TruGolf Q1 revenue falls 4%, working capital swings to deficit amid control weakness

Filed May 20, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~2 min read

Key Changes

• high

  Revenue declined 4.2% year-over-year to $4.9M while cost of revenue surged 29.8%, compressing gross margin from 65.6% to 53.4%. Golf simulator revenue specifically fell $228K, reversing prior-year 8% growth trajectory.

  MD&A: Revenue and Margins verify on EDGAR →
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  Working capital swung from $1.1M surplus to $1.3M deficit in Q1 2026 as cash fell $1.6M, inventory rose $497K, and receivables increased $254K. Company maintains 55.1% reserve rate on receivables, signaling collection uncertainty.

  MD&A: Liquidity verify on EDGAR →
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  Series A Preferred Stock conversion price resets downward every six months if stock declines; April 2026 reset dropped price to $2.76 with next reset October 2026. Accrued dividends convert at 90% of five-day VWAP, amplifying dilution as stock falls.

  Risk Factors verify on EDGAR →