Revenue volatility remains elevated, with quarterly figures fluctuating between $48.0M and $83.3M, while net margins have swung dramatically from 28.0% to 78.3% due to non-cash valuation adjustments.
| Sales/Revenue | 251.94M | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | 234.66M | 232.25M | 183.21M | 153.78M | 178.35M | 94.9M | 45.51M |
| Gross Margin % | 93.15% | 100% | 80.81% | 100% | 100% | 100% | 99.89% |
| Gross Profit Growth % | - | 26.77% | 19.14% | -13.78% | 87.94% | 108.52% | - |
| Operating Expenses | 1.55M | 16.09M | 14.18M | -44.3M | -34.15M | -20.39M | -31.89M |
| OpEx % of Revenue | - | 6.93% | 6.25% | -28.8% | -19.15% | -21.49% | -69.99% |
| Selling, General & Admin | 4.37M | 0 | 14.18M | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | 6.25% | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - |
| Operating Income | 233.11M | 216.17M | 169.04M | 121.19M | 3.77M | 152.71M | 25.77M |
| Operating Margin % | 92.53% | 93.07% | 74.55% | 78.8% | 2.12% | 160.92% | 56.57% |
| Operating Income Growth % | - | 27.88% | 39.48% | 3112.01% | -97.53% | 492.49% | - |
| EBITDA | 233.11M | 216.17M | 177.54M | 153.78M | 178.35M | 94.9M | 25.82M |
| EBITDA Margin % | 92.53% | 93.07% | 78.31% | 100% | 100% | 100% | 56.68% |
| EBITDA Growth % | 19.16% | 21.76% | 15.45% | -13.78% | 87.94% | 267.47% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 32.59M | 174.58M | -57.81M | 50K |
| EBIT | 233.11M | 216.17M | 177.54M | 121.19M | 3.77M | 152.71M | 25.77M |
| Net Interest Income | 141.25M | 213.09M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 228.27M | 293.65M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 87.01M | 80.56M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - |
| Pretax Income | 154.04M | 135.6M | 115.6M | 76.89M | 3.77M | 132.32M | -6.11M |
| Pretax Margin % | 61.14% | 58.39% | 50.98% | 50% | 2.12% | 139.43% | -13.41% |
| Income Tax | 0 | 0 | 0 | 0 | 3.77M | 0 | 25.77M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 100% | 0% | -421.71% |
| Net Income | 154.04M | 135.6M | 115.6M | 76.89M | -30.38M | 132.32M | -6.11M |
| Net Margin % | 61.14% | 58.39% | 50.98% | 50% | -17.03% | 139.43% | -13.41% |
| Net Income Growth % | 20.18% | 17.31% | 50.33% | 353.15% | -122.96% | 2264.92% | - |
| Net Income (Continuing) | 154.04M | 135.6M | 115.6M | 76.89M | -30.38M | 132.32M | 0 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.84 | 1.96 | 2.10 | 1.80 | -0.96 | 4.86 | -0.23 |
| EPS Growth % | -4.13% | -6.67% | 16.67% | 287.5% | -119.75% | 2213.04% | - |
| EPS (Basic) | - | 1.96 | 2.19 | 1.98 | -0.96 | 4.86 | -0.23 |
| Diluted Shares Outstanding | 83.64M | 69.29M | 56.73M | 42.71M | 31.67M | 27.23M | 26.41M |
| Basic Shares Outstanding | 83.64M | 69.29M | 52.71M | 38.91M | 31.67M | 27.23M | 26.41M |
| Dividend Payout Ratio | - | - | - | 102.48% | - | 18.84% | - |
Portfolio valuation subjectivity risk
According to the provided quarterly income statements, TRINZ has experienced significant revenue volatility, with figures fluctuating between $48.0M and $83.3M over the last ten quarters, suggesting that the firm's top-line performance remains highly sensitive to the broader venture capital funding environment and exit cycles.
The inconsistent revenue trajectory appears to reflect the lumpy nature of warrant realizations and interest income recognition within the venture debt model. Investors should monitor whether the recent revenue variance indicates a structural slowdown in new originations or merely the timing of portfolio company liquidity events.
As reported in financial statements, TRINZ maintains a nominal 100% gross margin characteristic of BDC accounting, yet net margins have swung from 28.0% to 78.3% over the observed period, highlighting significant bottom-line sensitivity to non-cash valuation adjustments and interest expense fluctuations on the firm's debt.
The wide dispersion in net margins suggests that the firm's profitability is heavily influenced by unrealized gains or losses on Level 3 assets rather than purely recurring interest income. This volatility warrants caution, as it may mask underlying trends in the core credit performance of the loan portfolio.
Based on the reported figures, the firm's net income exhibits substantial quarter-over-quarter variance, with EPS ranging from $0.30 to $0.74, which appears driven by the subjective valuation of investment assets rather than consistent cash-based earnings growth across the ten-quarter historical data set provided.
The reliance on internal models for Level 3 asset valuation introduces a risk that reported earnings may not reflect actual cash-generating capacity. Analysts should scrutinize the proportion of PIK interest and non-cash valuation adjustments to determine the true sustainability of the firm's dividend-paying capability.
Data from recent filings indicates that while the firm maintains a lean operational footprint, operating income margins have fluctuated between 51.4% and 125.7%, suggesting that interest expenses and administrative overhead remain primary drivers of cost structure volatility for this internally managed business development company.
The absence of traditional COGS allows for high operating leverage, but this benefit is offset by the firm's sensitivity to its own cost of debt. Management's ability to maintain expense discipline while navigating a high-leverage environment will be critical to preserving net investment income in future periods.
Quick answers to the most common questions about buying TRINZ stock.
Trinity Capital Inc. 7.875% Notes due 2029 (TRINZ) 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. 7.875% Notes due 2029 (TRINZ) 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. 7.875% Notes due 2029 (TRINZ) 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.