The company exhibits structural margin compression, evidenced by a 2024Q4 operating margin of -37.0% and a gross margin that has fluctuated from a low of -92.3% in 2020Q4 to 16.7% in 2024Q4.
| 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 |
|---|
| Sales/Revenue | 13.64M | 17.1M | 10.07M | 3.57M | 3.88M | 3.68M | 4.29M | 5.53M | 1.58M | 51K | 5.07M | 1.92M | 43.23M | 200.97M | 166.7M | 313.14M | 217.3M | 0 | 0 |
| Revenue Growth % | 261% | 69.72% | 182.24% | -7.9% | 5.21% | -14.21% | -22.3% | 249.68% | 2998.04% | -98.99% | 163.87% | -95.56% | -78.49% | 20.56% | -46.76% | 44.1% | - | - | - |
| Cost of Goods Sold | 10.88M | 15.53M | 8.13M | 2.79M | 3.05M | 3.32M | 5.36M | 4.12M | 2.63M | 1.34M | 4.87M | 1.83M | 41.21M | 185.04M | 154.22M | 279.4M | 184.6M | 0 | 0 |
| COGS % of Revenue | - | 90.85% | 80.73% | 78.26% | 78.79% | 90.23% | 124.83% | 74.55% | 166.77% | 2633.33% | 96.02% | 95.05% | 95.33% | 92.07% | 92.51% | 89.23% | 84.95% | - | - |
| Gross Profit | 2.77M | 1.56M | 1.94M | 776K | 822K | 360K | -1.07M | 1.41M | -1.05M | -1.29M | 202K | 95K | 2.02M | 15.93M | 12.48M | 33.74M | 32.7M | 0 | 0 |
| Gross Margin % | 20.28% | 9.15% | 19.27% | 21.74% | 21.21% | 9.77% | -24.83% | 25.45% | -66.77% | -2533.33% | 3.98% | 4.95% | 4.67% | 7.93% | 7.49% | 10.77% | 15.05% | - | - |
| Gross Profit Growth % | - | -19.42% | 150.13% | -5.6% | 128.33% | 133.77% | -175.82% | 233.27% | 18.34% | -739.6% | 112.63% | -95.29% | -87.34% | 27.64% | -63.01% | 3.17% | - | - | - |
| Operating Expenses | 10.3M | 18.25M | 7.67M | 2.58M | 1.36M | 4.22M | 64.3M | 3.57M | 2.55M | 3.57M | 4.17M | 1.63M | 3.37M | 4.88M | 5.99M | 7.48M | 7.14M | 267.38K | 21.74K |
| OpEx % of Revenue | - | 106.74% | 76.13% | 72.23% | 35.05% | 114.66% | 1497.69% | 64.62% | 161.27% | 6998.04% | 82.26% | 84.8% | 7.79% | 2.43% | 3.59% | 2.39% | 3.29% | - | - |
| Selling, General & Admin | 6.58M | 18.25M | 3.96M | 2.75M | 2.19M | 2.74M | 2.62M | 4.35M | 2.39M | 3.57M | 4.17M | 1.63M | 3.37M | 4.88M | 5.99M | 7.48M | 7.14M | 135K | 21.74K |
| SG&A % of Revenue | - | 106.74% | 39.27% | 77.16% | 56.49% | 74.5% | 60.96% | 78.73% | 151.33% | 6998.04% | 82.26% | 84.8% | 7.79% | 2.43% | 3.59% | 2.39% | 3.29% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74K | 100K | 175K | 244K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 3.85% | 0.23% | 0.09% | 0.15% | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 3.71M | -176K | -831K | 1.48M | 61.68M | -780K | -3K | 2K | 0 | -1.05M | 319K | 192K | -130K | 0 | 0 | 132.38K | 0 |
| Operating Income | -7.53M | -16.68M | -5.73M | -1.8M | -397K | -3.86M | -67.34M | -2M | -14.32M | -11.87M | -3.97M | -1.53M | -1.35M | 11.05M | 6.49M | 26.25M | 25.56M | -267.39K | -21.74K |
| Operating Margin % | -55.2% | -97.6% | -56.86% | -50.49% | -10.25% | -104.89% | -1568.65% | -36.22% | -906.2% | -23266.67% | -78.28% | -79.85% | -3.12% | 5.5% | 3.89% | 8.38% | 11.76% | - | - |
| Operating Income Growth % | - | -191.29% | -217.87% | -353.9% | 89.72% | 94.26% | -3265.42% | 86.02% | -20.66% | -199.04% | -158.67% | -13.71% | -112.2% | 70.38% | -75.29% | 2.73% | 9657.51% | -1130.1% | - |
| EBITDA | -3.32M | -14.39M | -3.52M | 314K | 1.57M | -1.73M | -62.54M | 83K | -11.94M | -10.46M | -2.7M | -1.53M | -1.33M | 11.13M | 6.56M | 27.71M | 27.17M | 236.5K | -21.74K |
| EBITDA Margin % | -24.33% | -84.18% | -34.97% | 8.8% | 40.59% | -46.95% | -1456.81% | 1.5% | -755.38% | -20513.73% | -53.34% | -79.7% | -3.08% | 5.54% | 3.93% | 8.85% | 12.5% | - | - |
| EBITDA Growth % | -83062.5% | -308.49% | -1221.97% | -80.04% | 190.98% | 97.24% | -75450.6% | 100.7% | -14.08% | -286.91% | -76.62% | -15.11% | -111.95% | 69.74% | -76.34% | 2.01% | 11386.82% | 1188.03% | - |
| D&A (Non-Cash Add-back) | 4.21M | 2.29M | 2.21M | 2.12M | 1.97M | 2.13M | 4.8M | 2.08M | 2.38M | 1.4M | 1.26M | 3K | 19K | 76K | 69K | 1.46M | 1.61M | 0 | 0 |
| EBIT | -15.19M | -29.41M | -13.39M | -1.8M | -343K | -8.44M | -67.21M | -533K | -1.81M | -9.14M | -5.35M | -2.36M | -673K | 11.05M | 6.44M | 27.34M | 24.47M | 236.5K | 0 |
| Net Interest Income | 16K | 62K | 10K | -48K | -57K | -103K | -1.02M | 1K | -58K | 121K | 106K | 163K | 34K | -248K | -53K | -1.79M | -931K | 503.89K | 0 |
| Interest Income | 50.5K | 62K | 10K | 14K | 2K | 0 | 0 | 1K | 0 | 134K | 121K | 220K | 338K | 12K | 8K | 288.42K | 89.9K | 503.89K | 0 |
| Interest Expense | 0 | 0 | 0 | 62K | 59K | 103K | 1.02M | 0 | 58K | 13K | 15K | 57K | 304K | 260K | 61K | 2.07M | 1.02M | 0 | 0 |
| Other Income/Expense | -7.71M | -12.72M | -7.66M | -57K | 134K | 266K | -890K | 199K | 596K | -27K | -1.39M | -884K | 372K | -59K | -108K | -981.86K | -2.11M | 503.89K | 0 |
| Pretax Income | -15.24M | -29.41M | -13.39M | -1.86M | -402K | -8.54M | -68.23M | -41.69M | -13.86M | -11.89M | -5.36M | -2.42M | -977K | 10.99M | 6.38M | 25.27M | 23.45M | 236.5K | -21.74K |
| Pretax Margin % | -111.75% | -172.01% | -132.89% | -52.09% | -10.37% | -231.85% | -1589.38% | -754.61% | -877.34% | -23319.61% | -105.78% | -125.87% | -2.26% | 5.47% | 3.83% | 8.07% | 10.79% | - | - |
| Income Tax | -113K | -1.5M | 27K | -140K | -56K | -126K | -309K | -4.64M | -311K | -679K | -315K | 0 | 1.31M | 2.55M | 2.17M | 8.65M | 3.51M | 0 | 0 |
| Effective Tax Rate % | 0.74% | 5.11% | -0.2% | 7.53% | 13.93% | 1.48% | 0.45% | 11.13% | 2.24% | 5.71% | 5.87% | 0% | -134.19% | 23.2% | 33.97% | 34.23% | 14.99% | 0% | 0% |
| Net Income | -15.13M | -27.91M | -13.41M | -1.72M | -346K | -8.41M | -67.92M | -37.05M | -12.37M | -11.21M | -5.05M | -2.42M | -2.29M | 8.44M | 4.21M | 16.62M | 19.93M | 236.5K | -21.74K |
| Net Margin % | -110.92% | -163.23% | -133.16% | -48.16% | -8.93% | -228.43% | -1582.18% | -670.62% | -783.04% | -21988.24% | -99.57% | -125.87% | -5.29% | 4.2% | 2.53% | 5.31% | 9.17% | - | - |
| Net Income Growth % | -245.52% | -108.04% | -680.28% | -396.82% | 95.89% | 87.61% | -83.32% | -199.48% | -10.33% | -122.19% | -108.73% | -5.68% | -127.1% | 100.43% | -74.65% | -16.62% | 8327.56% | 1188.03% | - |
| Net Income (Continuing) | -15.13M | -27.91M | -13.41M | -1.72M | -346K | -8.41M | -67.92M | -943K | -1.88M | -8.8M | -5.05M | -2.42M | -2.29M | 8.44M | 4.21M | 16.62M | 19.93M | 236.5K | -21.74K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 196K | 30.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.15 | -0.23 | -0.13 | -0.02 | -0.00 | -0.08 | -0.69 | -0.47 | -0.35 | -0.99 | -0.68 | -0.55 | -0.53 | 1.96 | 1.00 | 4.08 | 7.44 | 0.20 | -0.08 |
| EPS Growth % | -241.07% | -76.92% | -669.23% | - | 95.89% | 88% | -46.81% | -34.29% | 64.65% | -45.59% | -23.64% | -3.77% | -127.04% | 96% | -75.49% | -45.16% | 3620% | 364.55% | - |
| EPS (Basic) | - | -0.23 | -0.13 | -0.02 | -0.00 | -0.08 | -0.69 | -0.47 | -0.35 | -0.99 | -0.68 | -0.55 | -0.53 | 1.96 | 1.00 | 4.12 | 8.52 | 0.28 | -0.08 |
| Diluted Shares Outstanding | 102.24M | 120.71M | 102.24M | 101.6M | 101.6M | 101.56M | 98.11M | 79.2M | 35.08M | 11.34M | 7.42M | 4.4M | 4.35M | 4.3M | 4.26M | 4.07M | 2.68M | 1.3M | 287.5K |
| Basic Shares Outstanding | 102.24M | 120.71M | 102.24M | 101.6M | 101.6M | 101.56M | 98.11M | 79.2M | 35.08M | 11.29M | 7.42M | 4.4M | 4.32M | 4.3M | 4.26M | 4.02M | 2.34M | 875.85K | 287.5K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and credit impairment
As reported in recent financial statements, TROO's revenue growth has exhibited extreme volatility, oscillating between significant quarterly gains and double-digit contractions, with the most recent 2024Q4 period showing a modest 3.3% year-over-year increase, suggesting that the company's current scaling efforts lack consistent, predictable momentum.
The erratic revenue trajectory reflects the company's ongoing transition between disparate business models, making it difficult to discern a sustainable organic growth trend. Investors should monitor whether the recent deceleration in growth rates indicates a saturation of their current lending market or a failure to gain traction in the fintech services segment.
Based on historical income statement data, TROO's gross margin has fluctuated wildly, reaching a low of -92.3% in 2020Q4 and currently sitting at 16.7% in 2024Q4, which highlights a fundamental inability to maintain consistent pricing power or cost control within its hybrid lending and fintech operations.
The wide variance in gross margins suggests that the cost of revenue is highly sensitive to external factors, likely including loan impairment charges or fluctuating funding costs. This lack of margin stability is atypical for a software-focused entity and implies that the business is currently operating more like a capital-intensive financial services firm.
According to regulatory filings, TROO's operating margin has remained consistently negative, bottoming out at -125.4% in 2020Q4 and currently resting at -37.0% in 2024Q4, indicating that the company has failed to achieve the necessary scale to cover its substantial fixed operating expense base.
The persistent gap between gross profit and operating income suggests that SG&A expenses are not scaling efficiently with revenue growth. This structural inefficiency warrants further investigation into whether the company's current administrative and personnel overhead is sustainable given the limited revenue generation capacity.
As evidenced by the reported figures, TROO's net income has been characterized by extreme swings, including a massive $12.1 million loss in 2024Q4, which suggests that the company's bottom-line performance is heavily influenced by non-operating items or significant, lumpy impairment charges rather than core operational profitability.
The disconnect between top-line revenue and bottom-line results indicates that the company's earnings quality is currently very low. Investors should be cautious of the potential for future write-downs, as the current net margin of -161.5% suggests that the business model is currently destroying shareholder value at an unsustainable rate.
Based on an analysis of the income statement, the primary risk for TROO is the potential for a liquidity crunch, as the company's high burn rate and negative net margins appear to be outpacing its ability to generate cash from its core lending and fintech activities.
Short-sellers would likely focus on the company's inability to achieve positive operating cash flow despite aggressive revenue growth efforts. The reliance on a volatile HK property market for collateral further increases the risk that future impairment charges could lead to a rapid depletion of the company's limited cash reserves.
Quick answers to the most common questions about buying TROO stock.
For fiscal year 2025, TROOPS, Inc. (TROO) reported total revenue of $17.1M.
TROOPS, Inc. (TROO) reported a net loss of $27.9M for the fiscal year ending 2025.
TROOPS, Inc. (TROO) reported an operating income of $-16.7M, resulting in an operating profit margin of -97.6%. This margin reflects the operational efficiency of the business before interest and taxes.
TROOPS, Inc. (TROO) generated $1.6M in gross profit for the year, representing a gross profit margin of 9.1%. This demonstrates the company's core pricing power and production efficiency.