Revenue volatility remains extreme, with a 123.6% year-over-year growth spike in 2026Q3 failing to prevent a decline in gross margins to 15.5% from historical peaks of 27.5%.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 58.34M | 36.47M | 42.31M | 43.25M | 44.06M | 32.46M | 34.47M | 39.2M | 42.36M | 38.54M | 34.45M | 33.93M | 36.26M | 31.77M | 34.21M | 35.53M | 36.93M | 20.05M | 40.31M | 46.75M | 29.1M | 25.69M | 19.15M | 21.25M | 19.62M | 36.13M | 26.94M | 21.2M | 21.9M | 21.5M | 23.2M |
| Revenue Growth % | 64.13% | -13.8% | -2.17% | -1.85% | 35.74% | -5.81% | -12.07% | -7.47% | 9.92% | 11.85% | 1.54% | -6.43% | 14.14% | -7.14% | -3.73% | -3.77% | 84.21% | -50.27% | -13.77% | 60.66% | 13.25% | 34.14% | -9.85% | 8.3% | -45.71% | 34.11% | 27.09% | -3.2% | 1.86% | -7.33% | 18.97% |
| Cost of Goods Sold | 48.08M | 27.33M | 31.55M | 31.55M | 32.33M | 24.79M | 27.2M | 30.2M | 31.72M | 29.08M | 25.68M | 25.01M | 27.96M | 25.42M | 29.63M | 27.22M | 29.91M | 15.28M | 31.44M | 34.66M | 21.17M | 19.53M | 14.45M | 16.25M | 15.93M | 26.75M | 18.32M | 14.3M | 13.3M | 11.4M | 13.1M |
| COGS % of Revenue | - | 74.93% | 74.57% | 72.94% | 73.37% | 76.37% | 78.92% | 77.04% | 74.89% | 75.45% | 74.55% | 73.7% | 77.11% | 80.01% | 86.6% | 76.59% | 81% | 76.24% | 77.99% | 74.13% | 72.74% | 76.01% | 75.46% | 76.46% | 81.18% | 74.03% | 68.01% | 67.45% | 60.73% | 53.02% | 56.47% |
| Gross Profit | 10.27M | 9.14M | 10.76M | 11.71M | 11.73M | 7.67M | 7.27M | 9M | 10.64M | 9.46M | 8.77M | 8.93M | 8.3M | 6.35M | 4.58M | 8.32M | 7.02M | 4.76M | 8.88M | 12.09M | 7.93M | 6.16M | 4.7M | 5M | 3.69M | 9.38M | 8.62M | 6.9M | 8.6M | 10.1M | 10.1M |
| Gross Margin % | 17.6% | 25.07% | 25.43% | 27.06% | 26.63% | 23.63% | 21.08% | 22.96% | 25.11% | 24.55% | 25.45% | 26.3% | 22.89% | 19.99% | 13.4% | 23.41% | 19% | 23.76% | 22.01% | 25.87% | 27.26% | 23.99% | 24.54% | 23.54% | 18.82% | 25.97% | 31.99% | 32.55% | 39.27% | 46.98% | 43.53% |
| Gross Profit Growth % | - | -15.03% | -8.06% | -0.24% | 52.97% | 5.56% | -19.28% | -15.39% | 12.43% | 7.9% | -1.75% | 7.54% | 30.67% | 38.52% | -44.89% | 18.54% | 47.34% | -46.33% | -26.61% | 52.48% | 28.67% | 31.15% | -6.02% | 35.49% | -60.67% | 8.88% | 24.91% | -19.77% | -14.85% | 0% | 20.24% |
| Operating Expenses | 9.74M | 8.89M | 9.67M | 9.48M | 9.38M | 7.73M | 8.21M | 8.22M | 8.53M | 7.93M | 7.33M | 7.75M | 8.29M | 7.27M | 8.66M | 8.98M | 6.95M | 6.15M | 8.92M | 7.9M | 7.44M | 5.92M | 4.66M | 5.29M | 7.3M | 8.26M | 8.12M | 7.1M | 7.6M | 7.2M | 7.4M |
| OpEx % of Revenue | - | 24.37% | 22.85% | 21.91% | 21.29% | 23.82% | 23.83% | 20.97% | 20.13% | 20.57% | 21.26% | 22.83% | 22.86% | 22.88% | 25.33% | 25.27% | 18.82% | 30.68% | 22.12% | 16.89% | 25.58% | 23.03% | 24.35% | 24.89% | 37.21% | 22.87% | 30.13% | 33.49% | 34.7% | 33.49% | 31.9% |
| Selling, General & Admin | 9.35M | 8.61M | 9.23M | 9.07M | 9M | 7.38M | 7.74M | 7.88M | 8.08M | 7.72M | 7.13M | 7.57M | 8.1M | 6.99M | 8.37M | 8.73M | 6.91M | 6.17M | 8.49M | 7.65M | 7.29M | 5.75M | 4.64M | 4.69M | 5.37M | 8.05M | 6.39M | 5.6M | 6.7M | 5.8M | 5.8M |
| SG&A % of Revenue | - | 23.6% | 21.82% | 20.98% | 20.43% | 22.72% | 22.47% | 20.09% | 19.06% | 20.03% | 20.68% | 22.29% | 22.32% | 21.99% | 24.47% | 24.57% | 18.72% | 30.79% | 21.06% | 16.37% | 25.06% | 22.39% | 24.25% | 22.09% | 27.38% | 22.27% | 23.72% | 26.42% | 30.59% | 26.98% | 25% |
| Research & Development | 391K | 384K | 392K | 397K | 375K | 357K | 355K | 345K | 451K | 208K | 200K | 182K | 196K | 281K | 295K | 250K | 39K | 39K | 55K | 69K | 70K | 93K | 117K | 121K | 331K | 216K | 205K | 300K | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.05% | 0.93% | 0.92% | 0.85% | 1.1% | 1.03% | 0.88% | 1.06% | 0.54% | 0.58% | 0.54% | 0.54% | 0.88% | 0.86% | 0.7% | 0.11% | 0.19% | 0.14% | 0.15% | 0.24% | 0.36% | 0.61% | 0.57% | 1.69% | 0.6% | 0.76% | 1.42% | - | - | - |
| Other Operating Expenses | 0 | -102K | 46K | 7K | 1K | -1K | 115K | 0 | 0 | 0 | 46K | 0 | 0 | 0 | 39K | 51K | -5K | -60K | 372K | 175K | 83K | 71K | -97K | 473K | 1.6M | 0 | 1.52M | 1.2M | 900K | 1.4M | 1.6M |
| Operating Income | 529K | 254K | 1.09M | 2.23M | 2.35M | -61K | -947K | -1.42M | 2.19M | 1.49M | 1.46M | 1.21M | -2K | -861K | -4.3M | -586K | -368K | -2.01M | -41K | 4.2M | 487K | 246K | 36K | -287K | -3.61M | 1.12M | 501K | -200K | 1M | 2.9M | 2.7M |
| Operating Margin % | 0.91% | 0.7% | 2.58% | 5.15% | 5.34% | -0.19% | -2.75% | -3.62% | 5.17% | 3.86% | 4.24% | 3.56% | -0.01% | -2.71% | -12.57% | -1.65% | -1% | -10.03% | -0.1% | 8.98% | 1.67% | 0.96% | 0.19% | -1.35% | -18.4% | 3.1% | 1.86% | -0.94% | 4.57% | 13.49% | 11.64% |
| Operating Income Growth % | - | -76.76% | -50.94% | -5.31% | 3957.38% | 93.56% | 33.31% | -164.9% | 46.94% | 1.99% | 20.96% | 60450% | 99.77% | 79.98% | -633.79% | -59.24% | 81.7% | -4804.88% | -100.98% | 761.81% | 97.97% | 583.33% | 112.54% | 92.05% | -421.94% | 123.75% | 350.5% | -120% | -65.52% | 7.41% | 68.75% |
| EBITDA | 2.79M | 3M | 5.33M | 7.32M | 5.43M | 3M | 2.15M | 1.03M | 4.4M | 3.33M | 3.3M | 3.45M | 2.29M | 1.63M | -1.62M | 2.03M | 1.89M | 124K | 2.67M | 7.05M | 2.25M | 1.77M | 1.18M | 984K | -1.9M | 2.75M | 2.02M | 1M | 1.9M | 4.3M | 4.3M |
| EBITDA Margin % | 4.78% | 8.21% | 12.59% | 16.92% | 12.32% | 9.24% | 6.25% | 2.63% | 10.39% | 8.63% | 9.57% | 10.16% | 6.32% | 5.13% | -4.73% | 5.72% | 5.13% | 0.62% | 6.63% | 15.09% | 7.71% | 6.88% | 6.17% | 4.63% | -9.71% | 7.62% | 7.51% | 4.72% | 8.68% | 20% | 18.53% |
| EBITDA Growth % | -2.52% | -43.78% | -27.19% | 34.78% | 81.05% | 39.25% | 109.03% | -76.6% | 32.39% | 0.82% | -4.32% | 50.39% | 40.7% | 200.74% | -179.62% | 7.23% | 1427.42% | -95.36% | -62.09% | 214.21% | 27.05% | 49.62% | 20.02% | 151.68% | -169.16% | 36.02% | 102.4% | -47.37% | -55.81% | 0% | 34.38% |
| D&A (Non-Cash Add-back) | 2.26M | 2.74M | 4.23M | 5.09M | 3.08M | 3.06M | 3.1M | 2.45M | 2.21M | 1.84M | 1.84M | 2.24M | 2.29M | 2.49M | 2.68M | 2.62M | 2.26M | 2.13M | 2.71M | 2.86M | 1.76M | 1.52M | 1.15M | 1.27M | 1.71M | 1.63M | 1.52M | 1.2M | 900K | 1.4M | 1.6M |
| EBIT | 412K | 218K | 1.71M | 2.49M | 3.18M | -773K | 1.34M | 1.73M | 2.52M | 2M | 1.51M | 1.57M | 161K | -341K | -2.31M | 116K | 18K | -1.71M | -94K | 4.2M | 487K | 359K | 56K | -287K | -3.61M | 1.12M | 501K | -200K | 1M | 2.9M | 2.7M |
| Net Interest Income | 201K | 269K | 293K | 69K | -53K | -8K | -53K | -219K | -183K | -169K | -186K | -169K | -16K | 5K | 5K | -56K | -129K | -165K | -296K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 251K | 314K | 370K | 174K | 69K | 118K | 177K | 100K | 50K | 33K | 18K | 76K | 247K | 292K | 291K | 187K | 41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 50K | 45K | 77K | 105K | 122K | 126K | 230K | 319K | 233K | 202K | 204K | 245K | 263K | 287K | 301K | 243K | 170K | 165K | 296K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 269K | -81K | 536K | 154K | 701K | -838K | 2.05M | 615K | 102K | 312K | -158K | 118K | -100K | 233K | -1.58M | 459K | 216K | -333K | -452K | 39K | 456K | 147K | 181K | 162K | 129K | 507K | 639K | 200K | 300K | -600K | -800K |
| Pretax Income | 798K | 173K | 1.63M | 2.38M | 3.05M | -899K | 1.11M | 1.41M | 2.29M | 1.8M | 1.3M | 1.32M | -102K | -628K | -4.42M | -127K | -152K | -1.87M | -390K | 4.24M | 685K | 393K | 288K | -125K | -3.48M | 1.63M | 1.14M | 600K | 1.3M | 2.3M | 1.9M |
| Pretax Margin % | 1.37% | 0.47% | 3.85% | 5.51% | 6.93% | -2.77% | 3.21% | 3.59% | 5.41% | 4.67% | 3.78% | 3.9% | -0.28% | -1.98% | -12.93% | -0.36% | -0.41% | -9.34% | -0.97% | 9.06% | 2.35% | 1.53% | 1.5% | -0.59% | -17.74% | 4.51% | 4.23% | 2.83% | 5.94% | 10.7% | 8.19% |
| Income Tax | 259K | 168K | 486K | 622K | 757K | 228K | -12K | -42K | 987K | 341K | 237K | 507K | -344K | -260K | -65K | 195K | 400K | -51K | 216K | 765K | 258K | 170K | 13K | 94K | 53K | 355K | 106K | 400K | 500K | 1.3M | 1.1M |
| Effective Tax Rate % | 32.46% | 97.11% | 29.83% | 26.11% | 24.79% | -25.36% | -1.08% | -2.98% | 43.1% | 18.93% | 18.2% | 38.26% | 337.25% | 41.4% | 1.47% | -153.54% | -263.16% | 2.72% | -55.38% | 18.06% | 37.66% | 43.26% | 4.51% | -75.2% | -1.52% | 21.81% | 9.3% | 66.67% | 38.46% | 56.52% | 57.89% |
| Net Income | 348K | -41K | 1.05M | 1.54M | 2.4M | -591K | 878K | 1.54M | 1.18M | 1.32M | 779K | 521K | 57K | -1.02M | -3.1M | -688K | -373K | -1.97M | -956K | 3.31M | 9.06M | 221K | 220K | -81K | -3.55M | 1.16M | 1.03M | 200K | 800K | 1M | 800K |
| Net Margin % | 0.6% | -0.11% | 2.48% | 3.57% | 5.44% | -1.82% | 2.55% | 3.94% | 2.79% | 3.41% | 2.26% | 1.54% | 0.16% | -3.21% | -9.07% | -1.94% | -1.01% | -9.81% | -2.37% | 7.08% | 31.12% | 0.86% | 1.15% | -0.38% | -18.08% | 3.22% | 3.84% | 0.94% | 3.65% | 4.65% | 3.45% |
| Net Income Growth % | 1731.58% | -103.9% | -31.99% | -35.53% | 505.25% | -167.31% | -43.17% | 30.49% | -10.03% | 68.93% | 49.52% | 814.04% | 105.59% | 67.17% | -351.16% | -84.45% | 81.03% | -105.65% | -128.9% | -63.47% | 3997.74% | 0.45% | 371.6% | 97.72% | -404.99% | 12.48% | 417% | -75% | -20% | 25% | 33.33% |
| Net Income (Continuing) | 539K | 5K | 1.14M | 1.76M | 2.3M | -1.13M | 1.12M | 1.45M | 1.3M | 1.46M | 1.06M | 818K | 242K | -368K | -4.36M | -331K | -552K | -1.82M | -606K | 3.47M | 685K | 223K | 275K | -81K | -3.55M | 1.16M | 1.03M | 200K | 800K | 1M | 800K |
| Discontinued Operations | 50K | -5K | -1K | -2K | 2K | -28K | -3K | 0 | 0 | 0 | 0 | 4K | 264K | 0 | -4K | 5K | 0 | 0 | 0 | 0 | -88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.86M | -37K | 249K | 165K | 128K | 419K | 1.18M | 1.2M | 1.52M | 1.43M | 1.61M | 1.74M | 1.73M | 1.97M | 1.72M | 2.97M | 2.81M | 2.92M | 2.81M | 2.46M | 2.2M | 2.06M | 2.11M | 2.11M | 2.32M | 2.55M | 2.61M | 2.4M | 2.1M | 3.5M | 2.6M |
| EPS (Diluted) | 0.04 | -0.00 | 0.12 | 0.19 | 0.29 | -0.15 | 0.12 | 0.21 | 0.16 | 0.18 | 0.11 | 0.08 | 0.01 | -0.16 | -0.47 | -0.11 | -0.06 | -0.31 | -0.15 | 0.51 | 1.45 | 0.04 | 0.04 | -0.01 | -0.61 | 0.20 | 0.18 | 0.04 | 0.17 | 0.26 | 0.21 |
| EPS Growth % | - | -104% | -35.14% | -35.09% | 290% | -225% | -41.46% | 32.26% | -13.89% | 63.64% | 46.67% | - | 103.23% | 66.67% | -342.86% | -75% | 80.33% | -103.33% | -129.41% | -64.83% | 4042.86% | 0% | 352.71% | 97.71% | -410.26% | 8.33% | 414.29% | -78.79% | -35.29% | 21.43% | 68% |
| EPS (Basic) | - | -0.00 | 0.13 | 0.19 | 0.30 | -0.15 | 0.12 | 0.21 | 0.16 | 0.19 | 0.11 | 0.08 | 0.01 | -0.16 | -0.47 | -0.11 | -0.06 | -0.31 | -0.15 | 0.52 | 1.46 | 0.04 | 0.04 | -0.01 | -0.61 | 0.20 | 0.19 | 0.04 | 0.17 | 0.26 | 0.21 |
| Diluted Shares Outstanding | 9.75M | 8.73M | 8.6M | 8.33M | 8.35M | 7.54M | 7.45M | 7.52M | 7.54M | 7.29M | 7.07M | 7.06M | 7.1M | 6.64M | 6.64M | 6.58M | 6.45M | 6.45M | 6.45M | 6.47M | 6.26M | 6.06M | 5.99M | 5.86M | 5.86M | 6.01M | 5.79M | 5.51M | 4.97M | 3.92M | 3.85M |
| Basic Shares Outstanding | 8.84M | 8.54M | 8.32M | 8.16M | 7.94M | 7.54M | 7.35M | 7.35M | 7.48M | 7.05M | 7.03M | 7.03M | 7.03M | 6.4M | 6.64M | 6.58M | 6.45M | 6.45M | 6.45M | 6.45M | 6.23M | 5.93M | 5.87M | 5.86M | 5.86M | 5.77M | 5.52M | 5.49M | 4.83M | 3.92M | 3.83M |
| Dividend Payout Ratio | - | - | - | - | 0.42% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 9.76% | 17.76% | 23.98% | 24.09% | - | - | - | - | - | - | - | - |
Regional geopolitical and cyclical exposure
According to the latest quarterly data, Trio-Tech experienced a significant revenue surge to $16.5 million in 2026Q3, representing a 123.6% year-over-year increase, which contrasts sharply with the contractionary trends observed throughout 2025, suggesting highly inconsistent demand cycles across its core semiconductor testing and distribution segments.
The recent top-line acceleration appears driven by a recovery in volume rather than structural pricing power, given the persistent pressure on gross margins. Investors should monitor whether this growth is sustainable or merely a temporary spike resulting from the lumpy nature of equipment sales within the manufacturing division.
As reported in financial statements, Trio-Tech's gross margin has trended downward from historical peaks near 27.5% in 2024Q4 to 15.5% in 2026Q3, indicating that the company is struggling to maintain pricing power amidst rising input costs and a shift in its product mix toward lower-margin distribution activities.
The erosion of gross profitability suggests that the company's specialized testing services are not providing the insulation from competitive pricing pressures that one might expect. This margin degradation forces the firm to operate near break-even levels, leaving little room for operational errors or unexpected cost increases.
Based on the provided income statement data, Trio-Tech's operating margin has frequently dipped into negative territory, reaching -0.5% in 2026Q3, which highlights a lack of meaningful operating leverage as SG&A expenses continue to consume nearly all of the gross profit generated by the business.
The company's high fixed-cost structure, primarily tied to its regional testing labs, prevents it from scaling profitability effectively during periods of revenue growth. Without a significant increase in lab utilization rates, the firm appears trapped in a cycle where top-line gains are largely offset by the overhead required to maintain its operational footprint.
Analysis of the cost structure reveals that SG&A expenses remain stubbornly high relative to revenue, often exceeding $2.0 million per quarter, which, when combined with COGS, leaves the company with razor-thin operating margins that are highly sensitive to even minor fluctuations in quarterly demand.
Management's expense discipline appears limited by the necessity of maintaining a physical presence in multiple Southeast Asian jurisdictions. This rigid cost base suggests that the company lacks the agility to adjust its spending in response to the cyclical downturns that frequently impact the semiconductor equipment and testing industry.
Quick answers to the most common questions about buying TRT stock.
For fiscal year 2025, Trio-Tech International (TRT) reported total revenue of $36.5M. This represents a 57.2% increase compared to $23.2M in 1996.
Trio-Tech International (TRT) reported a net loss of $0.0M for the fiscal year ending 2025.
Trio-Tech International (TRT) reported an operating income of $0.3M, resulting in an operating profit margin of 0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Trio-Tech International (TRT) generated $9.1M in gross profit for the year, representing a gross profit margin of 25.1%. This demonstrates the company's core pricing power and production efficiency.