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TruGolf Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenues of $6,236,795 for the three months ended September 30, 2024, an increase from $3,431,735 in the same period the previous year. This growth is attributed to increased product acceptance and market penetration.
Cost of revenues rose to $1,924,093 from $1,533,691, reflecting higher material costs and shipping expenses.
Operating expenses decreased to $3,440,421 from $4,221,755, primarily due to reductions in salaries, wages, and benefits, and selling, general, and administrative expenses.
The company recorded a net loss of $60,175 for the quarter, compared to a net loss of $2,660,868 in the previous year.
TruGolf's cash and cash equivalents increased to $7,452,185 as of September 30, 2024, from $5,397,564 at the end of 2023, supported by operating cash flows and financing activities.
TruGolf completed a business combination with Deep Medicine Acquisition Corp. on January 31, 2024, which was accounted for as a reverse recapitalization.
The company entered into a PIPE financing agreement, issuing convertible notes with an aggregate principal amount of up to $15,500,000, along with associated warrants.
TruGolf formed a wholly owned subsidiary, TruGolf Links Franchising, LLC, to establish and sell franchises using its indoor golf simulators.
The company identified material weaknesses in its internal control over financial reporting, which it is working to remediate by hiring additional staff and implementing new systems.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TruGolf Holdings Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.