Plug Power (PLUG) Gets a Hold from RBC Capital
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In addition to RBC Capital, Plug Power also received a Hold from Susquehanna's Charles Minervino in a report issued yesterday. However, on April 8, Seaport Global maintained a Sell rating on Plug Power (NASDAQ: PLUG).
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Salt Lake City, Utah, Aug. 20, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, announced today its second quarter 2025 results. The Company reported sales of $4.3 million, up 11.3% compared to 2024 second quarter sales of $3.9 million. Net losses increased to ($3.3) million for 2025's second quarter, versus a net loss of ($1.6) million in the 2024 period, driven most notably by professional fees and the recognition of interest expense. EPS for 2025's second quarter improved to ($4.63), as compared to 2024's ($6.80) loss per share. Chief Executive Officer and Director Chris Jones said, 'Seasonally, the second quarter is typically our toughest period, but the company still managed to achieve significant year-on-year revenue growth. However, the big story of Q2 was our efforts to regain compliance with Nasdaq's listing standards, a process we successfully concluded in July. 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June 30, December 31, 2025 2024 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 8,059,359 $ 8,782,077 Restricted cash 2,100,000 2,100,000 Accounts receivable, net 2,185,888 1,399,153 Inventory, net 2,698,310 2,349,345 Prepaid expenses and other current assets 290,389 116,619 PIPE exchange consideration 5,651,310 - Other current assets - 45,737 Total Current Assets 20,985,256 14,792,931 Property and equipment, net 210,463 143,852 Capitalized software development costs, net 2,674,845 1,540,121 Right-of-use assets 455,925 634,269 Other long-term assets 31,023 31,023 Total Assets $ 24,357,512 $ 17,142,196 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Accounts payable $ 3,209,831 $ 2,819,703 Deferred revenue 5,009,228 3,113,010 PIPE loan payable, net 3,734,990 - Notes payable, current portion 10,573 10,001 Notes payable to related parties, current portion 2,668,500 2,937,000 Line of credit, bank 802,738 802,738 Dividend notes payable 118,362 4,023,923 Accrued interest 564,947 661,376 Accrued and other current liabilities 1,772,877 999,307 Accrued and other current liabilities - assumed in Merger 45,008 45,008 Lease liability, current portion 228,536 363,102 Total Current Liabilities 18,165,590 15,775,168 Non-current Liabilities: Notes payable, net of current portion 4,232 9,732 Note payables to related parties, net of current portion 624,000 624,000 PIPE loan payable, net - 4,068,953 Gross sales royalty payable 1,000,000 1,000,000 Lease liability, net of current portion 250,002 305,125 Total Liabilities 20,043,824 21,782,978 Commitments and Contingencies - - Stockholders' Equity (Deficit): Preferred stock, $0.0001 par value, 10 million shares authorized - Series A Convertible Preferred Stock, $0.0001 par value per share; authorized – 50,000 shares; 1,885 and 0 shares issued and outstanding, respectively - - Common stock, $0.0001 par value, 100,000,000 shares authorized: - - Common stock - Series A, $0.0001 par value, 90 million shares authorized; 810,617 and 522,411 shares issued and outstanding, respectively 80 52 Common stock - Series B, $0.0001 par value, 10 million shares authorized; 200,000 and 34,337 shares issued and outstanding, respectively 20 3 Treasury stock at cost, 4,692 shares of common stock held, respectively (2,037,000) (2,037,000) Additional paid-in capital 33,497,876 18,551,660 Accumulated deficit (27,147,288) (21,155,496) Total Stockholders' Equity (Deficit) 4,313,688 (4,640,781) Total Liabilities and Stockholders' Equity (Deficit) $ 24,357,512 $ 17,142,196 The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue, net $ 4,310,864 $ 3,873,163 $ 9,700,094 $ 8,885,185 Cost of revenue 2,398,959 1,300,212 4,125,158 3,259,234 Total gross profit 1,911,905 2,572,951 5,574,936 5,625,951 Operating expenses: Royalties 138,695 223,150 364,015 553,038 Salaries, wages and benefits 1,006,210 1,117,287 2,953,026 2,958,881 Selling, general and administrative 2,637,026 2,017,556 5,362,145 3,842,758 Total operating expenses 3,781,931 3,357,993 8,679,186 7,354,677 Loss from operations (1,870,026) (785,042) (3,104,250) (1,728,726) Other income (expense): Interest income 64,830 36,621 119,426 67,208 Interest expense (1,516,874) (820,908) (3,007,568) (1,205,762) Loss on investment - - - (3,912) Other income 600 - 600 - Total other income (expense), net (1,451,444) (784,287) (2,887,542) (1,142,466) Net loss prior to provision for income taxes $ (3,321,470) (1,569,329) (5,991,792) (2,871,192) Provision for income taxes - - - - Net loss $ (3,321,470) $ (1,569,329) $ (5,991,792) $ (2,871,192) Net loss per common share Series A – basic and diluted $ (4.63) $ (6.80) $ (9.31) $ (11.53) Net loss per common share Series B – basic and diluted $ (19.69) $ (45.70) $ (59.02) $ (83.62) Weighted average shares outstanding Series A – basic and diluted 717,928 230,765 643,657 248,980 Weighted average shares outstanding Series B – basic and diluted 168,708 34,337 101,523 34,337 The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements. For the For the Six Months Ended Six Months Ended June 30, 2025 June 30, 2024 Cash flows from operating activities: Net loss $ (5,991,792) $ (2,871,192) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 413,409 173,200 Amortization of convertible notes discount 359,037 24,197 Amortization of right-of-use asset 178,344 166,311 Bad debt expense 74,818 - Change in OCI - 1,662 Stock issued for make good provisions on debt conversion 2,169,707 - Stock options issued to employees 6,682 - Changes in operating assets and liabilities: Accounts receivable, net (861,552) (231,385) Inventory, net (348,965) (216,701) Prepaid expenses (173,770) 143,471 Other current assets 45,737 2,478,953 Accounts payable 390,129 1,149,909 Deferred revenue 1,896,218 1,274,900 Accrued interest payable (96,429) 785,306 Accrued and other current liabilities 773,570 (99,165) Other liabilities - (1,153) Lease liability (189,689) (162,338) Net cash provided by (used in) operating activities (1,354,546) 2,615,975 Cash flows from investing activities: Purchases of property and equipment (45,966) - Capitalized software, net (1,568,778) (1,433,438) Reduction in long term assets - (75) Net cash used in investing activities (1,614,744) (1,433,513) Cash flows from financing activities: Proceeds from PIPE loans, net of discount 2,520,000 4,185,000 Cash acquired in Merger - 103,818 Costs of Merger paid from PIPE loan - (1,947,787) Repayments of line of credit - (1,980,937) Repayments of liabilities assumed in Merger - (15,716) Repayments of notes payable (4,928) (4,632) Repayments of notes payable - related party (268,500) (268,500) Net cash provided by financing activities 2,246,572 71,246 Net change in cash , cash equivalents and restricted cash (722,718) 1,253,708 Cash, cash equivalents and restricted cash - beginning of year 10,882,077 5,397,564 Cash, cash equivalents and restricted cash - end of year $ 10,159,359 $ 6,651,272 Supplemental cash flow information: Cash paid for: Interest $ 108,993 $ 302,095 Income taxes $ - $ - Non-cash investing and financing activities: PIPE note principal converted to Class A Common Stock $ 3,213,000 $ - Dividend note principal converted to Class A and Class B Common Stock $ 3,905,561 $ - Exchange of PIPE Notes and Series A and B Warrants for Series A Convertible Preferred Stock and Warrants for Series A Convertible Preferred Stock $ 5,651,310 $ - Notes payable assumed in Merger $ - $ 1,565,000 Accrued liabilities assumed in Merger $ - $ 310,724 Remeasurement of common stock exchanged/issued in Merger $ - $ (1,875,724) The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.
