-K EDGAR
  18. Mar 31, 2026NT 10-K EDGAR
  19. Mar 20, 20268-K EDGAR
  20. Mar 13, 20268-K EDGAR

The 231 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 14, 2025POLANEN HUMPHREY PDirectorSale2,500$5.03$12.6KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Brenner Adams54$84.0K$220.1K51
2024Nathan Larsen56$163.0K$220.1K51
2024Lindsay Jones$82.0K$212.0K51
2024Christopher Jones71$72.0K$167.1K51
2023Chief Growth Officer$168.0K$858.0K51
2023Chief Experience Officer$163.0K$853.0K51
2023Chief Executive Officer$150.0K51
2023Former Chief Financial Officer$24.9K51

SEC filer profile

How TruGolf Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTruGolf Holdings, Inc.1
  • CIK0001857086
  • Employer ID (EIN)85-32690863
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company3
  • Incorporated inNevada3
  • Fiscal year endsDecember 311
  • Industry code (SIC)3949 Sporting & Athletic Goods, NEC1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address7951 S.W. 6Th Street, Suite 216, Plantation, FL 333241
  • Phone95442423451
  • Shares outstanding1,394,771 shares as of Apr 15, 20263
  • Public float$3.2M as of Jun 30, 20253
  • AuditorHaynie, Salt Lake City, Utah PCAOB ID 457; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceAug 3, 20211
  • Filings235 in all: 8-K (63), 3 (18), CORRESP (18), 10-Q (16), UPLOAD (15), 425 (10), 4 (8), S-1/A (8)1
    All 36 form types

    SC 13G (8), SC 13G/A (8), DEF 14A (6), PRE 14A (6), S-4/A (6), EFFECT (5), 10-K (4), NT 10-Q (4), 10-K/A (3), 424B3 (3), PRER14A (3), S-1 (3), 25-NSE (2), DEFA14A (2), NT 10-K (2), SCHEDULE 13G/A (2), 424B4 (1), 8-A12B (1), 8-K/A (1), CERT (1), DRS (1), S-1MEF (1), S-3 (1), S-4 (1), S-8 (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Apr 15, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Jan 26, 2026
    Latest 8-K (8-K) Oct 9, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, $0.0001 par valueTRUGThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Apr 15, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks TruGolf Holdings, Inc. names in Item 1A of its 10-K filed Apr 15, 2026: 35 risks under these headings, as written.3

  • Risks Related to Our Business and Industry
  • We depend on the strength of our brands.
  • We will need to raise capital in order to realize our business plan and growth strategy, the failure of which could adversely impact our operations.
  • The cost of raw materials, labor and freight could lead to an increase in our cost of sales and cause our results of operations to suffer.
  • We rely heavily on supply chain reliability and predictability and continued disruption in our supply chain could have a material adverse impact on operations.
  • If we are unable to respond effectively to changes in market trends and consumer preferences, our market share, net sales and profitability could be adversely affected.
  • We may be unable to appeal to new consumers while maintaining the loyalty of our core consumers.
  • We depend on existing members of management and key employees to implement key elements in our strategy for growth, and the failure to retain them or to attract appropriately qualified new personnel could affect our ability to implement our growth strategy successfully.
  • We do not employ traditional advertising channels, and if we fail to adequately market our brand through product introductions and other means of promotion, our business could be adversely affected.
  • We rely significantly on information technology to operate our business. Any significant security breach of our confidential information of our customers, applications, technology, networks, or other systems critical to our operations, or failure to comply with privacy and security laws and regulations could damage our reputation, brands and business.
  • Our products face intense competition.
  • We rely on technical innovation and high-quality products to compete in the market for our products.
The other 24 risks
  • Failure to continue to obtain or maintain high-quality endorsers of our products could harm our business.
  • Actions taken by endorsers associated with our products that harm the reputations of those endorsers could also seriously harm our brand image with consumers and, as a result, could have an adverse effect on our sales and financial condition.
  • Our business may be affected by seasonality, which could result in fluctuations in our operating results.
  • Failure to accurately forecast consumer demand could lead to excess inventories or inventory shortages, which could result in decreased operating margins, reduced cash flows and harm to our business.
  • If the technology-based systems that give our consumers the ability to shop with us online do not function effectively, our operating results, as well as our ability to grow our digital commerce business globally, could be materially adversely affected.
  • Our financial results may be adversely affected if substantial investments in business and operations fail to produce expected returns.
  • Our business is sensitive to consumer spending and general economic conditions.
  • We have a material weakness in our internal controls, which could cause our financial reporting to be unreliable and lead to misinformation being disseminated to the public.
  • The cost of being a public company could result in us being unable to continue as a going concern.
  • Our ability to sell our products and services will be dependent on the quality of our technical support and our failure to deliver high-quality technical support services could have a material adverse effect on our sales and results of operations.
  • If we are not able to enhance or introduce new products that achieve market acceptance and keep pace with technological developments, our business, results of operations and financial condition could be harmed.
  • Customer may experience difficulty in integrating E6 Connect or E6 GOLF with third-party applications, which would inhibit sales.
  • Risk Related to the Company’s Legal and Regulatory Requirements
  • Failure to adequately protect our intellectual property and curb the sale of counterfeit merchandise could injure our brand and negatively affect our sales.
  • We may become subject to product liability lawsuits or claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims.
  • Fluctuations in our tax obligations and effective tax rate may have a negative effect on our operating results.
  • To the extent we may rely on endorsements or testimonials, we will review any relevant relationships for compliance with the Endorsement Guides and we will otherwise endeavor to follow the FTC Act and other legal standards applicable to our advertising.
  • For as long as we are a “smaller reporting company” we will not be required to comply with certain requirements that apply to other publicly reporting companies. We cannot predict whether the reduced disclosure requirements applicable to smaller reporting companies will make our common shares less attractive to investors.
  • Risks Related to Ownership of Our Shares
  • There is currently limited liquidity of shares of our common stock
  • Our stock price may be volatile, or may decline regardless of our operating performance, and you could lose all or part of your investment as a result.
  • The conversion of our outstanding Series A Preferred Stock, or any additional shares of Series A Preferred Stock we issue in the future upon the exercise of the Series A Preferred Warrants, into Class A common stock will dilute the ownership interest of our stockholders.
  • Certain of the Company’s large shareholders may be able to exert significant influence on the Company and their interest may conflict with the interest of its shareholders.
  • We have in the past failed to maintain compliance with all applicable continued listing requirements of the Nasdaq Stock Market, and if we fail to maintain compliance with all applicable continued listing requirements of the Nasdaq Capital Market in the future, we will not be afforded traditional cure periods under Nasdaq rules and our Class A common stock may be delisted from Nasdaq, which could have an adverse impact on the liquidity and market price of our common stock.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
  • If our shares of common stock become subject to penny stock rules, it would become more difficult to trade our shares.

Legal proceedings

We are currently not a party to any material legal proceedings.

The opening of Item 3, Legal Proceedings.3

Sources

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