TruGolf Holdings, Inc. Files 10-Q for Q2 2025

TL;DR

TruGolf Holdings filed its Q2 2025 10-Q. Check financials.

AI Summary

TruGolf Holdings, Inc. filed its 10-Q for the period ending June 30, 2025. The company, formerly Deep Medicine Acquisition Corp., is incorporated in Delaware and operates in the manufacturing sector. Its principal business address is in Plantation, Florida.

Why It Matters

This filing provides investors with the latest financial performance and operational details for TruGolf Holdings, Inc. during the second quarter of 2025.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediate red flags or significant new information presented.

Key Numbers

• 20250630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 20250819 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• TruGolf Holdings, Inc. (company) — Filer of the 10-Q
• Deep Medicine Acquisition Corp. (company) — Former name of TruGolf Holdings, Inc.
• 20250630 (date) — End of the reporting period
• 20250819 (date) — Filing date
• Plantation, Florida (location) — Business address

FAQ

Key Financial Figures

• $0.0001 — hich registered Class A Common Stock, $0.0001 par value TRUG The Nasdaq Stock Mar

Filing Documents

• form10-q.htm (10-Q) — 1202KB
• ex31-1.htm (EX-31.1) — 18KB
• ex32-1.htm (EX-32.1) — 7KB
• 0001641172-25-024815.txt ( ) — 6699KB
• trug-20250630.xsd (EX-101.SCH) — 59KB
• trug-20250630_cal.xml (EX-101.CAL) — 78KB
• trug-20250630_def.xml (EX-101.DEF) — 269KB
• trug-20250630_lab.xml (EX-101.LAB) — 474KB
• trug-20250630_pre.xml (EX-101.PRE) — 392KB
• form10-q_htm.xml (XML) — 968KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 ITEM 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 27 ITEM 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION 29 ITEM 1.

Legal Proceedings

Legal Proceedings 29 ITEM 1A.

Risk Factors

Risk Factors 29 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 ITEM 3. Defaults Upon Senior Securities 29 ITEM 4. Mine Safety Disclosures 29 ITEM 5. Other Information 29 ITEM 6. Exhibits 30

SIGNATURES

SIGNATURES 31 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements TRUGOLF HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2025 2024 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 8,059,359 $ 8,782,077 Restricted cash 2,100,000 2,100,000 Accounts receivable, net 2,185,888 1,399,153 Inventory, net 2,698,310 2,349,345 Prepaid expenses and other current assets 290,389 116,619 PIPE exchange consideration 5,651,310 - Other current assets - 45,737 Total Current Assets 20,985,256 14,792,931 Property and equipment, net 210,463 143,852 Capitalized software development costs, net 2,674,845 1,540,121 Right-of-use assets 455,925 634,269 Other long-term assets 31,023 31,023 Total Assets $ 24,357,512 $ 17,142,196 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Accounts payable $ 3,209,831 $ 2,819,703 Deferred revenue 5,009,228 3,113,010 PIPE loan payable, net 3,734,990 - Notes payable, current portion 10,573 10,001 Notes payable to related parties, current portion 2,668,500 2,937,000 Notes payable, current portion 2,668,500 2,937,000 Line of credit, bank 802,738 802,738 Dividend notes payable 118,362 4,023,923 Accrued interest 564,947 661,376 Accrued and other current liabilities 1,772,877 999,307 Accrued and other current liabilities - assumed in Merger 45,008 45,008 Lease liability, current portion 228,536 363,102 Total Current Liabilities 18,165,590 15,775,168 Non-current Liabilities: Notes payable, net of current portion 4,232 9,732 Note payables to related parties, net of current portion 624,000 624,000 Note payables, net of current portion 624,000 624,000 PIPE loan payable, net - 4,068,953 Gross sales royalty payable 1,000,000 1,000,000 Lease liability, net of current portion 250,002 305,125 Total Liabilities 20,043,824 21,782,978 Commitments

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View this 10-Q filing on SEC EDGAR