TruGolf Holdings (TRUG) AI Stock Analysis

• Market Cap: $2.81M
• Dividend Yield: N/A
• Average Volume (3M): 200.50K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.58
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 71
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -4.87
• Shares Outstanding: 4,857,445
• 10 Day Avg. Volume: 171,202
• 30 Day Avg. Volume: 200,505
• PEG Ratio: -0.12
• Price to Book (P/B): -24.89
• Price to Sales (P/S): 5.28
• P/FCF Ratio: -20.15
• Enterprise Value/Market Cap: -1.76
• Enterprise Value/Revenue: -0.24
• Enterprise Value/Gross Profit: -0.38
• Enterprise Value/Ebitda: 0.48
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -1.46
• Revenue Forecast (FY): $24.70M

• Rating: 40 Underperform
• Price Target: $0.61 ▼(-44.50% Downside)

The score is driven down primarily by weak financial performance (declining revenue, persistent losses, high leverage, and negative operating/free cash flow). Technicals also remain bearish with the price below all key moving averages and negative MACD, despite oversold readings. Corporate events are mixed (buyback progress vs. Nasdaq compliance notice), while valuation is limited by ongoing losses and no indicated dividend support.

Positive Factors

High gross margin

A 64.1% gross margin indicates TruGolf retains substantial value on each unit sold, reflecting product differentiation and manufacturing/service efficiency. This margin provides a structural buffer to absorb SG&A and invest in R&D, supporting a longer path to sustainable profitability even if sales grow slowly.

Recurring revenue & B2B partnerships

Subscriptions for software updates and analytics, plus partnerships with courses and retailers, create recurring and diversified revenue streams. This reduces reliance on one-time hardware sales, improves customer lifetime value, and supports smoother cash flow and retention over multiple quarters.

Active share repurchase program

An ongoing buyback signals capital allocation discipline and management confidence in long-term value creation. Over time repurchases can offset dilution from equity plans, concentrate ownership, and modestly improve per-share outcomes, providing a structural capital-return mechanism when cash permits.

Negative Factors

Declining revenue trend

A near-double-digit TTM revenue decline is a structural concern: it reduces economies of scale and weakens negotiating power with channels. Sustained top-line contraction strains the ability to leverage high gross margins, limits investment capacity, and raises questions about market demand or competitive position.

High financial leverage

A debt-to-equity ratio near 2.0 creates lasting financial risk by increasing interest and refinancing exposure. High leverage constrains strategic flexibility, limits ability to fund growth or weather demand shocks, and elevates the probability of expensive financing or covenant pressure if losses persist.

Negative operating and free cash flow

Persistent negative operating cash flow and declining free cash flow indicate the business consumes cash to run operations. Structurally this forces reliance on external financing, hinders reinvestment, and can necessitate dilutive equity or debt that erodes shareholder value if cash generation doesn't reverse.

TruGolf Holdings Business Overview & Revenue Model

Company Description

TruGolf Holdings, Inc., through its subsidiary, engages in the development and sale of indoor golf simulator hardware under the TruGolf Nevada brand for residential and commercial markets in the United States. It also provides E6 Connect software for use on other companies' hardware. The company was founded in 1982 and is headquartered in Centerville, Utah.

How the Company Makes Money

TruGolf Holdings generates revenue primarily through the sale of its golf simulators and software products. The company operates on a direct sales model, selling its products through its website and authorized distributors. Additionally, TruGolf has established partnerships with golf courses and training facilities, which further expands its market reach and customer base. Subscription services for software updates and performance analytics also contribute to recurring revenue. Moreover, TruGolf engages in B2B collaborations with golf equipment manufacturers and retailers, enhancing its product offerings and driving additional sales through bundled packages and promotions.

TruGolf Holdings Financial Statement Overview

Summary

Overall financial health is weak: revenue is shrinking (-9.4% TTM), profitability is negative (net/EBIT losses), leverage is high (debt-to-equity 1.93) with negative ROE, and operating/free cash flow are negative with declining free cash flow (-11.9% TTM). A relatively strong gross margin (64.1%) is a partial offset.

Income Statement

TruGolf Holdings' income statement reveals significant challenges. The company has experienced a decline in revenue growth, with a negative growth rate of -9.4% in the TTM. Profitability metrics are concerning, with negative net profit and EBIT margins, indicating ongoing losses. The gross profit margin remains relatively strong at 64.1%, suggesting some efficiency in production or service delivery, but overall profitability is severely impacted by high operating expenses.

Balance Sheet

The balance sheet shows a high debt-to-equity ratio of 1.93, indicating significant leverage and potential financial risk. The return on equity is negative, reflecting the company's inability to generate profits from shareholders' equity. However, the equity ratio is not available, limiting a full assessment of asset financing. The company's financial stability is compromised by high leverage and negative equity in previous periods.

Cash Flow

Cash flow analysis highlights negative operating cash flow and free cash flow, with a declining free cash flow growth rate of -11.9% in the TTM. The operating cash flow to net income ratio is negative, indicating cash flow challenges in covering net losses. Despite a positive free cash flow to net income ratio, the overall cash flow situation is concerning, reflecting liquidity issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	20.54M	21.86M	20.58M	20.23M	21.25M	0.00
Gross Profit	13.07M	14.59M	12.05M	13.21M	15.47M	0.00
EBITDA	-10.19M	-1.22M	-8.60M	858.58K	6.38M	-59.40K
Net Income	-19.13M	-8.80M	-10.28M	-956.84K	6.19M	-59.40K
Balance Sheet
Total Assets	22.98M	17.14M	15.77M	14.59M	14.89M	537.57K
Cash, Cash Equivalents and Short-Term Investments	11.44M	10.88M	5.78M	9.66M	10.71M	500.07K
Total Debt	5.85M	9.12M	9.25M	4.34M	3.60M	500.00K
Total Liabilities	16.73M	21.78M	19.69M	18.02M	18.04M	546.96K
Stockholders Equity	6.26M	-4.64M	-3.92M	-3.43M	-3.16M	-9.39K
Cash Flow
Free Cash Flow	-10.75M	-5.73M	-6.26M	750.45K	4.50M	-50.03K
Operating Cash Flow	-9.05M	-4.00M	-6.13M	791.88K	4.52M	-50.03K
Investing Cash Flow	215.08K	741.14K	-2.62M	-41.43K	-23.00K	0.00
Financing Cash Flow	14.91M	8.74M	4.50M	-1.80M	-810.45K	550.10K

TruGolf Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.09
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 1.09 is above the 20-day moving average (MA) of 0.78, above the 50-day MA of 0.91, and below the 200-day MA of 4.83, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 33.40 is Neutral, neither overbought nor oversold. The STOCH value of 11.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TRUG.

TruGolf Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MSGM	65 Neutral	$21.73M	40.87	44.93%	―	11.38%	-94.39%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
GAME	53 Neutral	$33.35M	-0.33	-52.37%	―	―	―
GMHS	49 Neutral	$52.89M	―	―	―	―	―
BHAT	44 Neutral	$5.71M	-0.06	-14.99%	―	-53.11%	82.68%
TRUG	40 Underperform	$2.81M	-0.02	―	―	―	―

TruGolf Holdings Corporate Events

TruGolf Holdings Announces Progress in Stock Repurchase Program

As of January 31, 2026, TruGolf Holdings, Inc. reported that it had repurchased 249,000 shares of its Class A common stock under its previously announced $2.0 million stock buyback program at an average price of $0.8535 per share, including fees and commissions. The transaction leaves approximately $1.78 million remaining available under the repurchase authorization, indicating continued capacity for the company to return capital to shareholders and potentially support its share price.

The most recent analyst rating on (TRUG) stock is a Sell with a $0.59 price target. To see the full list of analyst forecasts on TruGolf Holdings stock, see the TRUG Stock Forecast page.

TruGolf Plans Redomestication and Expanded Equity Authorization

TruGolf Holdings, Inc. has scheduled its annual shareholder meeting for February 17, 2026, at which investors will vote on re-electing five directors, ratifying Haynie & Company as independent auditor, and approving the company’s 2026 Equity Incentive Plan. Shareholders will also consider a redomestication of the company from Delaware to Nevada with a corresponding increase in authorized Class A common stock, as well as authorizing the issuance of Class A shares under an equity purchase facility dated May 14, 2025, steps that could give TruGolf greater corporate flexibility, additional capital-raising capacity, and potentially lower incorporation-related costs while maintaining its Nasdaq listing compliance.

The most recent analyst rating on (TRUG) stock is a Hold with a $0.88 price target. To see the full list of analyst forecasts on TruGolf Holdings stock, see the TRUG Stock Forecast page.

TruGolf Receives Nasdaq Notice Over Delayed Annual Meeting

On January 5, 2026, TruGolf Holdings, Inc. received a delinquency notification from Nasdaq for failing to hold an annual shareholders’ meeting within twelve months of its fiscal year end, as required by Nasdaq Listing Rules 5620(a) and 5810(c)(2)(G). The notice, which does not immediately affect the listing or trading of TruGolf’s common stock on the Nasdaq Capital Market, requires the company to submit a compliance plan by February 19, 2026, and the company has scheduled its annual meeting for February 17, 2026, as it seeks to regain compliance within the potential grace period extending to June 29, 2026.

The most recent analyst rating on (TRUG) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on TruGolf Holdings stock, see the TRUG Stock Forecast page.