Free cash flow remains consistently negative, highlighted by a -105.4% FCF margin in 2024Q4 and an unsustainable $2.0M dividend payout in 2026Q1 despite ongoing operational losses.
| Cash from Operations | -1.37M | -1.7M | -4M | -6.13M | 791.88K | 4.52M | -50.03K |
| Operating CF Margin % | - | -9% | -18.28% | -29.8% | 3.91% | 21.27% | - |
| Operating CF Growth % | -1680.09% | 57.49% | 34.85% | -874.51% | -82.47% | 9130.65% | - |
| Net Income | -14M | -15.23M | -8.8M | -10.28M | -956.84K | 6.19M | -59.4K |
| Depreciation & Amortization | 1.55M | 1.13M | 639.84K | 453.96K | 226.2K | 187.44K | 0 |
| Stock-Based Compensation | 7.8K | 11.14K | 538.32K | 5.87M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 10.23M | 11.55M | 2.51M | 363.15K | 785.08K | -167.04K | 0 |
| Working Capital Changes | 844.8K | 837.89K | 1.12M | -2.54M | 737.44K | -1.69M | 9.36K |
| Change in Receivables | 182.65K | 256.31K | 173.51K | -1.34M | -244.35K | -1.48M | 0 |
| Change in Inventory | 2.49M | 1.49M | -230.26K | 2.4K | -265.62K | -1.26M | 0 |
| Change in Payables | 623.41K | -52.32K | 444.96K | 0 | 786.08K | 103.01K | 0 |
| Cash from Investing | -4.25M | -3.44M | 741.14K | -2.62M | -41.43K | -23K | 0 |
| Capital Expenditures | -219.52K | -205.44K | -36.34K | -127.41K | -41.43K | -23K | 0 |
| CapEx % of Revenue | 1.19% | 1.09% | 0.17% | 0.62% | 0.2% | 0.11% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -795.53K | 0 | -1.7M | -2.49M | 0 | 0 | 0 |
| Cash from Financing | 3.94M | 6.82M | 8.74M | 4.5M | -1.8M | -810.45K | 550.1K |
| Debt Issued (Net) | -715.65K | 1.82M | 8.28M | 2.29M | 162.85K | -332.47K | 500K |
| Equity Issued (Net) | 4.65M | 5M | 0 | 0 | 0 | -65K | 50K |
| Dividends Paid | -2.04M | 0 | 0 | 0 | -1.97M | -412.98K | 0 |
| Share Repurchases | -345K | 0 | 0 | 0 | 0 | -65K | 0 |
| Other Financing | 2.04M | 0 | 461.38K | 2.21M | 0 | 0 | 100 |
| Net Change in Cash | -1.68M | 1.69M | 5.48M | -4.26M | -1.05M | 3.68M | 500.07K |
| Free Cash Flow | -4.55M | -5.14M | -5.73M | -6.26M | 750.45K | 4.5M | -50.03K |
| FCF Margin % | -24.59% | -27.2% | -26.23% | -30.42% | 3.71% | 21.16% | - |
| FCF Growth % | 50.09% | 10.43% | 8.42% | -934.25% | -83.31% | 9084.69% | - |
| FCF per Share | -8.64 | -17.33 | -16.66 | -7.45 | 1.13 | 5.47 | -0.06 |
| FCF Conversion (FCF/Net Income) | 0.33x | 0.11x | 0.45x | 0.60x | -0.83x | 0.73x | 0.84x |
| Interest Paid | 0 | 108.99K | 923.98K | 0 | 602.25K | 656.15K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
As reported in recent financial filings, TruGolf's operating cash flow frequently decouples from net income, with the OCF/NI ratio reaching a volatile -7.57 in 2024Q3, suggesting that reported losses are not being mitigated by meaningful cash generation from core business operations.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are compounded by an inability to convert sales into liquid capital. Investors should monitor whether this divergence stems from aggressive revenue recognition or simply the high cash-burn nature of the hardware manufacturing cycle.
Based on the provided quarterly data, TruGolf's free cash flow trajectory remains consistently negative, with a -105.4% FCF margin recorded in 2024Q4, highlighting the company's ongoing struggle to fund its operational requirements through internal cash generation rather than external financing or balance sheet depletion.
The inability to achieve positive free cash flow suggests that the current business model is structurally dependent on external capital to sustain operations. This trend warrants further investigation into whether the company can reach a scale where software-driven margins eventually offset the heavy cash requirements of its hardware segment.
According to recent SEC filings, TruGolf's working capital changes have been highly erratic, swinging from a $3.8M inflow in 2024Q1 to a $3.9M outflow in 2024Q4, which suggests that the company's cash position is heavily influenced by timing differences in inventory management and accounts receivable collections.
This volatility implies that the company may be relying on aggressive inventory management or delayed payables to manage its liquidity profile. Such fluctuations often obscure the underlying cash-burn rate and suggest that the company's operational efficiency is highly sensitive to supply chain and customer payment cycles.
As indicated by historical financial statements, TruGolf has engaged in dividend payments and share repurchases despite generating negative free cash flow, such as the $2.0M dividend payout in 2026Q1, which appears to be an unsustainable use of capital given the company's current liquidity constraints.
The decision to return capital to shareholders while the core business is burning cash may indicate a misalignment between capital allocation strategy and operational reality. Investors should monitor whether these outflows are depleting the cash reserves necessary to fund essential R&D and maintain the E6 Connect software ecosystem.
Quick answers to the most common questions about buying TRUG stock.
TruGolf Holdings, Inc. (TRUG) generated $-1.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TruGolf Holdings, Inc. (TRUG) reported negative free cash flow of $5.1M in 2025, indicating capital requirements exceeded cash from operations.
TruGolf Holdings, Inc. (TRUG) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.