The balance sheet remains vulnerable, with $12.3 million in goodwill representing a significant portion of the $68.2 million total equity, potentially signaling future impairment risks.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'08 | Dec'07 |
|---|
| Total Current Assets | 19.55M | 15.28M | 19.55M | 10.67M | 11.54M | 6.21M | 25.65M | 47.23M | 76.55M | 5.71M | 6.61M | 1.18M | 92.54M | 104.51M | 105.39M | 84.98M | 127.15M | 208.64K | 101.67K |
| Cash & Short-Term Investments | 5.17M | 4.02M | 5.17M | 3.11M | 2.95M | 3.48M | 3.03M | 5.16M | 14.34M | 4.26M | 29K | 345K | 92K | 13.5M | 11.55M | 534.5K | 23.49M | 100.31K | 101.67K |
| Cash Only | 5.17M | 4.02M | 5.17M | 3.11M | 2.95M | 3.48M | 3.03M | 5.16M | 14.34M | 4.26M | 29K | 345K | 92K | 13.5M | 11.55M | 534.5K | 23.49M | 100.31K | 101.67K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 14.13M | 7.29M | 14.13M | 7.3M | 8.46M | 2.55M | 22.5M | 35.24M | 31.09M | 676K | 119K | 587K | 92.29M | 49.87M | 59.35M | 77.71M | 56.46M | 0 | 0 |
| Days Sales Outstanding | 199.74 | 155.73 | 512.19 | 746.67 | 796.97 | 253.01 | 1.91K | 2.33K | 7.18K | 4.84K | 8.57 | 111.53 | 779.22 | 90.57 | 129.96 | 90.58 | 94.84 | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 779K | 0 | 0 | 0 | 26K | 1K | 7.02M | 5.72M | 1.86M | 17.29M | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 69.03 | - | - | - | 5.2 | 0.01 | 13.84 | 13.55 | 2.44 | 34.19 | - | - |
| Other Current Assets | 0 | 3.34M | 0 | 15K | 12K | 10K | 16K | 6M | 61.83M | 792K | 0 | 126K | 56K | 51K | 78K | 4.67M | 6.58M | 0 | 0 |
| Total Non-Current Assets | 59.63M | 53.79M | 59.63M | 59.67M | 58.15M | 64.14M | 64.48M | 93.35M | 114.29M | 92.75M | 93.67M | 85.7M | 14K | 223K | 261K | 217.59K | 25.48M | 33.8M | 183.25K |
| Property, Plant & Equipment | 44.94M | 29.41M | 44.94M | 46.78M | 48.68M | 50.63M | 52.34M | 57.98M | 58.32M | 511K | 5K | 8K | 14K | 223K | 261K | 217.59K | 16.89M | 0 | 0 |
| Fixed Asset Turnover | 0.29x | 0.58x | 0.22x | 0.08x | 0.08x | 0.07x | 0.08x | 0.10x | 0.03x | 0.10x | 1013.80x | 240.13x | 3087.86x | 901.23x | 638.70x | 1439.14x | 12.87x | - | - |
| Goodwill | 12.35M | 12.35M | 12.35M | 385K | 385K | 385K | 5.11M | 3.91M | 20.8M | 49.98M | 36.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.37M | 1.24M | 1.37M | 29K | 42K | 61K | 446K | 2.38M | 22.58M | 42.26M | 25.29M | 0 | 0 | 0 | 0 | 0 | 8.59M | 0 | 0 |
| Long-Term Investments | 35.16M | 10.79M | 977K | 12.48M | 9.04M | 13.06M | 6.59M | 29.09M | 12.43M | 0 | 31.87M | 85.69M | 0 | 0 | 0 | 0 | 0 | 33.8M | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 9.04M | 13.06M | 6.59M | 29.09M | 0 | 0 | 31.87M | 0 | 0 | 0 | -261K | 0 | 0 | 0 | 183.25K |
| Total Assets | 79.19M | 69.07M | 79.19M | 70.34M | 69.69M | 70.35M | 90.13M | 140.58M | 190.84M | 98.45M | 100.27M | 86.88M | 92.55M | 104.73M | 105.65M | 85.2M | 152.62M | 34.01M | 284.92K |
| Asset Turnover | 0.18x | 0.25x | 0.13x | 0.05x | 0.06x | 0.05x | 0.05x | 0.04x | 0.01x | 0.00x | 0.05x | 0.02x | 0.47x | 1.92x | 1.58x | 3.68x | 1.42x | - | - |
| Asset Growth % | 32.2% | -12.78% | 12.57% | 0.95% | -0.94% | -21.95% | -35.89% | -26.34% | 93.84% | -1.81% | 15.41% | -6.13% | -11.63% | -0.86% | 24% | -44.17% | 348.79% | 11835.57% | - |
| Total Current Liabilities | 5.92M | 16.6M | 5.92M | 4.72M | 2.19M | 2.19M | 7.45M | 6.49M | 10.04M | 3.39M | 7.27M | 9.05M | 7.36M | 16.93M | 27.31M | 11.22M | 88.46M | 31.78K | 281.66K |
| Accounts Payable | 1.63M | 1.23M | 1.63M | 0 | 8.46M | 2.55M | 0 | 1K | 0 | 235K | 222K | 46K | 606K | 2.05M | 12.04M | 4.61M | 31.96M | 0 | 0 |
| Days Payables Outstanding | 23.79 | 28.79 | 73.3 | - | 1.01K | 280.42 | - | 0.09 | - | 63.87 | 16.65 | 9.2 | 5.37 | 4.05 | 28.49 | 6.02 | 63.19 | - | - |
| Short-Term Debt | 22K | 0 | 22K | 4K | 94K | 38K | 5.44M | 222K | 3.76M | 2.53M | 342K | 2.17M | 100K | 6.73M | 6.44M | 209K | 46.14M | 0 | 281.66K |
| Deferred Revenue (Current) | 481K | 522K | 446K | 0 | 88K | 0 | 0 | 1K | 1K | 113K | 0 | 421K | 198K | 999K | 1.16M | 153.44K | 3.28M | 0 | 0 |
| Other Current Liabilities | 547K | 14.31M | 547K | 3.91M | 409K | 5K | 251K | 6.09M | 6.01M | 593K | 6.51M | 6.26M | 6.62M | 1.51M | 7.39M | 317 | 0 | -44.49K | 0 |
| Current Ratio | 3.30x | 0.92x | 3.30x | 2.26x | 5.28x | 2.83x | 3.44x | 7.27x | 7.63x | 1.69x | 0.91x | 0.13x | 12.58x | 6.18x | 3.86x | 7.57x | 1.44x | 6.57x | 0.36x |
| Quick Ratio | 3.30x | 0.92x | 3.30x | 2.26x | 5.28x | 2.83x | 3.44x | 7.15x | 7.63x | 1.69x | 0.91x | 0.13x | 12.58x | 5.76x | 3.65x | 7.41x | 1.24x | 6.57x | 0.36x |
| Cash Conversion Cycle | 175.96 | - | - | - | - | - | - | 2.4K | - | - | - | 107.54 | 773.86 | 100.36 | 115.02 | 86.99 | 65.84 | - | - |
| Total Non-Current Liabilities | 5.02M | 3.44M | 5.02M | 5.04M | 5.3M | 5.63M | 12.06M | 13.46M | 12.63M | 11.25M | 6.32M | 2.64M | 904K | 21K | 18K | 92.97K | 3.53M | 10.9M | 281.66K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 87K | 6.16M | 6.4M | 360K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 19K | 0 | 4K | 0 | 4K | 0 | 39K | 29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 20.38M | 3.44M | 5.01M | 5.04M | 5.29M | 5.54M | 5.86M | 0 | 11.99M | 10.57M | 6.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 5.29M | 5.54M | 5.86M | 7.03M | 286K | 11.25M | 0 | 0 | 0 | 0 | 18K | 92.97K | 3.53M | 10.9M | 0 |
| Total Liabilities | 10.94M | 20.04M | 10.94M | 9.77M | 7.48M | 7.82M | 19.5M | 19.95M | 22.67M | 14.64M | 13.59M | 9.05M | 7.36M | 16.95M | 27.33M | 11.31M | 91.99M | 10.94M | 281.66K |
| Total Debt | 26K | 4K | 26K | 4K | 120K | 164K | 11.79M | 10.96M | 4.12M | 2.53M | 342K | 2.17M | 100K | 6.73M | 6.44M | 208.96K | 46.14M | 0 | 281.66K |
| Net Debt | -5.15M | -4.01M | -5.15M | -3.11M | -2.83M | -3.32M | 8.76M | 5.79M | -10.22M | -1.74M | 313K | 1.82M | 8K | -6.76M | -5.11M | -325.54K | 22.65M | -100.31K | 179.99K |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.17x | 0.09x | 0.02x | 0.03x | 0.00x | 0.03x | 0.00x | 0.08x | 0.08x | 0.00x | 0.76x | - | 86.32x |
| Debt / EBITDA | -0.01x | - | - | 0.01x | 0.08x | - | - | 131.99x | - | - | - | - | - | 0.61x | 0.98x | 0.01x | 1.70x | - | - |
| Net Debt / EBITDA | 1.55x | - | - | -9.90x | -1.80x | - | - | 69.81x | - | - | - | - | - | -0.61x | -0.78x | -0.01x | 0.83x | -0.42x | - |
| Interest Coverage | - | - | - | -28.98x | -5.81x | -81.90x | -65.89x | - | -31.16x | -703.08x | -356.47x | -41.42x | -2.21x | 42.52x | 105.59x | 13.18x | 23.96x | - | - |
| Total Equity | 68.25M | 49.02M | 68.25M | 60.58M | 62.2M | 62.52M | 70.63M | 120.63M | 168.17M | 83.81M | 86.68M | 77.84M | 85.2M | 87.79M | 78.31M | 73.89M | 60.63M | 23.07M | 3.26K |
| Equity Growth % | 6.52% | -28.17% | 12.66% | -2.61% | -0.51% | -11.47% | -41.45% | -28.27% | 100.65% | -3.3% | 11.36% | -8.64% | -2.95% | 12.1% | 5.99% | 21.87% | 162.77% | 706980.88% | - |
| Book Value per Share | 0.67 | 0.41 | 0.67 | 0.60 | 0.61 | 0.62 | 0.72 | 1.52 | 4.79 | 7.39 | 11.68 | 17.69 | 19.58 | 20.42 | 18.36 | 18.15 | 22.65 | 17.70 | 0.01 |
| Total Shareholders' Equity | 68.25M | 49.02M | 68.25M | 60.58M | 62.2M | 62.52M | 70.63M | 120.43M | 138.07M | 83.81M | 86.68M | 77.84M | 85.2M | 87.79M | 78.31M | 73.89M | 60.63M | 23.07M | 3.26K |
| Common Stock | 450K | 488K | 450K | 406K | 406K | 406K | 405K | 320K | 302K | 65K | 38K | 18K | 18K | 18K | 17K | 17.26K | 17.43K | 5.3K | 1.15K |
| Retained Earnings | -89.01M | -116.92M | -89.01M | -75.6M | -73.88M | -73.53M | -65.12M | 2.32M | 21.13M | 40.92M | 52.14M | 57.18M | 59.6M | 61.08M | 53.04M | 49.18M | 29.05M | 214.77K | -21.74K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -5K | -10K | -5K | 3K | 3K | 8K | -5K | -10K | -9K | -7.33M | -7.7M | -5.27M | -11K | 1.64M | 426K | 83.76K | 7.38M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 196K | 30.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and credit impairment
As reported in recent financial statements, TROO's equity has declined from $136.3 million in 2020Q2 to $68.2 million by 2024Q4, a trend that suggests the company is struggling to preserve shareholder value while navigating a transition between disparate business models and persistent operational losses.
The consistent decline in retained earnings, which reached -$89.0 million in 2024Q4, indicates that the company's strategic pivots have failed to generate a self-sustaining profit engine. Investors should monitor whether the current asset base can support future operations without further dilutive capital raises.
Based on 2024Q4 regulatory filings, TROO maintains $44.9 million in net property, plant, and equipment against total assets of $79.2 million, which implies a heavy reliance on illiquid physical assets that may be difficult to monetize during periods of financial distress or market volatility.
The significant concentration in PPE relative to total assets suggests that the company's balance sheet is not optimized for a high-growth fintech model. This asset mix warrants further investigation into the valuation and utilization of these holdings, particularly given the company's shift toward software-based services.
According to the latest balance sheet data, TROO's cash position has fluctuated significantly, dropping to $5.2 million in 2024Q4 from a peak of $10.3 million in 2021Q2, which indicates a narrowing buffer against the company's ongoing operational cash burn and potential credit-related shocks.
While the current ratio of 3.30 appears superficially healthy, the underlying quality of current assets remains questionable given the company's history of lumpy revenue and potential credit impairment risks. The lack of consistent cash generation suggests that the company may face liquidity constraints if operational losses continue at current levels.
As evidenced by the reported figures, TROO's goodwill balance of $12.3 million as of 2024Q4 represents a significant portion of equity, which may indicate a risk of future impairment charges if the acquired fintech and lending segments fail to meet performance expectations.
The presence of substantial goodwill on the balance sheet, especially following the transition from legacy hardware operations, suggests that the carrying value of these assets may be optimistic. Investors should be cautious, as any downward revision in these intangible assets would further erode the company's already strained equity position.
Quick answers to the most common questions about buying TROO stock.
As of 2025, TROOPS, Inc. (TROO) had total assets of $69.1M including $15.3M in current assets.
TROOPS, Inc. (TROO) carries total debt of $0.0M, offset by $4.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TROOPS, Inc. (TROO) has total shareholders' equity (book value) of $49.0M ($0.41 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TROOPS, Inc. (TROO) reported a current ratio of 0.92x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.