Trio-Tech Delivers Q4 Revenue Growth and Profitability and Strengthens Balance Sheet
VAN NUYS, Calif.--( BUSINESS WIRE)--Trio-Tech International (NYSE MKT: TRT), a comprehensive provider of semiconductor back-end solutions and a global value-added supplier of electronic equipment, today announced its financial results for the fourth quarter and full year ended June 30, 2025.
Trio-Tech International Chairman and CEO S.W. Yong’s Comments:
“In the fourth quarter, Trio-Tech achieved year-over-year revenue growth and delivered profitability, driven by strong momentum in our Industrial Electronics (IE) segment. IE revenue grew 70% compared to the prior year, fueled by demand and diversification into both existing and new end markets. This performance highlights the opportunity for IE to increasingly serve as a growth engine for the Company.
For the full year, while our Semiconductor Back-End Solutions (SBS) revenues were pressured by industry cyclicality and trade-related headwinds, we saw encouraging resilience from our operations in Singapore, Malaysia, and Thailand, as customers began to shift toward alternative geographies for testing solutions. Excluding the negative impact from foreign exchange movements of $671,000, Trio-Tech would have achieved full-year profitability of $630,000, underscoring the strength of our operations, disciplined cost management, and improved product mix.
“Our balance sheet remains strong, with $19.5 million in cash and deposits, and an 11% increase in working capital. This financial flexibility allows us to invest selectively in growth opportunities while weathering short-term industry volatility. We also significantly reduced liabilities during the year, positioning us well to support future growth. Following the year-end, we signed an agreement to acquire the remaining 50% stake in our Malaysian subsidiary, Trio-Tech (Malaysia), subject to Malaysian government approval, further strengthening our presence in this strategically important region. While semiconductor demand is expected to remain volatile, particularly in China, we are confident that our customer engagement, strategic partnerships, and expanding Industrial Electronics business position the Company for sustainable, long-term growth.
“The global semiconductor industry is undergoing a strategic transformation, with supply chains shifting from cost optimization toward resilience amid tariffs and escalating geopolitical tensions. With Malaysia and Thailand emerging as critical hubs for backend testing and packaging, Trio-Tech is uniquely positioned to capitalize on this transition. Our longstanding relationships with leading semiconductor players—built on trust, reliability, and shared value—give us deep insight into their evolving needs, while our regional expertise and proven capabilities ensure we can deliver high-impact services. Our focus on resilience, adaptability, and targeted demand opportunities strengthens our confidence in the Company’s long-term prospects.”
Fiscal 2025 Fourth Quarter Financial Results
Fiscal 2025 Financial Results
About Trio-Tech International
Trio-Tech International (NYSE MKT: TRT) is a California-based company operating in the United States, Singapore, Malaysia, Thailand, and China. Founded in 1958, Trio-Tech is a leading provider of semiconductor testing services, manufacturing solutions, and value-added distribution services. The Company’s diversified business segments include semiconductor back-end solutions and industrial electronics.
For more information, visit www.triotech.com and www.universalfareast.com.
Forward Looking Statements
This press release contains statements that are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and assumptions regarding future activities and results of operations of the Company. In light of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the following factors, among others, could cause actual results to differ materially from those reflected in any forward looking statements made by or on behalf of the Company: market acceptance of Company products and services; the divestiture of one or more business segments in response to, among other factors, changing business conditions or technologies and volatility in the semiconductor industry, which could affect demand for the Company's products and services; the impact of competition; problems with technology; product development schedules; delivery schedules; changes in military or commercial testing specifications which could affect the market for the Company's products and services; difficulties in profitably integrating acquired businesses, if any, into the Company; risks associated with conducting business internationally and especially in Asia, including currency fluctuations and devaluation, currency restrictions, imposition of tariffs, local laws and restrictions and possible social, political and economic instability; changes in U.S. and global financial and equity markets, including market disruptions and significant interest rate fluctuations; trade tension between U.S. and China and other economic, financial and regulatory factors beyond the Company's control. Other than statements of historical fact, all statements made in this release are forward looking, including, but not limited to, statements regarding industry prospects, future results of operations or financial position, and statements of our intent, belief and current expectations about our strategic direction, prospective and future financial results and condition. In some cases, you can identify forward looking statements by the use of terminology such as "may," "will," "expects," "plans," "anticipates," "estimates," "potential," "believes," "can impact," "continue," or the negative thereof or other comparable terminology. Forward looking statements involve risks and uncertainties that are inherently difficult to predict, which could cause actual outcomes and results to differ materially from our expectations, forecasts and assumptions. Many of these risks and uncertainties are beyond the Company's control. Reference is made to the discussion of risk factors detailed in the Company's filings with the Securities and Exchange Commission including its reports on Form 10-K and 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS)
AUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
Three Months Ended
June 30,
Twelve Months Ended
June 30,
2025
2024
2025
2024
Revenue
Semiconductor Back-end Solutions
$
6,569
$
7,342
$
24,682
$
30,111
Industrial Electronics
4,091
2,398
11,756
12,176
Others
11
6
35
25
10,671
9,746
36,473
42,312
Cost of Sales
8,043
7,061
27,329
31,550
Gross Margin
2,628
2,685
9,144
10,762
Operating Expense:
General and administrative
1,894
2,061
7,890
8,387
Selling
176
205
718
844
Research and development
92
87
384
392
(Gain) / Loss on disposal of property, plant and equipment
(1
)
(26
)
(102
)
46
Total operating expense
2,161
2,327
8,890
9,669
Income from Operations
467
358
254
1,093
Other (Expense) / Income
Interest expense
(9
)
(14
)
(45
)
(77
)
Other (expense) / income, net
(358
)
134
(181
)
500
Government grant
52
24
145
113
Total other (expense) / income
(315
)
144
(81
)
536
Income from Continuing Operations before Income Taxes
152
502
173
1,629
Income Tax Benefit / (Expense)
28
(212
)
(168
)
(486
)
Income from Continuing Operations before Non-controlling Interest, Net of Taxes
180
290
5
1,143
Discontinued Operations
Loss from discontinued operations, net of tax
(10
)
(4
)
(5
)
(1
)
Net Income
170
286
-
1,142
Less: Net (Loss) / Income attributable to non-controlling interest
(13
)
43
41
92
Net Income / (Loss) Attributable to Trio-Tech International Common Shareholders
$
183
$
243
$
(41
)
$
1,050
Amounts Attributable to Trio-Tech International Common Shareholders:
Income / (loss) from continuing operations, net of tax
191
253
(36
)
1,054
Loss from discontinued operations, net of tax
(8
)
(10
)
(5
)
(4
)
Net Income / (Loss) Attributable to Trio-Tech International Common Shareholders
$
183
$
243
$
(41
)
$
1,050
Basic Earnings / (Loss) per Share:
Basic earnings / (loss) per share from continuing operations attributable to Trio-Tech International
$
0.04
$
0.06
$
(0.01
)
$
0.25
Basic earnings / (loss) from discontinued operations attributable to Trio-Tech International
-
-
-
-
Basic Earnings / (Loss) per Share from Net Income / (Loss) Attributable to Trio-Tech International
$
0.04
$
0.06
$
(0.01
)
$
0.25
Diluted Earnings / (Loss) per Share:
Diluted earnings /(loss) per share from continuing operations attributable to Trio-Tech International
$
0.04
$
0.06
$
(0.01
)
$
0.24
Diluted earnings /(loss) per share from discontinued operations attributable to Trio-Tech International
-
-
-
-
Diluted Earnings / (Loss) per Share from Net Income / (Loss) Attributable to Trio-Tech International
$
0.04
$
0.06
$
(0.01
)
$
0.24
Weighted Average Number of Common Shares Outstanding
Basic
4,313
4,248
4,271
4,160
Dilutive effect of stock options
33
128
93
139
Number of Shares Used to Compute Earnings Per Share Diluted
4,346
4,376
4,364
4,299
Three Months Ended
June 30,
Twelve Months Ended
June 30,
2025
2024
2025
2024
Comprehensive Income / (Loss) Attributable to Common Shareholders:
Net income
$
170
$
286
$
-
$
1,142
Foreign currency translation, net of tax
1,058
(328
)
1,800
(106
)
Comprehensive Income / (Loss)
1,228
(42
)
1,800
1,036
Less: comprehensive (loss) / income attributable to non- controlling interest
(184
)
65
(21
)
84
Comprehensive Income / (Loss) Attributable to Common Shareholders
$
1,412
$
(107
)
$
1,821
$
952
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT NUMBER OF SHARES)
June 30,
June 30,
2025
2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
10,890
$
10,035
Short-term deposits
5,817
6,497
Trade accounts receivable, less allowance for expected credit losses of $35 and $209, respectively
10,804
10,661
Other receivables
608
541
Inventories, less provision for obsolete inventories of $851 and $679, respectively
2,262
3,162
Prepaid expense and other current assets
384
536
Restricted term deposits
816
750
Total current assets
31,581
32,182
NON-CURRENT ASSETS:
Deferred tax assets
91
124
Investment properties, net
345
407
Property, plant and equipment, net
6,021
5,937
Operating lease right-of-use assets
864
1,887
Other assets
231
232
Restricted term deposits
1,935
1,771
Total non-current assets
9,487
10,358
TOTAL ASSETS
$
41,068
$
42,540
LIABILITIES
CURRENT LIABILITIES:
Lines of credit
$
141
$
-
Accounts payable
1,896
3,175
Accrued expense
3,036
3,634
Contract liabilities
250
754
Income taxes payable
122
379
Current portion of bank loans payable
256
261
Current portion of finance leases
43
57
Current portion of operating leases
540
1,162
Total current liabilities
6,284
9,422
NON-CURRENT LIABILITIES:
Bank loans payable, net of current portion
428
613
Finance leases, net of current portion
-
34
Operating leases, net of current portion
324
725
Income taxes payable, net of current portion
-
141
Deferred tax liabilities
10
-
Other non-current liabilities
31
27
Total non-current liabilities
793
1,540
TOTAL LIABILITIES
$
7,077
$
10,962
EQUITY
SHAREHOLDERS’ EQUITY:
Common stock, no par value, 15,000,000 shares authorized; 4,312,805 and 4,250,305 shares issued outstanding as of June 30, 2025 and 2024, respectively
$
13,490
$
13,325
Paid-in capital
5,979
5,531
Accumulated retained earnings
12,037
11,813
Accumulated other comprehensive income-translation adjustments
2,522
660
Total shareholders’ equity
34,028
31,329
Non-controlling interest
(37
)
249
TOTAL EQUITY
$
33,991
$
31,578
TOTAL LIABILITIES AND EQUITY
$
41,068
$
42,540