TruGolf Holdings, Inc.
TruGolf Holdings, Inc. designs and sells indoor golf technology, including golf simulators, launch monitors, and the E6 Connect software platform. The company is based in the United States and operates through TruGolf Nevada, which carries the legacy of the original TruGolf business formed in the 1990s.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueIndoor golf hardware systems sold for home, commercial, and venue use.
Perpetual licenses for TruGolf simulation and gameplay software.
Recurring content and software access tied to the E6 Connect platform.
Devices and hardware features that measure and improve swing and ball data.
Franchise-related revenue from indoor golf venue expansion.
Products
Reported · share of revenue- Golf Simulators77.8 %
- Content Software Subscriptions19.7 %
- Other2.5 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
TruGolf sells to golfers and golf enthusiasts who want indoor practice, simulation, and entertainment experiences. Its products also serve commercial venues, golf facilities, and franchise operators that use simulator technology to attract customers and create repeat usage. The software and hardware mix supports both consumer and business buyers who value realism, portability, and training functionality.
Buy simulator packages and software for practice, entertainment, and year-round play.
Buy simulator systems to create paid indoor golf experiences and recurring visits.
Buy launch monitors and simulator setups for instruction, fitting, and practice.
Buy into the indoor golf franchise model and related technology stack.
Strategy
TruGolf’s strategy centers on expanding indoor golf adoption through a mix of hardware, software, and content that makes the game more accessible. The company is also introducing a franchise model, which can broaden distribution and create a venue-based growth channel alongside direct product sales. Product acceptance, market penetration, and software-led engagement are important to its competitive position because they support repeat usage and ecosystem stickiness.
A larger installed base supports hardware sales, software usage, and recurring content demand.
Subscriptions and licenses can deepen customer engagement beyond one-time hardware sales.
Franchising can extend the brand into venue-based locations and create a new growth path.
Geography
TruGolf is headquartered in the United States and its business is centered on the U.S. indoor golf market. The company’s products can also be sold into international golf and simulation markets through software and hardware channels, but the available disclosures do not provide a country-by-country revenue split. Geography matters because demand is tied to golf participation, indoor entertainment adoption, and local venue economics.
Risks
TruGolf faces execution risk from its dependence on consumer and venue adoption of indoor golf technology, which can be cyclical and competitive. The company also has financing, listing, and going-concern risk typical of smaller public companies, including the need to fund operations and maintain Nasdaq compliance. Because it sells both hardware and software, product quality, inventory management, and software engagement are important to sustaining demand and cash generation.
- Nasdaq continued listing complianceImpact: HighLikelihood: High
Failure to meet exchange requirements can lead to delisting and reduced trading liquidity.
Exposure: Class A common stock
- Going-concern and financing dependenceImpact: HighLikelihood: High
The company expects negative operating cash flow and may need external capital to fund operations.
Exposure: Equity and convertible note financing
- Adoption and competition riskImpact: Medium
Revenue depends on customers choosing TruGolf’s simulators and software over alternatives.
Exposure: Indoor golf hardware and software
- Execution risk in franchise rolloutImpact: Medium
A new franchise model requires operational discipline, brand consistency, and partner execution.
Exposure: Franchising
Accounting
Judgemental itemsHardware, perpetual licenses, subscriptions, and franchise revenue may be recognized at different times.
Impact: Can shift reported revenue between periods
Advance billings for software/content services create liabilities until performance obligations are satisfied.
Impact: Affects near-term revenue and working capital
Simulator hardware requires inventory accounting and potential reserve judgments.
Impact: Can affect gross margin and asset values
Financing instruments may require fair value or derivative accounting judgments.
Impact: Can create non-operating gains or losses
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Last updated: 24/09/2026