The company's financial foundation is weakening, as evidenced by a current ratio of 0.92 and a debt-to-equity ratio that climbed to 2.18 in 2026Q1.
| Total Current Assets | 14.38M | 15.48M | 14.79M | 12.66M | 13.69M | 14.54M | 500.07K |
| Cash & Short-Term Investments | 8.84M | 10.47M | 10.88M | 5.78M | 9.66M | 10.71M | 500.07K |
| Cash Only | 8.84M | 10.47M | 10.88M | 3.3M | 9.66M | 10.71M | 500.07K |
| Short-Term Investments | 0 | 0 | 0 | 2.48M | 0 | 0 | 0 |
| Accounts Receivable | 1.31M | 1.06M | 1.4M | 2.23M | 1.74M | 1.5M | 0 |
| Days Sales Outstanding | 33.56 | 20.51 | 23.36 | 39.57 | 31.48 | 25.77 | - |
| Inventory | 1.36M | 863.26K | 2.35M | 2.12M | 2.12M | 1.86M | 0 |
| Days Inventory Outstanding | 69.54 | 22.55 | 117.93 | 90.62 | 110.33 | 117.2 | - |
| Other Current Assets | 2.87M | 3.09M | 162.36K | 2.27M | 17.84K | 117.7K | 0 |
| Total Non-Current Assets | 5.22M | 4.7M | 2.35M | 3.11M | 898.41K | 347.03K | 37.5K |
| Property, Plant & Equipment | 962.17K | 1.04M | 778.12K | 1.21M | 898.41K | 347.03K | 0 |
| Fixed Asset Turnover | 22.59x | 18.19x | 28.09x | 17.05x | 22.51x | 61.22x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.23M | 3.63M | 1.54M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 31.02K | 31.02K | 31.02K | 1.91M | 0 | 0 | 37.5K |
| Total Assets | 19.6M | 20.18M | 17.14M | 15.77M | 14.59M | 14.89M | 537.57K |
| Asset Turnover | 0.85x | 0.94x | 1.28x | 1.31x | 1.39x | 1.43x | - |
| Asset Growth % | 120.37% | 17.73% | 8.7% | 8.11% | -2.02% | 2669.45% | - |
| Total Current Liabilities | 15.66M | 14.4M | 15.78M | 10.67M | 7.41M | 5.42M | 40.96K |
| Accounts Payable | 3.19M | 2.77M | 2.82M | 2.06M | 1.46M | 677.25K | 0 |
| Days Payables Outstanding | 109.62 | 72.28 | 141.54 | 88.08 | 76.1 | 42.77 | - |
| Short-Term Debt | 5.31M | 4.4M | 3.75M | 4.98M | 2.17M | 1.46M | 0 |
| Deferred Revenue (Current) | 23.37M | 5.56M | 3.11M | 0 | 2.71M | 2.59M | 0 |
| Other Current Liabilities | 434.54K | 1.62M | 140K | 2.46M | 240.32K | 90K | 40.96K |
| Current Ratio | 0.92x | 1.07x | 0.94x | 1.19x | 1.85x | 2.68x | 12.21x |
| Quick Ratio | 0.83x | 1.01x | 0.79x | 0.99x | 1.56x | 2.34x | 12.21x |
| Cash Conversion Cycle | -6.52 | -29.22 | -0.25 | 42.11 | 65.71 | 100.21 | - |
| Total Non-Current Liabilities | 1.43M | 1.48M | 6.01M | 9.02M | 10.61M | 12.62M | 506K |
| Long-Term Debt | 164.66K | 1.29M | 4.7M | 3.26M | 1.44M | 1.98M | 500K |
| Capital Lease Obligations | 441.94K | 191.94K | 305.13K | 668.23K | 510.18K | 14.9K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.27M | 0 | 1M | 5.09M | 8.66M | 10.63M | 6K |
| Total Liabilities | 17.09M | 15.88M | 21.78M | 19.69M | 18.02M | 18.04M | 546.96K |
| Total Debt | 5.48M | 5.9M | 9.12M | 9.25M | 4.34M | 3.6M | 500K |
| Net Debt | -3.36M | -4.57M | -1.76M | 5.95M | -5.32M | -7.11M | -67 |
| Debt / Equity | 2.18x | 1.37x | - | - | - | - | - |
| Debt / EBITDA | -1.29x | - | - | - | 4.52x | 0.56x | - |
| Net Debt / EBITDA | 0.79x | - | - | - | -5.55x | -1.11x | - |
| Interest Coverage | -6.10x | -3.68x | -0.27x | - | - | 7.38x | - |
| Total Equity | 2.51M | 4.3M | -4.64M | -3.92M | -3.43M | -3.16M | -9.39K |
| Equity Growth % | 649.84% | 192.67% | -18.46% | -14.19% | -8.71% | -33491% | - |
| Book Value per Share | 4.76 | 14.51 | -13.49 | -4.66 | -5.19 | -3.84 | -0.01 |
| Total Shareholders' Equity | 2.51M | 4.3M | -4.64M | -3.92M | -3.43M | -3.16M | -9.39K |
| Common Stock | 65 | 45 | 2.78K | 120 | 100 | 100 | 288 |
| Retained Earnings | -44.49M | -41.08M | -21.16M | -12.36M | -2.08M | -1.12M | -59.4K |
| Treasury Stock | 0 | -2.04M | -2.04M | -2.04M | -2.04M | -2.04M | 0 |
| Accumulated OCI | 0 | 0 | 0 | -1.66K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative equity erosion
As reported in recent financial statements, TruGolf's equity base has remained under significant pressure, with retained earnings deepening to -$44.5M in 2026Q1, signaling that the company's ongoing operational losses are systematically consuming its net asset value and weakening the overall financial foundation of the enterprise.
The persistent decline in retained earnings suggests that the business model is currently unable to generate sufficient returns to offset its accumulated deficit. Investors should monitor whether this trajectory necessitates further dilutive financing to maintain basic operational solvency.
Based on the provided quarterly data, TruGolf's debt-to-equity ratio reached 2.18 in 2026Q1, reflecting a precarious reliance on external financing as the company struggles to maintain a positive equity position while managing its $5.5M debt load in a high-interest environment.
The fluctuation in leverage metrics appears to be driven more by the volatility of the equity base than by strategic debt management. This suggests that the company's ability to service its obligations may be increasingly sensitive to its limited cash-generating capacity.
According to recent SEC filings, TruGolf's current ratio has compressed to 0.92 as of 2026Q1, indicating that current liabilities now exceed current assets, which may limit the company's flexibility to navigate short-term operational shocks or supply chain disruptions in its hardware segment.
A current ratio below unity warrants further investigation into the company's working capital management and the liquidity of its inventory. The reliance on $8.8M in cash to cover these obligations suggests a narrowing buffer against ongoing operational cash burn.
As indicated by the balance sheet, the presence of $4.2M in goodwill as of 2026Q1 represents a significant portion of total assets, which may be subject to impairment risk if the company fails to achieve the projected growth in its software ecosystem.
Given the negative net margins and contracting revenue, the carrying value of these intangible assets appears potentially optimistic. Investors should consider the possibility of future write-downs, which would further erode the already fragile equity position.
Quick answers to the most common questions about buying TRUG stock.
As of 2025, TruGolf Holdings, Inc. (TRUG) had total assets of $20.2M including $15.5M in current assets.
TruGolf Holdings, Inc. (TRUG) carries total debt of $5.9M, offset by $10.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TruGolf Holdings, Inc. (TRUG) has total shareholders' equity (book value) of $4.3M ($14.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TruGolf Holdings, Inc. (TRUG) reported a current ratio of 1.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.