TruGolf Holdings, Inc. reported a net revenue of $4.1 million for the third quarter of 2025, a decrease of 34% compared to $6.2 million in the same period of 2024. For the nine months ending September 30, 2025, the company generated $13.8 million in revenue, down 9% from $15.1 million in the prior year. The decline in revenue is attributed to changes in the sales strategy for content subscription licenses, which resulted in increased deferred revenues. The company's gross profit for the quarter was $2.8 million, down from $4.3 million a year earlier, while the gross profit for the nine-month period was $8.4 million, compared to $9.9 million in 2024.
Operating expenses rose significantly, totaling $3.96 million for the third quarter, an increase of 15% from $3.44 million in the previous year. This rise was primarily driven by a 111% increase in selling, general, and administrative expenses, largely due to higher professional fees and increased amortization expenses related to capitalized software. The company reported an operating loss of $1.1 million for the quarter and $4.2 million for the nine-month period, compared to a profit of $872,281 in Q3 2024 and a loss of $856,448 for the same nine-month period last year.
TruGolf's financial position showed improvement, with total current assets increasing to $19.2 million as of September 30, 2025, up from $14.8 million at the end of 2024. The company reported a working capital surplus of $4.2 million, a significant turnaround from a working capital deficiency of $982,237 at the end of the previous fiscal year. Cash and cash equivalents rose to $11.4 million, compared to $8.8 million at the end of 2024. The increase in cash was bolstered by $7.1 million in net cash provided by financing activities, which included proceeds from PIPE loans and the exercise of Series A Preferred warrants.
Strategically, TruGolf has been active in restructuring its capital and operations. The company executed a 1-for-50 reverse stock split in June 2025, which adjusted the number of outstanding shares and aimed to enhance its stock price to comply with Nasdaq listing requirements. Additionally, the company has focused on expanding its product offerings, including the launch of its new Apogee launch monitor, which features advanced technology aimed at improving user experience. TruGolf's software, E6 Connect, continues to integrate with a wide range of third-party hardware, enhancing its market reach.
Looking ahead, TruGolf anticipates continued operating losses as it invests in product development and strategic initiatives. The company expects to maintain its current level of expenditure for at least the next twelve months, although it acknowledges the potential need for additional funding. The management remains focused on leveraging its innovative technology and expanding its market presence to drive future growth.
About TruGolf Holdings, Inc.
TruGolf Holdings, Inc. designs and manufactures indoor golf simulators and software for residential, commercial, and luxury markets. Its core products include hardware systems with integrated launch monitors and high-fidelity simulation software, serving golf enthusiasts, entertainment venues, and training facilities worldwide. The company leverages proprietary technology, a strong brand, and franchise models to expand indoor golf participation and compete globally.
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