TruGolf revenue falls 11% as subscription sales collapse; net loss widens on debt charges

Filed April 15, 2026 · Period ending December 31, 2025 · Compared to 10-K Apr 15, 2025 · ~2 min read

Key Changes

• high

  Revenue declined 11% to $18.9M as content software subscription revenue fell 49% to $3.7M, driven by a shift in how licenses are sold (resulting in $1.3M deferred to future periods). Gross margin compressed 1,480 basis points to 50.4%, reflecting the subscription decline and a $2.2M non-recurring inventory adjustment from a new accounting system.

  MD&A: Revenue & Margins verify on EDGAR →
• high

  Net loss widened 73% to $15.2M (from $8.8M) while operating loss widened 190% to $6.1M (from $2.1M). The divergence reflects a $6.1M non-cash debt extinguishment loss (PIPE Notes exchanged for Series A Preferred Stock) and $2.2M inventory adjustments, partially offset by $3.7M lower interest expense. The bottom-line change did not come from operations.

  MD&A: Net Loss & Debt Restructuring verify on EDGAR →
• medium

  Company redomesticated from Delaware to Nevada in March 2026 (stockholder-approved February 2026). Rationale not disclosed. Headcount reduced from 72 to 68 employees; Centerville facility lease extended through November 2026 at $35,696/month (up 45% from prior $24,615 rate).

  Business: Redomestication & Operations verify on EDGAR →