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VAN NUYS, Calif. - Trio-Tech International (NYSE MKT: TRT), a provider of semiconductor testing solutions, disclosed its financial outcomes for the second quarter ending December 31, 2024. According to InvestingPro data, the company maintains a strong financial health profile with a current ratio of 3.99, indicating robust liquidity. InvestingPro analysis shows the company operates with moderate debt levels and has remained profitable over the last twelve months. Despite a downturn in revenue, the company highlighted advancements in shipping dynamic tester systems for Silicon Carbide (SiC) and Gallium Nitride (GaN) power modules, which are essential for high-performance power electronics.
The company’s total revenue for the quarter was $8.6 million, a decrease from the previous year’s $12.2 million. The gross margin improved slightly to 26% of revenue from 23% a year earlier, aligning with the company’s trailing twelve-month gross margin of 25.07% reported by InvestingPro. With an EBITDA of $4.58 million in the last twelve months, the company has demonstrated resilience despite market challenges. Trio-Tech’s operating expenses remained steady at $2.2 million, comparable to last year’s figures. A minor operational loss of $3,000 was reported, contrasting with an operational income of $677,000 in the same period last year.
Other income totaled $678,000, primarily due to favorable foreign currency movements, marking a significant shift from the $100,000 other expense reported a year ago. Net income attributable to common shareholders remained unchanged year over year at $507,000, with earnings per diluted share steady at $0.12.
For the first half of fiscal 2025, the company’s total revenue stood at $18.4 million, down from $22.2 million in the prior year. The gross margin for this period was $4.5 million, or 25% of revenue, showing a slight improvement in percentage terms compared to the previous year. Operating expenses decreased to $4.4 million from $4.7 million, and income from operations was $130,000, down from $676,000. Other income for the half-year was reported at $366,000, and net income attributable to common shareholders was $271,000, with a diluted earnings per share of $0.06.
Trio-Tech’s CEO, S.W. Yong, acknowledged the impact of a softer semiconductor market on the quarter’s results but emphasized the company’s progress in shipping dynamic tester systems for SiC and GaN power modules. These materials are increasingly favored in industries that prioritize efficiency and thermal management, such as electric vehicles and advanced computing. Yong expressed optimism about the strong global demand for SiC and GaN and the company’s engagement with potential new customers.
The company’s cash and cash equivalents as of December 31, 2024, were $10.3 million, slightly higher than the $10.0 million recorded on June 30, 2024.
This financial update is based on a press release statement and reflects the company’s performance and strategic developments in the semiconductor testing market.
In other recent news, Trio-Tech International, a specialized industrial machinery company, has made significant strides in digital asset management. This comes after the company updated its bylaws to accommodate the dematerialization of its securities. This amendment, approved by Trio-Tech’s Board of Directors, is expected to replace physical stock certificates with electronic recording, which should streamline the process of issuing, transferring, and managing the ownership of the company’s shares. This recent development aligns Trio-Tech with broader financial industry practices that aim to reduce paper-based processes. The detailed amendments to the bylaws, which reflect Trio-Tech’s adaptation to technological advancements in securities management, can be found in the full text of the document attached as Exhibit 3.1 to the Form 8-K filed with the SEC. These are the latest developments for the company, which is headquartered in California and operates out of Singapore.
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