# TRUGOLF HOLDINGS, INC. (TRUG) · Edgar & Edgarette company card

> Trugolf Holdings (TRUG) saw revenue fall 13.6% in FY2025 to $19 million, operating margin -32.3% against a -1.5% median for sporting & athletic goods, equity 21.3% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1857086 · fiscal year ended 2025-12-31 · 3 audited years read · [page](https://www.pops4.com/boards/company/TRUG) · [JSON](https://www.pops4.com/boards/company/TRUG.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $19M |
| Revenue growth, 1 year | -13.6% |
| Revenue growth per year | -4.2% |
| Operating margin | -32.3% (prior year -9.6%) |
| Net margin | -80.7% |
| Operating cash flow | −$2M |
| Capital spending | $205,443 |
| Free cash flow | −$2M |
| Cash | $10M |
| Long-term debt | $3M |
| Total assets | $20M |
| Total equity | $4M |
| Equity ÷ assets | 21.3% |
| Return on equity | -354.1% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -8.03 (distress zone)
- Piotroski F: 3 of 9 (middling)
- Beneish M: -5.53 (below the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed late annual report notice, late quarterly report notice in the last 12 months; operating cash flow was negative; operating loss: a margin of -32.3% in FY2025; revenue is hard to predict: its 80% range is ±28%
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $18.9M (FY2025), total debt $2.8M. Experience: revenue down 13.6% on the year, down 4.2% a year over 2 years; operating margin -32.3%, down from -9.6%. Soundness: equity 21.3% of assets, return on equity -354.1%. Credibility: 3 audited years, moderate weight. Range: 80% of past cases like this landed between $12.6M and $22.7M next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (9 filers, $50M+ revenue, sporting & athletic goods, nec): operating margin -32.3% against a -1.5% median; growth -13.6% against -4.5%.

Range logged 2026-09-25, receipt c8cbcb190a0a4e91, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item NT 10-K Late annual report notice: 1, latest 2026-03-31 ([filing](https://www.sec.gov/Archives/edgar/data/1857086/000149315226014124/0001493152-26-014124-index.htm))
- Item 3.01 Exchange listing notice or transfer: 2, latest 2026-08-21 ([filing](https://www.sec.gov/Archives/edgar/data/1857086/000149315226039727/0001493152-26-039727-index.htm))
- Item NT 10-Q Late quarterly report notice: 1, latest 2026-05-15 ([filing](https://www.sec.gov/Archives/edgar/data/1857086/000149315226023901/0001493152-26-023901-index.htm))
- Item 5.02 Director or officer change: 4, latest 2026-10-09 ([filing](https://www.sec.gov/Archives/edgar/data/1857086/000149315226046435/0001493152-26-046435-index.htm))

## Recent filings

- 8-K · filed 2026-10-22 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1857086/000149315226047953/0001493152-26-047953-index.htm)
- 8-K · filed 2026-10-09 · 1.01 Entry into a Material Definitive Agreement; 2.01 Completion of Acquisition or Disposition of Assets; 3.02 Unregistered Sales of Equity Securities; 5.02 Departure or Election of Directors; Appointment of Officers; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1857086/000149315226046435/0001493152-26-046435-index.htm)
- 8-K · filed 2026-09-29 · 3.03 Material Modifications to Rights of Security Holders; 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1857086/000149315226044920/0001493152-26-044920-index.htm)
- 8-K · filed 2026-09-24 · 1.01 Entry into a Material Definitive Agreement; 5.02 Departure or Election of Directors; Appointment of Officers; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1857086/000149315226044019/0001493152-26-044019-index.htm)
- 8-K · filed 2026-09-09 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1857086/000149315226041991/0001493152-26-041991-index.htm)
- 8-K · filed 2026-08-27 · 1.01 Entry into a Material Definitive Agreement · [filing](https://www.sec.gov/Archives/edgar/data/1857086/000149315226040430/0001493152-26-040430-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001857086.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1857086

## Cite

POPS4, Edgar & Edgarette: TRUGOLF HOLDINGS, INC. (TRUG) company card, from the company's own SEC filings, accessed 2026-11-09, https://www.pops4.com/boards/company/TRUG. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.