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TruGolf Holdings (TRUG) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · TruGolf Holdings (TRUG) Q2 2026 earnings results →
Q2 2026 Revenue up 34% year over year to $5.8M · 8¢ of every $1 of revenue lost · operating margin -3.8%
TruGolf Holdings made $5.8M in Q2 2026 (+34% Y/Y): Content Software Subscriptions $2.8M, Golf Simulatorsm $2.7M, Other Revenue $179K. Operating margin -3.8%, net loss $448K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $5.8M in Q2 2026, up 34% year over year and up 15% from the previous quarter. Content Software Subscriptions was the largest line at 49% of revenue. Content Software Subscriptions added $2.5M year over year (up 725%), 167% of the total change. Other Revenue declined 76%.
Gross margin was 59.8%, up 18.7 points from Q2 2025. Operating costs exceeded revenue by $222K, an operating margin of -3.8%. Operating expenses grew 1% against revenue growth of 34%. The fastest-growing cost line was Other operating costs (+23%). The quarter ended with a net loss of $448K, narrower than the previous quarter's $1.4M loss. Net interest and other expense of $226K was the main reason.
Operating cash flow was −$1.3M. Non-cash charges added back $312K of depreciation and amortization. Working capital and other items used $1.1M. Capital expenditures of $98K exceeded it, leaving free cash flow of −$1.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $5.8M | +34% | -3.8% | −$448K | −$1.3M |
| Q1 2026 | 10-Q | May 20, 2026 | $5.0M | -7% | -25.8% | −$1.4M | −$122K |
| Q4 2025 | 10-K | Apr 15, 2026 | $5.1M | -25% | -37.2% | −$2.0M | $280K |
| Q3 2025 | 10-Q | Nov 14, 2025 | $4.1M | -34% | -27.1% | −$7.3M | −$624K |
| Q2 2025 | 10-Q | Aug 19, 2025 | $4.3M | +11% | -43.4% | −$3.3M | −$905K |
| Q1 2025 | 10-Q | May 15, 2025 | $5.4M | +8% | -22.9% | −$2.7M | −$449K |
| Q4 2024 | 10-K | Apr 15, 2025 | $6.7M | -0.9% | -18.5% | −$5.9M | −$7.1M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About TruGolf Holdings
Unless otherwise indicated or the context requires otherwise, the terms “we,” “us,” “our,” and “our company” refer to TruGolf Holdings, Inc., a Nevada corporation (“TruGolf”), and its wholly owned subsidiaries, including TruGolf, Inc., a Nevada corporation (“TruGolf Nevada”) and TruGolf Links Franchising, LLC (“Links”), a Delaware limited liability company. We were incorporated on July 8, 2020, as a Delaware corporation and formed for the purpose of effecting a business combination. On January 31, 2024, we consummated a business combination pursuant to which TruGolf Nevada became our wholly-owned subsidiary, and our name was changed from Deep Medicine Acquisition Corp. to TruGolf Holdings, Inc. TruGolf Nevada, was formed in 1995, and was a subsidiary of Access Software. Upon the acquisition of Access Software by Microsoft Corp.
In its own words, from its 10-K, filed Apr 15, 2026.
TruGolf Holdings against its Sporting & Athletic Goods, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +34% against the peers' median +2%. Operating margin: -3.8% against the peers' median 10.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TRUG TruGolf Holdings | Q2 2026 | $5.8M | +34% | -3.8% |
| GOLF Acushnet Holdings | Q3 2026 | $649M | -1% | 12.4% |
| PTON Peloton Interactive | Q1 FY27 | $559M | +2% | 20.8% |
| YETI Yeti Holdings | Q2 2026 | $484M | +8% | 19.3% |
| CALY Callaway Golf | Q3 2026 | $437M | -6% | 10.2% |
| JOUT Johnson Outdoors | Q3 FY26 | $190M | +5% | 9.7% |
| SBDS Solo Brands | Q2 2026 | $88.5M | -4% | 4.0% |
| CLAR Clarus | Q3 2026 | $71.2M | +3% | 4.7% |
| ESCA Escalade | Q3 2026 | $65.6M | -3% | 13.2% |
Source: TruGolf Holdings 10-Q on SEC EDGAR · CIK 1857086 · Sporting & Athletic Goods, NEC
More on TRUG
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results