EX-99.1 2 ex_862911.htm EXHIBIT 99.1 ex_862911.htm

Exhibit 99.1

 

TRIO-TECH DELIVERS Q4 REVENUE GROWTH AND PROFITABILITY AND STRENGTHENS BALANCE SHEET

 

Van Nuys, Calif. September 19, 2025 – 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. Yongs 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

 

 

Total revenue was $10.7 million, compared to $9.7 million a year ago, and up sequentially from Q3 FY25 as IE activity rebounded.

 

o

SBS revenue was $6.6 million, compared to $7.3 million a year ago.

 

o

IE revenue was $4.1 million, compared to $2.4 million a year ago, driven by aviation channel expansion and fulfillment of deferred orders for components.

 

Gross margin was $2.6 million, or 25% of revenue, compared to $2.7 million, or 27% of revenue a year ago.

 

Total operating expense was $2.2 million, compared to $2.3 million a year ago.

 

Income from operations was $467,000, compared to operating income of $358,000 in the same quarter last year.

 

Other expense was $358,000, mainly due to foreign currency movement, compared to other income of $134,000 a year ago.

 

Net income attributable to common shareholders was $183,000, compared to $243,000 a year ago.

 

Net income per basic share and diluted share were $0.04, compared to $0.06 a year ago.

 

Fiscal 2025 Financial Results

 

 

Total revenue was $36.5 million, compared to $42.3 million a year ago.

 

o

SBS revenue was $24.7 million, compared to $30.1 million a year ago, reflecting cyclical weakness in China partially offset by strength in Singapore, Malaysia, and Thailand.

 

o

IE revenue was $11.8 million, compared to $12.2 million a year ago, with an improvement in Q4 from deferred orders and expansion into aviation distribution channels.

 

Gross margin was $9.1 million, or 25% of revenue, compared to $10.8 million, or 25% of revenue a year ago.

 

Total operating expense was $8.9 million, compared to $9.7 million a year ago.

 

Income from operations was $254,000, compared to operating income of $1.1 million in the same period last year.

 

Other expense was $181,000, compared to other income of $500,000 a year ago, mainly due to foreign exchange losses due to unfavorable foreign currency movements.

 

Net loss attributable to common shareholders was $41,000, compared to net income of $1.1 million a year ago. Excluding the negative foreign exchange impact of $671,000, Trio-Tech would have generated profitability of $630,000 for the year, highlighting the resilience of its core operations.

 

Net loss per basic and diluted share was $0.01, compared to net income per basic share of $0.25 and per diluted share of $0.24 a year ago. The net loss was a result of the negative impact of foreign exchange in the amount of $671,000 or $0.15 per basic and diluted share for the year.

 

Backlog was $11 million, compared with $14.4 million a year ago.

 

 

 

 

Cash, cash equivalents, and restricted cash were $19.5 million, compared to $19.1 million a year ago.

 

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.

 

For inquiries, please contact:

 

PondelWilkinson Inc.
Todd Kehrli or Jim Byers
tkehrli@pondel.com

jbyers@pondel.com

 

 

 

 

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