Revenue trajectory remains highly erratic, with quarterly figures fluctuating between $39.8M and $83.3M, while operating margins have swung significantly from 38.1% to 125.7% over the last ten quarters.
| Sales/Revenue | 276.05M | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 219.75M | 232.25M | 175.49M | 141.75M | 9.39M | 155.09M | 23.82M | 0 |
| Gross Margin % | 79.61% | 100% | 73.91% | 81.07% | 21.57% | 88.38% | 58.68% | - |
| Gross Profit Growth % | - | 32.34% | 23.81% | 1409.39% | -93.94% | 551.02% | - | - |
| Operating Expenses | 24.4M | 16.09M | 57.22M | 12.01M | 37.38M | 22.51M | 29.93M | 1.26M |
| OpEx % of Revenue | - | 6.93% | 24.1% | 6.87% | 85.85% | 12.83% | 73.74% | - |
| Selling, General & Admin | 17.81M | 17.94M | 14.18M | 12.01M | 10.19M | 6.99M | 4.39M | 1.26M |
| SG&A % of Revenue | - | 7.73% | 5.97% | 6.87% | 23.4% | 3.99% | 10.81% | - |
| Research & Development | 0 | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - |
| Operating Income | 195.35M | 216.17M | 118.27M | 129.74M | -27.99M | 132.57M | -6.11M | -1.26M |
| Operating Margin % | 70.77% | 93.07% | 49.81% | 74.21% | -64.28% | 75.55% | -15.06% | - |
| Operating Income Growth % | - | 82.77% | -8.84% | 563.6% | -121.11% | 2269.09% | -386.01% | - |
| EBITDA | 195.35M | 216.17M | 118.27M | 121.19M | -27.99M | 132.57M | -6.06M | -733.6K |
| EBITDA Margin % | 70.77% | 93.07% | 49.81% | 69.31% | -64.28% | 75.55% | -14.93% | - |
| EBITDA Growth % | 49.32% | 82.77% | -2.41% | 533.03% | -121.11% | 2286.98% | -726.34% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | -8.55M | 0 | 0 | 50K | 524K |
| EBIT | 195.35M | 216.17M | 118.27M | 129.74M | -27.99M | 132.57M | -6.11M | -1.26M |
| Net Interest Income | -14.44M | 213.09M | 164.78M | 130.54M | 104.69M | 56.23M | 34.48M | 0 |
| Interest Income | 72.58M | 293.65M | 226.73M | 174.84M | 138.84M | 76.63M | 51.26M | 0 |
| Interest Expense | 87.01M | 80.56M | 61.95M | 44.3M | 34.15M | 20.39M | 16.77M | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - |
| Pretax Income | 155.31M | 135.6M | 118.27M | 79.45M | -27.99M | 132.57M | -6.11M | -524K |
| Pretax Margin % | 56.26% | 58.39% | 49.81% | 45.44% | -64.28% | 75.55% | -15.06% | - |
| Income Tax | 1.26M | 0 | 2.68M | 2.56M | 2.39M | 255K | 0 | 0 |
| Effective Tax Rate % | 0.81% | 0% | 2.26% | 3.22% | -8.54% | 0.19% | 0% | 0% |
| Net Income | 154.04M | 135.6M | 115.6M | 76.89M | -30.38M | 132.32M | -6.11M | -524K |
| Net Margin % | 55.8% | 58.39% | 48.68% | 43.98% | -69.77% | 75.4% | -15.06% | - |
| Net Income Growth % | 20.18% | 17.31% | 50.33% | 353.15% | -122.96% | 2264.92% | -1066.41% | - |
| Net Income (Continuing) | 154.04M | 135.6M | 115.6M | 76.89M | -30.38M | 132.32M | -6.11M | -524K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.84 | 1.96 | 2.10 | 1.89 | -0.96 | 4.86 | -0.23 | -0.02 |
| EPS Growth % | -5.94% | -6.67% | 11.11% | 296.88% | -119.75% | 2213.04% | -1011.11% | - |
| EPS (Basic) | - | 1.96 | 2.19 | 2.07 | -0.96 | 4.86 | -0.23 | -0.02 |
| Diluted Shares Outstanding | 83.64M | 69.29M | 56.73M | 42.71M | 31.67M | 27.23M | 26.42M | 25.31M |
| Basic Shares Outstanding | 83.64M | 69.29M | 52.71M | 38.91M | 31.67M | 27.23M | 26.42M | 25.31M |
| Dividend Payout Ratio | - | 100.56% | 88.7% | 102.48% | - | 18.84% | - | - |
Portfolio Valuation Subjectivity
As reported in recent financial statements, Trinity Capital's revenue trajectory exhibits significant quarterly variance, with figures fluctuating between $39.8M and $83.3M over the last ten quarters, suggesting that the firm's growth is heavily dependent on the timing of portfolio exits and non-recurring fee income recognition.
The lack of consistent sequential revenue growth indicates that TRIN's business model remains sensitive to the episodic nature of venture debt prepayments and success fees. Investors should monitor whether this volatility reflects a strategic choice to prioritize high-yield, lumpy exits over steady, predictable interest income streams.
Based on the provided income statement data, TRIN's gross margins have fluctuated between 68.3% and 100.0% over the past ten quarters, highlighting a lack of structural consistency that warrants further investigation into the underlying accounting treatment of interest income versus realized gains on portfolio assets.
The wide range in reported margins suggests that the firm's profitability is highly susceptible to the composition of its income, specifically the mix of cash interest versus non-cash PIK income. This variability complicates the assessment of core operating efficiency and may mask underlying trends in the firm's cost of capital.
According to the historical income statement data, TRIN's operating income has failed to maintain a stable relationship with gross profit, with operating margins swinging from 38.1% to 125.7%, suggesting that the firm has yet to achieve a predictable level of operating leverage in its current growth phase.
The erratic nature of the operating margin implies that SG&A expenses are not scaling linearly with revenue, potentially due to the variable costs associated with managing a complex, equipment-heavy portfolio. This lack of operating discipline may indicate that the firm is still building the necessary infrastructure to support its long-term asset management goals.
As evidenced by the quarterly EPS fluctuations ranging from $0.30 to $0.74, TRIN's reported net income appears heavily influenced by non-operating items and valuation adjustments, which may not accurately reflect the underlying cash-generating capacity of the firm's core venture debt and equipment financing operations.
The presence of stock-based compensation and potential unrealized gains suggests that headline earnings may overstate the firm's true economic performance. Investors should exercise caution when evaluating these figures, as the reliance on Level 3 asset valuations introduces significant subjectivity into the reported bottom-line results.
While TRIN emphasizes its equipment-heavy collateral base, the significant quarterly swings in net income suggest that the firm's reliance on specialized assets may be less defensive than management implies, particularly if secondary market liquidity for such hardware dries up during a broader venture capital market downturn.
Short-sellers might focus on the potential for future credit losses if the specialized equipment backing these loans fails to retain value in a distressed exit scenario. The current income statement does not fully capture the latent risk of these assets, which warrants a more conservative assessment of the firm's long-term credit quality.
Quick answers to the most common questions about buying TRIN stock.
Trinity Capital Inc. (TRIN) is profitable, generating $135.6M in net income for the fiscal year ending 2025 with a net profit margin of 58.4%.
Trinity Capital Inc. (TRIN) reported an operating income of $216.2M, resulting in an operating profit margin of 93.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Trinity Capital Inc. (TRIN) generated $232.3M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.