TRIO-TECH INTERNATIONAL
For the period ended Mar 31, 2025. Filed May 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 13, 2025
TRT$4.70+3.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-31; filed 2025-02-13.
0001437749-25-003692
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-13.
0001437749-25-016318
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 126 previous paragraphs and 128 current paragraphs.
47 unchanged; 47 reworded; 34 added; 32 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 20 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (34)
Current report
SBS experienced a decline in revenue from its China and Singapore operations. The weakened demand for testing services in China was driven by the broader market downturn and ongoing trade tensions between China and the U.S. However, demand appears to be shifting from China to other countries in the region, benefiting the Malaysia and Thailand operations. Malaysia's revenue demonstrated year-on-year growth for both the three-month and nine-month periods ended March 31, 2025, compared to the same timeframe in the previous fiscal year. Similarly, revenue in Thailand trended upward in the third quarter of Fiscal 2025, indicating early signs of recovery from the cyclical downturn. The increase in revenue noted from Malaysia and Thailand operations has not fully mitigated the revenue contraction in China, and until trade tensions ease and macroeconomic conditions stabilize, we may continue to experience weakened revenue in our SBS segment.
Current report
The contraction in manufacturing sales in Singapore is similarly primarily driven by the overall market downturn, reflecting the cyclical nature of the semiconductor industry—where phases of growth are often followed by periods of reduced demand, as observed in this fiscal year. The market remains highly sensitive to global economic shifts and changes in consumer demand, leading to fluctuations in performance. The decline in SBS segment demand underscores broader challenges across the customer base, where macroeconomic uncertainties and volatile external conditions have impacted financial performance.
Current report
Overall, the revenue decline in our SBS segment may be sustained in the short-term in the event the trade tensions between the U.S. and China continue and the resulting market downturn reflecting reduced consumer demand for semiconductors is not reversed. While external market dynamics are beyond the Company's control, proactive measures are being taken to align cost structures and operational capacity with current demand levels. The focus remains on preserving financial flexibility and ensuring the ability to efficiently scale operations when market conditions improve.
Current report
The decline in IE revenue was primarily due to lower sales of electronic components, impacted by temporary supply chain delays from our principal suppliers. These delays are timing-related, with recovery anticipated over the next few fiscal quarters. The Company’s production and inventory planning is guided by demand forecasts, which are complex and influenced by macroeconomic factors but allow flexibility to respond to changing market conditions. Although customers may reschedule orders on short notice or request short lead times, we continue to collaborate closely with suppliers to enhance responsiveness. The Company remains confident in its ability to navigate these challenges and is focused on strengthening supply chain agility and demand forecasting to support a sustained recovery.
Current report
The recent U.S. tariff regime announced in April 2025 could potentially influence downstream demand variability among our customers. While we have no direct significant exposure to these tariffs, secondary effects may arise if customers adjust their procurement strategies in response to trade policy changes. Based on our preliminary observations, demand appears to shift from China to other countries in the region. However, potential effects on macro demand in the future are far from clear, although we recognize the risk of revenue volatility should global demand continue to weaken due to the continued trade tensions between China and the U.S. and the potential that such continued trade tensions result in declining economic conditions. We continue to evaluate capacity adjustments in alignment with observable demand signals while maintaining operational flexibility to adapt to changing market conditions.
Current report
Gross profit margin as a percentage of revenue in the SBS segment decreased by 2.4% to 26.5% for the three months ended March 31, 2025, as compared to 28.8% for the same period in Fiscal 2024. In absolute dollar amounts, gross profit in the SBS segment for the three months ended March 31, 2025, was $1,436, a decrease of $784, compared to $2,220 in the same period in Fiscal 2024. Gross margin decreased as the revenue contraction outpaced our ability to proportionally reduce cost of sales. Specific structural costs comprising our cost of sales, such as indirect technical labor and equipment depreciation have limited scalability, resulting in a proportionally smaller reduction in cost of sales compared to the revenue decline, which amplified gross margin erosion.
Current report
Gross profit margin as a percentage of revenue in the IE segment increased by 9.8% to 28.1% for the three months ended March 31, 2025, from 18.3% for the same period in Fiscal 2024. In absolute dollar amounts, gross profit in the IE segment for the three months ended March 31, 2025, was $548, indicating an increase of $55, compared to $493 in the same period in Fiscal 2024. The gross profit margin improvement in the IE segment reflects a more favorable product mix of equipment sales this quarter, with higher-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.
Current report
General and administrative expense decreased by $284, or 12.1%, from $2,351 to $2,067 for the three months ended March 31, 2025, compared to the same period in Fiscal 2024. The decrease in general and administrative expense was mainly attributable to lower remuneration related and travel expense in the current quarter as compared to same period of Fiscal 2024, driven by our ongoing cost optimization initiatives in the testing operations.
Current report
Selling expense increased by $12, or 5.9%, from $204 to $216 for the three months ended March 31, 2025, compared to the same period in Fiscal 2024. The increase in selling expense was primarily attributable to an increase in commissions paid to agents for commission-based sales in the IE segment.
Current report
Loss from operations was $343 for the three months ended March 31, 2025, an unfavorable transition of $402, as compared to income of $59 from operations for the same period in Fiscal 2024. The transition from an income to loss was driven primarily by a large revenue decline in absolute terms, which outpaced the reduction of operating costs proportionately, due to the inherently fixed nature of its operating costs, where a substantial portion such as depreciation, remuneration, administrative and professional fees, remained structurally rigid and could not be scaled down dynamically to match the decline in revenue. Consequently, the revenue shortfall had an amplified impact on operating profitability as fixed costs were absorbed across a diminished revenue base.
Current report
Other (Expense) / Income
Current report
Other (Expense) / Income for the three months ended March 31, 2025 and 2024 was as follows:
Current report
There was an unfavorable shift by $396 in other expense to $144 for the three months ended March 31, 2025 as compared to other income of $252 for the same period in Fiscal 2024. The shift was primarily driven by an unfavorable foreign currency movement, with unrealized exchange loss of $235, for the three months ended March 31, 2025, in contrast with exchange gain recorded for the same period in Fiscal 2024. 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, 2025, the strengthening of the Singapore dollar against the U.S. dollar resulted in unrealized foreign exchange losses, primarily from the remeasurement of USD-denominated monetary assets and liabilities.
Current report
In the three months ended March 31, 2025, the Company received government grants amounting to $22, $19 of which was an incentive from the Singapore government for local resident recruitment, and $3 related to capital expenditure subsidy received from the China government.
Current report
During the same period in Fiscal 2024, the Company received government grants amounting to $12, $7 of which was an incentive from the Singapore government for local resident recruitment, and $5 related to capital expenditure subsidy received from the China government.
Current report
The Company's income tax expense was $6 and $142 for the three months ended March 31, 2025, and 2024, respectively. Income tax expense declined in line with lower chargeable income attributable to the revenue decrease.
Current report
Loss / Earnings per Share
Current report
Loss from operations from the SBS segment was $3 compared to income from operations of $412 in the same period in Fiscal 2024. The shift from an income to a loss from operations was due to a decrease in revenue and gross profit in absolute dollar amounts. Operating expense decreased from $1,808 for the three months ended March 31, 2024 to $1,439 for the three months ended March 31, 2025. Although operating expense declined, the sharper drop in revenue, coupled with the fixed-cost nature of general and administrative expenses, led to an operating loss for the three months ended March 31, 2025, a reversal compared to an operating income for the three months ended March 31, 2024. The bulk of these operating costs, which are largely inflexible to revenue fluctuations, could not adjust proportionally to the top-line contraction.
Current report
The IE segment reach breakeven for the three months ended March 31, 2025, a decline of $26 from income from operations of $26 in the same period in Fiscal 2024. The decline was mainly attributable to a decrease in revenue and gross profit in absolute dollar amounts. Operating expense increased from $467 for the three months ended March 31, 2024 to $548 for the three months ended March 31, 2025. While gross margins improved, the significant decline in revenue was insufficient to offset the impact of operating expenses, where costs are primarily fixed in nature. As a result, the current quarter ended with a breakeven operating performance, a shift from the operating income for the three months ended March 31, 2024.
Current report
Comparison of the Nine Months Ended March 31, 2025, and March 31, 2024
Current report
Gross profit margin as a percentage of revenue in the SBS segment increased by 0.7% to 27.4% for the nine months ended March 31, 2025, as compared to 26.7% for the same period in Fiscal 2024. Despite the revenue contraction, gross profit margin improved slightly, mainly due to the completion of asset depreciation cycles in our China operations, lowering the cost of sales. Going forward, the Company remains focused on prioritizing cost control measures amid a challenging demand environment. In absolute dollar amounts, gross profit in the SBS segment for the nine months ended March 31, 2025, was $4,972, a decrease of $1,110, compared to $6,082 in the same period in Fiscal 2024. The decrease in absolute dollar of gross profit is attributed to the decline in revenue.
Current report
Operating expense for the nine months ended March 31, 2025 and 2024 was as follows:
Current report
(Loss) / Income from Operations
Current report
Interest expense for the nine months ended March 31, 2025 and 2024 was as follows:
Current report
Other Income for the nine months ended March 31, 2025 and 2024 was as follows:
Current report
Other income decreased by $189 from $366 to $177 for the nine months ended March 31, 2025 compared to the same period in Fiscal 2024. The decrease was primarily driven by a larger unfavorable foreign currency impact, with an unrealized translation effect of $135 for the nine months ended March 31, 2025.
Current report
In the nine months ended March 31, 2025, the Company received government grants amounting to $93, $81 of which was an incentive from the Singapore government for local resident recruitment, and $12 related to capital expenditure subsidy received from the China government.
Current report
The Company's income tax expense was $196 and $274 for the nine months ended March 31, 2025, and 2024, respectively. Income tax expense decreased due to lower chargeable income resulting from the decrease in revenue discussed above.
Current report
Loss / Earnings per Share
Current report
The revenue, gross margin andincome from operations for the SBS segment for the nine months ended March 31, 2025 and 2024 were as follows:
Current report
The revenue, gross margin, and (loss) / income from operations for the IE segment for the nine months ended March 31, 2025 and 2024 were as follows:
Current report
Cash and cash equivalents were $11,020 at March 31, 2025, reflecting an increase of $985 from $10,035 at June 30, 2024. The net increase in cash equivalents was partially attributable to proceeds received from the exercise of director and employee stock options in the current quarter and also from favorable changes in working capital.
Current report
Prepaid expense was $473 at March 31, 2025 compared to $536 at June 30, 2024. Prepaid expense mainly comprises insurance, rental and software license fees. The decrease reflect timing differences in expense recognition where the variance arises from scheduled amortization of prior-period prepayments, offset by lower new prepayment additions.
Current report
Accounts payable decreased by $1,217 to $1,958 at March 31, 2025, compared to $3,175 at June 30, 2024. The decrease aligns with reduced procurement activity, consistent with lower inventory levels and softer revenue performance, as operational needs were scaled down.
Removed paragraphs (32)
Previous report
SBS revenue experienced a decline across all SBS operations except Malaysia operation. The demand reduced for both testing services and product sales. The semiconductor market downturn impacted the segment's overall performance. The demand for these services is heavily influenced by the broader semiconductor industry outlook, as well as market trends and customer forecasts. Given the inherent challenges in accurately predicting market fluctuations, it remains difficult to anticipate shifts in demand with precision. However, the company is in a strong position to take advantage of any recovery in the industry and is looking into new ways to expand its services, which should help drive growth in the future.
Previous report
IE revenue experienced a decline due to a decrease in demand for electronic components. The demand for the IE segment is primarily driven by a combination of factors, including fluctuations in customer product demand, evolving market conditions, and the capital expenditure budgets and forecasts of our customers. However, our strength as value-added reseller enables us to respond quickly when industry changes. Over the longer term, management believes this strategy positions us well to sustain growth and enhance market resilience.
Previous report
Gross profit margin as a percentage of revenue in the SBS segment increased by 4.9% to 30.0% for the three months ended December 31, 2024, as compared to 25.1% for the same period in Fiscal 2024. The increase in gross profit was primarily driven by lower costs, resulting from reduced depreciation charges, as certain assets in the China operations were fully depreciated by the end of the second quarter of the previous fiscal year. In absolute dollar amounts, gross profit in the SBS segment for the three months ended December 31, 2024, was $1,742, a decrease of $240, compared to $1,982 in the same period in Fiscal 2024. The decrease in the absolute dollar of gross profit margin is attributed to the decrease in revenue.
Previous report
Gross profit margin as a percentage of revenue in the IE segment decreased by 3.3% to 17.3% for the three months ended December 31, 2024, from 20.6% for the same period in Fiscal 2024. In absolute dollar amounts, gross profit in the IE segment for the three months ended December 31, 2024, was $485, indicating a decrease of $400, compared to $885 in the same period in Fiscal 2024. The decline is primarily attributable to lower demand for electronic components, coupled with an unfavorable product mix in equipment sales. In the IE segment, a portion of the cost of sales consists of fixed costs, which, when spread over lower revenue, leads to a decrease in the gross profit margin.
Previous report
General and administrative expense increased by $148, or 8.1%, from $1,817 to $1,965 for the three months ended December 31, 2024, compared to the same period in Fiscal 2024. The increase in general and administrative expense was primarily due to increase in manpower cost to cater to the Malaysia and Singapore business expansion and an increase in allowance for expected credit losses compared to same period of Fiscal 2024.
Previous report
Selling expense decreased by $72, or 29.0%, from $248 to $176 for the three months ended December 31, 2024, compared to the same period in Fiscal 2024. The reduction in selling expenses was mainly due to a decline in commissions paid to agents, along with lower business travel costs.
Previous report
Loss from operations was $3 for the three months ended December 31, 2024, a decrease of $680, compared to income of $677 from operations for the same period in Fiscal 2024. The decline was mainly due to the reduced revenue arising from weaker demand in our core markets, reflecting broader industry trends. Management remains committed over cost control initiatives, including tighter non-discretionary spending, to ensure the company is well-positioned to capitalize on future growth opportunities once the market stabilizes.
Previous report
Other Income / (Expense)
Previous report
Other Income / (Expense) for the three months ended December 31, 2024 and 2023 was as follows:
Previous report
Other income increased by $768 to $686 for the three months ended December 31, 2024 as compared to other expense of $82 for the same period in Fiscal 2024. The increase was primarily driven by a favorable foreign currency movement, resulting in an exchange gain for the three months ended December 31, 2024, compared to an exchange loss for the same period in Fiscal 2024.
Previous report
In the three months ended December 31, 2024, the Company received government grants amounting to $5 related to capital expenditure subsidy received from the China government.
Previous report
During the same period in Fiscal 2024, the Company received government grants amounting to $4, related to capital expenditure subsidy received from the China government.
Previous report
The Company's income tax expense was $139 and $95 for the three months ended December 31, 2024, and 2023, respectively. Income tax expense increased due to lower deferred tax assets in our Singapore operation, driven by lower provisions, which reduced the deductible temporary differences. This was partially offset by lower GILTI tax due to lower chargeable income derived from controlled foreign corporation.
Previous report
Earnings per Share
Previous report
Income from operations from the SBS segment was $97 compared to income from operations of $342 in the same period in Fiscal 2024. The decrease in income from operations was due to a decrease in revenue and gross profit in absolute dollar amounts. Operating expense remained fairly cons istent at $1,645 and $1,640 for the three months ended December 31, 2024 and 2023, respectively.
Previous report
Loss from operations in the IE segment for the three months ended December 31, 2024, was $23, a decline of $317 from income from operations of $294 in the same period in Fiscal 2024. The decline was mainly attributable to a decrease in revenue and gross profit in absolute dollar amounts. Operating expense was $508 and $591 for the three months ended December 31, 2024 and 2023, respectively. The decrease in operating expenses was mainly contributed to lower selling expense and corporate overhead incurred for the period.
Previous report
Comparison of the Six Months Ended December 31, 2024, and December 31, 2023
Previous report
Gross profit margin as a percentage of revenue in the SBS segment increased by 2.3% to 27.9% for the six months ended December 31, 2024, as compared to 25.6% for the same period in Fiscal 2024. The Company managed to achieve a modest improvement in gross profit margin despite the decline in revenue in the SBS segment, driven by lower cost of sales which helped mitigate the impact of revenue decline in SBS segment. The lower cost of sales was due to reduced depreciation charges, as some of the assets in China operations were fully depreciated as at the end of second quarter of Fiscal 2024. In absolute dollar amounts, gross profit in the SBS segment for the six months ended December 31, 2024, was $3,536, a decrease of $326, compared to $3,862 in the same period in Fiscal 2024. The decrease in absolute dollar of gross profit is attributed to the decline in revenue.
Previous report
Operating expense for the six months ended December 31, 2024 and 2023 was as follows:
Previous report
Income from Operations
Previous report
Interest expense for the six months ended December 31, 2024 and 2023 was as follows:
Previous report
Other Income for the six months ended December 31, 2024 and 2023 was as follows:
Previous report
Other income increased by $207 from $114 to $321 for the six months ended December 31, 2024 compared to the same period in Fiscal 2024. The increase is primarily due to a favorable foreign currency effect for the six months ended December 31, 2024 compared to an unfavorable foreign currency impact during the same period in Fiscal 2024.
Previous report
In the six months ended December 31, 2024, the Company received government grants amounting to $71, $62 of which was an incentive from the Singapore government for local resident recruitment, and $9 related to capital expenditure subsidy received from the China government.
Previous report
The Company's income tax expense was $190 and $132 for the six months ended December 31, 2024, and 2023, respectively. Income tax expense increased due to lower deferred tax assets in our Singapore operation, driven by lower provisions, which reduced the deductible temporary differences. This was partially offset by lower GILTI tax due to lower chargeable income derived from controlled foreign corporation.
Previous report
Earnings per Share
Previous report
The revenue, gross margin and income from operations for the SBS segment for the six months ended December 31, 2024 and 2023 were as follows:
Previous report
The revenue, gross margin, and (loss) / income from operations for the IE segment for the six months ended December 31, 2024 and 2023 were as follows:
Previous report
Cash and cash equivalents were $10,323 at December 31, 2024, reflecting an increase of $288 from $10,035 at June 30, 2024. The increase in cash and cash equivalents was offset by a $275 decrease in short-term deposits, which declined from $6,497 as of June 30, 2024, to $6,222 as of December 31, 2024, due to the maturity of deposits that were not reinvested and instead used for operating purposes.
Previous report
Prepaid expense was $548 as at December 31, 2024 compared to $536 at June 30, 2024. This mainly relates to the prepayment for insurance, rental and software license fee.
Previous report
Accounts payable decreased by $1,371 to $1,804 at December 31, 2024, compared to $3,175 at June 30, 2024 which is consistent with the decline in inventory.
Previous report
The Company filed a shelf registration statement with the Securities and Exchange Commission, pursuant to which we may raise capital of $10,000,000 of any combination of securities (common stock, warrants, debt securities or units) for expansion of the Company’s testing capacity and working capital purposes if necessary.
Reworded paragraphs (47)
Previous wording
In the first quarter of Fiscal 2025, we made changes in our business strategy in an effort to better align with our focus areas and to streamline operations. While the semiconductor industry is and will remain a major market for the Company, an important component of our strategy is to reduce our historic concentration on this industry. As a result, we have decided to organize our operating businesses based on the markets that we serve. Beginning in Fiscal 2025, we report our financial performance based on our new segments, Semiconductor Back-end Solutions and Industrial Electronics.
Current wording
In the first quarter of Fiscal 2025, we made changes in our business strategy in an effort to better align with our focus areas and to streamline operations. While the semiconductor industry is and will remain a major market for the Company, an important component of our strategy is to reduce our historic concentration on this industry. As a result, we organized our operating businesses based on the markets that we serve. Beginning in Fiscal 2025, we report our financial performance based on our new segments, Semiconductor Back-end Solutions and Industrial Electronics.
Previous wording
Second****Quarter Fiscal Year 2025 Highlights
Current wording
Third Quarter Fiscal Year 2025 Highlights
Previous wording
The following table sets forth our revenue components for both three and six months ended December 31, 2024 and 2023.
Current wording
The following table sets forth our revenue components for both three and nine months ended March 31, 2025 and 2024.
Previous wording
Revenue for the three and six months ended December 31, 2024 was $8,619 and $18,418, respectively, a decrease of $3,583 and $3,750, respectively, when compared to the revenue of $12,202 and $22,168 for the same period of Fiscal 2024. As a percentage, revenue decreased by 29.4% and 16.9% for the three and six months ended December 31, 2024, when compared to revenue for the same period of Fiscal 2024.
Current wording
Revenue for the three and nine months ended March 31, 2025 was $7,384 and $25,802, respectively, a decrease of $3,014 and $6,764, respectively, when compared to the revenue of $10,398 and $32,566 for the same period of Fiscal 2024. As a percentage, revenue decreased by 29.0% and 20.8% for the three and nine months ended March 31, 2025, when compared to revenue for the same period of Fiscal 2024.
Previous wording
Revenue within our two current segments for the three and six months ended December 31, 2024, is discussed below.
Current wording
Revenue within our two current segments for the three and nine months ended March 31, 2025, is discussed below.
Previous wording
Revenue in the SBS segment as a percentage of total revenue was 67.4% and 68.9% for the three and six months ended December 31, 2024, an increase of 2.7% and 0.9% of total revenue when compared to 64.7% and 68.0% in the same period of Fiscal 2024. Total SBS revenue decreased by $2,087 to $5,809 from $7,896 and decreased by $2,384 to $12,688 from $15,072 for the three and six months ended December 31, 2024, respectively.
Current wording
Revenue in the SBS segment as a percentage of total revenue was 73.5% and 70.2% for the three and nine months ended March 31, 2025, a decrease of 0.5% and an increase of 0.3% of total revenue respectively, when compared to 74.0% and 69.9% in the same period of Fiscal 2024. Total SBS revenue decreased by $2,272 to $5,425 from $7,697 and decreased by $4,656 to $18,113 from $22,769 for the three and nine months ended March 31, 2025, respectively.
Previous wording
Revenue in the IE segment as a percentage of total revenue was 32.5% and 31.0% for the three and six months ended December 31, 2024, representing a decrease of 2.7% and 1.0% compared to 35.2% and 32.0% in the same period of Fiscal 2024. Total IE revenue decreased by $1,499 from $4,300 to $2,801 and decreased by $1,368 from $7,083 to $5,715 for the three and six months ended December 31, 2024, respectively, compared to the same period of Fiscal 2024
Current wording
Revenue in the IE segment as a percentage of total revenue was 26.4% and 29.7% for the three and nine months ended March 31, 2025, representing an increase of 0.5% and a decrease of 0.3% respectively, compared to 25.9% and 30.0% in the same period of Fiscal 2024. Total IE revenue decreased by $745 from $2,695 to $1,950 and decreased by $2,113 from $9,778 to $7,665 for the three and nine months ended March 31, 2025, respectively, compared to the same period of Fiscal 2024
Previous wording
The Company’s primary exposure to movements in foreign currency exchange rates relates to non-U.S. dollar-denominated sales and operating expense in its subsidiaries. Strengthening of the United States dollar (“U.S. Dollar”) relative to foreign currencies adversely affects the U.S. Dollar value of the Company’s foreign currency-denominated sales and earnings, and generally leads the Company to raise international pricing, potentially reducing demand for the Company’s products. Margins on sales of the Company’s products in foreign countries and on sales of products that include components obtained from foreign suppliers could be materially adversely affected by foreign currency exchange rate fluctuations. In some circumstances, for competitive or other reasons, the Company may decide not to raise local prices to fully offset the U.S. Dollar’s strengthening, or at all, which would adversely affect the U.S. Dollar value of the Company’s foreign currency-denominated sales and earnings. Conversely, a strengthening of foreign currencies relative to the U.S. Dollar, while generally beneficial to the Company’s foreign currency denominated sales and earnings, could cause the Company to reduce international pricing, thereby limiting the benefit. Additionally, strengthening of foreign currencies may also increase the Company’s cost of product components denominated in those currencies, thus adversely affecting gross margins.
Current wording
The Company’s primary exposure to movements in foreign currency exchange rates relates to non-U.S. dollar-denominated sales and operating expense in its subsidiaries. Strengthening of the United States dollar (“U.S. Dollar”) relative to foreign currencies adversely affects the U.S. Dollar value of the Company’s foreign currency-denominated sales and earnings, and generally leads the Company to raise international pricing, potentially reducing demand for the Company’s products. Margins on sales of the Company’s products in foreign countries and on sales of products that include components obtained from foreign suppliers could be materially adversely affected by foreign currency exchange rate fluctuations. In some circumstances, for competitive or other reasons, the Company may decide not to raise local prices to fully offset the U.S. Dollar’s strengthening, or at all, which would adversely affect the U.S. Dollar value of the Company’s foreign currency-denominated sales and earnings. Conversely, a strengthening of foreign currencies relative to the U.S. Dollar, recently observed as a result of current U.S. economic and trade policies, while generally beneficial to the Company’s foreign currency denominated sales and earnings, could cause the Company to reduce international pricing, thereby limiting the benefit. Additionally, strengthening of foreign currencies may also increase the Company’s cost of product components denominated in those currencies, thus adversely affecting gross margins.
Previous wording
Overall gross margin as a percentage of revenue increased by 2.3% to 25.7% for the three months ended December 31, 2024, from 23.4% for the same period of Fiscal 2024. Gross profits decreased by $636 to $2,218 for the three months ended December 31, 2024, from $2,854 for the same period in Fiscal 2024.
Current wording
Overall gross margin as a percentage of revenue increased by 0.8% to 26.8% for the three months ended March 31, 2025, from 26.0% for the same period of Fiscal 2024. Gross profits decreased by $727 to $1,976 for the three months ended March 31, 2025, from $2,703 for the same period in Fiscal 2024.
Previous wording
Interest expense was $13 for the three months ended December 31, 2024, a decrease of $9, or 40.9%, compared to $22 for the same period of Fiscal 2024 due to lower utilization of credit facilities. As of December 31, 2024, the Company had an unused line of credit of $5,719 as compared to $5,256 as at December 31, 2023.
Current wording
Interest expense was $10 for the three months ended March 31, 2025, a decrease of $7, or 41.2%, compared to $17 for the same period of Fiscal 2024 due to lower utilization of credit facilities and a reduction in outstanding loans. As of March 31, 2025, the Company had an unused line of credit of $5,797 as compared to$5,794 as at March 31, 2024.
Previous wording
As of December 31, 2024, we held a 55% interest in Trio-Tech (Malaysia) Sdn. Bhd., Trio-Tech (Kuala Lumpur) Sdn. Bhd., SHI International Pte. Ltd., and 52% interest in PT. SHI Indonesia. We also held a 76% interest in Prestal Enterprise Sdn. Bhd and 51% interest in Trio-tech JiangSu Co. Ltd. The share of non-controlling interest in the net income from the subsidiaries for the six months ended December 31, 2024 was $35 compared to the share of loss from the non-controlling interest of $44 for the same period of Fiscal 2024. The increase in the net income shared by non-controlling interest in the subsidiaries was attributable to the increase in net income generated by the Company’s Malaysia and China operations.
Current wording
As of March 31, 2025, we held a 55% interest in Trio-Tech (Malaysia) Sdn. Bhd., SHI International Pte. Ltd., and 52% interest in PT. SHI Indonesia. We also held a 76% interest in Prestal Enterprise Sdn. Bhd and 51% interest in Trio-tech JiangSu Co. Ltd. The share of non-controlling interest in the net income from the subsidiaries for the three months ended March 31, 2025 was $19 compared to the share of income from the non-controlling interest of $93 for the same period of Fiscal 2024. The decrease in net income shared by non-controlling interest in the subsidiaries was attributable to the decrease in net income generated by the Company’s China operations.
Previous wording
Net Income Attributable to Trio-Tech International Common Shareholders
Current wording
Net (Loss) / Income Attributable to Trio-Tech International Common Shareholders
Previous wording
Net income attributable to Company’s common shareholders was $507 for the three months ended December 31, 2024, compared to a net income of $507 for the same period in Fiscal 2024.
Current wording
Net loss attributable to Company’s common shareholders was $495 for the three months ended March 31, 2025, compared to a net income of $70 for the same period in Fiscal 2024.
Previous wording
Basic earnings per share from continuing operations were $0.12 for three months ended December 31, 2024 as compared to basic earnings per share of $0.12 for the same period of Fiscal 2024. Basic earnings per share from discontinued operations were $nil for three months ended December 31, 2024 and December 31, 2023 respectively.
Current wording
Basic loss per share from continuing operations were $0.12 for three months ended March 31, 2025 as compared to basic earnings per share of $0.02 for the same period of Fiscal 2024. Basic earnings per share from discontinued operations were $nil for three months ended March 31, 2025 and March 31, 2024 respectively.
Previous wording
Diluted earnings per share from continuing operations were $0.12 for three months ended December 31, 2024 as compared to diluted earnings per share of $0.12 for the same period of Fiscal 2024. Diluted earnings per share from discontinued operations were $nil for three months ended December 31, 2024 and December 31, 2023.
Current wording
Diluted loss per share from continuing operations were $0.12 for three months ended March 31, 2025 as compared to diluted earnings per share of $0.02 for the same period of Fiscal 2024. Diluted earnings per share from discontinued operations were $nil for three months ended March 31, 2025 and March 31, 2024.
Previous wording
The revenue, gross margin, and income / (loss) from operations for each segment during the second quarter of Fiscal 2025 and Fiscal 2024 are presented below. As the revenue and gross margin for each segment were discussed in the previous section, only the comparison of income / (loss) from operations is discussed below.
Current wording
The revenue, gross margin, and (loss) / income from operations for each segment during the third quarter of Fiscal 2025 and Fiscal 2024 are presented below. As the revenue and gross margin for each segment were discussed in the previous section, only the comparison of (loss) / income from operations is discussed below.
Previous wording
The following table sets forth certain consolidated statements of income data as a percentage of revenue for the six months ended December 31, 2024 and 2023 respectively:
Current wording
The following table sets forth certain consolidated statements of income data as a percentage of revenue for the nine months ended March 31, 2025 and 2024 respectively:
Previous wording
Overall gross margin as a percentage of revenue increased marginally by 0.4% to 24.6% for the six months ended December 31, 2024, from 24.2% for the same period of Fiscal 2024. Gross profits decreased by $834 to $4,540 for the six months ended December 31, 2024, from $5,374 for the same period in Fiscal 2024.
Current wording
Overall gross margin as a percentage of revenue increased marginally by 0.5% to 25.3% for the nine months ended March 31, 2025, from 24.8% for the same period of Fiscal 2024. Gross profits decreased by $1,561 to $6,516 for the nine months ended March 31, 2025, from $8,077 for the same period in Fiscal 2024.
Previous wording
Gross profit margin as a percentage of revenue in the IE segment decreased by 3.8% to 17.9% for the six months ended December 31, 2024, compared to 21.7% in the same period in Fiscal 2024. In absolute dollar amounts, gross profit in the IE segment for the six months ended December 31, 2024, was $1,024, indicating a decrease of $511, compared to $1,535 in the same period in Fiscal 2024. The decline is primarily attributable to lower demand for electronic component sales, coupled with an unfavorable product mix of equipment sales. In the IE segment, a portion of the cost of sales consists of fixed costs, which, when spread over lower revenue leads to a decrease in the gross profit margin.
Current wording
Gross profit margin as a percentage of revenue in the IE segment decreased by 0.2% to 20.5% for the nine months ended March 31, 2025, compared to 20.7% in the same period in Fiscal 2024. In absolute dollar amounts, gross profit in the IE segment for the nine months ended March 31, 2025, was $1,572, indicating a decrease of $456, compared to $2,028 in the same period in Fiscal 2024. The gross profit margin contraction was mainly driven by reduced demand and a sales mix with comparatively lower margins. The segment's inherent cost structure further pressured margins, as a portion of the cost of sales consists of fixed costs that, when allocated across lower revenue, result in the decline in gross profit margin.
Previous wording
General and administrative expense decreased marginally by $46, or 1.2%, from $3,975 to $3,929 for the six months ended December 31, 2024, compared to the same period in Fiscal 2024.
Current wording
General and administrative expense decreased by $330, or 5.2%, from $6,326 to $5,996 for the nine months ended March 31, 2025, compared to the same period in Fiscal 2024. The decrease in general and administrative expense was mainly attributable to lower remuneration related expense.
Previous wording
Selling expense decreased by $109, or 25.1%, from $435 to $326 for the six months ended December 31, 2024, compared to the same period in Fiscal 2024. The decrease in selling expenses was mainly due to lower commission costs, driven by a decline in commissionable revenue, as well as a decrease in business travel expenses.
Current wording
Selling expense decreased by $97, or 15.2%, from $639 to $542 for the nine months ended March 31, 2025, compared to the same period in Fiscal 2024. The decrease in selling expense was mainly due to lower commission costs, driven by a decline in commissionable revenue.
Previous wording
Income from operations was $130 for the six months ended December 31, 2024, a decrease of $546, compared to income of $676 from operations for the same period in Fiscal 2024. The decrease was mainly due to lower revenue and gross profit in absolute dollars amount across all business segments.
Current wording
Loss from operations was $213 for the nine months ended March 31, 2025, an unfavorable shift of $948, compared to income of $735 from operations for the same period in Fiscal 2024. The decrease was mainly due to lower revenue and gross profit in absolute dollars amount across all business segments.
Previous wording
Interest expense was $26 for the six months ended December 31, 2024, a decrease of $20, or 43.5%, compared to $46 for the same period of Fiscal 2024 due to lower utilization of credit facilities.
Current wording
Interest expense was $36 for the nine months ended March 31, 2025, a decrease of $27, or 42.9%, compared to $63 for the same period of Fiscal 2024 due to lower utilization of credit facilities and a reduction in outstanding loans over the period.
Previous wording
During the same period in Fiscal 2024, the Company received government grants amounting to $77, $16 of which was financial assistance received from the Singapore government for local resident recruitment, and $57 from the U.S. government related to Employee Retention Credit (“ERC”).
Current wording
During the same period in Fiscal 2024, the Company received government grants amounting to $89, $19 of which was financial assistance received from the Singapore government for local resident recruitment, $12 related to capital expenditure subsidy received from the China government and $57 from the U.S. government related to Employee Retention Credit (“ERC”).
Previous wording
As of December 31, 2024, we held a 55% interest in Trio-Tech (Malaysia) Sdn. Bhd., Trio-Tech (Kuala Lumpur) Sdn. Bhd., SHI International Pte. Ltd., and 52% interest in PT. SHI Indonesia. We also held a 76% interest in Prestal Enterprise Sdn. Bhd and 51% interest in Trio-tech JiangSu Co. Ltd. The share of non-controlling interest in the net income from the subsidiaries for the three months ended December 31, 2024 was $22 compared to the share of loss from the non-controlling interest of $21 for the same period of Fiscal 2024. The increase in the net income shared by non-controlling interest in the subsidiaries was attributable to the increase in net income generated by the Company’s Malaysia and China operations.
Current wording
As of March 31, 2025, we held a 55% interest in Trio-Tech (Malaysia) Sdn. Bhd., SHI International Pte. Ltd., and 52% interest in PT. SHI Indonesia. We also held a 76% interest in Prestal Enterprise Sdn. Bhd and 51% interest in Trio-tech JiangSu Co. Ltd. The share of non-controlling interest in the net income from the subsidiaries for the nine months ended March 31, 2025 was $54 compared to the share of income from the non-controlling interest of $49 for the same period of Fiscal 2024. The increase in the net income shared by non-controlling interest in the subsidiaries was attributable to the increase in net income generated by the Company’s China and Malaysia operations.
Previous wording
Net Income Attributable to Trio-Tech International Common Shareholders
Current wording
Net (Loss) / Income Attributable to Trio-Tech International Common Shareholders
Previous wording
Net income attributable to Company’s common shareholders was $271 for the six months ended December 31, 2024, a decrease of $466, compared to the net incomeof $737 for the same period in Fiscal 2024.
Current wording
Net loss attributable to Company’s common shareholders was $224 for the nine months ended March 31, 2025, a negative swing of $1,031, compared to a net incomeof $807 for the same period in Fiscal 2024.
Previous wording
Basic earnings per share from continuing operations was $0.06 for six months ended December 31, 2024 as compared to basic earnings per share of $0.18 for the same period of Fiscal 2024. Basic earnings per share from discontinued operations were $nil for six months ended December 31, 2024 and December 31, 2023 respectively.
Current wording
Basic loss per share from continuing operations was $0.05 for nine months ended March 31, 2025 as compared to basic earnings per share of $0.19 for the same period of Fiscal 2024. Basic earnings per share from discontinued operations were $nil for nine months ended March 31, 2025 and March 31, 2024 respectively.
Previous wording
Diluted earnings per share from continuing operations were $0.06 for six months ended December 31, 2024 as compared to diluted earnings per share of $0.17 for the same period of Fiscal 2024. Diluted earnings per share from discontinued operations were $nil for six months ended December 31, 2024 and December 31, 2023.
Current wording
Diluted loss per share from continuing operations were $0.05 for nine months ended March 31, 2025 as compared to diluted earnings per share of $0.19 for the same period of Fiscal 2024. Diluted earnings per share from discontinued operations were $nil for nine months ended March 31, 2025 and March 31, 2024.
Previous wording
The revenue, gross margin, and income from operations for each segment for the six months ended December 31, 2024 and 2023 are presented below. As the revenue and gross margin for each segment were discussed in the previous section, only the comparison of income / (loss) from operations is discussed below.
Current wording
The revenue, gross margin, and (loss) / income from operations for each segment for the nine months ended March 31, 2025 and 2024 are presented below. As the revenue and gross margin for each segment were discussed in the previous section, only the comparison of(loss) / income from operations is discussed below.
Previous wording
Income from operations from the SBS segment was $274 compared to income from operations of $302 in the same period in Fiscal 2024. The decrease in income from operations was mainly due to a decrease in revenue in absolute dollar amounts. Operating expense was$3,262 and $3,560 for the six months ended December 31, 2024 and 2023, respectively. The decrease in operating expense was mainly due to a gain from disposal of fixed asset, lower performance-based remunerations and also lower selling expenses for the six months ended December 31, 2024 compared to the same period in Fiscal 2024
Current wording
Income from operations from the SBS segment was $271 compared to income from operations of $714 in the same period in Fiscal 2024. The decrease in income from operations was mainly due to a decrease in revenue in absolute dollar amounts. Operating expense was $4,701 and $5,368 for the nine months ended March 31, 2025 and 2024, respectively. The decrease in operating expense was mainly due to a gain from disposal of fixed asset, lower performance-based remunerations and also lower selling expenses for the nine months ended March 31, 2025 compared to the same period in Fiscal 2024.
Previous wording
Loss from operations in the IE segment for the six months ended December 31, 2024, was $30, a decline of $514 as compared to income from operations of $484 in the same period in Fiscal 2024. The decline was mainly attributable to a decrease in gross profit in absolute dollar amounts. Operating expense was $1,054 and $1,051 for thesix months ended December 31, 2024 and 2023, respectively.
Current wording
Loss from operations in the IE segment for the nine months ended March 31, 2025, was $30, a decline of $540 as compared to income from operations of $510 in the same period in Fiscal 2024. The decline was mainly attributable to a decrease in gross profit in absolute dollar amounts. Operating expense was $1,602 and $1,518 for thenine months ended March 31, 2025 and 2024, respectively.
Previous wording
During the six months ended December 31, 2024, total assets decreased by $2,740 to $39,800 compared to $42,540 as of June 30, 2024. The decrease was primarily due to a decrease in trade accounts receivable, inventories, operating lease right-of-use assets and property, plant and equipment, which was partially offset by an increase in cash and cash equivalents and other receivables.
Current wording
During the nine months ended March 31, 2025, total assets decreased by $2,581 to $39,959 compared to $42,540 as of June 30, 2024. The decrease was primarily due to a decrease in trade accounts receivable, inventories, operating lease right-of-use assets and property, plant and equipment, which was partially offset by an increase in cash and cash equivalents and other receivables.
Previous wording
The trade accounts receivable balance as of December 31, 2024 decreased by $780 to $9,881, from $10,661 at June 30, 2024, primarily due to the decrease in revenue between June 30, 2024 and December 31, 2024. The number of days’ sales outstanding in accounts receivables for the group was 101 days and 90 days for thesecond quarter of Fiscal 2025 and the end of Fiscal 2024, respectively.
Current wording
The trade accounts receivable balance as of March 31, 2025 decreased by $1,696 to $8,965, from $10,661 at June 30, 2024, primarily due to the decrease in revenue between June 30, 2024 and March 31, 2025. The number of days’ sales outstanding in accounts receivables for the group was 103 days and 90 days for thethird quarter of Fiscal 2025 and the end of Fiscal 2024, respectively.
Previous wording
Other receivables at December 31, 2024, were $961, an increase of $420, compared to $541 at June 30, 2024. The increase was mainly due to advance payments to creditors made by Singapore operations, which the sales are expected to be realized in the coming fiscal quarters.
Current wording
Other receivables at March 31, 2025, were $885, an increase of $344, compared to $541 at June 30, 2024. The increase was mainly due to recognition of deferred costs and advance payments made to our suppliers for goods and services in our Singapore and Malaysia operations. These are recorded as assets that deliver future economic benefits, with sales expected to be realized upon fulfilment in subsequent fiscal quarters.
Previous wording
Inventories at December 31, 2024, were $1,957, a decrease of $1,205, compared to $3,162 at June 30, 2024. The decrease in inventories was primarily due to the fulfilment of orders in our Singapore operations, coupled with a reduction in purchase volumes in response to a slower customer demand.
Current wording
Inventories at March 31, 2025, were $2,240, a decrease of $922, compared to $3,162 at June 30, 2024. The decrease in inventories was the result of maintenance of a conservative inventory level with the softer demand outlook, with the net reduction primarily reflecting utilization of existing stock for fulfilment of orders in our Singapore operations.
Previous wording
Investment properties’ net in China was $372 at December 31, 2024 and $407 at June 30, 2024. The decrease was primarily due to the depreciation charged and foreign currency exchange movement between June 30, 2024 and December 31, 2024.
Current wording
Investment properties’ net in China was $357 at March 31, 2025 and $407 at June 30, 2024. The decrease was primarily due to the depreciation charged and foreign currency exchange movement between June 30, 2024 and March 31, 2025.
Previous wording
Property, plant and equipment decreased by $343 from $5,937 at June 30, 2024, to $5,594 at December 31, 2024, mainly due to depreciation charged for the period.
Current wording
Property, plant and equipment decreased by $408 from $5,937 at June 30, 2024, to $5,529 at March 31, 2025, mainly due to depreciation charged for the period and asset disposals.
Previous wording
Other assets decreased by $103 to $129 at December 31, 2024 compared to $232 at June 30, 2024. Other assets mainly comprise of rental and utilities deposits.
Current wording
Other assets decreased by $111 to $121 at March 31, 2025 compared to $232 at June 30, 2024. Other assets mainly comprise of rental and utilities deposits.
Previous wording
Accrued expense decreased by $939 to $2,695 at December 31, 2024, as compared to $3,634 at June 30, 2024. The decrease in accrued expense was mainly due to payments made out of provisions and a decrease in accrued purchases.
Current wording
Accrued expense decreased by $1,138 to $2,496 at March 31, 2025, as compared to $3,634 at June 30, 2024. The decrease in accrued expense was mainly due to payments made out of provisions and a decrease in accrued purchases.
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