Revenue trajectory remains highly erratic, characterized by extreme fluctuations such as the negative $17.6M reported in 2023Q4 and a net margin collapse to negative 15.9% in 2026Q1.
| Sales/Revenue | 60.99M | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 44.45M | 81.18M | 45.53M | -27.07M | -9.51M | 87.35M | 44.77M | 40.2M | 25.91M | 27.16M | 18.17M | 11.53M | 29.94M |
| Gross Margin % | 72.88% | 83.51% | 63.96% | -453.42% | -70.99% | 86.71% | 77.87% | 80.07% | 62.4% | 80.58% | 77.47% | 51.15% | 100% |
| Gross Profit Growth % | - | 78.29% | 268.21% | -184.67% | -110.89% | 95.1% | 11.37% | 55.15% | -4.58% | 49.48% | 57.57% | -61.49% | - |
| Operating Expenses | 66.35M | 5.45M | 13.49M | 12.75M | 10.56M | 10.79M | 9.46M | 8.44M | 4.96M | 889K | -4.84M | 7.02M | 8.12M |
| OpEx % of Revenue | - | 5.61% | 18.94% | 213.6% | 78.84% | 10.71% | 16.46% | 16.82% | 11.95% | 2.64% | -20.66% | 31.13% | 27.11% |
| Selling, General & Admin | 30.04M | 6.12M | 8.69M | 9M | 6.7M | 6.13M | 6.7M | 6.04M | 4.96M | 4.3M | 4.46M | 4.35M | 10.37M |
| SG&A % of Revenue | - | 6.29% | 12.21% | 150.69% | 50.05% | 6.08% | 11.64% | 12.04% | 11.95% | 12.76% | 19.04% | 19.3% | 34.63% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -21.9M | 75.73M | 32.05M | -39.82M | -20.07M | 76.56M | 35.31M | 31.76M | 34.99M | 26.27M | 23.01M | 21.96M | 20.05M |
| Operating Margin % | -35.91% | 77.9% | 45.02% | -667.02% | -149.83% | 76% | 61.41% | 63.26% | 84.26% | 77.94% | 98.13% | 97.43% | 66.95% |
| Operating Income Growth % | - | 136.31% | 180.48% | -98.41% | -126.22% | 116.84% | 11.18% | -9.23% | 33.21% | 14.15% | 4.79% | 9.54% | - |
| EBITDA | -21.84M | 75.73M | 32.05M | -39.82M | -20.07M | 76.56M | 35.31M | 31.76M | 64.74M | 26.27M | 23.01M | 19.14M | 0 |
| EBITDA Margin % | -35.81% | 77.9% | 45.02% | -667.02% | -149.83% | 76% | 61.41% | 63.26% | 155.91% | 77.94% | 98.13% | 84.92% | - |
| EBITDA Growth % | -159.42% | 136.31% | 180.48% | -98.41% | -126.22% | 116.84% | 11.18% | -50.95% | 146.49% | 14.15% | 20.23% | - | - |
| D&A (Non-Cash Add-back) | 62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.75M | 0 | 0 | -2.82M | -20.05M |
| EBIT | -21.9M | 75.73M | 32.05M | -39.82M | -20.07M | 76.56M | 35.31M | 31.76M | 45.64M | 26.27M | 23.01M | 21.81M | 14.29M |
| Net Interest Income | 50.92M | 61.74M | 80.73M | 100.21M | 93.67M | 69.44M | 75.85M | 60.52M | -9.08M | 43.49M | 36.48M | -6.29M | 0 |
| Interest Income | 72.33M | 88.26M | 106.38M | 133.25M | 116.57M | 82.83M | 88.57M | 70.52M | 0 | 50.03M | 41.77M | 39.9M | 4.68M |
| Interest Expense | 21.41M | 26.52M | 25.66M | 33.04M | 22.9M | 13.39M | 12.73M | 10.01M | 9.08M | 6.55M | 5.28M | 3.62M | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -11.92M | 49.21M | 32.05M | -39.82M | -20.07M | 76.56M | 35.31M | 31.76M | 36.56M | 19.23M | 11.13M | 15.52M | 17.15M |
| Pretax Margin % | -19.55% | 50.62% | 45.02% | -667.02% | -149.83% | 76% | 61.41% | 63.26% | 88.05% | 57.05% | 47.45% | 68.87% | 57.28% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 296K | -2.9M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1.91% | -16.89% |
| Net Income | -11.92M | 49.21M | 32.05M | -39.82M | -20.07M | 76.56M | 35.31M | 31.76M | 36.56M | 19.23M | 11.13M | 15.52M | 17.15M |
| Net Margin % | -19.55% | 50.62% | 45.02% | -667.02% | -149.83% | 76% | 61.41% | 63.26% | 88.05% | 57.05% | 47.45% | 68.87% | 57.28% |
| Net Income Growth % | -132.44% | 53.55% | 180.48% | -98.41% | -126.22% | 116.84% | 11.18% | -13.14% | 90.16% | 72.81% | -28.32% | -9.49% | - |
| Net Income (Continuing) | -11.92M | 49.21M | 32.05M | -39.82M | -20.07M | 76.56M | 35.31M | 31.76M | 36.56M | 19.23M | 11.13M | 15.52M | 17.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.10 | 1.22 | 0.82 | -1.12 | -1.43 | 2.47 | 1.16 | 1.28 | 1.78 | 1.18 | 0.69 | 1.03 | 1.74 |
| EPS Growth % | -45.16% | 48.78% | 173.21% | 21.68% | -157.89% | 112.93% | -9.38% | -28.09% | 50.85% | 71.01% | -33.01% | -40.8% | - |
| EPS (Basic) | - | 1.22 | 0.82 | -1.12 | -1.43 | 2.47 | 1.16 | 1.28 | 1.78 | 1.18 | 0.69 | 1.03 | 1.74 |
| Diluted Shares Outstanding | 121.1M | 40.28M | 39.1M | 35.71M | 32.69M | 30.94M | 30.57M | 24.84M | 20.49M | 16.32M | 16.16M | 15.04M | 9.87M |
| Basic Shares Outstanding | 121.1M | 40.28M | 39.1M | 35.71M | 32.69M | 30.94M | 30.57M | 24.84M | 20.49M | 16.32M | 16.16M | 15.04M | 9.87M |
| Dividend Payout Ratio | - | 83.88% | 162.55% | - | - | 59.55% | - | 106.38% | 80.79% | 117.63% | 193.54% | 123.96% | 66.8% |
Portfolio credit quality volatility
As evidenced by the quarterly income statement data, TPVG's revenue trajectory remains highly inconsistent, characterized by extreme fluctuations such as the negative $17.6M reported in 2023Q4 followed by a recovery to $31.9M in 2024Q3, suggesting significant sensitivity to non-recurring items and portfolio valuation adjustments.
The volatility in top-line figures implies that TPVG's revenue is not purely driven by recurring interest income but is heavily influenced by the timing of warrant gains and potential fair value adjustments. Investors should interpret these swings as a reflection of the underlying venture capital exit environment rather than stable operational growth.
Based on reported financial statements, TPVG's net margin has experienced significant instability, swinging from a negative 15.9% in 2026Q1 to a peak of 70.9% in 2024Q3, which highlights the inherent difficulty in maintaining consistent profitability within a venture-debt model exposed to credit loss provisions.
The wide variance in net margins suggests that the company's profitability is highly susceptible to credit migration and the valuation of Level 3 assets. The sharp contraction in recent periods warrants further investigation into whether this reflects a structural decline in credit quality or merely the timing of non-cash accounting adjustments.
According to the provided income statement data, TPVG's operating income has shown extreme sensitivity to revenue shifts, with SG&A expenses remaining relatively stable while operating margins collapsed to negative 19.2% in 2026Q1, indicating that fixed costs provide little protection during periods of portfolio underperformance.
The lack of operating leverage during downturns suggests that the external management fee structure does not adequately insulate shareholders from the volatility of the underlying loan portfolio. This implies that the company's cost base is rigid, forcing the burden of performance fluctuations directly onto the bottom line.
Based on the reported figures, the recurring nature of TPVG's earnings appears questionable, as the significant swings in net income and the reliance on non-cash interest recognition suggest that the current dividend payout may be disconnected from the company's actual cash-generating capacity in a stressed environment.
Short-term observers may focus on the potential for further non-accruals, which could force a re-evaluation of the company's dividend policy. The combination of high leverage and inconsistent earnings suggests that the market may be underestimating the risk of a dividend reset if the venture exit market remains constrained.
Quick answers to the most common questions about buying TPVG stock.
TriplePoint Venture Growth BDC Corp. (TPVG) is profitable, generating $49.2M in net income for the fiscal year ending 2025 with a net profit margin of 50.6%.
TriplePoint Venture Growth BDC Corp. (TPVG) reported an operating income of $75.7M, resulting in an operating profit margin of 77.9%. This margin reflects the operational efficiency of the business before interest and taxes.
TriplePoint Venture Growth BDC Corp. (TPVG) generated $81.2M in gross profit for the year, representing a gross profit margin of 83.5%. This demonstrates the company's core pricing power and production efficiency.