Filing Flows › TruGolf Holdings (TRUG) › Q3 2025
TruGolf Holdings (TRUG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
TruGolf Holdings (TRUG) reported revenue of $4.1M for the third quarter 2025 (Q3 2025), -34% from a year earlier and -5% from the quarter before. Operating margin was -27.1%, net loss $7.3M (177.3% of revenue).
TruGolf Holdings, Q3 2025: revenue $4.1M (-34% year over year), operating margin -27.1%, net loss $7.3M, operating cash flow −$624K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.1M | -5% | -34% |
| Operating profit | −$1.1M | — | — |
| Net earnings | −$7.3M | — | — |
| Operating cash flow | −$624K | — | — |
What changed
Revenue was $4.1M in Q3 2025, down 34% year over year and down 5% from the previous quarter. Golf Simulators was the largest line at 63% of revenue. Golf Simulators lost $2.3M year over year (down 47%), 107% of the total change.
Gross margin was 69.3%, up 0.2 points from a year earlier. Operating costs exceeded revenue by $1.1M, an operating margin of -27.1%. Operating expenses grew 15% against a revenue fall of 34%. The fastest-growing cost line was SG&A (+112%). The quarter ended with a net loss of $7.3M, wider than the previous quarter's $3.3M loss. Net interest and other expense of $6.2M was the main reason.
Operating cash flow was −$624K. Non-cash charges added back $334K of depreciation and amortization and $3K of share-based compensation. Working capital and other items added $6.3M. Capital expenditures of $52K exceeded it, leaving free cash flow of −$676K.
Questions
What was TruGolf Holdings' revenue in the third quarter 2025?
TruGolf Holdings (TRUG) reported revenue of $4.1M for the third quarter 2025 (Q3 2025), -34% from a year earlier and -5% from the quarter before.
Was TruGolf Holdings profitable in the third quarter 2025?
Operating loss was $1.1M (-27.1% of revenue) and net loss $7.3M.
Source: TruGolf Holdings 10-Q on SEC EDGAR.