Here are 1-3 brief analogies to describe TruGolf (TRUG):

• Peloton for golfers
• Topgolf's immersive experience, but as a product you own

• Golf Simulators: Integrated hardware and software systems designed for indoor golf, providing immersive virtual golfing experiences.
• E6 CONNECT Software: A proprietary golf simulation platform offering a vast library of courses, practice facilities, and engaging game modes for their simulators.

TruGolf (symbol: TRUG) serves a diverse customer base, including both businesses and individual consumers. According to its annual filings (10-K), the company's major customers fall into the following categories:

• Golf Facilities: This category encompasses a wide range of commercial golf operations such as private and public golf courses, indoor golf centers, driving ranges, and pro shops. These facilities utilize TruGolf simulators for practice, coaching, lessons, and entertainment purposes.
• Entertainment Venues: Businesses like resorts, family entertainment centers, sports bars, and other hospitality or leisure establishments that integrate golf simulation as an attraction or amenity to enhance their offerings for patrons.
• Multi-family Housing Developers: Companies involved in the development of apartment complexes, condominiums, and luxury residential communities often install golf simulators as a high-end amenity to attract and serve their residents.
• Individual Consumers: Affluent individuals who purchase and install high-fidelity golf simulators for personal use in their homes, primarily for recreation, game improvement, and entertainment.

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Chris Jones, Chief Executive Officer

Chris Jones has served as CEO of TruGolf since January 2005 and is also the company's co-founder. He has extensive experience in the gaming industry, including his current role as President of Big Finish Games since 2009. Prior to TruGolf, he was Lead Planner at Microsoft from 1999 to 2004 and Chief Financial Officer at Access Software from 1983 to 1999. TruGolf itself was spun off from Access Software in 1999 after Microsoft acquired the PC side of Access Software.

Lindsay Jones, Chief Financial Officer

Lindsay Jones is the Chief Financial Officer of TruGolf Holdings, Inc. He is an experienced financial executive with a strong background in accounting and finance. Prior to joining TruGolf, Lindsay served as Chief Financial Officer and Executive Vice President at Xevant and also held the CFO position at Innovative Labs. He also worked as a Consultant and Outsourced Chief Financial Officer at NOW CFO and founded Cascata Packaging, where he also served as CFO. He was primarily responsible for navigating TruGolf through its SPAC-merger, which was completed in January 2024.

Brenner Adams, Chief Growth Officer

Brenner Adams serves as the Chief Growth Officer for TruGolf Holdings, Inc. In this role, he is responsible for spearheading the company's strategic growth initiatives, identifying new market opportunities, and driving revenue expansion.

Nathan E. Larsen, Chief Experience Officer

Nate Larsen has been the Chief Experience Officer for TruGolf, Inc. since October 2021. He has significant experience in the software and gaming industries, having previously served as Creative Director and Director of Business Development for Take Two Interactive / Indie Built Studio, which developed games for Xbox and PlayStation 2. He was also a Creative Director for Microsoft Corp. in its Xbox Games development division, and an artist, animator, and art director for Access Software.

Shaun B. Limbers, Director and Executive Vice President

Shaun B. Limbers holds the position of Director and Executive Vice President at TruGolf Holdings, Inc. In this role, he is a key contributor to the company's strategic leadership and operational management, involved in driving initiatives and overseeing various business functions.

The proliferation and increasing sophistication of affordable, portable golf launch monitors (e.g., Garmin Approach R10, Rapsodo MLM2PRO, FlightScope Mevo+). These devices offer robust ball data tracking and integrate with golf simulation software, providing a significant portion of the golf simulation experience at a fraction of the cost and space required by TruGolf's full simulator systems. This trend could erode demand for TruGolf's entry-to-mid-range hardware offerings by providing a highly cost-effective alternative for golfers seeking at-home practice and virtual play.

TruGolf (TRUG) primarily offers golf simulators and launch monitors, along with associated software and accessories such as MultiSport ARCADE. The addressable markets for these main products and services can be identified within the broader golf simulator and indoor golf equipment markets.

Golf Simulator Market

• The global golf simulator market was estimated at approximately USD 2 billion in 2024 and is projected to reach around USD 6.1 billion by 2034, growing at a compound annual growth rate (CAGR) of 9.8% from 2025 to 2034. Other sources estimate the global market at USD 2.4 billion in 2024, growing to USD 6.1 billion by 2034 with a CAGR of 9.8%, or USD 1.74 billion in 2024, reaching USD 2.90 billion by 2030 with a CAGR of 9.4%.
• In the U.S., the golf simulator market was valued at USD 1.0 billion in 2024 and is expected to grow at a CAGR of 8.4%. Another estimate places the U.S. market at USD 888.89 million in 2024, projected to reach USD 1,867.74 million by 2033 with an 8.6% CAGR. The U.S. market accounted for 39.0% of the global golf simulator market in 2024.
• North America, which includes the U.S., held a dominant market position with a 41.8% share of the global market in 2024, generating USD 1.0 billion in revenue. The North America golf simulators market size was valued at USD 943.34 million in 2024 and is projected to reach USD 1917.41 million by 2033 at a CAGR of 8.2%.

Indoor Golf Equipment Market

• The global indoor golf equipment market was valued at USD 1.03 billion in 2024 and is expected to reach USD 2.43 billion by 2033, expanding at a CAGR of 9.8% from 2025 to 2033.
• Another estimate for the global indoor golf equipment market projects it to reach USD 1,889.8 million by 2030, growing at a CAGR of 11.3% from 2023 to 2030.

TruGolf (TRUG) is anticipating future revenue growth over the next two to three years, driven by several strategic initiatives and product innovations:

1. Expansion of the TruGolf Links Franchise Model: TruGolf is actively growing its presence through the TruGolf Links franchise model. The first franchise location opened in Illinois in July 2025, and the company plans to establish over 160 units across four states. This strategy includes both single-unit and regional developer territories, aiming to diversify revenue streams beyond direct hardware sales through franchise fees and recurring royalties.
2. Launch of New Products and Software Innovations: The company is focused on introducing new hardware and enhancing its software offerings. The LaunchBox, a portable launch monitor, was globally released in July 2025, marking TruGolf's entry into the portable simulator market. Sales growth has also been fueled by new games for its Multisport Arcade and the introduction of E6 APEX Course play, which features enhanced visuals, refined physics, and an extensive library of golf courses. The APOGEE launch monitor, a camera-based system, is another key product designed to deliver precise club and ball data.
3. International and Domestic Market Expansion: TruGolf is working to broaden its market reach by increasing its sales force and expanding international programs, particularly in EMEA and Asia, including a joint venture in China. Domestically, the company is targeting urban areas for simulator setups to capitalize on the increasing popularity of indoor golf, especially where outdoor courses are less accessible.
4. Technological Advancements and AI Integration: A significant driver is TruGolf's commitment to leveraging artificial intelligence to improve product performance and accuracy. The company has integrated an AI engine, co-developed with mlSpatial, into its APOGEE launch monitor to enhance 9-axis spin accuracy. TruGolf's overarching mission is to make golf more "Available, Approachable, and Affordable" through continuous technological innovation, including advanced AI, image and spatial analysis, and gamified improvement plans.

Share Repurchases

• TruGolf Holdings, Inc. authorized a stock repurchase program of up to $2 million of its Class A common stock on May 29, 2025. This program will conclude upon the expenditure of the $2 million, or when terminated or completed.

Share Issuance

• The company became publicly traded in February 2024 following a business combination with Deep Medicine Acquisition Corp.
• TruGolf entered into an Equity Purchase Facility Agreement in May 2025, allowing it the right to sell up to $20 million of its Class A common stock to an institutional investor, subject to stockholder approval.
• The company raised $9.55 million by issuing senior convertible notes and warrants to PIPE Investors ($4.65 million initially and an additional $4.9 million).
• A 1-for-50 reverse stock split was implemented in June 2025.

Inbound Investments

• TruGolf became a public company in February 2024 through a merger with Deep Medicine Acquisition Corp.
• The company secured $9.55 million in capital through a securities purchase agreement with PIPE Investors, involving the issuance of senior convertible notes and warrants.
• In May 2025, TruGolf Holdings entered an Equity Purchase Facility Agreement, which provides the option to sell up to $20 million of Class A common stock to an institutional investor, pending stockholder approval.

Outbound Investments

• TruGolf acquired mlSpatial in June 2025.

Capital Expenditures

• TruGolf Holdings reported quarterly capital expenditures of $1.3 million for June 2025.