Revenue growth remains highly erratic, swinging from a 1,277% surge in 2023Q4 to a 75% contraction in 2024Q2, which suggests an inability to achieve predictable scale.
| Revenue | 7.76M | 3.22M | 1.24M | 1.35M | 2.79M | 3.25M | 2M | 3.09M | 1.53M |
| Revenue Growth % | 967.32% | 158.74% | -7.96% | -51.56% | -14.12% | 62.29% | -35.16% | 101.65% | - |
| Medical Costs & Claims | -488.42K | 1.7M | 460.79K | 2.69M | 948.9K | 743.06K | 651.49K | 0 | 137.05K |
| Medical Cost Ratio % | -6.29% | 52.85% | 37.03% | 199.11% | 34% | 22.87% | 32.54% | 0% | 8.95% |
| Gross Profit | 1.79M | 1.52M | 783.46K | -1.34M | 1.84M | 2.51M | 1.35M | 3.09M | 1.39M |
| Gross Margin % | 23.01% | 47.15% | 62.97% | -99.11% | 66% | 77.13% | 67.46% | 100% | 91.05% |
| Gross Profit Growth % | - | 93.74% | 158.47% | -172.75% | -26.52% | 85.55% | -56.25% | 121.47% | - |
| Operating Expenses | 5.84M | 6.16M | 3.8M | 3.73M | 5.04M | 2.69M | 1.25M | 1.63M | 278.36K |
| OpEx / Revenue % | 75.19% | 191.44% | 305.39% | 275.84% | 180.76% | 82.76% | 62.33% | 52.74% | 18.18% |
| Depreciation & Amortization | 213.14K | 168.7K | 79.76K | 208.27K | 255.11K | 227.54K | 34.71K | 30.3K | 10.94K |
| Combined Ratio % | 68.9% | 244.29% | 342.42% | 474.94% | 214.77% | 105.63% | 94.87% | 52.74% | 27.13% |
| Operating Income | -2.46M | -4.65M | -3.02M | -5.07M | -2.25M | 560.14K | 102.67K | 1.46M | 1.12M |
| Operating Margin % | -31.74% | -144.29% | -242.42% | -374.94% | -80.76% | 17.24% | 5.13% | 47.26% | 72.87% |
| Operating Income Growth % | - | -54% | 40.49% | -124.9% | -502.36% | 445.58% | -92.96% | 30.78% | - |
| EBITDA | -2.25M | -4.48M | -2.94M | -4.86M | -2M | 787.68K | 137.38K | 1.49M | 1.13M |
| EBITDA Margin % | -28.99% | -139.05% | -236.01% | -359.54% | -71.62% | 24.24% | 6.86% | 48.24% | 73.59% |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 18.83K | 22.89K | 0 |
| Non-Operating Income | 0 | -1.68M | 0 | -123.65K | 0 | 0 | -330.16K | -50.3K | -15.76K |
| Pretax Income | -5.16M | -3.94M | -2.29M | -4.66M | -1.92M | 760.15K | 414K | 1.49M | 1.13M |
| Pretax Margin % | -66.44% | -122.53% | -184.26% | -344.74% | -68.8% | 23.39% | 20.68% | 48.15% | 73.9% |
| Income Tax | 293.05K | 42.12K | 161.34K | 23.64K | 24.53K | 126.06K | 238.21K | 365.19K | 168.25K |
| Effective Tax Rate % | -5.68% | -1.07% | -7.04% | -0.51% | -1.28% | 16.58% | 57.54% | 24.57% | 14.87% |
| Net Income | -858.88K | -3.99M | -2.45M | -4.68M | -1.94M | 634.1K | 175.79K | 1.12M | 963.32K |
| Net Margin % | -11.06% | -123.84% | -197.23% | -346.48% | -69.68% | 19.51% | 8.78% | 36.32% | 62.91% |
| Net Income Growth % | -128.94% | -62.47% | 47.61% | -140.89% | -406.66% | 260.72% | -84.32% | 16.41% | - |
| EPS (Diluted) | -0.02 | -0.12 | -0.19 | -0.45 | -0.28 | 0.10 | 0.04 | 0.28 | 0.24 |
| EPS Growth % | -461.74% | 36.84% | 57.78% | -60.71% | -382.83% | 125% | -84.31% | 16.39% | - |
| EPS (Basic) | - | -0.12 | -0.19 | -0.45 | -0.28 | 0.16 | 0.04 | 0.28 | 0.24 |
| Diluted Shares Outstanding | 50M | 32.93M | 12.67M | 10.37M | 6.89M | 6.4M | 4M | 4M | 4M |
Severe liquidity and solvency
As reported in financial statements, TIRX has demonstrated extreme top-line volatility, with revenue growth swinging from a 1,277% surge in 2023Q4 to a 75% contraction in 2024Q2, suggesting that the company's reliance on transactional brokerage commissions lacks the predictability required for sustainable institutional scaling.
The erratic nature of revenue recognition indicates that the company is highly sensitive to the timing of policy placements rather than building a recurring premium base. Investors should monitor whether the recent 21.6% growth in 2025Q2 represents a stabilization of the brokerage model or merely a temporary rebound from previous periods of severe contraction.
Based on the company's reported figures, the persistent gap between gross profitability and operating income, highlighted by a -144.29% operating margin, suggests that the current brokerage infrastructure is unable to achieve the necessary scale to absorb fixed administrative costs and personnel expenses.
While the loss ratio remains relatively low at 14.9% in 2025Q2, the lack of operating leverage implies that the firm is struggling to convert its commission income into bottom-line earnings. This structural deficit warrants further investigation into whether the company's high-touch institutional model can ever reach a break-even point without significant headcount reductions.
According to recent SEC filings, the company's cash and equivalents of approximately $297,288 appear insufficient to support its ongoing operating burn, raising significant concerns regarding the firm's ability to maintain its regulatory compliance and physical presence in the Beijing and Hebei insurance markets.
The discrepancy between reported revenue and the extremely thin cash position suggests that the company may be facing significant challenges in collecting receivables from insurance carriers. This liquidity profile implies that the firm may be forced to seek dilutive financing or face a potential cessation of operations if cash conversion cycles do not improve immediately.
Quick answers to the most common questions about buying TIRX stock.
For fiscal year 2024, Tian Ruixiang Holdings Ltd (TIRX) reported total revenue of $3.2M. This represents a 110.2% increase compared to $1.5M in 2017.
Tian Ruixiang Holdings Ltd (TIRX) reported a net loss of $4.0M for the fiscal year ending 2024.
Tian Ruixiang Holdings Ltd (TIRX) reported an operating income of $-4.6M, resulting in an operating profit margin of -144.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Tian Ruixiang Holdings Ltd (TIRX) generated $1.5M in gross profit for the year, representing a gross profit margin of 47.1%. This demonstrates the company's core pricing power and production efficiency.