TruGolf Holdings, Inc.

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.

Our Business

Our Corporate and Acquisition History

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 August 1999, the core programming and graphics team of the Links TM video game series were spun out to TruGolf Nevada.

On March 10, 2026, the Company completed its redomestication from a Delaware corporation to a Nevada corporation (the “Redomestication”) by filing a certificate of conversion with the Secretary of State of the State of Delaware and articles of conversion with the Nevada Secretary of State. The Redomestication was approved by the Company’s stockholders at the annual meeting held on February 17, 2026.

General

TruGolf is a golf technology company focused on indoor golf simulation hardware, software, and related services. Our roots trace to the golf simulation and software expertise developed through Access Software and the Links™ video game franchise, and since 1999, we have focused on helping establish residential and commercial golf simulation as a viable industry. Over time, we expanded from software-focused offerings into a broader integrated platform that includes proprietary launch monitors, simulator systems, software products, and custom installations.

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Today, we offer a portfolio of golf technology products designed to help users play, improve, and enjoy golf in indoor environments. Our hardware offerings include launch monitors such as APOGEE and LaunchBox, simulator systems ranging from compact and portable configurations to premium and custom installations, and related components and services. Our simulator lineup includes products such as STARTER, MAX, Signature, Premium, and Custom Golf Simulators for residential, commercial, and other specialized applications.

Our software ecosystem includes E6 CONNECT and E6 GOLF. E6 CONNECT supports practice, course play, mini-games, online events, and commercial tools, while E6 GOLF is positioned as our next-generation improvement and simulation platform. These software offerings are designed to operate with TruGolf hardware and, in certain cases, with select third-party launch monitor platforms.

Our products are intended to serve a market supported by continued growth in both traditional and off-course golf participation. According to recent National Golf Foundation reporting, total U.S. golf participation reached 48.1 million in 2025, including 29.1 million on-course golfers and 37.9 million off-course participants, while total rounds played reached a record 549 million in 2025. In addition, the U.S. golf industry continues to benefit from sustained demand, growth in simulator and other off-course formats, and a stable base of golf facilities following years of industry correction.

Certain components and materials used in simulator and launch monitor products are specialized and may be sourced from a limited number of suppliers, while many other components are generally available from multiple sources. We continue to evaluate sourcing alternatives and production capabilities to support product availability, installations, and customer fulfillment.

Market For Indoor Golf

Understanding broader participation and facility trends in golf is important to assessing the market for our indoor golf simulators, launch monitors, and software. According to the National Golf Foundation (“NGF”), total golf participation in the United States reached 48.1 million people age 6 and older in 2025, including 29.1 million on-course golfers and 37.9 million off-course participants. NGF defines off-course participation to include golf entertainment venues, standalone driving ranges, and businesses with simulator and screen-golf setups. More than 19.0 million Americans participated exclusively off-course in 2025, compared to 10.1 million who participated exclusively on-course, reflecting the continued expansion of technology-enabled and alternative formats of the game. NGF also reports that simulator or screen-golf participation reached 9.2 million in 2025.

NGF’s research further indicates that off-course golf complements traditional golf rather than replacing it. In 2025, more than 19 million people participated both on and off course, representing approximately 65% of all on-course golfers. NGF reports that these participants tend to play more frequently, spend more, and seek instruction at higher rates than single-format participants. NGF also reports that green-grass participation has increased for eight consecutive years and that total rounds played in the United States reached approximately 549 million in 2025.

These participation trends are supported by an expanding off-course and simulator-based supply base. According to NGF, the U.S. market now includes approximately 120 large-scale golf entertainment venues, approximately 1,700 simulator businesses focused primarily on golf entertainment, approximately 700 commercial simulator locations focused primarily on club fitting, lessons, and game improvement, and approximately 1,600 green-grass facilities with tech-enabled ranges or indoor simulators. NGF also reports that there are just under 800 standalone driving ranges nationwide, including approximately 250 with integrated ball-tracking technology. This expanding infrastructure increases consumer exposure to simulator-based golf and supports long-term demand for indoor golf hardware, software, and related services.

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Third-party industry research also indicates that the golf simulator market represents a growing addressable market. According to Grand View Research, the global golf simulator market was valued at approximately $1.74 billion in 2024 and is expected to grow at a compound annual growth rate of 9.4% from 2025 to 2030. Grand View Research also reports that the U.S. golf simulator market generated approximately $682.7 million in revenue in 2024 and is expected to grow at a compound annual growth rate of 8.8% from 2025 to 2030, while the North America market generated approximately $818.5 million in revenue in 2024 and is expected to grow at a compound annual growth rate of 9.0% from 2025 to 2030.

Our products are designed to serve multiple segments within this market, including simulator-based play, game improvement, instruction, club fitting, and venue-based entertainment. The continued growth of off-course participation, simulator engagement, and technology-enabled golf facilities supports our strategy of offering integrated hardware and software solutions for commercial and residential indoor golf environments.

Current Operations

We currently operate through three principal business channels: (i) the design, manufacture, marketing and sale of indoor golf simulator hardware and launch monitors under the TruGolf brand, generally bundled with proprietary software solutions; (ii) the sale and licensing of our E6 software platform for use with TruGolf hardware and certain third-party launch monitor platforms; and (iii) the development of commercial and franchise-oriented indoor golf solutions, including software, hardware, administration tools and related operating technologies.

Our current operations are focused on expanding adoption of our APOGEE launch monitor platform, increasing use of our E6 software ecosystem, and broadening our hardware lineup to address residential, commercial, instructional, entertainment and portable-use applications. We offer integrated simulator solutions across a range of price points and use environments, from portable launch monitors and compact simulator packages to premium permanent installations and custom commercial installations. These solutions generally combine launch monitor hardware, enclosures, projection systems, computer and display components, software and installation-related services. We also offer standalone software products and commercial tools that may be used independently or with selected third-party hardware platforms.

We believe our business benefits from broader participation trends in both on-course and off-course golf. NGF materials also indicate that U.S. golf demand has remained elevated in recent years and that overall facility supply has stabilized. We believe these trends support continued demand for indoor golf hardware, software, practice tools and simulator-based entertainment experiences.

In addition to our core hardware and software offerings, we continue to develop products and services for commercial operators, including league management, member messaging, analytics, simulator administration tools and multi-activity offerings designed to improve venue utilization and customer engagement. We also continue to evaluate opportunities related to organized online play, simulator-based competition and the use of data generated through our software ecosystem, although these initiatives remain complementary to our current core operations.

Our Products

Our products consist primarily of launch monitors, golf simulator systems, simulation software, commercial management software tools, and Multi-Sport Arcade entertainment add-ons.

Hardware

Launch Monitors.

Our hardware lineup is anchored by APOGEE, our ceiling-mounted launch monitor designed for indoor golf simulation. APOGEE is designed to support ease of installation and use, and includes features intended to enhance the user experience, including continuous calibration functionality, support for standard golf balls and clubs without specialty balls or marked clubs, point-of-impact replay, voice-enabled operation and rapid shot-to-screen response. APOGEE currently includes E6 CONNECT Practice software and a limited warranty. We also offer LaunchBox, a portable photometric launch monitor and simulator solution designed for indoor use and certain outdoor practice applications. LaunchBox is intended to provide a portable entry point into the TruGolf ecosystem and includes E6 CONNECT Home content.

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Simulator Systems.

We offer multiple simulator configurations designed for a range of customer needs and installation environments. These include the TruGolf STARTER, multiple TruGolf MAX configurations, and larger permanent installations including Signature, Premium and custom simulator offerings. These products generally combine launch monitor hardware, enclosures, turf systems, projectors, computers, touchscreens and our software platform. Certain models are designed to emphasize portability and ease of setup, while others are designed to emphasize immersive presentation, upgraded finishes or commercial durability.

Custom Simulators.

In addition to our standard product lineup, we design and deliver custom golf simulator installations for luxury residential, institutional and commercial applications. These projects may incorporate APOGEE, custom enclosure and flooring designs, upgraded audio/visual components, enhanced projection systems, touchscreen interfaces and multi-sport functionality. Our custom simulator process typically includes consultation, design coordination, installation oversight, calibration and training.

Multi-Sport Products.

We also offer Multi-Sport Arcade, an interactive sports and entertainment add-on designed to expand simulator use beyond golf. This offering includes Arcade-style games and activities intended to increase family, youth and group appeal in both residential and commercial settings.

Software

Our software products consist primarily of E6 GOLF and E6 CONNECT, which are internally developed golf simulation and practice platforms. E6 Apex has been renamed E6 GOLF, and references to E6 GOLF in this report refer to the product formerly marketed as E6 Apex. Our current software strategy is principally focused on the continued development, commercialization and deployment of E6 GOLF, while E6 CONNECT remains available for purchase and continues to support certain legacy home, commercial and cross-platform use cases.

E6 GOLF is our current flagship software platform and the primary focus of our software roadmap. E6 GOLF is designed to provide an advanced simulation experience that combines course play, player development and visual presentation. Based on our current product materials and the product materials historically associated with E6 Apex, E6 GOLF includes practice and improvement tools such as full practice environments, club fitting, bag mapping and skills challenges, with course-play functionality available in certain configurations. Our software materials have also described the platform as supporting a broad library of courses, high-definition visual presentation and compatibility with multiple launch monitor platforms.

Historically, our software descriptions for the E6 Apex platform emphasized realistic and customizable simulation, including detailed digital recreations of golf courses and environmental presentation features such as animated scenery, lighting, shadows, weather-related visual effects and time-of-day settings. These capabilities remain central to the value proposition of E6 GOLF as we continue to position the platform as our primary software offering for simulated golf, instruction and player development.

We believe E6 GOLF represents the next phase of our software platform strategy and provides the foundation for continued enhancement of visual quality, simulation realism, training functionality and premium user experiences across our hardware ecosystem. Our current development focus is intended to expand the capabilities and adoption of E6 GOLF across our residential and commercial product offerings.

E6 CONNECT remains an important part of our software portfolio, but it is a legacy platform relative to E6 GOLF. E6 CONNECT continues to be sold in owned and subscription-based configurations and, depending on the version, may not require an annual subscription. E6 CONNECT is offered in multiple configurations, including Practice, Home and Commercial Tools modules. Depending on the version, E6 CONNECT includes driving, chipping and putting practice environments, player profiles, online events, statistics tracking, traditional modes of play such as stroke, scramble, best ball and stableford, and certain mini-games and challenge formats.

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We also offer commercial tools associated with E6 CONNECT that support league creation, event management, simulator administration, member messaging, security controls, remote system monitoring and usage analytics. These tools are intended to assist commercial operators in managing indoor golf facilities and increasing simulator utilization. E6 CONNECT has also historically provided compatibility with third-party launch monitor platforms, which has expanded the reach of our software offerings beyond TruGolf-branded hardware. While E6 CONNECT remains commercially available and continues to serve installed customers and channel relationships, our principal software emphasis is on the future development and broader adoption of E6 GOLF.

Plans for Future Operations

Expansion into Franchises

We have developed and continue to evaluate a commercial franchise-oriented offering centered on indoor golf entertainment venues that may include simulator bays, golf range bays, food and beverage service, events, instruction, club sales, branded and non-branded merchandise, and other golf-related services. As of December 31, 2025, our efforts in this area had included concept development, supporting technology and operating tools for potential commercial operators, including a proprietary bay-booking and food-and-beverage ordering application.

We believe indoor golf venues may offer operators a more flexible and lower-footprint format than traditional outdoor golf facilities. Our historical planning has contemplated a range of potential venue sizes, from smaller-format locations to larger entertainment-focused facilities, with substantially less land, infrastructure and development cost than a traditional golf course or stand-alone driving range. We also believe such locations may serve as experiential showrooms for our hardware and software products, which could support simulator, launch monitor, software and related commercial sales.

Our evaluation of this opportunity is informed by continued growth in off-course golf participation and the expansion of technology-enabled golf venues. According to the NGF, total U.S. golf participation reached 48.1 million in 2025, including approximately 19.0 million participants who engaged exclusively in off-course forms of golf, and the number of simulator-focused entertainment venues and other off-course golf businesses continued to increase through year-end 2025. The NGF also reports approximately 1,700 simulator businesses focused primarily on golf entertainment, approximately 700 simulator businesses focused primarily on club fitting, instruction and game improvement, and approximately 1,600 green-grass facilities with golf simulators or range technology.

Virtual Golf Association

We plan to continue developing the Virtual Golf Association, or VGA, as a digital competition and engagement framework built around our connected software ecosystem. The VGA is intended to leverage our experience in networked gameplay and online golf simulation in order to facilitate competitive and recreational digital golf events among users across multiple locations. We contemplate the VGA to be a governing structure for digital golf events within the E6 ecosystem and as a means of supporting head-to-head play, organized events and broader online participation.

We believe the ongoing expansion of off-course golf, simulator play and digitally connected golf experiences supports this strategy. NGF data indicates that screen and simulator golf participation reached approximately 9.2 million in 2025, representing a year-over-year increase of approximately 13%. In addition, our commercial software tools already include features for events, seasons, league administration, member messaging and usage reporting, which we believe provide a foundation for further development of structured competitive and community-based offerings.

Going forward, we expect development in this area to remain focused on features intended to increase user engagement, support league and tournament play, and expand the utility of our software for both individual users and commercial operators. These efforts may include broader event management functionality, persistent player profiles, expanded scoring and results tools, and additional online competition capabilities, although the timing and commercial impact of such initiatives will depend on product development, adoption and available resources.

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Data Analysis

We intend to continue evaluating ways to use data generated through our software and launch monitor ecosystem to enhance product functionality, improve the user experience and support commercial operators. Our existing platform already includes data-driven features for player improvement, commercial usage reporting and member participation tracking. Our commercial tools currently include data and analytics capabilities that allow operators to review simulator usage, participation and trend information, and our software products include player profile, practice and session-related functionality designed to support instruction, improvement and retention. We believe these capabilities may support future enhancements in performance feedback, customer engagement, operator decision-making and other software-enabled services.

We also believe broader market trends support continued investment in data-enabled software and commercial tools. The NGF reports that technology-enabled off-course venues continue to expand, and that operators increasingly use technology tools to improve customer experience, manage demand and generate additional revenue. While we believe our data assets and analytics capabilities may create additional opportunities over time, any such opportunities will depend on market adoption, product execution, regulatory considerations and the availability of capital and other resources.

Sales Overview

Our sales operations are centralized at our corporate headquarters in Centerville, Utah. Our internal sales team is responsible for managing direct customer relationships and consulting with commercial facilities through a structured sales process designed to support both direct sales and partner-driven growth. Rather than relying primarily on a geographic territory model, we are increasingly organizing our sales efforts around targeted industry verticals, which we believe allows our sales personnel to develop deeper expertise within specific customer segments, strengthen strategic relationships, and support repeat business and broader product adoption.

Our sales strategy is focused on customer segments that we believe are aligned with demand for our hardware, software and facility solutions. These targeted sectors include golf courses, including pro shops and private clubs, residential home construction, audio/visual integration firms, commercial real estate developers, government entities, educational institutions, municipalities, and selected national accounts. We are also placing increased emphasis on opportunities that can support recurring and residual revenue, including expanded adoption of our software platforms, including E6 GOLF and related ecosystem services.

We also intend to expand adoption of newer product offerings such as the RANGE by TruGolf platform, which is designed to provide golf facilities with technology-enabled driving range solutions, including in locations that may not have the land or infrastructure required for a traditional driving range. We believe this product line can increase our presence within golf facilities while also supporting software adoption, customer engagement, and long-term recurring revenue opportunities. This strategy aligns with broader industry trends, including continued growth in off-course and technology-enabled golf venues. According to NGF, there are approximately 1,700 simulator businesses focused primarily on golf entertainment, approximately 700 commercial simulator locations focused on instruction and club fitting, and approximately 1,600 green-grass facilities with golf simulators or range technology in the United States as of year-end 2025.

In addition to our internal sales operations, we maintain and continue to expand a network of resellers, installers, and distribution partners that support the marketing, sale, installation and servicing of our products across domestic and international markets. We believe this partner-driven model extends our reach while leveraging local market expertise to support customer acquisition, installation, and ongoing client relationships. Domestically, we have an established reseller network across the United States and Canada, with a developing presence in Latin America. Internationally, we maintain reseller relationships in multiple regions, including Europe, Australia and Africa, and we continue to evaluate additional opportunities to support growth in other markets.

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We intend to continue expanding our international presence by strengthening relationships with existing partners and identifying additional reseller and distribution partners capable of supporting growth in key regions, including Europe, the Middle East, Africa, South America and Canada. Subject to available capital, we may also pursue a more structured international distribution model, including potential regional support resources, to broaden market penetration and increase adoption of our hardware and software solutions in both established and emerging markets.

No single customer accounted for 10% or more of our revenues during the fiscal year ended December 31, 2025, and we do not believe the loss of any single customer would have a material adverse effect on our business.

Competition

We operate in a highly competitive market for golf simulation hardware, launch monitors, simulator software, and related commercial solutions. Competitors include integrated hardware-and-software providers, launch monitor manufacturers, simulator package providers, and software-focused platforms. Key competitors include TrackMan, Full Swing, Foresight, Golfzon, Uneekor, Garmin, FlightScope, SkyTrak, and Voice Caddie. The competitive environment continues to evolve alongside broader growth in golf participation, particularly in off-course formats such as simulator venues, golf entertainment locations, and technology-enabled practice environments. NGF data indicates total off-course golf participation in the United States reached 37.9 million in 2025.

These competitors generally fall into two primary categories: fixed indoor launch monitor and simulator systems, and portable or indoor/outdoor launch monitors. In addition, several competitors offer proprietary software platforms, subscription products, course content, training tools, and related services designed to increase customer retention and recurring revenue. We also face competition from software-only offerings, including GSPro, The Golf Club, and World Golf Tour, which compete on graphics, gameplay, course libraries, online features, compatibility, and price. Our own product portfolio includes APOGEE, LaunchBox, simulator packages, E6 CONNECT, and commercial software tools and analytics offerings.

We believe competition in this market is driven principally by launch monitor accuracy, speed of shot registration, ease of installation and calibration, software quality, realism of graphics and course content, training and analytics features, commercial management functionality, interoperability with third-party hardware, customer support, and brand reputation. We believe our competitive strengths include our long operating history in golf simulation software, our ability to offer both hardware and software solutions, and E6 CONNECT’s compatibility with multiple third-party launch monitor platforms. TruGolf has developed and sold golf simulation software for nearly 40 years and has also designed, manufactured, and sold proprietary hardware for more than 20 years.

We believe our integrated hardware and software platform, commercial tools, and long operating history position us competitively across residential, commercial, and entertainment-focused segments.

Our Competitive Strengths

We believe our competitive strengths are founded on our long history of innovation in golf simulation, our integrated hardware and software platform, and our ability to serve customers across residential, commercial, and entertainment markets. For decades, we have developed golf simulation software and related technologies and have expanded those capabilities to include launch monitors, simulator systems, installation, and connected digital experiences. We believe this operating history has provided us with significant industry knowledge, product development expertise, and brand recognition within the indoor golf market.

We believe our integrated ecosystem is a key competitive advantage. Our product portfolio includes launch monitors, simulator hardware, and software solutions designed to work together to deliver a seamless user experience. This integrated approach enables us to serve a broad range of customer needs while also supporting opportunities for recurring software and service revenue.

We also believe our software capabilities are a significant competitive strength. We have made substantial recent and ongoing investments in the complete overhaul, ground-up redesign, and continued enhancement of E6 GOLF, our flagship software platform. These investments are intended to modernize the platform’s architecture, improve performance and usability, expand content and feature capabilities, and establish a stronger technological foundation for future product development across our ecosystem. We believe this continued investment in innovation positions us to meet evolving customer expectations, support future growth, and strengthen its competitive position in the indoor golf market.

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Seasonality

Our business is subject to seasonal fluctuations. Demand for our indoor golf simulator hardware and software generally increases during periods when outdoor golf is less accessible due to cold, wet, or otherwise unfavorable weather conditions, particularly during the fall and winter months in many regions of the United States and certain international markets. As a result, we have historically experienced stronger sales activity and increased software usage during the fourth and first fiscal quarters.

To support these seasonal demand patterns, we typically increase marketing and sales activities during the second half of the year and devote additional operational resources to manufacturing, fulfillment, installation, and customer support during periods of elevated demand.

We expect seasonal trends to continue, although the timing and magnitude of these trends may vary from period to period due to factors such as product launch timing, customer purchasing cycles, supply chain conditions, macroeconomic factors, and weather patterns in key markets.

Government Regulation

We are subject to a broad range of U.S. federal, state, and foreign laws and regulations, many of which are evolving and continue to be tested in courts. These laws and regulations may be interpreted in ways that could adversely impact our business and operations. Key areas of regulation include, but are not limited to, user privacy, data protection, consumer information privacy, and laws governing unfair and deceptive trade practices.

U.S. federal and state laws and regulations, some of which may be enforced by both governmental agencies and private parties, are constantly evolving and subject to significant change. The application, interpretation, and enforcement of these legal requirements are often uncertain, particularly given the emerging and rapidly evolving nature of the industries in which we operate. Additionally, these laws and regulations may be applied inconsistently across different jurisdictions and may not align with our current policies and practices.

Our sales of golf simulators and related products are subject to oversight and regulation by various entities, including the Federal Trade Commission (FTC) and the Consumer Product Safety Commission (CPSC), as well as other federal, state, local, and foreign regulatory authorities. These laws primarily govern product labeling, advertising, marketing, manufacturing, safety, shipment, and disposal. Furthermore, because certain components used in our products are imported, we are subject to import regulations and international trade laws.

In addition to the foregoing, we are subject to other regulatory regimes, including environmental laws, employment regulations, privacy and cybersecurity laws, environmental health and safety regulations, licensing and operational requirements, the Foreign Corrupt Practices Act (FCPA), and similar anti-bribery and anti-kickback laws. The adoption of new laws and regulations, or new interpretations of existing laws, could materially impact our operations and compliance requirements.

To date, the costs of compliance with applicable laws and regulations have not had a material adverse effect on our operations, and we believe we are in substantial compliance with all current legal and regulatory requirements. However, given the nature of our operations and the continually evolving regulatory landscape, we cannot predict with certainty whether future material capital expenditures or operating costs will be required to maintain compliance with applicable regulations.

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Intellectual Property

We regard our trademarks, service marks, copyrights, patents, domain names, trade dress, trade secrets, proprietary technologies, and other forms of intellectual property as critical assets essential to our success. To protect these assets, we rely on a combination of trademark, copyright, and patent laws, as well as trade secret protections and confidentiality and/or license agreements with employees, customers, partners, and other third parties. We own an issued U.S. patent which is expected to remain in force until 2038, and several pending patent applications that may ultimately be issued and would expire between 2042 and 2045. We have also registered or applied for registration of various U.S. domain names, trademarks, service marks, and copyrights.

However, effective protection of trademarks, service marks, copyrights, patents, and trade secrets may not be available in every jurisdiction where our products are offered. We have previously licensed, and may continue to license in the future, certain proprietary rights—such as trademarks and copyrighted materials—to third parties. Although we seek to maintain brand quality through such licenses, there is no assurance that licensees will not engage in conduct that could materially and adversely affect the value of our intellectual property or reputation, which may, in turn, have a material adverse effect on our business, prospects, financial condition, and results of operations.

Further, there can be no assurance that the steps taken by us to protect our proprietary rights will be sufficient or that third parties will not infringe upon or misappropriate our copyrights, trademarks, patents, trade dress, or similar proprietary rights. Additionally, other parties may assert claims of intellectual property infringement against us. We have been subject to such claims in the past and expect that we may face similar legal proceedings and claims in the ordinary course of business, including allegations that we or our licensees have infringed upon the trademarks or other intellectual property rights of third parties. Even claims that are without merit could result in the expenditure of significant financial and managerial resources, potentially impacting our operations and reputation.

Human Resources

As of the date of this report, we employ approximately 68 employees, including 67 full-time and 1 part-time. Following the remote work arrangements adopted during the COVID-19 period, most of our employees have returned to full-time in-office work, although certain software development personnel currently work a hybrid schedule of three days in the office and two days remotely. Our workforce supports a broad range of functions across the business, including marketing and sales, in-house hardware and software development, light manufacturing and assembly, simulator installation, customer service, and logistics. Our operating model enables us to maintain direct oversight of key product development and customer support functions.

Facilities

We currently lease two facilities in Utah to support our operations. Our primary facility, located in Centerville, Utah, consists of approximately 19,381 square feet and serves as our corporate headquarters. This facility houses offices for more than half of our employees and supports administrative functions, sales, and research and development activities.

Our second facility, located in North Salt Lake, Utah, consists of approximately 13,000 square feet and supports manufacturing, assembly, returns, repairs, inventory storage, and logistics operations. This facility also houses office space for the remainder of our staff. Proprietary hardware, finished goods inventory, and assembled simulator storage are maintained at this location. We source components and materials used in our products, including frames, fabric, turf, foam, and other technology inputs, from local and domestic suppliers.

The Centerville facility is leased from Boulder Properties LLC pursuant to a three-year lease entered into in December 2022. During the year ended December 31, 2025, the Company entered into a lease extension agreement related to this office facility located in Centerville City, Utah. The amendment extended the lease term through November 30, 2026. Base monthly rent is $35,696, and we are also responsible for our proportionate share of operating expenses, which are currently approximately $3,000 per month. The facility includes tenant improvements designed to support our office, administrative, and research and development needs.

In June 2023, we entered into a five-year triple-net lease for the North Salt Lake facility. Base monthly rent during the first year of the lease was $10,457 and increases by 3% annually over the lease term.

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Legal Proceedings

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of business. As of the date of this filing, we are not a party to any legal proceedings that, in the opinion of management, if determined adversely, would individually or in the aggregate have a material adverse effect on our business, operating results, financial condition, or cash flows.

Insurance

We maintain an insurance policy that provides customary coverage and protections, including professional liability, general liability, employee benefits liability, and coverage against claims related to technology products and services, as well as cybersecurity risks. The policy also includes product liability coverage, which extends to claims arising from technology-related issues, such as customer data breaches, copyright infringement, misrepresentation, and fraud, as well as claims associated with physical products and services sold through our website.

Available Information

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our proxy and information statements and all amendments to those reports will be available free of charge through our website at www.trugolf.com as soon as practicable after such material is electronically filed with, or furnished to, the SEC. Except as otherwise stated in these documents, the information contained on our website or available by hyperlink from our website is not incorporated by reference into this report or any other documents we file, with or furnish to, the SEC.

Implications of Being an Emerging Growth Company

We qualify as an “emerging growth company” as the term is used in The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and therefore, we may take advantage of certain exemptions from various public company reporting requirements, including:

We may take advantage of these provisions for up to five years or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company if we have more than $1.235 billion in annual revenue, have more than $700.0 million in market value of our capital stock held by non-affiliates or issue more than $1.0 billion of non-convertible debt over a three-year period. So long as we remain an emerging growth company, we may choose to take advantage of some, but not all, of the available benefits of the JOBS Act. We have taken advantage of some of the reduced reporting requirements in our filings. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold stock. In addition, the JOBS Act provides that an emerging growth company can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to avail ourselves of this exemption from new or revised accounting standards and, therefore, we will not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

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