TruGolf Holdings, Inc., formerly known as Deep Medicine Acquisition Corp., reported a revenue increase of 6% for the fiscal year ending December 31, 2024, totaling $21.9 million compared to $20.6 million in 2023. The growth was primarily driven by increased product acceptance and market penetration. The company also noted a decrease in the cost of revenues by 7%, amounting to $7.3 million, which contributed to a gross profit of $14.6 million, up from $12.8 million in the previous year. Despite these improvements, TruGolf recorded an operating loss of $2.1 million, significantly reduced from an $8.7 million loss in 2023, indicating a positive trend in operational efficiency.
In terms of strategic developments, TruGolf has focused on expanding its product offerings and market reach. The company launched its new E6 Apex software and introduced the Apogee launch monitor, which features advanced technology aimed at enhancing user experience. Additionally, TruGolf is actively pursuing international expansion, particularly in the EMEA region and Asia, through a network of distributors and a joint venture in China. The company has also initiated plans to franchise indoor golf entertainment venues, which is expected to diversify its revenue streams.
Operationally, TruGolf reported a significant increase in cash reserves, with $10.9 million on hand as of December 31, 2024, compared to $5.4 million the previous year. However, the company faced a working capital deficiency of $982,237, a shift from a surplus of $1.99 million in 2023, primarily due to the reclassification of a dividends note payable. The workforce remains stable at approximately 72 employees, with ongoing efforts to enhance the sales and marketing team to support growth initiatives.
Looking ahead, TruGolf's management expressed optimism about future growth, driven by the anticipated success of its new product launches and the expansion of its franchise model. However, the company also acknowledged the need for additional capital to fund its operations and growth strategies, indicating that it may pursue equity financing in the future. The company is currently addressing material weaknesses in its internal controls over financial reporting, which could impact its operational effectiveness if not remediated.
Overall, TruGolf Holdings is positioning itself for growth in the indoor golf market, leveraging its technological advancements and strategic partnerships while navigating challenges related to capital requirements and operational efficiencies.
About TruGolf Holdings, Inc.
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