TruGolf Holdings, Inc. (TRUG) Cash Flow Statement
Where TRUG’s cash came from and went, FY2026
September 30, 2026 · U.S. dollars- Cash from operations
- −$1.7M
- Capital expenditures
- $3.4M 18.2% of revenue
- Free cash flow
- −$5.1M −27.2% margin
- Returned to shareholders
- —
- Change in cash
- $1.7M cash at year-end $12.6M
Cash from operations
−$1.7M
Capital expenditures
−$3.4M
Other financing
+$6.8M
Change in cash
$1.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TRUG operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TRUG cash flow trends, FY2020–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$50,033FY2020 | −$1.7MFY2026 | — | |
| Capital expenditures | $3FY2020 | $3.4MFY2026 | +922.9%/yr | |
| Free cash flow | −$50,030FY2020 | −$5.1MFY2026 | — | |
| Free cash flow margin | 21.2%FY2021 | −27.2%FY2026 | −48.4 pts | |
| Stock-based compensation | $5.9MFY2023 | $11,139FY2026 | −87.6%/yr | |
| Dividends paid | $412,977FY2021 | $2.0MFY2022 | +376.0%/yr | |
| Share buybacks (net) | $65,000FY2021 | $0FY2022 | −100.0% | |
| Capex / revenue | 0.1%FY2021 | 18.2%FY2026 | +18.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRUG cash flow by activity
OperatingInvestingFinancingChange in cash
TRUG net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TRUG cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$15.2M | −$8.8M | −$8.8M | −$10.3M | −$956,841 | $6.2M | −$59,395 |
| Depreciation & amortization | $1.5M | $639,836 | $639,836 | $356,849 | $226,202 | $187,444 | — |
| Stock-based compensation | $11,139 | $538,323 | $538,323 | $5.9M | — | — | — |
| Change in working capital | $837,887 | $1.1M | $1.1M | −$3.0M | $737,438 | −$1.7M | $9,362 |
| Other non-cash items | $11.2M | $2.5M | $2.5M | $872,120 | $785,080 | −$167,038 | $0 |
| Cash from operating activities | −$1.7M | −$4.0M | −$4.0M | −$6.1M | $791,879 | $4.5M | −$50,033 |
| Investing activities | |||||||
| Capital expenditures | −$3.4M | −$1.7M | −$1.7M | −$127,413 | −$41,430 | −$22,995 | −$3 |
| Investments (net) | — | $0 | $2.5M | −$2.6M | −$41,430 | −$22,995 | — |
| Acquisitions & other investing | $0 | $2.5M | — | $127,413 | $41,430 | $22,995 | — |
| Cash from investing activities | −$3.4M | $741,143 | — | −$2.6M | −$41,430 | −$22,995 | — |
| Financing activities | |||||||
| Dividends paid | — | — | — | — | −$2.0M | −$412,977 | — |
| Share repurchases & issuance (net) | — | — | — | — | $0 | −$65,000 | — |
| Net borrowing (repayment) | — | $1.8M | $8.3M | $4.5M | $162,846 | −$332,470 | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $6.8M | $6.9M | $461,378 | $40,150 | $0 | $0 | $550,100 |
| Cash from financing activities | $6.8M | $8.7M | $8.7M | $4.5M | −$1.8M | −$810,447 | $550,100 |
| Summary | |||||||
| Net change in cash | $1.7M | $5.5M | $5.5M | −$4.3M | −$1.1M | $3.7M | $500,067 |
| Cash at end of period | $12.6M | $10.9M | $10.9M | $5.4M | $9.7M | $10.7M | $500,067 |
| Free cash flow | −$5.1M | −$5.7M | −$5.7M | −$6.3M | $750,449 | $4.5M | −$50,030 |
| Free cash flow margin | −27.2% | −26.2% | −26.9% | −30.4% | 3.7% | 21.2% | — |
| Capex / revenue | 18.2% | 8.0% | 8.2% | 0.6% | 0.2% | 0.1% | — |
| Operating cash flow / net income | — | — | — | — | — | 0.73 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$447,808 | −$1.4M | −$2.0M | −$7.3M | −$3.3M | −$2.7M | −$5.9M | −$60,175 | −$1.6M | −$1.3M | −$2.3M | −$2.7M |
| Depreciation & amortization | $444,669 | $623,428 | $487,212 | $425,736 | $388,099 | $203,654 | $56,496 | $243,829 | $220,952 | $118,559 | $94,066 | $97,435 |
| Stock-based compensation | −$10,023 | $4,457 | $1,114 | −$6,682 | $3,341 | $3,341 | — | $0 | $0 | $0 | $1.4M | $0 |
| Change in working capital | −$1.3M | $701,670 | $1.7M | $90,140 | $740,494 | $694,755 | −$3.9M | −$92,791 | $1.3M | $3.8M | $763,371 | $917,630 |
| Other non-cash items | $10,023 | −$4,457 | $7,322 | $6.1M | $1.3M | $1.3M | $2.7M | $364,943 | $23,251 | $2,609 | $22,505 | $503,847 |
| Cash from operating activities | −$1.3M | −$122,196 | $280,030 | −$623,865 | −$905,427 | −$449,119 | −$7.1M | $455,806 | −$52,642 | $2.7M | −$12,082 | −$1.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$97,900 | −$1.1M | −$943,333 | −$52,035 | −$1.3M | −$334,690 | $0 | −$533,980 | −$1.1M | −$332,342 | −$38,389 | −$23,643 |
| Investments (net) | — | — | — | −$878,856 | −$1.3M | −$334,690 | $2.7M | −$534,020 | −$1.1M | −$332,342 | −$111,809 | −$27,515 |
| Acquisitions & other investing | −$933,600 | $0 | — | $52,035 | $1.3M | $334,690 | — | $533,980 | $1.1M | — | $38,389 | $23,643 |
| Cash from investing activities | −$1.0M | −$1.1M | — | −$878,856 | −$1.3M | −$334,690 | — | −$534,020 | −$1.1M | — | −$111,809 | −$27,515 |
| Financing activities | ||||||||||||
| Dividends paid | −$5.4M | −$3.9M | — | — | −$3.9M | — | — | — | — | — | — | — |
| Share repurchases & issuance (net) | $0 | −$345,000 | — | — | $0 | $0 | — | — | — | — | — | — |
| Net borrowing (repayment) | −$152,631 | −$21,095 | −$302,555 | −$121,017 | −$270,980 | $2.5M | $5.5M | $879,127 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $5.4M | $3.9M | $0 | $5.0M | $3.9M | $0 | $2.3M | $0 | −$20,882 | $92,128 | $47,114 | $864,315 |
| Cash from financing activities | −$152,631 | −$366,095 | −$302,555 | $4.9M | −$270,980 | $2.5M | $7.8M | $879,127 | −$20,882 | $92,128 | $47,114 | $864,315 |
| Summary | ||||||||||||
| Net change in cash | −$2.5M | −$1.6M | −$965,858 | $3.4M | −$2.5M | $1.7M | $3.4M | $800,913 | −$1.2M | $2.4M | −$76,777 | −$305,156 |
| Cash at end of period | $8.5M | $10.9M | $12.6M | $13.5M | $10.2M | $12.6M | $10.9M | $7.5M | $6.7M | $7.8M | $5.4M | $5.5M |
| Free cash flow | −$1.4M | −$1.3M | −$663,303 | −$675,900 | −$2.2M | −$783,809 | −$6.8M | −$78,174 | −$1.2M | $2.3M | −$50,471 | −$1.2M |
| Free cash flow margin | −23.8% | −25.2% | −13.1% | −16.5% | −50.7% | −14.5% | −101.5% | −1.3% | −29.8% | 46.6% | −0.7% | −34.0% |
| Capex / revenue | 1.7% | 22.8% | 18.6% | 1.3% | 29.7% | 6.2% | 0.0% | 8.6% | 28.4% | 6.6% | 0.6% | 0.7% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TRUG cash generation
In fiscal 2026 (ended September 30, 2026), TruGolf generated -$1.7 million of cash from operations and spent $3.4 million on capital expenditures, leaving free cash flow of -$5.1 million, −27.2% of revenue. Cash and equivalents rose by $1.7 million over the year.
Related: TRUG income statement, TRUG balance sheet. See the TRUG stock overview for the latest quote and news.
TRUG cash flow FAQ
What is TruGolf's free cash flow?
TruGolf's free cash flow was -$5.1 million in fiscal 2026: -$1.7 million of operating cash flow minus $3.4 million of capital expenditures It was -$5.7 million a year earlier..
How much cash does TruGolf generate from operations?
TruGolf generated -$1.7 million of cash from operating activities in fiscal 2026.
How much does TruGolf spend on capital expenditures?
TruGolf spent $3.4 million on capital expenditures in fiscal 2026, 18.2% of revenue, compared with $1.7 million the year before.