The doubling of backlog to $24.2M and $7.9M in remaining burn-in board orders provide strong near-term revenue visibility into FY2027. However, the Q4 profitability swing to a loss and compressed gross margins (17% vs 25%) suggest the revenue mix shift is pressuring margins. Watch for margin improvement as the new Malaysia capacity ramps in H2 FY2027.
Price Chart
Executive Summary
Trio-Tech reported fiscal Q4 2026 revenue of $14.9M (+40% YoY) and full-year revenue of $62.6M (+72% YoY), driven by strong semiconductor back-end testing demand for AI and automotive. However, the Q4 operating loss of $266K (vs. +$467K income a year ago) and net loss of $199K (vs. +$183K income) reflect margin compression from higher-mix testing services and elevated G&A costs. The backlog more than doubled to $24.2M, providing multiyear visibility, but the Q4 profitability swing is a notable negative.
Key Financial Metrics
Key Facts
- Q4 FY2026 revenue $14.9M, +40% YoY from $10.7M
- Full-year FY2026 revenue $62.6M, +72% YoY from $36.5M
- Q4 operating loss $266K vs. operating income $467K in Q4 FY2025
- Q4 net loss attributable to common shareholders $199K vs. net income $183K a year ago
- Full-year net loss attributable to common shareholders $34K vs. net loss $41K in FY2025
- Total backlog $24.2M at June 30, 2026, more than double $11.0M at June 30, 2025
- Net cash provided by operating activities increased to $3.4M from $0.4M in FY2025
- Cash, cash equivalents, short-term deposits and restricted term deposits $28.5M vs. $19.5M at June 30, 2025
- SBS revenue $49.0M for FY2026, +99% YoY; IE revenue $13.6M, +15% YoY
- Gross margin 17% for FY2026 vs. 25% in FY2025, reflecting higher mix of lower-margin testing services
Financial Impact
Revenue growth of 72% to $62.6M for FY2026, but operating loss of $204K vs. operating income of $254K in FY2025; backlog doubled to $24.2M
Risk Factors
- Gross margin compression from higher mix of lower-margin testing services
- Q4 operating loss and net loss vs. prior-year profit — profitability trajectory unclear
- Execution risk on Malaysia capacity expansion and phased installation of test capabilities
- Concentration of backlog in SBS segment; IE segment revenue declined in Q4
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-031125 |
| Document: trt20260915_8k.htm | 0001437749-26-031125 |
| Document: 0001437749-26-031125-index-headers.html | 0001437749-26-031125 |
| Document: 0001437749-26-031125-index.html | 0001437749-26-031125 |
| Document: 0001437749-26-031125.txt | 0001437749-26-031125 |
| 8-K Data (Synthetic) | 0001437749-26-031125 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | DEFA14A / DEF 14A | — | awaiting T+60 | — | — |
Sep 24, 2026 4w ago | 8-K | $7.26 | awaiting T+60 | — | $5.29 (−27.13%) |
Aug 19, 2026 9w ago | 8-K | $11.32 | awaiting T+60 | — | $5.29 (−53.27%) |
May 28, 2026 21w ago | Insider Cluster | $13.43 $11.00 | ▼ −18.09% | ▼ −19.83% | $5.29 (−60.61%) |
May 27, 2026 21w ago | Insider Cluster | $13.43 $11.00 | ▲ +18.09% | ▲ +19.83% | $5.29 (+60.61%) |
May 14, 2026 23w ago | 8-K | $14.02 $10.60 | ▼ −24.39% | ▼ −27.98% | $5.29 (−62.27%) |
May 4, 2026 24w ago | 8-K | $11.67 $9.10 | ▼ −22.02% | ▼ −23.88% | $5.29 (−54.67%) |
Apr 27, 2026 25w ago | 8-K | $12.17 $9.90 | ▲ +18.65% | ▲ +22.64% | $5.29 (+56.53%) |
Apr 27, 2026 26w ago | 424B5 | $14.13 $10.10 | ▲ +28.52% | ▲ +33.30% | $5.29 (+62.56%) |
US Market Status
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