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

TruGolf Reports 2024 Financial Results