TruGolf Reports 2024 Financial Results 

Salt Lake City, Utah, April 21, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, announced today an overview of its 2024 results that were filed on Form 10-K on April 15, 2025. The Company reported record sales of $21.9 million, an increase of 6.2% percent as compared to 2023 sales. The gains were driven by continued enthusiastic market adoption of new hardware and software products launched earlier in 2024. Net losses narrowed by 14.5% to ($8.8) million for 2024, versus a net loss of ($10.3) million in 2023. Notably, 42% of the net loss for 2024 was due to non-cash expenses. EPS for the full year was ($0.76), a significant improvement from 2023’s ($857.35) loss per share. 

Chief Executive Officer and Director Chris Jones said, “We are very pleased with our growing sales momentum for our upgraded and industry-leading golf simulators and software. Cost controls were effective and contributed to our greater cash generation in the second half of the year. We ended the year with $10.9 million in cash, and our debt went down. Interest in our franchise concept remains high and we anticipate announcing contracts for additional franchises in the United States throughout 2025. We now expect the first franchise locations to open by the end of the second quarter, with associated delivery of TruGolf simulators in the first half of 2025.”

Mr. Jones continued, “2024 saw the rollout of our new, industry-leading golf simulator products that were eagerly accepted by the market. While 2024’s sales growth was somewhat hindered by select product availability, we expect to continue setting the standard in the world of virtual golf with further hardware and software innovations arriving in 2025.”

Operations:

Gross margin for 2024 improved to 66.7% as compared to 61.9% in 2023. 2024’s loss from operations was 75% lower at ($2.1) million as compared to ($8.7) million in 2023. 2024 operating expenses declined by 22% or $4.7 million. These improvements were driven by implementing better cost controls, reducing discretionary spending and achieving greater productivity through enhanced operational efficiencies.

2024 SG&A expenses declined by 40%, or $4.4 million, in 2024 as compared to 2023. Non-cash stock compensation expense for the year was $658,000. Cash flow used in operations was $4.0 million in 2024, versus $6.1 million in 2023, an improvement of over 35%. TruGolf ended 2024 with $10.9 million in cash on the balance sheet.

As previously disclosed, on October 2, 2024, the Company received a delist determination letter from the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market (“Nasdaq”) related to its failure to maintain stockholders’ equity for continued listing. The Company has requested a hearing to appeal the delist determination, which has been scheduled for May 15, 2025.

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 timing of new franchise openings during 2025. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, www.sec.gov

About TruGolf:

Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology.

Contact: Michael Bacal
               mbacal@darrowir.com 
               917-886-9071

TRUGOLF HOLDINGS, INC
CONSOLIDATED BALANCE SHEETS

		December 31,				December 31,
		2024				2023
ASSETS
Current Assets:
Cash and cash equivalents		$	10,882,077			$	3,297,564
Restricted cash			-				2,100,000
Marketable investment securities			-				2,478,953
Accounts receivable, net			1,399,153				2,398,872
Inventory, net			2,349,345				2,119,084
Prepaid expenses and other current assets			116,619				262,133
Other current assets			45,737				-
Total Current Assets			14,792,930				12,656,606
Property and equipment, net			143,852				234,308
Capitalized software development costs, net			1,540,121				-
Right-of-use assets			634,269				972,663
Other long-term assets			31,023				1,905,983
Total Assets		$	17,142,195			$	15,769,560
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable		$	2,819,702			$	2,059,771
Deferred revenue			3,113,010				1,704,224
Notes payable, current portion			10,001				9,425
Notes payable to related parties, current portion			2,937,000				1,237,000
Line of credit, bank			802,738				802,738
Margin line of credit account			-				1,980,937
Convertible notes payable			-				954,622
Dividend notes payable			4,023,923				-
Derivative liability			-				-
Accrued interest			661,376				459,872
Accrued and other current liabilities			999,307				1,125,495
Accrued and other current liabilities - assumed in Merger			45,008				-
Lease liability, current portion			363,102				334,255
Total Current Liabilities			15,775,167				10,668,339
Non-current Liabilities:
Notes payable, net of current portion			9,732				2,402,783
Note payables to related parties, net of current portion			624,000				861,000
PIPE loan payable, net			4,068,953				-
Dividend notes payable			-				4,023,923
Gross sales royalty payable			1,000,000				1,000,000
Lease liability, net of current portion			305,125				668,228
Other liabilities			-				63,015
Total Liabilities			21,782,977				19,687,288
Commitments and Contingencies
Stockholders’ Deficit:
Preferred stock, $0.0001 par value, 10 million shares authorized; zero shares issued and outstanding, respectively			-				-
Common stock, $0.0001 par value, 100,000,000 shares authorized:
Common stock - Series A, $0.0001 par value, 90 million shares authorized; 26,120,545 and 13,098 shares issued and outstanding, respectively			2,612				120
Common stock - Series B, $0.0001 par value, 10 million shares authorized; 1,716,860 and 1,716,860 shares issued and outstanding, respectively			172				-
Treasury stock at cost, 4,692 shares of common stock held, respectively			(2,037,000	)			(2,037,000	)
Additional paid-in capital			18,548,931				10,479,738
Accumulated other comprehensive loss			-				(1,662	)
Accumulated deficit			(21,155,497	)			(12,358,924	)
			(4,640,782	)			(3,917,728	)
Total Stockholders’ Deficit			(4,640,782	)			(3,917,728	)
Total Liabilities and Stockholders’ Deficit		$	17,142,195			$	15,769,560

TRUGOLF HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

		For the				For the
		Year Ended				Year Ended
		December 31, 2024				December 31, 2023
Revenue, net		$	21,858,864			$	20,583,851
Cost of revenue			7,271,512				7,825,768
Total gross profit			14,587,352				12,758,083
Operating expenses:
Royalties			706,214				709,640
Salaries, wages and benefits			9,314,415				9,681,323
Selling, general and administrative			6,669,684				11,027,332
Total operating expenses			16,690,313				21,418,295
Loss from operations			(2,102,962	)			(8,660,212	)
Other (expenses) income:
Interest income			106,400				108,011
Interest expense			(6,932,618	)			(1,730,908	)
Gain on fair value adjustment			142,319				-
Loss on extinguishment of debt			(270,594	)			-
Gain on investment			262,035				-
Total other expense			(6,692,458	)			(1,622,897	)
Loss from operations before provision for income taxes			(8,795,420	)			(10,283,109	)
Provision for income taxes			-				-
Net loss		$	(8,795,420	)		$	(10,283,109	)
Net loss per common share Series A - basic and diluted		$	(0.76	)		$	(857.35	)
Weighted average shares outstanding Series A - basic and diluted			11,634,761				11,994

TRUGOLF HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

		For the				For the
		Year Ended				Year Ended
		December 31, 2024				December 31, 2023
Cash flows from operating activities:
Net loss		$	(8,795,420	)		$	(10,283,109	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			607,415				58,641
Amortization of convertible notes original issue discount			728,278				97,111
Amortization of right-of-use asset			338,394				298,208
Change in fair value of derivative liability			142,319
Fair value of warrants in excess of fair value of debt			-				93,530
Bad debt expense			767,913				681,479
Change in OCI			1,662				-
Stock issued for services			119,959				5,872,529
Stock issued for make good provisions on debt conversion			700,821				-
Stock options issued to employees			538,323				-
Changes in operating assets and liabilities:
Marketable investment securities			-				12,530
Accounts receivable, net			231,806				(1,335,714	)
Inventory, net			(230,261	)			2,396
Prepaid expenses			145,514				(114,385	)
Capitalized software, net			(2,070,742	)			-
Other current assets			(45,737	)			17,840
Other assets			13,662				(1,905,983	)
Accounts payable			494,215				596,434
Deferred revenue			1,408,786				(1,008,296	)
Accrued interest payable			201,504				615,582
Accrued and other current liabilities			(634,557	)			374,819
Other liabilities			(63,015	)			63,015
Lease liability			(334,256	)			(269,848	)
Net cash used in operating activities			(5,733,416	)			(6,133,221	)
Cash flows from investing activities:
Purchases of property and equipment			-				(127,413	)
Purchase of short-term investments			-				(2,493,145	)
Sale of short-term investments			2,478,953				-
Net cash provided by (used in) investing activities			2,478,953				(2,620,558	)
Cash flows from financing activities:
Proceeds from PIPE loans, net of discount			8,902,681				-
Proceeds from loan payable – related party			2,000,000				-
Proceeds from investment fund (PIPE)			2,112,560				-
Cash acquired in Merger			103,818				-
Debt refinance conversion			192,787				-
Proceeds from line of credit			-				1,980,937
Proceeds from notes payable			-				2,433,059
Proceeds from convertible notes			-				185,500
Costs of Merger paid from PIPE loan			(1,947,787	)			-
Repayments of line of credit			(1,980,937	)			-
Repayments of loans assumed in Merger			(100,000	)			-
Repayments of notes payable			(9,146	)			(107,569	)
Repayments of notes payable - related party			(535,000	)			(37,000	)
Dividends paid			-				40,150
Net cash provided by financing activities			8,738,976				4,495,077
Net change in cash , cash equivalents and restricted cash			5,484,513				(4,258,702	)
Cash, cash equivalents and restricted cash - beginning of year			5,397,564				9,656,266
Cash and cash equivalents - end of year		$	10,882,077			$	5,397,564
Supplemental cash flow information:
Cash paid for:
Interest		$	923,975			$	1,115,332
Income taxes		$	-			$	-
Non-cash investing and financing activities:
Derivative liability related to warrants		$	142,319			$	-
PIPE note principal converted to Class A Common Stock		$	5,832,600			$	-
Convertible notes exchanged for PIPE note		$	2,419,622			$	-
Class A Common Stock exchanged in Merger		$	3,854,573			$	-
Class A Common Stock issued in Merger		$	1,154			$	-
Class B Common Stock issued in Merger		$	172			$	-
Termination of loan payable		$	1,875,000			$	-
Conversion of dividend note payable and accrued interest		$	-			$	3,925,273
Conversion of note payable to line of credit		$	-			$	257,113
Warehouse lease		$	-			$	537,994