TruGolf Holdings Inc (NASDAQ: TRUG) is an indoor golf technology company that designs, manufactures, and sells golf simulator hardware, launch monitors, and simulation software. Revenue comes from hardware sales of integrated simulator systems and the APOGEE launch monitor platform, software sales and licensing of the E6 CONNECT and E6 GOLF platforms, and a nascent franchise operation through TruGolf Links Franchising, LLC. TruGolf Nevada, the operating subsidiary, traces its origins to 1995 as a subsidiary of Access Software before Microsoft acquired Access Software in 1999. The current public holding company was incorporated on July 8, 2020, and completed a business combination to acquire TruGolf Nevada on January 31, 2024. TruGolf sells across residential, commercial, instructional, entertainment, and portable-use segments, bundling launch monitor hardware, enclosures, projection systems, computer and display components, and software. Franchise revenue totaled $13,125 for the year ended December 31, 2025, reflecting early-stage development of that channel.

Revenue model

Hardware sales of indoor golf simulators and APOGEE launch monitors, software sales and licensing of E6 CONNECT and E6 GOLF platforms, and franchise revenue through TruGolf Links Franchising, LLC. Franchise revenue was $13,125 for the year ended December 31, 2025. Demand is seasonal, with elevated activity in the second half of the calendar year.

Products and services

APOGEE launch monitor platform; E6 GOLF simulation software; E6 CONNECT software platform with commercial tools for league creation, event management, simulator administration, member messaging, security controls, remote monitoring, and usage analytics; integrated indoor golf simulator packages ranging from portable units to custom commercial installations; a franchise concept for indoor golf entertainment venues including simulator bays, golf range bays, food and beverage service, events, instruction, and club sales; a proprietary bay-booking and food-and-beverage ordering application for franchise operators.

Customers and end markets

Residential golfers, commercial indoor golf facility operators, instructional facilities, and golf entertainment venues. End market context: total U.S. golf participation reached 48.1 million people age 6 and older in 2025, with 37.9 million off-course participants and simulator or screen-golf participation reaching 9.2 million, per the National Golf Foundation (2025).

Value-chain role

Vertically integrated designer and manufacturer of indoor golf hardware and proprietary simulation software. Sources specialized components from a limited number of suppliers for certain simulator and launch monitor parts, with other components available from multiple sources. Handles manufacturing, fulfillment, installation, and customer support directly.

Geographic exposure

Primarily U.S.-focused based on filing disclosures. Filing references foreign laws and regulations and notes consumer preferences differ across parts of the world, but no specific international revenue breakdown is disclosed in the excerpts.

Source: SEC 10-K, filed 2026-04-15

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