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TruGolf Holdings
(NASDAQ:TRUG)
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Rating:41Neutral
Price Target:
$2.50
▲(284.62% Upside)
Action:Reiterated
Date:10/09/26
The score is held down primarily by weak financial quality (large ongoing losses and negative free cash flow) and elevated leverage despite improving gross margin. Technicals add further downside risk given the pronounced downtrend and negative momentum. Valuation provides only limited offset because the negative P/E reflects unprofitable operations and there is no dividend support.
Positive Factors
Improving gross margin
TTM revenue growth alongside a gross-margin rebound to about 50% indicates improving unit economics and demand. If retained, this can provide a stronger base for scaling the simulator business, although operating costs still determine whether gross profit converts into earnings.
Negative Factors
Persistent unprofitability
A net margin near -55.7% and recurring losses show that the current revenue base has not absorbed the company's cost structure. Gross-margin improvement is encouraging, but durable earnings require substantial operating leverage and expense control rather than better product economics alone.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving gross margin
TTM revenue growth alongside a gross-margin rebound to about 50% indicates improving unit economics and demand. If retained, this can provide a stronger base for scaling the simulator business, although operating costs still determine whether gross profit converts into earnings.
Read all positive factors
TruGolf Holdings (TRUG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.38M
Dividend YieldN/A
Average Volume (3M)3.36M
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue Growth-11.83%
EPS Growth70.31%
CountryUS
Employees68
SectorConsumer Cyclical
Sector Strength84
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-324.60
Shares Outstanding1,244,000
10 Day Avg. Volume356,305
30 Day Avg. Volume3,362,742
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.50
Price to Sales (P/S)0.11
P/FCF Ratio-0.42
Enterprise Value/Market Cap-0.80
Enterprise Value/Revenue-0.10
Enterprise Value/Gross Profit-0.19
Enterprise Value/Ebitda0.23
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-53.3
Revenue Forecast (FY)$19.60M
TruGolf Holdings Business Overview & Revenue Model
Company Description
TruGolf Holdings, Inc., operating primarily in the United States through its subsidiary, focuses on the design, manufacturing, and sale of indoor golf simulator equipment. These hardware solutions, marketed under the TruGolf Nevada brand, are supp...
How the Company Makes Money
TruGolf generates revenue primarily from selling golf simulator hardware systems and associated components, and from monetizing software and content used with those simulators. Key revenue streams typically include (1) sales of simulator units and...
TruGolf Holdings Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
38
Negative
Cash Flow
21
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.99M | 18.88M | 21.86M | 20.58M | 20.23M | 21.25M |
| Gross Profit | 10.09M | 4.90M | 14.59M | 12.05M | 13.21M | 15.47M |
| EBITDA | -8.43M | -10.47M | -1.22M | -9.93M | 858.58K | 7.23M |
| Net Income | -11.13M | -15.23M | -8.80M | -10.28M | -956.84K | 6.19M |
Balance Sheet | ||||||
| Total Assets | 18.00M | 20.18M | 17.14M | 15.77M | 14.59M | 14.89M |
| Cash, Cash Equivalents and Short-Term Investments | 6.37M | 10.47M | 10.88M | 5.78M | 9.66M | 10.71M |
| Total Debt | 4.01M | 5.90M | 9.12M | 9.25M | 4.34M | 3.60M |
| Total Liabilities | 15.94M | 15.88M | 21.78M | 19.69M | 18.02M | 18.04M |
| Stockholders Equity | 2.06M | 4.30M | -4.64M | -3.92M | -3.43M | -3.16M |
Cash Flow | ||||||
| Free Cash Flow | -4.81M | -5.14M | -5.73M | -6.26M | 750.45K | 4.50M |
| Operating Cash Flow | -1.74M | -1.70M | -4.00M | -6.13M | 791.88K | 4.52M |
| Investing Cash Flow | -4.00M | -3.44M | 741.14K | -2.62M | -41.43K | -23.00K |
| Financing Cash Flow | 4.06M | 6.82M | 8.74M | 4.50M | -1.80M | -810.45K |
TruGolf Holdings Technical Analysis
Negative
0.65
Price Trends
5.71
Negative
9.76
Negative
33.45
Negative
Market Momentum
-1.05
Negative
32.65
Neutral
4.71
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRUG, the sentiment is Negative. The current price of 0.65 is below the 20-day moving average (MA) of 3.36, below the 50-day MA of 5.71, and below the 200-day MA of 33.45, indicating a bearish trend. The MACD of -1.05 indicates Negative momentum. The RSI at 32.65 is Neutral, neither overbought nor oversold. The STOCH value of 4.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TRUG.
TruGolf Holdings Risk Analysis
TruGolf Holdings disclosed 35 risk factors in its most recent earnings report. TruGolf Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TruGolf Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $24.32M | 12.33 | 39.82% | ― | 78.65% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $33.51M | 6.86 | 12.38% | ― | ― | ― | |
52 Neutral | $40.89M | -0.63 | -169.79% | 0.09% | -27.74% | 48.59% | |
41 Neutral | $2.38M | >-0.01 | -294.36% | ― | -11.83% | 70.31% |
* Consumer Cyclical Sector Average
TRUG
TruGolf Holdings
1.88
-214.12
-99.13%
GAME
GameSquare Holdings
3.13
-2.66
-45.91%
MSGM
Motorsport Games
5.30
2.93
123.63%
GMHS
Gamehaus Holdings
0.59
-0.75
-56.04%
TruGolf Holdings Corporate Events
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsPrivate Placements and FinancingRegulatory Filings and Compliance
TruGolf Completes Polymath Acquisition and Governance Restructuring
Positive
Oct 9, 2026
On October 8, 2026, TruGolf Holdings completed its previously agreed acquisition of Polymath Research Inc., amalgamating Polymath with a Canadian subsidiary into a new wholly owned entity and issuing Class A and Series C preferred stock to Polymat...
Business Operations and StrategyStock Split
TruGolf Holdings Implements 1-for-10 Reverse Stock Split
Neutral
Sep 29, 2026
Effective September 29, 2026, TruGolf Holdings, Inc. implemented a 1-for-10 reverse stock split of its Class A common stock, consolidating every 10 existing shares into one new share with no change to par value. The move, announced on September 25...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
TruGolf Restructures Leadership and Settles Executive Separation
Neutral
Sep 24, 2026
On September 22, 2026, TruGolf Holdings, Inc. entered into a Separation and Settlement Agreement with former executive Christopher Jones and related parties, providing a $100,000 severance payment, up to 12 months of COBRA coverage, structured rep...
Business Operations and StrategyM&A Transactions
TruGolf Revises Polymath Acquisition Preferred Share Structure
Neutral
Sep 9, 2026
On August 17, 2026, TruGolf Holdings entered into an agreement to acquire Canada-based Polymath Research via an amalgamation with its wholly owned Canadian subsidiary, creating a new entity, Amalco, that will become a wholly owned subsidiary of Tr...
Business Operations and Strategy
TruGolf Signs Exclusive Distribution Pact with Tru Golf Canada
Positive
Aug 27, 2026
On August 25, 2026, TruGolf Holdings, Inc. signed a legally binding Memorandum of Understanding with Tru Golf Canada Inc., appointing the Canadian firm as its exclusive master distributor and strategic platform partner in several defined territori...
Business Operations and StrategyRegulatory Filings and Compliance
TruGolf Holdings Updates Investor Presentation to Boost Transparency
Positive
Aug 24, 2026
On August 24, 2026, TruGolf Holdings used a new corporate presentation and made it available on its website, signaling an effort to standardize and disseminate updated information about its business to the market. The materials were furnished rath...
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresM&A TransactionsPrivate Placements and FinancingRegulatory Filings and Compliance
TruGolf Faces Nasdaq Compliance Pressure Amid Equity Actions
Negative
Aug 21, 2026
On August 19, 2026, TruGolf Holdings, Inc. disclosed that Nasdaq notified the company it was out of compliance with the Nasdaq Capital Market’s minimum $2.5 million stockholders’ equity requirement, after reporting equity of about $2.0...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsPrivate Placements and FinancingRegulatory Filings and Compliance
TruGolf Announces Polymath Acquisition and Blockchain Expansion
Positive
Aug 18, 2026
On August 17, 2026, TruGolf Holdings entered into an acquisition agreement to amalgamate its Canadian subsidiary with Polymath Research Inc., creating a new wholly owned entity while keeping TruGolf listed on Nasdaq. Polymath’s shareholders ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.