olivLaw · US equity research
Trio-Tech International TRT
Special Industry Machinery, NEC · SIC 3559 · Vertical: Special Industry Machinery, NEC (SIC 3559)
Trio-Tech International (TRT) provides reliability testing services and equipment for the semiconductor industry and industrial electronics, operating from Singapore with activities in Malaysia, Thailand and China. In fiscal 2026 revenue rose 72% to 62.6 million USD, supported by demand for testing AI and automotive chips, and the order backlog nearly doubled to 24.2 million USD.
At the close of 04 Nov 2026, Trio-Tech International (TRT) stock was 4.96 USD (+2.27% on the day), with market capitalisation 51.5 m USD, beta 0.84, 52-week range 3.27–20.05 USD. Latest reported quarter (Q4 2026): revenue of 14.9 m USD (+39.9% YoY), net income of -199.0 k USD (−208.7% YoY), diluted EPS -0.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.4
- weak (30–45)
- Bollinger (20, 2)
- 4.61 – 5.78
- in the lower half of the band · %B 0.30 · band width 22.6%
- SMA 50 / 200
- 7.54 / 8.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.68 / -0.82
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.2% | −2.0% | −17.2 pp | — |
| 3 months | −53.9% | −2.2% | −51.7 pp | — |
| 6 months | −60.7% | +4.3% | −65.0 pp | — |
| Year to date | −25.1% | +10.6% | −35.6 pp | — |
| 1 year | +49.2% | +10.5% | +38.7 pp | +23.7% |
| 3 years | +53.8% | +73.7% | −19.9 pp | +8.3% |
| 5 years | +109.3% | +61.7% | +47.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.8 m | 8.6 m | 7.4 m | 10.7 m | 15.5 m | 15.6 m | 16.5 m | 14.9 m |
| Cost of revenue | 7.5 m | 6.4 m | 5.4 m | 8.0 m | 12.9 m | 13.2 m | 14.0 m | 12.2 m |
| Gross profit | 2.3 m | 2.2 m | 2.0 m | 2.6 m | 2.6 m | 2.5 m | 2.6 m | 2.8 m |
| Research & development | 88.0 k | 114.0 k | 90.0 k | 92.0 k | 94.0 k | 106.0 k | 99.0 k | 98.0 k |
| Operating income | 133.0 k | -3.0 k | -343.0 k | 467.0 k | 46.0 k | 97.0 k | -81.0 k | -266.0 k |
| Depreciation & amortisation | 711.0 k | 711.0 k | 671.0 k | 648.0 k | 532.0 k | 441.0 k | 638.0 k | 680.0 k |
| Interest expense | 13.0 k | 13.0 k | 10.0 k | 9.0 k | 8.0 k | 22.0 k | 11.0 k | 24.0 k |
| Pre-tax income | -179.0 k | 675.0 k | -475.0 k | 152.0 k | 227.0 k | 312.0 k | 107.0 k | -257.0 k |
| Income tax | 51.0 k | 139.0 k | 6.0 k | -28.0 k | 64.0 k | 77.0 k | 146.0 k | -59.0 k |
| Net income | -236.0 k | 507.0 k | -495.0 k | 183.0 k | 77.0 k | 126.0 k | -38.0 k | -199.0 k |
| Diluted EPS | -0.06 | 0.06 | -0.06 | 0.02 ≈ | 0.02 | 0.01 | 0.00 | -0.02 ≈ |
| Operating cash flow | -1.9 m | 2.1 m ≈ | 781.0 k ≈ | -664.0 k | 933.0 k | 134.0 k ≈ | 1.3 m ≈ | 1.1 m |
| Capex | 69.0 k | 183.0 k ≈ | 156.0 k ≈ | 559.0 k | 46.0 k | 286.0 k ≈ | 544.0 k ≈ | 865.0 k |
| Share repurchases | — | — | — | 0 | — | — | — | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39.2 m | 34.5 m | 32.5 m | 44.1 m | 43.3 m | 42.3 m | 36.5 m | 62.6 m |
| Revenue YoY | −7.5% | −12.1% | −5.8% | +35.7% | −1.8% | −2.2% | −13.8% | +71.6% |
| Net income | 1.5 m | 878.0 k | -591.0 k | 2.4 m | 1.5 m | 1.1 m | -41.0 k | -34.0 k |
| Net income YoY | +30.5% | −43.2% | −167.3% | unavailable | −35.5% | −32.0% | −103.9% | unavailable |
| Diluted EPS | 0.41 | 0.24 | -0.15 | 0.57 | 0.37 | 0.24 | 0.00 | 0.00 |
| Diluted EPS YoY | +32.3% | −41.5% | −162.5% | unavailable | −35.1% | −35.1% | −100.0% | unavailable |
| net % | 3.9% | 2.5% | -1.8% | 5.4% | 3.6% | 2.5% | -0.1% | -0.1% |
| Free cash flow | 1.6 m | 2.0 m | 526.0 k | 655.0 k | 3.6 m | 2.2 m | -596.0 k | 1.7 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 21.4 m USD
- Financial debt
- 445.0 k USD
- Net debt
- -21.0 m USD
- Equity
- 43.0 m USD
- Total assets
- 60.7 m USD
- Debt / equity
- 0.01x
- Current ratio
- 3.44x
- ROE
- -0.1%
- ROA
- -0.1%
- FCF margin
- 2.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 32.5 m | 44.1 m | 43.3 m | 42.3 m | 36.5 m | 62.6 m | SEC (XBRL)· 24 Sept 2026verified |
| Cost of revenue | 24.8 m | 32.3 m | 31.5 m | 31.6 m | 27.3 m | 52.2 m | SEC (XBRL)· 24 Sept 2026verified |
| Gross profit | 7.7 m | 11.7 m | 11.7 m | 10.8 m | 9.1 m | 10.4 m | SEC (XBRL)· 24 Sept 2026verified |
| Research & development | 357.0 k | 375.0 k | 397.0 k | 392.0 k | 384.0 k | 397.0 k | SEC (XBRL)· 24 Sept 2026verified |
| Operating income | -61.0 k | 2.4 m | 2.2 m | 1.1 m | 254.0 k | -204.0 k | SEC (XBRL)· 24 Sept 2026verified |
| Depreciation & amortisation | 3.1 m | 3.1 m | 5.1 m | 4.2 m | 2.7 m | 2.3 m | SEC (XBRL)· 24 Sept 2026verified |
| EBITDA | 3.0 m ≈ | 5.4 m ≈ | 7.3 m ≈ | 5.3 m ≈ | 3.0 m ≈ | 2.1 m ≈ | SEC (XBRL)· 24 Sept 2026derived |
| Interest expense | 126.0 k | 122.0 k | 105.0 k | 77.0 k | 45.0 k | 65.0 k | SEC (XBRL)· 24 Sept 2026verified |
| Pre-tax income | -899.0 k | 3.1 m | 2.4 m | 1.6 m | 173.0 k | 389.0 k | SEC (XBRL)· 24 Sept 2026verified |
| Income tax | 228.0 k | 757.0 k | 622.0 k | 486.0 k | 168.0 k | 228.0 k | SEC (XBRL)· 24 Sept 2026verified |
| Net income | -591.0 k | 2.4 m | 1.5 m | 1.1 m | -41.0 k | -34.0 k | SEC (XBRL)· 24 Sept 2026verified |
| Diluted EPS | -0.15 | 0.57 | 0.37 | 0.24 | 0.00 | 0.00 | SEC (XBRL)· 24 Sept 2026verified |
| Weighted average diluted shares | 3.9 m | 4.2 m | 4.2 m | 4.3 m | 8.5 m | 9.0 m | SEC (XBRL)· 24 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.8 m | 7.7 m | 7.6 m | 10.0 m | 10.9 m | 21.4 m | SEC (XBRL)· 24 Sept 2026verified |
| Receivables | 8.3 m | 11.6 m | 9.8 m | 10.7 m | 10.8 m | 13.5 m | SEC (XBRL)· 24 Sept 2026verified |
| Inventories | 2.1 m | 2.3 m | 2.2 m | 3.2 m | 2.3 m | 3.4 m | SEC (XBRL)· 24 Sept 2026verified |
| Current assets | 24.0 m | 29.2 m | 28.8 m | 32.2 m | 31.6 m | 45.3 m | SEC (XBRL)· 24 Sept 2026verified |
| Property, plant & equipment, net | 9.5 m | — | — | — | — | — | SEC (XBRL)· 01 Oct 2021verified |
| Total assets | 38.3 m | 43.4 m | 42.2 m | 42.5 m | 41.1 m | 60.7 m | SEC (XBRL)· 24 Sept 2026verified |
| Accounts payable | 3.7 m | 2.4 m | 1.7 m | 3.2 m | 1.9 m | 7.6 m | SEC (XBRL)· 24 Sept 2026verified |
| Long-term debt | 2.1 m | 1.4 m | 1.4 m | 874.0 k | 684.0 k | 445.0 k | SEC (XBRL)· 24 Sept 2026verified |
| Current liabilities | 8.8 m | 11.9 m | 9.3 m | 9.4 m | 6.3 m | 13.2 m | SEC (XBRL)· 24 Sept 2026verified |
| Total liabilities | 12.3 m | 15.4 m | 12.6 m | 11.0 m | 7.1 m | 17.7 m | SEC (XBRL)· 24 Sept 2026verified |
| Equity | 26.1 m | 28.0 m | 29.6 m | 31.6 m | 34.0 m | 43.0 m | SEC (XBRL)· 24 Sept 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.6 m | 2.1 m | 8.1 m | 2.7 m | 371.0 k | 3.4 m | SEC (XBRL)· 24 Sept 2026verified |
| Capex | 1.1 m | 1.5 m | 4.5 m | 542.0 k | 967.0 k | 1.7 m | SEC (XBRL)· 24 Sept 2026verified |
| Free cash flow | 526.0 k ≈ | 655.0 k ≈ | 3.6 m ≈ | 2.2 m ≈ | -596.0 k ≈ | 1.7 m ≈ | SEC (XBRL)· 24 Sept 2026derived |
| Investing cash flow | -567.0 k | -444.0 k | -6.1 m | -113.0 k | 167.0 k | -1.0 m | SEC (XBRL)· 24 Sept 2026verified |
| Financing cash flow | -2.0 k | 911.0 k | -1.2 m | -90.0 k | -40.0 k | 7.4 m | SEC (XBRL)· 24 Sept 2026verified |
| Dividends paid | 189.0 k | — | — | — | — | — | SEC (XBRL)· 01 Oct 2021verified |
| Share repurchases | — | — | — | — | 0 | 12.0 k | SEC (XBRL)· 24 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 42 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 51.5 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation20
- Returns0
- Quality19
- Balance sheet70
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.69 – 6.09 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)4.69 – 6.09 (Mid 5.23)WACC 9.3% · starting FCFF 1.7 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 9.0%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 42/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.7% | 20 (vs peers) | 15% |
| Net margin · Quality | -0.1% | 17 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 13.1% | 100 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -10.1x | 100 (on a fixed band) | 15% |
| Interest coverage · Balance sheet | -3.1x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 14.6x | 3 (on a fixed band) | 15% |
| FCF yield · Valuation | 3.3% | 41 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality19/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation20/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TRIO-TECH INTERNATIONAL (TRT). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 62.6 m USD in 2026; YoY growth 71.6%; net margin -0.1%; ROE -0.1%; net debt/EBITDA -10.1x.
The estimated value range is 4.69–6.09 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.23 USD, the price of 4.96 USD leaves a potential of 5.5% (value / price − 1) and a margin of safety of 5.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 42/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 13.1%
- Net debt / EBITDA: -10.1x
- Current ratio: 3.4x
What contradicts it
- ROIC: -0.7%
- Net margin: -0.1%
- Interest coverage: -3.1x
- EV/EBITDA: 14.6x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Payout ratio (FCF).
Versus the vertical median
Special Industry Machinery, NEC (SIC 3559) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LRCXLam Research Corporation | 288.2 bn | 34.4 | 70.1% | 32.3% | +26.0% | +48% / +222% |
| ACLSAxcelis Technologies Inc | 2.8 bn | 30.9 | 8.9% | 10.7% | −17.6% | +11% / −26% |
| VECOVeeco Instruments Inc | 2.2 bn | 100.5 | 2.6% | 3.4% | −7.4% | +23% / +26% |
| CRCTCricut, Inc. | 1.9 bn | 20.9 | 25.9% | 12.7% | −0.5% | +87% / +29% |
| AZTAAzenta, Inc. | 1.7 bn | — | -7.7% | -20.0% | +3.6% | +10% / −31% |
| ACMRACM Research, Inc. | 629.9 m | 21.0 | 10.6% | 14.5% | +15.2% | +33% / +167% |
| ERIIEnergy Recovery, Inc. | 366.0 m | 26.0 | 8.6% | 12.7% | −6.9% | −50% / −62% |
| ASYSAmtech Systems, Inc. | 216.2 m | 46.7 | 4.8% | 4.9% | −21.6% | +57% / +60% |
| VELOVelo3D, Inc. | 181.5 m | — | -61.5% | -89.6% | +12.1% | +6% / −99% |
| SOTKSono Tek Corp | 71.0 m | 36.0 | 10.1% | 9.3% | +2.0% | +24% / −10% |
| TRTTrio-Tech International | 51.5 m | — | -0.1% | -0.1% | +71.6% | +49% / +54% |
| CVVCvd Equipment Corporation | 26.8 m | 2.7 | 32.7% | 62.0% | −4.1% | +10% / −19% |
| ASMLAsml Holding NV | — | — | 50.5% | 29.4% | +15.6% | +41% / +119% |
1- and 3-year price returns: for TRT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Trio-Tech International (TRT) provides reliability testing services and equipment for the semiconductor industry and industrial electronics, operating from Singapore with activities in Malaysia, Thailand and China. In fiscal 2026 revenue rose 72% to 62.6 million USD, supported by demand for testing AI and automotive chips, and the order backlog nearly doubled to 24.2 million USD.
SWOT
Strengths
- Over six decades of experience and durable customer relationships support its position in semiconductor reliability testing 1.
- Operations in several Asian countries allow services close to customers' production centres 1.
- The balance sheet strengthened in fiscal 2026, with higher liquidity and positive operating cash flow 2.
Weaknesses
- Concentration on a few large customers and on the semiconductor industry exposes revenue to volatility 1.
- Gross margin declined in fiscal 2026 and general and administrative costs rose, producing an operating loss 1.
- Rapid growth in activity raised inventories and receivables, affecting working capital 1.
Opportunities
Risks
- Dependence on large customershigh
A small number of customers generates a major part of revenue, and a change in orders from one of them could affect results 1.
- Volatility of the semiconductor industryhigh
Product cycles and economic downturns can reduce demand for testing and equipment, with rapid effects on revenue 1.
- Margin pressuremedium
Gross margin fell in fiscal 2026, and currency costs and short-lead-time orders could reduce profitability further 1.
- Currency and geopolitical riskmedium
Exposure to Asian currencies and trade tensions can change prices and costs, and the effects on results are hard to anticipate 12.
- Rapid capacity expansionlow
New space and leases in Malaysia can create fixed costs and higher provisions if volumes do not grow as planned 12.
Investment thesis
What would need to be true (bull case)
- A larger backlog and multi-year EV contracts could give visibility into revenue growth in fiscal 2027 2.
- Expanded Malaysian capacity could allow the company to serve North American customers more effectively 2.
- Operating cash flow improved, which could support investment without additional borrowing 2.
What would break the thesis
- Customer concentration can make revenue highly sensitive to the decisions of a small number of buyers 1.
- Gross margin fell and operating costs rose, leaving the business with an operating loss in fiscal 2026 1.
- Rapid growth in inventories and receivables could strain working capital if collections slow 1.
What to watch
- Trend in gross margin and operating costs after the Malaysian expansionQ1 2027
- Delivery of the remaining burn-in board orders and the backlog outstanding2027
- Start of progressive production volume increases in the new Malaysian facilityQ2 2027
- Share of revenue from the three largest customers in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Founded in 1958 in California, the company designs and builds reliability test equipment and offers testing services for the semiconductor industry and other sectors, from automotive and industrial electronics to computing, data storage and communications 1. Its business is organised into two segments: Semiconductor Back-end Solutions (SBS), covering burn-in systems, burn-in boards and electrical, environmental and burn-in testing in Asian laboratories, and Industrial Electronics (IE), covering test and process equipment, maintenance services and distribution of electronic components 1. The SBS segment accounted for 78.3% of fiscal 2026 revenue, and the two segments together for over 99.9% of the total 1.
The company states that it aims to reduce its historic concentration on the semiconductor industry and on large customers, by expanding its lines of business and through complementary acquisitions or partnerships 1. In fiscal 2026 three customers accounted for about 57.6% of revenue, a high level of customer concentration 1.
The latest quarter and fiscal 2026 were marked by new EV contracts and added capacity in Malaysia, including about 104,000 square feet of extra space in Perai, Penang 2. Orders in hand at June 30, 2026 reached 24.2 million USD, compared with 11.0 million USD a year earlier 2.
Segments
Semiconductor Back-end Solutions (SBS)
The SBS segment grew 99% in fiscal 2026 to 49.0 million USD and includes burn-in and test equipment, testing services and support for new product introductions 12. SBS backlog at June 30, 2026 was about 19.8 million USD 2.
Industrial Electronics (IE)
The IE segment grew 15% in fiscal 2026 to 13.6 million USD and combines proprietary test equipment with distribution of components such as connectors, camera modules and touch panels 1. IE bookings for the first quarter of fiscal 2027 totalled about 4.6 million USD 2.
Others
The China real estate activity was moved to the Others segment and has been below 1% of revenue over the past five years, amid a negative property environment in China 1.
Market context
Semiconductor testing demand is shaped by product cycles and by investment in artificial intelligence, high-performance computing and automotive, especially electric vehicles 2. The company operates in a competitive field with numerous laboratories in the same regions, and consolidation in the industry, particularly in Asia, has thinned the number of competitors 1.
The semiconductor industry has seen periods of rapid growth but also downturns tied to product maturity cycles and general economic conditions 1. The industrial markets served by the IE segment include aerospace, displays and data centres 2.
Trends
- Demand for AI chip testingtailwind
Management links fiscal 2026 growth to demand for reliability testing of chips used in artificial intelligence and advanced computing programmes 2. If this demand is sustained, it could support growth in the SBS segment.
- Automotive electrificationtailwind
The company has signed production burn-in contracts for EV semiconductors, including a three-year contract with a new European customer, which could open multi-year revenue 2. Exposure to this segment is still relatively new.
- Customer concentrationheadwind
Dependence on a few large customers can amplify revenue volatility if one customer reduces orders or shifts its geographic sourcing, as happened with a major US customer in SBS 1.
- Currency exposure and margin pressuremixed
Gross margin fell to 16.6% on higher costs and currency factors, and movements in Asian currencies can affect pricing and margins, with mixed effects depending on the direction of exchange rates 1.
Competitive position
The company says its SBS position rests on established reputation, decades of expertise and customer relationships, in a market where numerous laboratories offer similar capabilities 1. In IE competition for equipment and components remains intense, and differentiation comes from customisation and technical support 1.
Key competitive factors for burn-in and reliability test equipment are product performance, reliability, service and technical support, price and established customer relationships 1. The sources provided do not name any competitor listed on a US exchange.
- Regional semiconductor testing laboratories
Companies with similar testing capabilities in the same Asian regions, described generically in the annual report.
- Burn-in and test equipment manufacturers
Suppliers of burn-in and test equipment in the company's main markets, referred to generically in the annual report.
- Electronic component distributors
Firms selling connectors, camera modules and touch panels that compete with the IE division.
- Industrial test equipment manufacturers
Makers of climate chambers, leak detectors and mechanical test systems active in the same industries as the IE segment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Proxy statement26 Oct 2026
- Current report24 Sept 2026Results of operations · Financial statements and exhibits
- Annual report24 Sept 2026
- Current report19 Aug 2026Delisting notice · Other events · Financial statements and exhibits
- Current report10 Jul 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report04 May 2026Material agreement · Financial statements and exhibits
- Current report27 Apr 2026Material agreement · Other events · Financial statements and exhibits
- Current report20 Mar 2026Material cybersecurity incident
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Trio-Tech International · 24 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Trio-Tech International · 24 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.