CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2025 2024 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $10,515,820 $8,782,077 Restricted cash 2,100,000 2,100,000 Accounts receivable, net 1,579,614 1,399,153 Inventory, net 3,852,977 2,349,345 Prepaid expenses and other current assets 189,961 116,619 Other current assets - 45,737 Total Current Assets 18,238,372 14,792,931 Property and equipment, net 192,711 143,852 Capitalized software development costs, net 1,710,652 1,540,121 Right-of-use assets 545,915 634,269 Other long-term assets 31,023 31,023 Total Assets $20,718,673 $17,142,196 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current Liabilities: Accounts payable $2,563,454 $2,819,703 Deferred revenue 4,141,790 3,113,010 Notes payable, current portion 10,148 10,001 Notes payable to related parties, current portion 2,937,000 2,937,000 Line of credit, bank 802,738 802,738 Dividend notes payable 4,023,923 4,023,923 Accrued interest 565,402 661,376 Accrued and other current liabilities 2,823,067 999,307 Accrued and other current liabilities - assumed in Merger 45,008 45,008 Lease liability, current portion 296,291 363,102 Total Current Liabilities 18,208,821 15,775,168 Non-current Liabilities: Notes payable, net of current portion 7,137 9,732 Note payables to related parties, net of current portion 624,000 624,000 PIPE loan payable, net 5,165,893 4,068,953 Gross sales royalty payable 1,000,000 1,000,000 Lease liability, net of current portion 278,071 305,125 Total Liabilities 25,283,922 21,782,978 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; 29,184,965 and 26,120,545 shares issued and outstanding, respectively 2,918 2,612 Common stock - Series B, $0.0001 par value, 10 million shares authorized; 1,716,860 and 1,716,860 shares issued and outstanding, respectively 172 172 Treasury stock at cost, 4,692 shares of common stock held, respectively (2,037,000) (2,037,000)Additional paid-in capital 21,294,479 18,548,931 Accumulated deficit (23,825,818) (21,155,496) Total Stockholders’ Deficit (4,565,249) (4,640,781) Total Liabilities and Stockholders’ Deficit $20,718,673 $17,142,196 TRUGOLF HOLDINGS, INC.
Jones continued, "We look forward to further growth in the business as we continue to innovate in creating the best virtual golf ecosystem in the market. We expect the first franchise locations to open over the next 90 days, with the associated delivery of TruGolf hardware and software solutions. We are optimistic that new products expected to launch in the coming months will be well received.” Operations: Gross margin for 2025’s first quarter improved to 68.0% as compared to 61.0% in 2024’s quarter. 2025’s loss from operations was 30.7% higher at ($1.2) million as compared to ($0.9) million in 2024. 2025 operating expenses increased by 22.5% or $0.9 million, driven by higher SG&A costs arising from higher third-party installation expenses, increased marketing costs and higher professional fees. Interest expense jumped by $1.1 million as $1.7 million in principal amount of convertible notes and their$1.1 million associated accrued and make-whole interest converted to shares and their full interest costs were recognized in the conversion period. Cash flow used in operations was approximately $0.5 million in the first quarter of 2025, versus generation of $2.7 million in 2024’s quarter, with the difference resulting from a growth in inventory in the 2025 period, as well as the greater net loss for the period. 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.
Net losses doubled to ($2.6) million for 2025’s first quarter, versus a net loss of ($1.3) million in the 2024 period, driven largely by recognition of interest expenses associated with the conversion of convertible notes in the period. EPS for 2025’s first quarter was ($0.09), an improvement from 2024’s ($0.22) loss per share. Chief Executive Officer and Director Chris Jones said, "2025 got off to a solid start and we expect the sales cadence to improve over the course of the year, driven by new product introductions.
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