TRT 10-K & 10-Q changes, risk factors and insider trading
Trio-tech International · Nasdaq · Special Industry Machinery, Nec · CIK 732026 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
As a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, we are not required to provide the information required by this item.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
Removed heading “Property, Plant and Equipment & Investment Properties”
Removed heading “Foreign Currency Translation and Transactions”
Removed heading “Revenue Recognition”
Removed heading “Fair Value Measurements”
Removed heading “Stock-Based Compensation”
Removed heading “Non-controlling Interests in Consolidated Financial Statements”
Removed heading “Loan Receivables”
Removed heading “Interest Income”
Largest changes
“During Fiscal 2026, an armed conflict in the Middle East involving Israel, Iran, and other parties resulted in significant disruption to global oil and natural gas markets, including a period of substantial disruption to shipping through the Strait of Hormuz and damage to regional energy infrastructure. These events led to significant volatility in global energy prices and contributed to broader inflationary pressures across global supply chains during the period. …”see in full comparison
The U.S. tariff regime announced in April 2025 could potentially influence downstream demand variability among our customers.see in full comparisonTheTradepolicy'sandimplementationtariffremainspolicyuncertain—whileaffecting theadministrationsemiconductorinitiallyindustrypausedhas continued to evolve. In January 2026, thetariffs,U.S. government imposed a Section 232 tariff on certainmeasuresadvancedaresemiconductornowarticles,setandtoadditionaltaketariffseffectorintradeAugustrestrictions2025,affectingwithsemiconductors,revisedsemiconductorratesmanufacturingforequipment,someandcountriesrelatedlowerproductsthanremainoriginallyunderproposed.active consideration by U.S. trade authorities. While we do not havenosignificant directsignificantexposure to these tariffs, secondary effects may arise if our customers adjust theirprocurementprocurement, manufacturing, or sourcing strategies in response to trade policychanges.developments. Based on ourpreliminaryobservations,demandcertainappearscustomers have continued to shift testing activities away from China tootheralternativecountriesgeographies, as discussed above intheconnectionregion.withHowever,ourpotentialSBSeffectssegment results. The ultimate scope, duration, and impact of these trade measures onmacromacroeconomic and industry-specific demandinremaintheuncertain,future are far from clear, although we recognize the risk of revenue volatility should global demand continue to weaken due to theand continued trade tensions betweenChina andthe U.S. andtheChinapotential that such continued trade tensionscould result in further revenue volatility or declining economicconditions.conditions affecting our business. We continue to evaluate capacity adjustments in alignment with observable demand signals while maintaining operational flexibility to adapt to changing market conditions.
“Operating lease right-of-use assets and the corresponding lease liabilities as of June 30, 2025 were $864, a decrease of $1,023 or 54.2% as compared to $1,887 as of June 30, 2024. This was due to operating lease expense recognized for the period and partially driven by business model restructuring in one of our China operations, which reduced the need for space, resulting in a decrease in operating lease right-of-use assets and the corresponding lease liabilities. The decrease is partially offset by lease renewals for our Singapore office.”see in full comparison
“The growth in Malaysia, Thailand and Singapore was partially offset by lower revenue from the Company’s China operations. During Fiscal 2026, certain customers relocated their testing activities to other geographic markets in response to cross-border tariffs and geopolitical considerations. Management continues to monitor global trade developments and changes in customers’ geographic preferences and will adjust operating capacity and costs across the Company’s locations as appropriate.”see in full comparison
“Income from operations in the SBS segment was $403 in Fiscal 2026, a decrease of $8 or 2%, compared to income from operations of $411 in Fiscal 2025, remaining relatively consistent year over year despite significant revenue growth. Revenue growth was driven primarily by the revenue increase in Malaysia, Thailand, and Singapore operations as discussed earlier. However, operating income did not increase proportionately because final test services for AI chips generally generate lower gross margins than the segment’s other testing services. …”see in full comparison
We evaluate our long-lived assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for our business, significant negative industry or economic trends, and a significant decline in our stock price for a sustained period of time.see in full comparisonImpairmentDeterminingisrecoverabilityrecognizedrequiresbasedestimatingonfuture undiscounted cash flows expected to be generated over thedifferenceremainingbetweenusefulthe fair valuelife of the assetandgroup.itsKeycarryingmanagementvalue,assumptions used in these forecasts include projected production volumes andfairlaborvaluecosts.isThesegenerallyestimatesmeasuredarebasedinherentlyonuncertainundiscountedandcashsubjectflowtoanalysis,marketif there is significant adverse change.volatility.
Full comparison: every changed paragraph (145)
Our core business is and historically has been in the semiconductor industry, including manufacturing of test equipment, testing services, and distribution of test and other semiconductor equipment and electronic components. TTI develops and manufactures an extensive range of test equipment used in the “front-end” and the “back-end” manufacturing processes of semiconductors. Our equipment includes leak detectors, autoclaves, centrifuges, burn-in systems and boards, HAST testers, temperature-controlled chucks, and more. TTI provides comprehensive electrical, environmental, and burn-in testing services to semiconductor manufacturers in our testing laboratories.
In addition to marketing our proprietary products, we distribute complementary products made by manufacturers around the world. We act as value-added resellers by enhancing the value of the distributed products by customizing them to the needs ofLeveraging our customers through our expert design, engineering and integration.integration expertise, we customize and optimize these solutions to meet the unique requirements of each customer, delivering enhanced performance, reliability, and value. We also support our customers as their extended research and development arm in product design, leveraging the expert skills of our component engineers and design engineers.
During the years ended June 30, 20252026 (“Fiscal 20252026”) and June 30, 20242025 (“Fiscal 20242025”), Trio-Tech International revenue from Semiconductor Back-end Solutions and Industrial Electronics represented 67.7%78.3% and 32.2%21.6% of our revenue, respectively, as compared to 71.1%67.7% and 28.8%32.2% respectively, during Fiscal 2024.2025. Revenue from the semiconductor industry, or our Semiconductor Back-end Solutions and Industrial Electronics segments,segments accounted for more than 99.9% of our total revenue for the years ended June 30, 20252026 and 2024,2025, respectively.
Total assets as of June 30, 20252026 were $41,068,$60,687, aan decreaseincrease of $1,472,$19,619, or 3.5%,47.8%, compared to $42,540$41,068 as of June 30, 2024.2025. The decreaseincrease was primarily due to an decrease in short term deposits, inventories and operating lease right-of-use assets. The decrease was partially offset by an increase in cash and cash equivalents, restricted term deposits, trade accounts receivables,and other receivablesreceivables, andinventories, prepaid expense, property, plant and equipment.equipment (“PPE”) and operating lease right-of-use assets.
Cash and cash equivalents totaled $21,428 as of June 30, 2026, an increase of $10,538, or 96.8%, compared to $10,890 as of June 30, 2025. The increase was primarily attributable to proceeds from the issuance of shares and higher operating cash flows driven by improved revenue. The increase was partially offset by capital expenditures for PPE and cash used to acquire a non-controlling interest in the Malaysia subsidiary. Short-term deposits and restricted term deposits decreased by $1,507 from $8,568 to $7,061. The decrease in short-term deposits reflects management's strategy to preserve liquidity and enhance financial flexibility, positioning the Company to respond to expected customer orders and evolving business requirements.
Trade accounts receivable as of June 30, 2026 were $13,546, an increase of $2,742 or 25.4%, compared to $10,804 as of June 30, 2025. The increase was primarily attributable to higher revenue across both business segments, driven mainly by the Company’s operations in Malaysia and Singapore. The number of days' sales outstanding improved to 70 days for the year ended June 30, 2026, from 106 days for the year ended June 30, 2025.
Cash and cash equivalents totaled $10,890 as of June 30, 2025, an increase of $855, or 8.5%, compared to $10,035 as of June 30, 2024. The increase was due to favorable foreign exchange movements as SGD appreciated against USD, which resulted in higher USD equivalent value of Cash and cash equivalents as of June 30, 2025. The increase in cash and cash equivalents was offset by a decrease of $450, or 5.0% in short-term deposits and restricted term deposits, which as of June 30, 2025 were $8,568, as compared to $9,018 at June 30, 2024. The decrease in short-term deposits reflects strategic decision to retain a higher proportion of funds in one-month deposits for the purpose of maintaining sufficient liquidity.
Trade account receivables as of June 30, 2025 was $10,804, an increase of $143 or 1.3%, compared to $10,661 as of June 30, 2024. The increase was due to higher sales in our Industrial Electronics segment's Singapore operations during the fourth fiscal quarter, partially offset by lower sales in our China operations. The number of days’ sales outstanding in account receivables was 106 days and 90 days for the years ended June 30, 2025 and 2024 respectively.
Other receivables as of June 30, 20252026 were $608,$1,056, an increase of $67,$448, or 12.4%,73.7%, compared to $541$608 as of June 30, 2024.2025. OtherThe increase was mainly attributable to higher other receivables mainlyarising comprisefrom ofthe Company's expanded operation in Malaysia, as well as higher advance payments made to creditors,suppliers indirectfor taxesgoods refundableand services in the Company’s Singapore and China operations and interest receivable from short term deposits.operations.
Inventories as of June 30, 20252026 were $2,262,$3,406, aan decreaseincrease of $900,$1,144, or 28.5%,50.6%, compared to $3,162$2,262 as of June 30, 2024.2025. The decreaseincrease was drivenprimarily byattributable orderto fulfillmenthigher backlog levels in ourthe Company’s Singapore operations, along with a reduced backlog, which ledrequired the Company to lowermaintain higher inventory levels.levels Theto numbersupport ofongoing days’order fulfillment. As inventory levels increased relative to sales, days inventory held wasincreased to 112 days at the end of Fiscal 2026, compared to 88 days at the end of Fiscal 2025, compared to 96 days at the end of Fiscal 2024.2025.
Prepaid expense as of June 30, 2025 were $384 as of June 30, 2025, compared to $536 as of June 30, 2024. The decrease was due to the amortization of rental expenses of our China operations during Fiscal 2025 relating to advance rental payments made as of June 30, 2024.
Investment properties as of June 30, 2025 were $345, a decrease of $62 or 15.2% from $407 as of June 30, 2024. The decrease was attributable to the depreciation charged for the year.
Property, plant and equipment as of June 30, 2025 was $6,021, an increase of $84 or 1.4% compared to $5,937 as of June 30, 2024. The increase was primarily attributed to higher capital expenditures and additions to property, plant and equipment, which was partially offset by depreciation of existing property, plant and equipment recorded during Fiscal 2025 between June 30, 2024 and June 30, 2025.
Other assets as of June 30, 2025 were $231, a decrease of $1, or 0.4%, compared to $232 as of June 30, 2024.
Total liabilities as of June 30, 2025 were $7,077, a decrease of $3,885, or 35.4%, compared to $10,962 as of June 30, 2024. The decrease in liabilities was primarily due to a decrease in accounts payable, accrued expense, contract liabilities, income tax payable, bank loans payable, operating and finance lease.
Lines of credit as of June 30, 2025 were $141, an increase of $141, compared to nil as of June 30, 2024. The increase in the line of credit reflects borrowings to support working capital needs of IE segment in our Singapore operations in Fiscal 2025.
Accounts payable as of June 30, 2025 were $1,896, a decrease of $1,279, or 40.3% from $3,175 as of June 30, 2024. The decrease reflects efforts to scale down purchases when sales slowed and inventory needs decreased.
Accrued expense as of June 30, 2025 were $3,036, a decrease of $598, or 16.5% from $3,634 as of June 30, 2024. The decrease was mainly due to reduction in performance linked bonus provisions in Fiscal 2025.
Income tax payable as of June 30, 2025 were $122, a decrease of $398, or 76.5% from $520 as of June 30, 2024. The decrease was mainly due to lower taxable profit in Fiscal 2025.
Bank loans payable as of June 30, 2025 were $684, a decrease of $190 or 21.7% from $874 as of June 30, 2024. The decrease was due to the repayments made and no new loan arrangements entered during Fiscal 2025.
FinancePrepaid leasesexpense and other current assets as of June 30, 20252026 were $43,$395, aan decreaseincrease of $48$11 or 52.7% as2.9%, compared to $91$384 as of June 30, 2024.2025. ThePrepaid decreaseexpenses wasprimarily duecomprise toprepaid thesoftware repaymentslicensing made in our Singaporefees and Malaysiainformation operations.technology maintenance contracts.
OtherInvestment non-current liabilitiesproperties as of June 30, 20252026 were $31,$293, ana increasedecrease of $4$52 or 14.8%15.1% asfrom compared to $27$345 as of June 30, 2024.2025. The decrease was attributable to the depreciation charged for the year.
PPE as of June 30, 2026 was $6,598, an increase of $577 or 9.6% compared to $6,021 as of June 30, 2025. The increase was primarily attributable to the acquisition of machinery and equipment at the Company's Malaysia, Singapore and China operations to expand capacity to support new burn-in testing services, partially offset by depreciation expense and foreign currency translation movements during Fiscal 2026.
Other assets as of June 30, 2026 were $774, an increase of $543, or 235.1%, compared to $231 as of June 30, 2025. This was primarily due to security and utility deposit paid in connection with new lease of plant in Malaysia and foreign currency exchange movement between June 30, 2025 and June 30, 2026.
Total liabilities as of June 30, 2026 were $17,672, an increase of $10,595, or 149.7%, compared to $7,077 as of June 30, 2025. The increase in liabilities was primarily due to an increase in accounts payable, accrued expense, income tax payable and operating lease.
Lines of credit as of June 30, 2026 were $nil, a decrease of $141, compared to $141 as of June 30, 2025. Company has sufficient cash resources to fund its ongoing operations, reducing the need for borrowings under its lines of credit.
Accounts payable as of June 30, 2026 were $7,577, an increase of $5,681, or 299.6% from $1,896 as of June 30, 2025. The increase was consistent with revenue growth in the Company's Malaysia and Singapore operations and reflected higher procurement activity to support expanding business operations.
Accrued expense as of June 30, 2026 were $2,812, a decrease of $224, or 7.4% from $3,036 as of June 30, 2025. The decrease was primarily attributable to the renewal of existing leases for a term longer than twelve months, resulting in the reclassification of the related provision for reinstatement costs from current to non-current liabilities, partially offset by higher employee-related costs reflecting performance-based compensation driven by improved operational performance in the Company's Singapore, Malaysia and Thailand operations.
Income tax payable as of June 30, 2026 was $213, an increase of $91, or 74.6% from $122 as of June 30, 2025. The increase was mainly due to higher taxable profit in Singapore and Thailand operations in Fiscal 2026.
Bank loans payable as of June 30, 2026 were $445, a decrease of $239 or 34.9% from $684 as of June 30, 2025. The decrease was primarily attributable to loan repayments, with no new borrowings during Fiscal 2026.
Finance leases as of June 30, 2026 were $nil, a decrease of $43 or 100.0% as compared to $43 as of June 30, 2025. The decrease primarily reflected the full repayment of finance lease obligations for the Company’s Singapore and Malaysia operations, with no new finance lease additions during fiscal 2026.
Other non-current liabilities as of June 30, 2026 were $938, an increase of $907 or 2925.8% as compared to $31 as of June 30, 2025. The increase was primarily attributable to the provision for reinstatement costs recognized in connection with a new plant lease in Malaysia, as well as provisions associated with existing leases renewed for terms exceeding twelve months.
Operating lease right-of-use assets as of June 30, 2026 were $5,481, an increase of $4,617 or 534% as compared to $864 as of June 30, 2025. The corresponding lease liabilities as of June 30, 2026 were $5,465, an increase of $4,601 or 532.5% as compared to $864 as of June 30, 2025. The increase was primarily attributable to the commencement of new leases in Malaysia operation, as well as renewal of existing lease by other subsidiaries during Fiscal 2026.
Operating lease right-of-use assets and the corresponding lease liabilities as of June 30, 2025 were $864, a decrease of $1,023 or 54.2% as compared to $1,887 as of June 30, 2024. This was due to operating lease expense recognized for the period and partially driven by business model restructuring in one of our China operations, which reduced the need for space, resulting in a decrease in operating lease right-of-use assets and the corresponding lease liabilities. The decrease is partially offset by lease renewals for our Singapore office.
There are several influencing factors which create uncertainties when forecasting performance, such as the changing nature of technology, specific customer requirements, decline in demand for certain types of burn-in devices or equipment, decline in demand for testing services and fabrication services, and other factors. One factor that influences uncertainty is the highly competitive nature of the semiconductor industry. Additionally, certain customers are unable to provide a forecast of the products required in the upcoming weeks, rendering it,it difficult to plan adequate resources needed to meet these customers’ requirements because of short lead time and last-minute order confirmation. This will normally result in a lower margin for these products as it is often more expensive to purchase materials in a short time frame. However, the Company has taken certain actions and formulated certain plans to deal with and to help mitigate these unpredictable factors. For example, to meet manufacturing customers’ demands upon short notice, the Company maintains higher inventories but continues to work closely with its customers to avoid stockpiling. We believe that we have improved customer service through our efforts to keep our staff up to date on the newest technology and stressing the importance of understanding and meeting the stringent requirements of our customers. Finally, the Company is exploring new markets and products, looking for new customers, and upgrading and improving burn-in technology while at the same time searching for improved testing methods for higher technology chips.
The Company maintains monetary assets and liabilities denominated in currencies other than its functional currency. At each reporting date, these items are remeasured into the functional currency at the period-end spot rate. Resulting unrealized foreign currency gains or losses are included in net income and reported as reconciling items in the statement of cash flows under the indirect method. Our operations in Singapore and Malaysia hold certain monetary assets, including U.S. dollar-denominatedDollar-denominated accounts receivable and cash balances. The weakening of the U.S. dollarDollar against the Singapore dollarDollar resultedand Malaysian Ringgit could result in an unrealized foreign currency loss whenupon remeasurement of these U.S. dollarDollar balances were remeasured into Singapore dollars, which is the functional currency of therespective subsidiary.subsidiaries. While such impacts affect reported earnings in the period, they are unrealized in nature and may reverse in future periods depending on exchange rate movements and the timing of settlement of these balances.
On August 9, 2022, the CHIPS and Science Act of 2022 (“CHIPS Act”) was enacted in the United States. The CHIPS Act will provide financial incentives to the semiconductor industry which are primarily directed at manufacturing activities within the U.S. We continue to evaluate the business impact and potential opportunities related to the CHIPS Act. As of date, we do not see any direct effect of the CHIPS Act on the Company in the foreseeable future.
The U.S. tariff regime announced in April 2025 could potentially influence downstream demand variability among our customers. TheTrade policy'sand implementationtariff remainspolicy uncertain—whileaffecting the administrationsemiconductor initiallyindustry pausedhas continued to evolve. In January 2026, the tariffs,U.S. government imposed a Section 232 tariff on certain measuresadvanced aresemiconductor nowarticles, setand toadditional taketariffs effector intrade Augustrestrictions 2025,affecting withsemiconductors, revisedsemiconductor ratesmanufacturing forequipment, someand countriesrelated lowerproducts thanremain originallyunder proposed.active consideration by U.S. trade authorities. While we do not have nosignificant direct significant exposure to these tariffs, secondary effects may arise if our customers adjust their procurementprocurement, manufacturing, or sourcing strategies in response to trade policy changes.developments. Based on our preliminary observations, demandcertain appearscustomers have continued to shift testing activities away from China to otheralternative countriesgeographies, as discussed above in theconnection region.with However,our potentialSBS effectssegment results. The ultimate scope, duration, and impact of these trade measures on macromacroeconomic and industry-specific demand inremain theuncertain, future are far from clear, although we recognize the risk of revenue volatility should global demand continue to weaken due to theand continued trade tensions between China and the U.S. and theChina potential that such continued trade tensionscould result in further revenue volatility or declining economic conditions.conditions affecting our business. We continue to evaluate capacity adjustments in alignment with observable demand signals while maintaining operational flexibility to adapt to changing market conditions.
The semiconductor industry is currently experiencing a global shortage of memory components, driven by a structural reallocation of manufacturing capacity toward high-bandwidth memory used in artificial intelligence infrastructure. While this shortage has primarily affected semiconductor device manufacturers reliant on memory inputs, it has contributed to extended lead times and increased costs for certain electronic components used in the manufacture and servicing of our testing equipment. At the same time, sustained demand for testing services related to AI-related semiconductor devices has continued to support revenue growth in our SBS segment, as discussed above. The extent and duration of the memory shortage, and its effect on our supply chain, equipment costs, and customer demand, remain uncertain, and we continue to monitor developments in the memory and broader semiconductor markets and to adjust our procurement and inventory practices accordingly.
During Fiscal 2026, an armed conflict in the Middle East involving Israel, Iran, and other parties resulted in significant disruption to global oil and natural gas markets, including a period of substantial disruption to shipping through the Strait of Hormuz and damage to regional energy infrastructure. These events led to significant volatility in global energy prices and contributed to broader inflationary pressures across global supply chains during the period. A ceasefire was subsequently reached, though tensions in the region have continued to evolve, including a breakdown of the ceasefire and renewed price volatility after our fiscal year-end. Based on our assessment, the Company has experienced minimal direct impact on its supply chain to date, due to its indirect exposure to the affected region and the geographic diversification of its suppliers and customers. The Company's approach has been to absorb incremental costs where necessary to remain competitive, while passing through a portion of such cost increases to customers, mitigating the impact on our operating results. However, continued or renewed disruption in the region could result in further volatility in energy prices and broader inflationary pressures that may adversely affect our operating costs and those of our customers and suppliers.
As of June 30, 2025, although we have seen improvements in both our operations and those of our suppliers, we may continue to experience supply shortages as well as inflationary cost pressures in at least the near term. Risks and uncertainties related to supply chain challenges, uncertainty regarding tariffs, and inflationary pressures may continue to negatively impact our revenuegross margin and grossoperating margin.results. We continue to closely monitor these developments and their broader impacts, as well as evaluate theappropriate actions to mitigate potential business impact to react proactively.impacts.
Critical Accounting Estimates & Policies
Our consolidated financial statements are prepared in accordance with GAAP, which requires us to make estimates and apply judgments that affect the reported amounts. In the Notes to the Consolidated Financial Statements, we describe the significant accounting policies used in preparing the consolidated financial statements. Our management has discussed the development, selection, and disclosure of our critical accounting estimates with the Audit & Risk Committee of our Board of Directors. The following items require significant estimation or judgment:
The discussion and analysis of the Company’s financial condition presented in this section are based upon our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the U.S. During the preparation of the consolidated financial statements, we are required to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expense, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and judgments, including those related to sales, returns, pricing concessions, bad debts, inventories, investments, fixed assets, intangible assets, income taxes and other impairments. Due to the events listed above, there has been uncertainty and disruption in the global economy and financial markets. These estimates and assumptions may change as new events occur and additional information is obtained. Actual results may differ from these estimates under different assumptions or conditions.
In response to the SEC’s Release No. 33-8040, Cautionary Advice Regarding Disclosure about Critical Accounting Policy, we have identified the most critical accounting policies upon which our financial statements depend. We determined that those critical accounting policies are related to the inventory valuation; allowance for doubtful accounts; revenue recognition; impairment of property, plant and equipment; investment properties and income tax. These accounting policies are discussed in the relevant sections in this management’s discussion and analysis, including the Recently Issued Accounting Pronouncements discussed below.
The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including accounts receivable, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, which considers forecasts of future economic conditions in addition to information about past events and current conditions. Estimation of expected credit losses requires significant management judgment and the use of subjective assumptions. Based on this model, the Company estimates the amount of uncollectible accounts receivable at the end of each reporting period based on the aging of the receivable balance, current and historical customer trends, communications with its customers, and macro-economic conditions. Actual credit losses may differ from these estimates if customer financial conditions deteriorate or if future macroeconomic conditions vary from our projections. Amounts are written off after considerable collection efforts have been made and the amounts are determined to be uncollectible.
Inventories of our SBS and IE segments, consisting principally of raw materials, works in progress, and finished goods, are stated at the lower of cost and net realizable value, using the first-in, first-out (“FIFO”) method. Determining the net realizable value and necessary excess or obsolescence reserves requires significant management judgment and estimation. The semiconductor industry is characterized by rapid technological change, short-term customer commitments and swiftly changing demand. Provisions for estimated excess and obsolete inventory are based on regular reviews of inventory quantities on hand and management's key assumptions regarding the latest forecasts of product demand and production requirements from our customers. Inventories are written down for not-saleable, excess or obsolete raw materials, works-in-process and finished goods by charging such write-downs to cost of sales. In addition to write-downs based on newly introduced parts, statistics and judgments are used for assessing provisions of the remaining inventory based on sale ability and obsolescence. Due to the estimation uncertainty inherent in forecasting future demand, actual results may differ from our estimates.
Property, Plant and Equipment & Investment Properties
Property, plant and equipment and investment properties are stated at cost, less accumulated depreciation and amortization. Depreciation is provided for over the estimated useful lives of the assets using the straight-line method. Amortization of leasehold improvements is provided for over the lease terms or the estimated useful lives of the assets, whichever is shorter, using the straight-line method.
Maintenance, repairs and minor renewals are charged directly to expense as incurred. Additions and improvements to property, plant and equipment are capitalized. When assets are disposed of, the related cost and accumulated depreciation thereon are removed from the accounts and any resulting gain or loss is included in the consolidated statements of operations and comprehensive income or loss.
Foreign Currency Translation and Transactions
The United States dollar (“U.S. dollar”) is the functional currency of the U.S. parent company. The Singapore dollar, the national currency of Singapore, is the primary currency of the economic environment in which the operations in Singapore are conducted. We also have business entities in Malaysia, Thailand, China and Indonesia, of which the Malaysian ringgit (“RM”), Thai baht, Chinese renminbi (“RMB”) and Indonesian rupiah are the national currencies. The Company uses the U.S. dollar for financial reporting purposes.
The Company translates assets and liabilities of its subsidiaries outside the U.S. into U.S. dollars using the rate of exchange prevailing at the balance sheet date, and the statement of operations is measured using average rates in effect for the reporting period. Adjustments resulting from the translation of the subsidiaries’ financial statements from foreign currencies into U.S. dollars are recorded in shareholders' equity as part of accumulated comprehensive income or loss translation adjustment. Gains or losses resulting from transactions denominated in currencies other than functional currencies of the Company’s subsidiaries are reflected in income for the reporting period.
Revenue Recognition
The Company follows Accounting Standards Update (“ASU”) No. 2014-09, Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). This standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers.
We apply a five-step approach as defined in ASC Topic 606 in determining the amount and timing of revenue to be recognized: (1) identifying the contract with customer; (2) identifying the performance obligations in the contracts; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied.
Revenue derived from testing services in SBS and IE segment is recognized when services are rendered. Revenue generated from sale of products for both SBS and IE segments are recognized when persuasive evidence of an arrangement exists, delivery of the products has occurred, customer acceptance has been obtained (which means the control has been transferred to the customer), the price is fixed or determinable and collectability is reasonably assured. Certain customers can request for installation and training services to be performed for certain equipment sold in SBS and IE segment. These services are mainly for helping customers with the test runs of the machines sold and are considered a separate performance obligation. Such services can be provided by other entities as well, and these do not significantly modify the product. The Company recognizes the revenue at the point in time when the Company has satisfied its performance obligations.
Investment
The Company (a) evaluates the sufficiency of the total equity at risk, (b) reviews the voting rights and decision-making authority of the equity investment holders as a group, and whether there are any guaranteed returns, protection against losses, or capping of residual returns within the group and (c) establishes whether activities within the venture are on behalf of an investor with disproportionately few voting rights in making a Variable Interest Entity (“VIE”) determination. The Company would consolidate a venture that is determined to be a VIE if it was the primary beneficiary. Beginning January 1, 2010, a new accounting standard became effective and changed the method by which the primary beneficiary of a VIE is determined. Through a primarily qualitative approach, the variable interest holder, if any, who has the power to direct the VIE’s most significant activities is the primary beneficiary. To the extent that the investment does not qualify as VIE, the Company further assesses the existence of a controlling financial interest under a voting interest model to determine whether the venture should be consolidated.
Cost Method
What changed in the latest 10-Q
Risk Factors
We could not find a separate Risk Factors item in the latest 10-Q. Some companies leave it out of quarterly reports; see the annual 10-K risk factors and the original filing. Open the filing on SEC.gov.
Management's Discussion & Analysis (MD&A)
New heading “Loss from Operations”
New heading “Other Income / (Expense)”
New heading “Government Grant”
New heading “Net Loss Attributable to Trio-Tech International Common Shareholders”
New heading “Comparison of the Nine Months Ended March 31, 2026, and March 31, 2025”
New heading “Income / (Loss) from Operations”
New heading “Government Grant”
Removed heading “Comparison of the Six Months Ended December 31, 2025, and December 31, 2024”
Removed heading “Net Income Attributable to Trio-Tech International Common Shareholders”
Removed heading “Earnings per Share”
Largest changes
“As of March 31, 2026, ongoing geopolitical tensions in Middle East region have heightened volatility in global energy markets, resulting in increased inflationary pressures across the global supply chain. Based on our assessment, there has been minimal impact to our supply chain due to indirect exposure and geographic diversification of suppliers and customers.”see in full comparison
“Comparison of the Six Months Ended December 31, 2025, and December 31, 2024”see in full comparison
“Comparison of the Nine Months Ended March 31, 2026, and March 31, 2025”see in full comparison
“Net Income Attributable to Trio-Tech International Common Shareholders”see in full comparison
“Net Loss Attributable to Trio-Tech International Common Shareholders”see in full comparison
Full comparison: every changed paragraph (134)
SecondThird Quarter Fiscal Year 2026 Highlights
The following table sets forth our revenue components for both three and sixnine months ended DecemberMarch 31, 20252026 and 2024.2025.
Revenue for the three and sixnine months ended DecemberMarch 31, 20252026 was $15,649$16,511 and $31,163,$47,674, respectively, representing an increase of $7,030$9,127 and $12,745$21,872 when compared to revenue of $8,619$7,384 and $18,418$25,802 for the same period of Fiscal 2025. As a percentage, revenue increased by 81.6%123.6% and 69.2%84.8% for the three and sixnine months ended DecemberMarch 31, 2025,2026, when compared to revenue for the same period of Fiscal 2025.
Revenue within our two current segments for the three and sixnine months ended DecemberMarch 31, 2025,2026, is discussed below.
Revenue in the SBS segment as a percentage of total revenue was 78.9%79.2% and 76.4%77.4% for the three and sixnine months ended DecemberMarch 31, 2025,2026, an increase of 11.5%5.7% and 7.5%7.2% of total revenue when compared to 67.4%73.5% and 68.9%70.2% in the same period of Fiscal 2025. Total SBS revenue increased by $6,548$7,654 to $12,357$13,079 from $5,809$5,425 and increased by $11,121$18,775 to $23,809$36,888 from $12,688$18,113 for the three and sixnine months ended DecemberMarch 31, 2025.2026.
SBS segment recorded strong revenue growth for three-month period ended DecemberMarch 31, 2025,2026, primarily driven by the commencement of final test services for AI chips in the final month of the first quarter of Fiscal 2026, as a result of a customer shifting testing activities to alternative geographies. Testing services demand in markets outside China are showing signs of recovery and this has further supported the segment’s revenue momentum, partially offset by a decline in revenue from China of approximately 44.3%48.4% for the three months ended DecemberMarch 31, 20252026 compared to the same period in fiscal year 2025, and a decrease of approximately 47.1%84.1% for the sixnine months ended DecemberMarch 31, 2025.
However, revenueRevenue from equipmentproduct sales within the SBS segment continuesincreased, toreflecting beincrease adverselyin affected by broader market headwinds, as customers remain cautious with capital expenditure decisions amid ongoing economic uncertainty. Notwithstanding these conditions, burn-inBurn-in board sales increased by approximately 53.3%42.6% for the sixnine months ended DecemberMarch 31, 20252026 compared to the same period in fiscal year 2025.
Revenue in the IE segment as a percentage of total revenue was 21.0%20.7% and 23.5%22.6% for the three and sixnine months ended DecemberMarch 31, 2025,2026, representing a decrease of 11.5%5.7% and 7.5%7.1% when compared to 32.5%26.4% and 31.0%29.7% in the same period of Fiscal 2025. Total IE revenue increased by $483$1,476 from $2,801$1,950 to $3,284$3,426 and increased by $1,621$3,097 from $5,715$7,665 to $7,336$10,762 for the three and sixnine months ended DecemberMarch 31, 20252026 as compared to the same period of Fiscal 2025.
As of March 31, 2026, ongoing geopolitical tensions in Middle East region have heightened volatility in global energy markets, resulting in increased inflationary pressures across the global supply chain. Based on our assessment, there has been minimal impact to our supply chain due to indirect exposure and geographic diversification of suppliers and customers.
As of December 31, 2025, although we have seen improvements in both our operations and those of our suppliers, we may continue to experience supply shortages as well as inflationary cost pressures in at least the near term. Risks and uncertainties related to supply chain challenges, uncertainty regarding tariffs, and inflationary pressures may continue to negatively impact our revenuegross margin and grossoperating margin.results. We continue to closely monitor these developments and their broader impacts, as well as evaluate theappropriate actions to mitigate potential business impact to react proactively.impacts.
Comparison of the Three Months Ended DecemberMarch 31, 2025,2026, and DecemberMarch 31, 20242025
The following table sets forth certain consolidated statements of income data as a percentage of revenue for the three months ended DecemberMarch 31, 20252026 and 20242025 respectively:
Overall gross margin as a percentage of revenue decreased by 9.7%11.3% to 16.0%15.5% for the three months ended DecemberMarch 31, 2025,2026, from 25.7%26.8% for the same period of Fiscal 2025. Gross profits increased by $281$578 to $2,499$2,554 for the three months ended DecemberMarch 31, 2025,2026, from $2,218$1,976 for the same period in Fiscal 2025.
Gross profit margin as a percentage of revenue in the SBS segment decreased by 15.6%11.4% to 14.4%15.1% for the three months ended DecemberMarch 31, 2025,2026, as compared to 30.0%26.5% for the same period in Fiscal 2025. In absolute dollar amounts, gross profit in the SBS segment for the three months ended DecemberMarch 31, 2025,2026, was $1,777,$1,973, an increase of $35,$537, compared to $1,742$1,436 in the same period in Fiscal 2025.
During the three-month period ended DecemberMarch 31, 2025,2026, the SBS segment experienced a notable decline in gross profit margins attributable to its China operations, primarily due to reduced revenue contributions compared to the same period in Fiscal 2025. While revenue from markets outside China showedtrended an upward trend,upward, the associated margins remained relatively compressed. The incremental revenue relating to final testing services that commenced in the final month of the first quarter was attributable to new service streams that required no capital investment, resulting in lower margin profiles that reflect the reduced risk exposure. The reduction in SBS gross profit margin was further impacted by a decrease in the gross profit margin in China, which declined by approximately 64.6%. As the revenue mix increasingly shifts toward final testing services, gross profit margins are expected to trend below historical levels for the SBS segment. Nevertheless, the additional revenue is anticipated to enhance overall profitability in absolute dollar terms.
Gross profit margin as a percentage of revenue in the IE segment increaseddecreased by 5.0%10.8% to 22.3%17.3% for the three months ended DecemberMarch 31, 2025,2026, from 17.3%28.1% for the same period in Fiscal 2025. In absolute dollar amounts, gross profit in the IE segment for the three months ended DecemberMarch 31, 2025,2026, was $731,$593, indicating an increase of $246,$45, compared to $485$548 in the same period in Fiscal 2025. The grossGross profit margin improvementdeclined indue theto IEan segment reflects a more favorableunfavorable product mix ofduring equipment sales thisthe quarter, with higher-marginlower-margin products accounting for a significantly larger proportion of total sales compared to previous periods. This shift in mix dynamics where higher-value products drive more revenue has lifted overall profitability. This is in contrast with same quarter in last Fiscal 2024 when margins were diluted by greater volume of lower-margin sales.
Operating expense for the three months ended DecemberMarch 31, 20252026 and 20242025 was as follows:
General and administrative expense increased by $232,$206, or 11.8%,10.0%, from $1,965$2,067 to $2,197$2,273 for the three months ended DecemberMarch 31, 2025,2026, compared to the same period in Fiscal 2025. The increase in general and administrative expenses was primarily driven by higher corporate-related costs incurred for corporate activities, higher stock option expenses, higher personnel-related costs and increase of headcount growthto withinsupport the Singaporegrowing operations scale of the SBS and IE segment. For the IE segment, the increase was largely attributable to expansion into new markets and related business development activities. In addition, the IE segment recognized approximately $134$158 in expected credit losses. Separately, the Company incurred higher costs related to corporate activities.
Selling expense decreasedincreased by $77,$47, or 43.8%,21.8%, from $176$216 to $99$263 for the three months ended DecemberMarch 31, 2025,2026, compared to the same period in Fiscal 2025. The decreaseincrease in selling expense was primarily attributable to ahigher decreasebusiness intravel expenses and increased commissionable sales inacross both the SBS and IE segments.
Loss from Operations
IncomeLoss from operations was $97$81 for the three months ended DecemberMarch 31, 2025,2026, an improvement of $100,$262, as compared to a loss of $3$343 from operations for the same period in Fiscal 2025. As discussed above, higher revenues in the SBS and IE segments drove the improvement; however, the impact was tempered by compressed gross profit margins reflecting the lower-risk nature of these sales. Notwithstanding the margin compression, the increase in overall revenue contributed to improved income from operations during the period.
Interest expense for the three months ended DecemberMarch 31, 20252026 and 20242025 was as follows:
Interest expense was $22$11 for the three months ended DecemberMarch 31, 2025,2026, an increase of $9,$1, or 69.2%,10.0%, compared to $13$10 for the same period of Fiscal 2025 due to utilization of credit facilities in Singapore operation. As of DecemberMarch 31, 2025,2026, the Company had an unused line of credit of $5,603$6,124 as compared to $5,719$5,797 as at DecemberMarch 31, 2024.2025.
Other Income / (Expense)
Other income / (expense) for the three months ended March 31, 2026 and 2025 was as follows:
There was a increase of $332 in other income to $188 for the three months ended March 31, 2026 as compared to other expenses of $144 for the same period in Fiscal 2025. The increase of other income was primarily due to lower foreign exchange losses and dividend income received by Prestal Sdn. Bhd., one of the Company’s subsidiaries, from an investment in unquoted shares.
Our net income is exposed to foreign exchange fluctuations as our subsidiaries' functional currencies differ from the U.S. dollar. For the three months ended March 31, 2026, the strengthening of the Singapore dollar against the U.S. dollar resulted in an unrealized foreign exchange loss, primarily from the remeasurement of U.S. dollar denominated monetary assets and liabilities. The impact of such fluctuations was partially mitigated by the change in functional currency of Universal Far East, which reduced the overall exposure to U.S. dollar movements.
Government Grant
In the three months ended March 31, 2026, the Company received government grants of $11, wholly from the Singapore government for local resident recruitment. In comparison, during the same period in Fiscal 2025, the Company received government grants amounting to $22, $19 consisting of an incentive from the Singapore government for local resident recruitment, and $3 related to capital expenditure subsidy received from the government in China.
The Company's income tax expense was $146 and $6 for the three months ended March 31, 2026, and 2025, respectively. The increase was mainly driven by higher GILTI expenses and withholding taxes.
As of March 31, 2026, we held a 55% interest in SHI International Pte. Ltd. and 76% interest in Prestal Enterprise Sdn. Bhd. The share of non-controlling interest in the net income from the subsidiaries for the three months ended March 31, 2026 was $1 compared to the share of income from the non-controlling interest of $19 for the same period in Fiscal 2025.
During the second quarter of fiscal 2026, it was identified that PT SHI Indonesia, a dormant entity that was 95% owned by SHI International Pte Ltd has been dissolved and this dissolution did not have a material impact on the Company's consolidated financial statements.
Net Loss Attributable to Trio-Tech International Common Shareholders
Net loss attributable to Company’s common shareholders was $38 for the three months ended March 31, 2026, compared to a net loss of $495 for the same period in Fiscal 2025.
Loss per Share
Basic loss per share from continuing operations were $0.00 for three months ended March 31, 2026 as compared to basic loss per share of $0.06 for the same period in Fiscal 2025. Basic earnings per share from discontinued operations were $nil for three months ended March 31, 2026 and March 31, 2025 respectively.
Diluted loss per share from continuing operations were $0.00 for three months ended March 31, 2026 as compared to diluted loss per share of $0.06 for the same period in Fiscal 2025. Diluted earnings per share from discontinued operations were $nil for three months ended March 31, 2026 and March 31, 2025.
The revenue, gross margin, and income from operations for each segment during the third quarter of Fiscal 2026 and Fiscal 2025 are presented below. As the revenue and gross margin for each segment were discussed in the previous section, only the comparison of income from operations is discussed below.
The revenue, gross margin and income / (loss) from operations for the SBS segment for the three months ended March 31, 2026 and 2025 were as follows:
Income from operations from the SBS segment was $319 compared to loss from operations of $3 in the same period in Fiscal 2025. The increase was primarily attributable to the higher gross profit generated from increased revenue, primarily driven by factors discussed above. Operating expense increased from $1,439 for the three months ended March 31, 2025 to $1,654 for the three months ended March 31, 2026 mainly attributable to an increase in personnel-related costs and selling expense.
The revenue, gross margin, and income from operations for the IE segment for the three months ended March 31, 2026 and 2025 were as follows:
Income for operations from IE segment for the three months ended March 31, 2026 was $10, compared to a breakeven in the same period in Fiscal 2025. Operating expense was increased from $548 for the three months ended March 31, 2025 to $583 for the three months ended March 31, 2026. While revenue increased during the period, income from operations did not increase proportionately due to the higher proportion of lower-margin sales during the period. In addition, the prior-year period included a gain on fixed assets that did not recur in the current period.
Comparison of the Nine Months Ended March 31, 2026, and March 31, 2025
The following table sets forth certain consolidated statements of income data as a percentage of revenue for the nine months ended March 31, 2026 and 2025 respectively:
Overall gross margin as a percentage of revenue decreased by 9.3% to 16.0% for the nine months ended March 31, 2026, from 25.3% for the same period of Fiscal 2025. Gross profits increased by $1,122 to $7,638 for the nine months ended March 31, 2026, from $6,516 for the same period in Fiscal 2025.
Gross profit margin as a percentage of revenue in the SBS segment decreased by 12.6% to 14.8% for the nine months ended March 31, 2026, as compared to 27.4% for the same period in Fiscal 2025. In absolute dollar amounts, gross profit in the SBS segment for the nine months ended March 31, 2026, was $5,460, an increase of $488, compared to $4,972 in the same period in Fiscal 2025.
During the nine-month period ended March 31, 2026, the SBS segment experienced a notable decline in gross profit margins attributable to its China operations, primarily due to reduced revenue contributions compared to the same period in Fiscal 2025. Gross profit from China declined by approximately 84.1% for the nine months ended March 31, 2026 compared to the same period in the prior year.
While revenue from markets outside China showed an upward trend, the associated margins remained relatively compressed. The incremental revenue relating to final testing services that commenced in the final month of the first quarter was derived from new service streams that required no capital investment and carried a lower risk profile, resulting in lower gross profit margins. As final testing services continue to represent a greater proportion of SBS segment revenue, gross profit margins are expected to remain below historical levels. Nevertheless, the additional revenue is anticipated to improve overall profitability in absolute dollar terms.
Gross profit margin as a percentage of revenue in the IE segment remained unchanged of 20.5% for the nine months ended March 31, 2026 and 2025. In absolute dollar amounts, gross profit in the IE segment for the nine months ended March 31, 2026, was $2,206, indicating an increase of $634, compared to $1,572 in the same period in Fiscal 2025 mainly attributed by improved sales performance of aerospace-related products and higher component sales.
Operating expense for the nine months ended March 31, 2026 and 2025 was as follows:
General and administrative expense increased by $648, or 10.8%, from $5,996 to $6,644 for the nine months ended March 31, 2026, compared to the same period in Fiscal 2025. General and administrative expense increased primarily due to increased corporate costs related to corporate activities, stock option expense and higher personnel-related costs within the SBS and IE segments associated with headcount growth. In addition, general and administrative expense was also further impacted by the expected credit loss provisions recognized during the period related to the IE segment.
Selling expense increased by $91, or 16.8%, from $542 to $633 for the nine months ended March 31, 2026, compared to the same period in Fiscal 2025. The increase in selling expense was primarily attributable to an increase in commissionable sales in both the SBS and IE segments.
Income / (Loss) from Operations
Income from operations was $62 for the nine months ended March 31, 2026, an increase of $275, as compared to loss from operations of $213 for the same period in Fiscal 2025. As discussed above, revenues in the SBS and IE segments increased during the period. Operating income increased primarily due to improved performance in the SBS segment, partially offset by compressed gross profit margins associated with the lower-risk nature of sales, higher operating expenses in the SBS operations, and also decreased demand in China. The IE segment also contributed to the increase, driven by improved sales performance of aerospace-related products and higher component sales.
Interest expense for the nine months ended March 31, 2026 and 2025 was as follows:
Interest expense was $41 for the nine months ended March 31, 2026, an increase of $5, or 13.9%, compared to $36 for the same period of Fiscal 2025. As of March 31, 2026, The Company had an unused line of credit of $6,124 as compared to $5,797 as at March 31, 2025.
Other Income for the threenine months ended DecemberMarch 31, 20252026 and 20242025 was as follows:
There was aan decreaseincrease of $449$433 in other income to $237$610 for the threenine months ended DecemberMarch 31, 20252026 as compared to other income of $686$177 for the same period in Fiscal 2025. The decreaseincrease was primarilymainly due to adividend reductionincome inreceived unrealizedby Prestal Sdn. Bhd., one of the Company’s subsidiaries, from an investment of unquoted shares amounting to $371 and also lower foreign exchange gains, with an unrealized exchange gain of approximately $11 recorded for the three months ended December 31, 2025, compared with an unrealized exchange gain of $561 during the same period in fiscal 2025.impact. The decreaseupsurge was partially offset by dividendlower incomeinterest receivedincome, fromreflecting investmentsreduced infixed unquoteddeposit shares.placements for operating requirements and lower interest rates.
Government Grant
Our net income is exposed to foreign exchange fluctuations as our subsidiaries' functional currencies differ from the U.S. dollar. For the three months ended December 31, 2025, the strengthening of the Singapore dollar against the U.S. dollar resulted in an unrealized foreign exchange loss, primarily from the remeasurement of U.S. dollar denominated monetary assets and liabilities. The impact of such fluctuations was partially mitigated by the change in functional currency of Universal Far East, which reduced the overall exposure to U.S. dollar movements.
TRT insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 8 filings (3 insiders, 15 trade dates, 198,075 shares, about $2.8M). Net open-market shares: -198,075 (purchases minus sales); net value about -$2.8M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-28 | Yong Siew Wai |
Option exercise | 50,000 | $3.88 | $194.0K |
| 2026-09-28 | Srinivasan Anitha |
Option exercise | 8,005 | $2.51 | $20.1K |
| 2026-07-27 | Srinivasan Anitha |
Option exercise | 3,000 | $2.59 | $7.8K |
| 2026-07-27 | Srinivasan Anitha |
Option exercise | 3,002 | $2.44 | $7.3K |
| 2026-06-23 | Adelman Jason T |
Option exercise | 70,000 | $3.11 | $217.7K |
| 2026-06-19 | Adelman Jason T |
Open-market sale | 5,000 | $14.88 | $74.4K |
| 2026-06-18 | Adelman Jason T |
Open-market sale | 5,000 | $15.84 | $79.2K |
| 2026-05-28 | Adelman Jason T |
Option exercise | 40,000 | $3.88 | $155.2K |
| 2026-05-28 | Adelman Jason T |
Option exercise | 70,094 | $2.57 | $180.1K |
| 2026-05-26 | Ting Hock Ming |
Open-market sale | 17,200 | $16.65 | $286.4K |
| 2026-05-19 | Adelman Jason T |
Open-market sale | 9,358 | $14.01 | $131.1K |
| 2026-05-19 | Adelman Jason T |
Open-market sale | 5,617 | $13.97 | $78.5K |
| 2026-05-18 | Horowitz Richard M |
Open-market sale | 67,500 | $18.10 | $1.2M |
| 2026-05-18 | Adelman Jason T |
Open-market sale | 5,000 | $14.87 | $74.3K |
| 2026-05-18 | Adelman Jason T |
Open-market sale | 10,000 | $16.57 | $165.7K |
| 2026-05-18 | Adelman Jason T |
Open-market sale | 10,000 | $18.76 | $187.6K |
| 2026-05-18 | Adelman Jason T |
Option exercise | 39,750 | $2.25 | $89.4K |
| 2026-05-18 | Adelman Jason T |
Open-market sale | 10,000 | $18.11 | $181.1K |
| 2026-04-29 | Lim Hwee Poh |
Option exercise | 8,000 | $2.59 | $20.7K |
| 2026-04-29 | Lim Hwee Poh |
Option exercise | 15,010 | $2.44 | $36.6K |
| 2026-04-29 | Lim Hwee Poh |
Option exercise | 18,776 | $2.51 | $47.1K |
| 2026-04-29 | Lim Hwee Poh |
Option exercise | 3,000 | $3.88 | $11.6K |
| 2026-04-29 | Lim Hwee Poh |
Option exercise | 10,016 | $3.09 | $30.9K |
| 2026-04-29 | Lim Hwee Poh |
Option exercise | 5,000 | $2.62 | $13.1K |
| 2026-04-20 | Ting Hock Ming |
Open-market sale | 2,000 | $7.13 | $14.3K |
| 2026-04-17 | Ting Hock Ming |
Open-market sale | 3,800 | $7.08 | $26.9K |
| 2026-04-16 | Ting Hock Ming |
Open-market sale | 4,000 | $7.04 | $28.2K |
| 2026-04-15 | Ting Hock Ming |
Open-market sale | 3,000 | $6.99 | $21.0K |
| 2026-04-14 | Ting Hock Ming |
Open-market sale | 12,600 | $6.93 | $87.3K |
| 2026-04-13 | Ting Hock Ming |
Open-market sale | 6,000 | $6.73 | $40.4K |
| 2026-03-16 | Adelman Jason T |
Open-market sale | 5,000 | $5.61 | $28.1K |
| 2026-03-10 | Adelman Jason T |
Open-market sale | 5,000 | $5.82 | $29.1K |
| 2026-03-06 | Adelman Jason T |
Open-market sale | 7,489 | $5.53 | $41.4K |
| 2026-03-05 | Adelman Jason T |
Open-market sale | 4,511 | $5.55 | $25.0K |
Well-known investors holding TRT (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Renaissance Technologies | 2026-06-30 | 356,859 | $4.4M | 0.01% | Added 10% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 38,547 | $222.8K | — | Sold out |