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

• Like Peloton, but for golf.
• Imagine Topgolf, but for your home or business.

• Golf Simulator Systems: Complete hardware packages, including screens, projectors, sensors, and enclosures, designed to provide an immersive indoor golf experience for homes and businesses.
• E6 CONNECT Software: Proprietary golf simulation software that powers TruGolf systems, offering a vast library of realistic courses, practice ranges, and interactive games.

TruGolf (TRUG) Major Customer Categories

TruGolf, Inc. develops and provides golf indoor simulators for both home and business use. Given the diverse range of customers and the fact that specific public company names are not readily disclosed for their business clients, we will describe the primary categories of individual customers TruGolf serves for its "home" segment, which represents a significant portion of its market.

• Avid/Serious Golfers (Residential Market): These are individual golf enthusiasts and dedicated players who purchase simulators for their homes to practice, play, and analyze their game year-round, regardless of weather conditions. They often seek advanced features, realistic simulation, and data analytics to improve their skills and maintain consistency.
• Luxury Home Entertainment Buyers: High-net-worth individuals and families who integrate high-end golf simulators into their residences as a premium entertainment amenity. For this segment, the simulator serves as a sophisticated addition to a home theater, game room, or dedicated leisure space, offering interactive recreation for social gatherings and family enjoyment.
• Casual Home Users/Families: This category includes individuals and families looking for an engaging and unique indoor activity for leisure and entertainment. While they may enjoy golf, their primary motivation is often the fun, interactive experience and the ability to enjoy a sport year-round from the comfort of their home, often considering entry-level to mid-range home simulator solutions.

Christopher Jones, Chief Executive Officer, President, Chairman

Christopher Jones is a Co-Founder of TruGolf, which was founded in 1982. He also serves as an Advisor for Peel Therapeutics, Inc. Prior to his current roles, he held the position of Vice President, Business Operations at another company.

Lindsay Jones, Chief Financial Officer

Lindsay Jones is a Certified Public Accountant who brings extensive experience in developing and driving robust financial strategies and operations. Before joining TruGolf, he was the Chief Financial Officer and Executive Vice President of a pharmacy data analytics SaaS company that achieved over 425% annual recurring revenue growth. He has also worked as a consultant and outsourced Chief Financial Officer, serving clients across the SaaS, manufacturing, and retail services industries.

Brenner Adams, Chief Growth Officer

Brenner Adams serves as the Chief Growth Officer for TruGolf.

Nathan E. Larsen, Chief Experience Officer

Nathan E. Larsen serves as the Chief Experience Officer for TruGolf. He previously held the title of President. Prior to joining TruGolf, he worked as a self-employed brand and marketing consultant. His background includes significant experience in the software and gaming industries, where he 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 also worked as a Creative Director for Microsoft Corp. in its Xbox Games development division.

Steven R. Johnson, Chief Hardware Officer

Steven R. Johnson holds the position of Chief Hardware Officer at TruGolf.

The key risks to TruGolf (TRUG) include:

1. Financial Health and Profitability Challenges: TruGolf faces significant financial distress, as indicated by its financial health indicators, including the Altman Z-Score and Beneish M-Score, which highlight potential distress and manipulation risks. The company is grappling with substantial profitability challenges, evident in its negative operating and net margins, reflecting operational inefficiencies and significant losses. Its net losses have increased significantly year-over-year, pointing to ongoing financial distress and concerns regarding long-term financial sustainability. TruGolf is currently unprofitable and is not forecast to become profitable in the near future.
2. Nasdaq Delisting Risk: TruGolf has faced the risk of delisting from the Nasdaq Stock Market due to non-compliance with the minimum stockholders' equity rule. The company previously received formal notice from Nasdaq for failing to meet the required $10 million threshold. While TruGolf has taken steps to regain compliance, this recurring issue underscores the fragility of its financial position and the ongoing challenge of meeting listing standards.
3. Market Volatility, Intense Competition, and Rapid Technological Advancements: The company operates in a dynamic and competitive sports technology market, making it vulnerable to changes in consumer preferences and rapid technological advancements in gaming solutions. TruGolf's stock price has also demonstrated high volatility, indicating significant price fluctuations compared to the broader market.

The advancement and increasing fidelity of virtual reality (VR) and augmented reality (AR) golf experiences, which offer a significantly cheaper and more space-efficient alternative to physical simulators for playing and practicing golf indoors. As these technologies improve in tracking accuracy, graphics, and haptic feedback, they pose a clear threat to TruGolf's market, particularly in the home user segment, by providing a comparable or sufficient experience at a fraction of the cost and space requirement.

TruGolf (symbol: TRUG) operates in the golf indoor simulator market, providing products and services for both home and business use.

Addressable Markets for TruGolf's Products and Services

The addressable market for golf simulators, which represents TruGolf's main products, is significant globally and within the United States.

• Global Market: The global golf simulator market was valued at approximately USD 2.4 billion in 2024. It is projected to grow to approximately USD 6.1 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period from 2025 to 2034.
• U.S. Market: The U.S. golf simulator market alone was valued at USD 1.0 billion in 2024. This market is expected to continue its growth with a projected CAGR of 8.4%. North America held a dominant position in the global market in 2024, accounting for over 41.8% of the market share.

TruGolf (TRUG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion through a Franchise Model: TruGolf is actively expanding its market reach by utilizing a franchise model. This strategy includes the successful launch of its first TruGolf Links franchise in the Chicago area in July 2025, with plans for a larger flagship franchise location to open in the fourth quarter of 2025, and more locations to follow in 2026. This expansion is anticipated to significantly increase its customer base and presence in new markets.
2. Technological Advancements and New Product Development: The company is focused on continuous innovation in its golf simulation systems and software. TruGolf's flagship products, such as the APOGEE Launch Monitor and E6 Connect software, incorporate advanced technologies like AI and machine learning to enhance performance analytics and user experience. Ongoing development and updates to this technology, including its E6 Connect software which offers over 1,200 courses, are expected to attract new users and retain existing ones.
3. Capitalization on the Growing Indoor Golf Simulation Market: TruGolf is strategically positioned to benefit from the rapidly expanding indoor golf simulation market. This market is projected to reach $5.2 billion by 2033, with a compound annual growth rate (CAGR) of 15.6%. Key drivers for this growth include increasing golf participation, demand for convenient and practical training methods, technological advancements, and space constraints in urban areas, all of which TruGolf's products address.
4. Strategic Acquisitions and Partnerships: TruGolf Holdings, Inc. has demonstrated an aggressive strategy of engaging in transactional activities, primarily through strategic combinations. These activities are aimed at enhancing the company's scale, product range, and technological capabilities. Such strategic moves are expected to optimize its financial structure and support its ambitious growth plans within the golf and sports technology market.

Share Repurchases

• TruGolf Holdings announced a $2.0 million stock repurchase program.
• As of February 10, 2026, the company repurchased 423,402 shares of its Class A common stock at an average price of $0.7552 per share.
• Approximately $1.67 million remains available for future repurchases under the $2.0 million program as of February 10, 2026.

Share Issuance

• TruGolf Holdings had 30 million shares outstanding in Q1 2025, representing a 151.4% increase from the prior quarter.
• The company is seeking stockholder approval to increase authorized Class A common stock above 650,000,000 shares as part of its redomestication from Delaware to Nevada, and for a new 2026 Equity Incentive Plan.
• TruGolf has engaged in exchanges of outstanding notes into Class A and Class B common stock and Series A Preferred Stock, and exercised preferred warrants for cash proceeds.

Inbound Investments

• An ATW-affiliated group reported a 9.9% stake in TruGolf Holdings via preferred shares as of February 4, 2026.

Capital Expenditures

• TruGolf Holdings invested $52,000 in capital expenditures in Q3 2025, an increase of 386.0% from the preceding quarter.
• For the trailing 12 months ending in Q3 2025, capital expenditures were approximately $134,343.
• The company is utilizing available funding for the ongoing development and production of its software and hardware product lines, and plans to establish a regional office in Europe, the Middle East, and Africa (EMEA).