Expects Strong Revenues Driven by Franchising and New Products
Will Issue Q3 Results in First Half of November
Salt Lake City, Utah, Oct. 22, 2024 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, announced today its financial outlook for the balance of 2024. The Company expects to report strong revenues for the second half of 2024 driven in part by new revenues from its franchising business, TruGolf Links, as well as by market adoption of new products launched earlier this year.
Chief Executive Officer and Director Chris Jones said, "We have seen strong lift in interest, leads, and closes in Q2 and Q3 which has us excited for the dynamic growth ahead of TruGolf. The launch of our franchise concept has been very well received in the market and we expect it to continue growing in the years ahead. Additionally, our recently launched hardware and software products are finding broad market acceptance as a leading provider of golf simulator equipment. The combination of franchising and growing product sales should lead to strong revenues in the second half of 2024."
Outlook:
- Total sales are expected to grow by 8%-12% by the end of 2024 as compared to 2023 levels.
- EBITDA for the second half should be greater than $500,000 showing a return to profitability.
Mr. Jones continued, "We are proud of our team for their hard work in the transition to becoming a public company. In addition we added both an interim Comptroller and additional outside accounting staff to reinforce the team in order to ensure timely monthly closings, audits and filing. As a result, we expect to report our third quarter results in the first half of November, 2024."
Disclaimer on Forward Looking Statements
This news release contains certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute "forward-looking statements" and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the Company's forecasts for total sales and EBITDA discussed above. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in the Forward Looking Statements and Risk Factors sections of the Company's S-1 filed with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events.
About TruGolf, Inc.:
Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology.
Contact:
TruGolf Inc.
Brenner Adams, Chief Growth Officer
801-298-1997
trug@trugolf.com
