NASDAQ : TROO
TROOPS, Inc. — Financial statements
Financials · Credit Services · Hong Kong
Last price 2.31 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 282.19M
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Financial statements
TROOPS, Inc. (TROO) reported revenue of 17.10M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 17.10M | 17.10M | 10.07M | 3.57M | 3.88M | 3.68M |
| Cost of Revenue | 15.08M | 15.08M | 11.60M | 2.74M | 2.08M | 4.71M |
| Gross Profit | 2.02M | 2.02M | -1.53M | 825.00K | 1.79M | -1.03M |
| Selling, General & Admin | 18.25M | 18.25M | 3.96M | 2.75M | 2.19M | 2.74M |
| Operating Expenses | 18.11M | 18.11M | 4.20M | 2.63M | 2.19M | 2.84M |
| Operating Income | -16.09M | -16.09M | -5.73M | -1.80M | -397.00K | -3.86M |
| Interest Expense | -62.00K | -59.00K | -103.00K | |||
| Interest & Investment Income | 62.00K | 62.00K | 10.00K | 14.00K | 2.00K | |
| Other Non Operating Income (Expenses) | 65.00K | 65.00K | 22.00K | -9.00K | 191.00K | 369.00K |
| EBT Excluding Unusual Items | -15.96M | -15.96M | -5.70M | -1.86M | -263.00K | -3.60M |
| Impairment of Goodwill | -4.74M | |||||
| Asset Writedown | -13.44M | -13.44M | -139.00K | -202.00K | ||
| Other Unusual Items | -7.69M | |||||
| Pretax Income | -29.41M | -29.41M | -13.39M | -1.86M | -402.00K | -8.54M |
| Income Tax Expense | -1.50M | -1.50M | 27.00K | -140.00K | -56.00K | -126.00K |
| Earnings From Continuing Operations | -27.91M | -27.91M | -13.41M | -1.72M | -346.00K | -8.41M |
| Net Income | -27.91M | -27.91M | -13.41M | -1.72M | -346.00K | -8.41M |
| Net Income to Common | -27.91M | -27.91M | -13.41M | -1.72M | -346.00K | -8.41M |
| Shares Outstanding (Basic) | 120.71M | 120.71M | 102.24M | 101.60M | 101.60M | 101.56M |
| Shares Outstanding (Diluted) | 120.71M | 120.71M | 102.24M | 101.60M | 101.60M | 101.56M |
| EPS (Basic) | -0.23 | -0.23 | -0.13 | -0.02 | -0.00 | -0.08 |
| EPS (Diluted) | -0.23 | -0.23 | -0.13 | -0.02 | -0.01 | -0.08 |
| Free Cash Flow | 690.00K | 690.00K | 1.70M | -6.76M | -524.00K | 11.89M |
| Free Cash Flow Per Share | 0.01 | 0.01 | 0.02 | -0.07 | -0.01 | 0.12 |
| Gross Margin | 11.80% | 11.80% | -15.16% | 23.12% | 46.32% | -27.86% |
| Operating Margin | -94.12% | -94.12% | -56.87% | -50.49% | -10.24% | -104.89% |
| Profit Margin | -163.22% | -163.22% | -133.16% | -48.16% | -8.93% | -228.43% |
| Free Cash Flow Margin | 4.04% | 4.04% | 16.92% | -189.38% | -13.52% | 322.81% |
| EBITDA | -13.80M | -13.80M | -3.52M | 314.00K | 1.57M | -1.73M |
| EBITDA Margin | -80.70% | -80.70% | -34.98% | 8.80% | 40.59% | -46.95% |
| D&A For EBITDA | 2.29M | 2.29M | 2.21M | 2.12M | 1.97M | 2.13M |
| EBIT | -16.09M | -16.09M | -5.73M | -1.80M | -397.00K | -3.86M |
| EBIT Margin | -94.12% | -94.12% | -56.87% | -50.49% | -10.24% | -104.89% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.02M | 4.02M | 5.17M | 3.11M | 2.95M | 3.48M |
| Cash & Short-Term Investments | 4.02M | 4.02M | 5.17M | 3.11M | 2.95M | 3.48M |
| Accounts Receivable | 456.00K | 456.00K | 1.14M | 2.00K | 8.00K | |
| Other Receivables | 941.00K | 941.00K | 387.00K | 104.00K | 81.00K | 99.00K |
| Receivables | 7.29M | 7.29M | 14.13M | 7.30M | 8.46M | 2.55M |
| Prepaid Expenses | 626.00K | 626.00K | 227.00K | 241.00K | 116.00K | 165.00K |
| Other Current Assets | 3.34M | 3.34M | 19.00K | 15.00K | 12.00K | 10.00K |
| Total Current Assets | 15.28M | 15.28M | 19.55M | 10.67M | 11.54M | 6.21M |
| Property, Plant & Equipment | 29.41M | 29.41M | 44.94M | 46.78M | 48.68M | 50.63M |
| Long-Term Investments | 8.99M | 8.99M | ||||
| Goodwill | 12.35M | 12.35M | 12.35M | 385.00K | 385.00K | 385.00K |
| Other Intangible Assets | 1.24M | 1.24M | 1.37M | 29.00K | 42.00K | 61.00K |
| Other Long-Term Assets | 4.87M | 4.87M | ||||
| Total Assets | 69.07M | 69.07M | 79.19M | 70.34M | 69.69M | 70.35M |
| Accounts Payable | 1.23M | 1.23M | 1.63M | |||
| Accrued Expenses | 13.78M | 13.78M | 772.00K | 294.00K | 357.00K | 269.00K |
| Short-Term Debt | 1.54M | 1.92M | ||||
| Current Portion of Long-Term Debt | 94.00K | 38.00K | ||||
| Current Portion of Leases | 4.00K | 4.00K | 22.00K | 4.00K | 22.00K | 39.00K |
| Current Income Taxes Payable | 385.00K | 385.00K | 769.00K | 513.00K | 721.00K | 504.00K |
| Current Unearned Revenue | 729.00K | 729.00K | 442.00K | 203.00K | 215.00K | 203.00K |
| Other Current Liabilities | 479.00K | 479.00K | 741.00K | 1.79M | 776.00K | 1.14M |
| Total Current Liabilities | 16.60M | 16.60M | 5.92M | 4.72M | 2.19M | 2.19M |
| Long-Term Debt | 87.00K | |||||
| Long-Term Leases | 4.00K | 4.00K | ||||
| Long-Term Deferred Tax Liabilities | 3.44M | 3.44M | 5.01M | 5.04M | 5.29M | 5.54M |
| Total Liabilities | 20.04M | 20.04M | 10.94M | 9.77M | 7.48M | 7.82M |
| Common Stock | 488.00K | 488.00K | 450.00K | 406.00K | 406.00K | 406.00K |
| Additional Paid-In Capital | 165.46M | 165.46M | 156.81M | 135.77M | 135.67M | 135.64M |
| Retained Earnings | -116.92M | -116.92M | -89.01M | -75.60M | -73.88M | -73.53M |
| Comprehensive Income & Other | -10.00K | -10.00K | -5.00K | 3.00K | 3.00K | 8.00K |
| Total Common Equity | 49.02M | 49.02M | 68.25M | 60.58M | 62.20M | 62.52M |
| Shareholders' Equity | 49.02M | 49.02M | 68.25M | 60.58M | 62.20M | 62.52M |
| Total Liabilities & Equity | 69.07M | 69.07M | 79.19M | 70.34M | 69.69M | 70.35M |
| Total Debt | 4.00K | 4.00K | 1.56M | 1.93M | 120.00K | 164.00K |
| Net Cash (Debt) | 4.01M | 4.01M | 3.61M | 1.19M | 2.83M | 3.32M |
| Net Cash Per Share | 0.03 | 0.03 | 0.04 | 0.01 | 0.03 | 0.03 |
| Filing Date Shares Outstanding | 122.16M | 122.16M | 112.51M | 101.60M | 101.60M | 101.60M |
| Total Common Shares Outstanding | 122.16M | 122.16M | 112.51M | 101.60M | 101.60M | 101.60M |
| Working Capital | -1.32M | -1.32M | 13.64M | 5.95M | 9.35M | 4.02M |
| Book Value Per Share | 0.40 | 0.40 | 0.61 | 0.60 | 0.61 | 0.62 |
| Tangible Book Value | 35.43M | 35.43M | 54.53M | 60.16M | 61.78M | 62.08M |
| Tangible Book Value Per Share | 0.29 | 0.29 | 0.48 | 0.59 | 0.61 | 0.61 |
| Land | 59.31M | 59.31M | 59.24M | 59.19M | 59.06M | 58.93M |
| Machinery | 460.00K | 460.00K | 683.00K | 488.00K | 388.00K | 275.00K |
| Leasehold Improvements | 69.00K | 69.00K | 18.00K | 18.00K | 18.00K | 17.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -27.91M | -27.91M | -13.41M | -1.72M | -346.00K | -8.41M |
| Depreciation & Amortization | 2.29M | 2.29M | 2.21M | 2.12M | 1.97M | 2.13M |
| Asset Writedown & Restructuring Costs | 13.44M | 13.44M | 139.00K | 4.94M | ||
| Stock-Based Compensation | 261.00K | |||||
| Provision & Write-off of Bad Debts | -57.00K | -57.00K | 243.00K | |||
| Other Operating Activities | -1.48M | -1.48M | 7.43M | -381.00K | -249.00K | -468.00K |
| Change in Accounts Receivable | 737.00K | 737.00K | -501.00K | -2.00K | 8.00K | |
| Change in Accounts Payable | -408.00K | -408.00K | 278.00K | |||
| Change in Unearned Revenue | 87.00K | |||||
| Change in Income Taxes | -384.00K | -384.00K | 268.00K | -208.00K | 217.00K | -153.00K |
| Change in Other Net Operating Assets | 15.01M | 15.01M | 1.89M | -6.29M | -1.13M | 12.60M |
| Operating Cash Flow | 807.00K | 807.00K | 1.96M | -6.54M | -368.00K | 12.29M |
| Capital Expenditures | -117.00K | -117.00K | -251.00K | -221.00K | -156.00K | -402.00K |
| Cash Acquisitions | 743.00K | -5.19M | ||||
| Investment in Securities | -8.99M | -8.99M | ||||
| Other Investing Activities | 5.00M | |||||
| Investing Cash Flow | -9.11M | -9.11M | 492.00K | 4.78M | -156.00K | -5.59M |
| Short-Term Debt Issued | 385.00K | 3.21M | ||||
| Total Debt Issued | 385.00K | 3.21M | ||||
| Short-Term Debt Repaid | -1.54M | -1.54M | -769.00K | -1.28M | ||
| Long-Term Debt Repaid | -6.24M | |||||
| Total Debt Repaid | -1.54M | -1.54M | -769.00K | -1.28M | -6.24M | |
| Net Debt Issued (Repaid) | -1.54M | -1.54M | -384.00K | 1.92M | -6.24M | |
| Issuance of Common Stock | 12.64M | 12.64M | ||||
| Repurchase of Common Stock | -3.96M | -3.96M | ||||
| Financing Cash Flow | 7.15M | 7.15M | -384.00K | 1.92M | -6.24M | |
| Foreign Exchange Rate Adjustments | -1.00K | -1.00K | -3.00K | -1.00K | -6.00K | -4.00K |
| Net Cash Flow | -1.15M | -1.15M | 2.06M | 163.00K | -530.00K | 452.00K |
| Free Cash Flow | 690.00K | 690.00K | 1.70M | -6.76M | -524.00K | 11.89M |
| Free Cash Flow Margin | 4.04% | 4.04% | 16.92% | -189.38% | -13.52% | 322.81% |
| Free Cash Flow Per Share | 0.01 | 0.01 | 0.02 | -0.07 | -0.01 | 0.12 |
| Levered Free Cash Flow | 7.48M | 7.48M | -6.89M | 2.49M | -4.38M | 19.67M |
| Unlevered Free Cash Flow | 7.48M | 7.48M | -6.89M | 2.53M | -4.34M | 19.73M |
| Cash Interest Paid | 62.00K | 3.00K | ||||
| Cash Income Tax Paid | 94.00K | 94.00K | 35.00K | 318.00K | 342.00K | |
| Change in Working Capital | 14.96M | 14.96M | 2.02M | -6.50M | -909.00K | 12.45M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 268.75M | 404.99M | 166.62M | 303.78M | 221.91M | 498.85M |
| Enterprise Value | 264.74M | 399.78M | 180.86M | 302.01M | 220.92M | 488.79M |
| Last Close Price | 2.20 | 3.20 | 1.64 | 2.99 | 2.18 | 4.91 |
| PS Ratio | 15.72 | 23.69 | 16.54 | 85.12 | 57.27 | 135.45 |
| PB Ratio | 5.48 | 8.26 | 2.44 | 5.01 | 3.57 | 7.98 |
| P/TBV Ratio | 7.58 | 11.43 | 3.06 | 5.05 | 3.59 | 8.04 |
| P/FCF Ratio | 389.50 | 586.95 | 97.78 | 41.96 | ||
| P/OCF Ratio | 333.03 | 501.85 | 85.23 | 40.59 | ||
| EV/Sales Ratio | 15.49 | 23.38 | 17.95 | 84.62 | 57.01 | 132.72 |
| EV/EBITDA Ratio | 961.81 | 140.44 | ||||
| EV/FCF Ratio | 383.68 | 579.38 | 106.14 | 41.11 | ||
| Debt / Equity Ratio | 0.00 | 0.00 | 0.02 | 0.03 | 0.00 | 0.00 |
| Debt / EBITDA Ratio | 3.92 | 0.07 | ||||
| Debt / FCF Ratio | 0.01 | 0.01 | 0.92 | 0.01 | ||
| Net Debt / Equity Ratio | -0.08 | -0.08 | -0.05 | -0.02 | -0.04 | -0.05 |
| Net Debt / EBITDA Ratio | 0.29 | 0.29 | 1.02 | -3.78 | -1.80 | 1.92 |
| Net Debt / FCF Ratio | -5.82 | -5.82 | -2.12 | 0.17 | 5.40 | -0.28 |
| Asset Turnover | 0.23 | 0.23 | 0.14 | 0.05 | 0.06 | 0.05 |
| Quick Ratio | 0.33 | 0.33 | 1.13 | 0.68 | 1.39 | 1.64 |
| Current Ratio | 0.92 | 0.92 | 3.31 | 2.26 | 5.28 | 2.83 |
| Return on Equity (ROE) | -47.59% | -47.59% | -20.82% | -2.80% | -0.56% | -12.64% |
| Return on Assets (ROA) | -13.57% | -13.57% | -4.79% | -1.61% | -0.35% | -3.01% |
| Return on Capital Employed (ROCE) | -30.70% | -30.70% | -7.80% | -2.70% | -0.60% | -5.70% |
| Earnings Yield | -10.51% | -6.89% | -8.05% | -0.57% | -0.16% | -1.69% |
| FCF Yield | 0.26% | 0.17% | 1.02% | -2.23% | -0.24% | 2.38% |
| Buyback Yield / Dilution | -18.06% | -18.06% | -0.63% | -0.03% | -3.52% |