TruGolf Holdings, Inc. (TRUG)

Nasdaq: TRUG · Sporting & Athletic Goods, NEC · Plantation, FL · filing with the SEC since 2021

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Grade3.5

◀ Past 1.8● Present 3.3▶ Future 5.6

3 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of TruGolf Holdings, Inc.

Nine metrics read from its own filings, by tense

Headline grade

3.5/10

◀ Past1.830% of the headline

● Present3.340% of the headline

▶ Future5.630% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 6 read as filed from the record and 3 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.8/1030% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.4/10

Has it survived what it has been through?

17 warning events since 2021; the latest 2026-08-21.

weight 33% of this tense · 4th percentile among 13 sector filers · read for itself

From the record

TruGolf Holdings, Inc.'s filings since 2021 show 17 warning events of 3 kinds: a notice about its exchange listing (8-K item 3.01, 10 times, the latest 2026-08-21); an auditor change (8-K item 4.01, the latest 2024-02-23); a late-report notice (Form NT 10-K or NT 10-Q, 6 times, the latest 2026-05-15) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

3.4/10

What has it actually done, year after year?

-4.2% a year over 3 filed years; profitable in 0 of 3.

weight 45% of this tense · 34th percentile among 12 sector filers · read for its customers

From the record

TruGolf Holdings, Inc.'s 3 filed years say what it did: revenue went from $21 million in fiscal 2023 to $19 million in fiscal 2025, down 4.2% a year; it rose in 1 of 2 years; the deepest fall was 11% from fiscal 2024 to fiscal 2025; net income was positive in 0 of 3 of those years (its annual reports).

What it rests on

revenue growth over the filed span-4.2%bottom 21% of its family
the share of years revenue rosebottom 33% of its family
the share of filed years with a profitbottom 13% of its family
the deepest fall from a revenue peak11.3%top 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

0.4/10

How has it treated the people who own it?

SI estimate 0.4/10, confidence 35 of 100 (one part).

weight 22% of this tense · 4th percentile among 12 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 4% of 12 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 12 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: TruGolf Holdings, Inc.'s shareholder treatment is put at 0.4 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 4% of 12 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.3/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

2.7/10

Is it financially healthy right now?

ROE -354%: lost 354¢ per shareholder dollar. Leverage 79%: owes 79¢ per asset dollar.

weight 45% of this tense · 27th percentile among 12 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, TruGolf Holdings, Inc. lost about 354 cents for every dollar of shareholders' money, and gross profitability: its products earned about 47 cents per dollar of everything the company owns. Leverage: it owed about 79 cents per dollar of assets, and net share issuance: its share count grew 1173.4% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 13% of its family
return on equitybottom 14% of its family
gross profit against assetstop 37% of its family
the share count against the year beforebottom 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

2.6/10

How strong is its position in its industry?

bottom 26% of 12 in its family; net margin -80.7%.

weight 33% of this tense · 26th percentile among 12 sector filers · read for its customers

From the record

TruGolf Holdings, Inc.'s standing among 12 graded names in its industry family: revenue of $19 million in fiscal 2025 ranks in the bottom 21% by size; a net margin of -80.7% ranks in the bottom 13%; revenue growth of -4.2% a year over the last 2 filed years ranks in the bottom 46% (its annual reports).

What it rests on

revenue against the family$18.9Mbottom 21% of its family
net margin-80.7%bottom 13% of its family
three-year revenue growth-4.2%bottom 46% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.2/10

What are the people in charge doing?

SI estimate 5.2/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 9 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title, so the desk assumes the typical reading of its industry family, the median of 9 members with one.
What the record cannot read: Fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title.
How it was reasoned: family median, 9 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: TruGolf Holdings, Inc.'s leadership is put at 5.2 of 10 with a confidence of 20 of 100, because fewer than two of the three parts can be read: officer and director changes against the people in charge, the years the people in charge have been filing, the chief executive's years under the title, so the desk assumes the typical reading of its industry family, the median of 9 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.6/1030% of the headline grade · 2 of 3 filed, 1 estimated

Room to expand

as filed

6.0/10

How much room does it have to grow?

top 40% of 12 in its family for room to expand.

weight 45% of this tense · 60th percentile among 12 sector filers · read for itself

From the record

TruGolf Holdings, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $10 million against debt of $3 million leaves 37.9% of its assets as net cash, top 12% of its family; cash from operations less capital spending is -10.1% of revenue (bottom 21%); a gross margin of 50.4% (top 29%) (its annual report).

What it rests on

cash less debt against assets37.9%top 12% of its family
cash from operations less capital spending against revenue-10.1%bottom 21% of its family
gross margin50.4%top 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

5.7/10

What could actually drive growth from here?

top 43% of 12 in its family for growth drivers.

weight 33% of this tense · 57th percentile among 12 sector filers · read for its customers

From the record

TruGolf Holdings, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -4.2% a year over the last three filed years against -4.2% over all 3, speeding up (top 21% of its family); the newest year grew -11.3% (bottom 13%); capital spending grew 27% a year (top 21%) (its annual reports). TruGolf Holdings, Inc. reported 4 product lines in fiscal 2025: Golf Simulators at $15 million (78%), Content Software Subscriptions at $4 million (20%), Other at $474 thousand (3%), and 1 more; 2 of 3 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span+0.0 points a yeartop 21% of its family
the newest year's revenue growth-11.3%bottom 13% of its family
three-year growth of capital spending27.0%top 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

SI estimate

4.7/10

Did its newest year beat what its own record pointed to?

SI estimate 4.7/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 10 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 10 members with one.
What the record cannot read: The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
How it was reasoned: family median, 10 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: TruGolf Holdings, Inc.'s expectations vs reality is put at 4.7 of 10 with a confidence of 20 of 100, because the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 10 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton TRUG · research, not advice