Trilinc Global Financials

TRLC

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Trilinc Global (TRLC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TRLC FY2025 2026-05-14

A lightly leveraged asset base drives results, but reported earnings swing much more than cash generation.

From FY2024 to FY2025, net income swung from $12.5M to -$8.5M while cash generation stayed near break-even, which implies the earnings swing came mainly from non-cash or timing-sensitive items rather than an equally large change in cash receipts. With FY2025 liabilities at just 3.6% of assets, leverage is not the main constraint; cash conversion is.

The company carries a conservative balance-sheet posture: FY2025 equity financed nearly all of the $282.8M asset base, and obligations remained modest. But cash on hand was only $55K, so day-to-day flexibility depends on cash arriving from underlying assets rather than on a large corporate cash cushion. That low-debt posture has held since FY2023, so volatility appears to come from asset results more than financing strain.

In FY2025, operating income stayed positive at $5.0M even though net income fell to -$8.5M, showing that below-the-line items can dominate the final result. FY2023 showed the opposite mix, with strong operating cash flow despite only thin profit, so profit and cash have not moved together for several years. That makes simple revenue or margin readings less informative than tracking whether asset-level outcomes actually become cash.

Financial Health Signals

Financial Profile 41/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Trilinc Global's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Trilinc Global has an operating margin of 26.8%, meaning the company retains $27 of operating profit per $100 of revenue. This strong profitability earns a score of 86/100, reflecting efficient cost management and pricing power. This is down from 47.2% the prior year.

Growth

Trilinc Global's revenue declined 28.4% year-over-year, from $25.9M to $18.5M. This contraction results in a growth score of 47/100.

Leverage

100

Trilinc Global carries a low D/E ratio of 0.04, meaning only $0.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

Trilinc Global generates a -3.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 11/100. This is down from 4.4% the prior year.

Piotroski F-Score Weak

1/9

Trilinc Global passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.01x

For every $1 of reported earnings, Trilinc Global generates $0.01 in operating cash flow (-$44K OCF vs -$8.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe

9.0x

Trilinc Global earns $9.0 in operating income for every $1 of interest expense ($5.0M vs $554K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$18.5M

YoY-28.4%

5Y CAGR-15.3%

Trilinc Global generated $18.5M in revenue in fiscal year 2025. This represents a decrease of 28.4% from the prior year.

EBITDA

N/A

Net Income

-$8.5M

YoY-168.1%

Trilinc Global reported -$8.5M in net income in fiscal year 2025. This represents a decrease of 168.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$55K

YoY-44.4%

5Y CAGR-74.9%

10Y CAGR-47.3%

Trilinc Global held $55K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

26.8%

YoY-20.4pp

5Y CAGR-29.7pp

Trilinc Global's operating margin was 26.8% in fiscal year 2025, reflecting core business profitability. This is down 20.4 percentage points from the prior year.

Net Margin

-45.9%

YoY-94.1pp

5Y CAGR-66.9pp

Trilinc Global's net profit margin was -45.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 94.1 percentage points from the prior year.

Return on Equity

-3.1%

YoY-7.5pp

5Y CAGR-5.6pp

Trilinc Global's ROE was -3.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

TRLC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$18.5M-28.4%	$25.9M+63.1%	$15.8M-42.0%	$27.3M-25.1%	$36.5M-13.9%	$42.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.0M-30.1%	$1.5M+16.8%	$1.3M-76.7%	$5.4M+308.5%	$1.3M-7.0%	$1.4M
Operating Income	$5.0M-59.3%	$12.2M+1242.4%	$909K-84.4%	$5.8M-72.4%	$21.1M-11.9%	$23.9M
Interest Expense	$554K	$0-100.0%	$2.1M+845.8%	$222K+13.7%	$195K-23.4%	$255K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$8.5M-168.1%	$12.5M+2907.3%	$415K+101.2%	-$33.5M-1083.4%	$3.4M-61.7%	$8.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$4.0M+86.0%	$2.2M-17.3%	$2.6M-65.0%	$7.5M+19.5%	$6.3M-7.8%	$6.8M+3.8%	$6.5M+5.9%	$6.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$249K-8.2%	$271K+20.2%	$225K-14.1%	$262K-0.3%	$263K-19.2%	$326K+24.5%	$262K-25.9%	$353K
Operating Income	$535K+139.0%	-$1.4M-189.3%	-$475K-112.9%	$3.7M+16.8%	$3.1M-16.7%	$3.8M+16.0%	$3.3M+60.6%	$2.0M
Interest Expense	$94K-8.8%	$103K+16.8%	$88K-75.7%	$362K	$0	$0	$0	$0
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$63K+108.7%	-$724K+93.5%	-$11.1M-1624.5%	$725K-71.7%	$2.6M+7.4%	$2.4M-32.6%	$3.5M+2.6%	$3.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TRLC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$282.8M-1.0%	$285.6M+2.5%	$278.8M-11.5%	$314.8M-10.1%	$350.2M-5.0%	$368.7M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$55K-44.4%	$98K-90.0%	$981K-93.2%	$14.5M-13.6%	$16.8M-69.5%	$55.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$10.2M+128.0%	$4.5M-24.5%	$5.9M-82.0%	$32.9M+186.2%	$11.5M-14.5%	$13.4M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	$0-100.0%	$17.0M+239.7%	$5.0M0.0%	$5.0M
Total Equity	$272.6M-3.0%	$281.1M+3.0%	$272.9M-3.2%	$281.9M-16.8%	$338.7M-4.7%	$355.3M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$283.5M+0.2%	$282.8M0.0%	$282.8M-3.4%	$292.9M+1.5%	$288.5M+1.0%	$285.6M+1.0%	$282.8M+0.7%	$280.7M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.1M+1953.6%	$55K+8026.8%	$672-98.8%	$55K-95.0%	$1.1M+1016.6%	$98K-88.8%	$878K-20.7%	$1.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$41K	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$10.8M+6.1%	$10.2M+7.1%	$9.5M+11.6%	$8.5M+77.2%	$4.8M+7.7%	$4.5M+11.2%	$4.0M-27.4%	$5.5M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$272.7M0.0%	$272.6M-0.3%	$273.4M-3.9%	$284.4M+0.3%	$283.7M+0.9%	$281.1M+0.9%	$278.8M+1.3%	$275.2M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TRLC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$44K-101.3%	$3.3M-80.8%	$17.2M+324.1%	$4.0M+122.9%	-$17.7M-131.5%	$56.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$0+100.0%	-$4.2M+86.4%	-$30.7M-384.8%	-$6.3M+69.2%	-$20.6M+12.2%	-$23.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$1.1M+1885.3%	$54K+200.0%	-$54K+94.8%	-$1.0M-204.4%	$998K+228.0%	-$780K-241.1%	-$229K+77.3%	-$1.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$4K	$0	$0	$0	$0	$0	$0	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TRLC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	26.8%-20.4pp	47.2%+41.5pp	5.7%-15.6pp	21.3%-36.5pp	57.8%+1.3pp	56.5%
Net Margin	-45.9%-94.1pp	48.2%+45.6pp	2.6%+125.1pp	-122.5%-131.8pp	9.3%-11.7pp	21.0%
Return on Equity	-3.1%-7.5pp	4.4%+4.3pp	0.1%+12.0pp	-11.9%-12.9pp	1.0%-1.5pp	2.5%
Return on Assets	-3.0%-7.4pp	4.4%+4.2pp	0.1%+10.8pp	-10.6%-11.6pp	1.0%-1.4pp	2.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.04+0.0	0.02+0.0	0.00-0.1	0.06+0.0	0.010.0	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	13.3%+76.8pp	-63.5%-45.4pp	-18.1%-67.2pp	49.1%-1.1pp	50.2%-5.4pp	55.6%+5.9pp	49.8%+16.9pp	32.8%
Net Margin	1.6%+35.0pp	-33.5%+389.3pp	-422.7%-432.4pp	9.7%-31.3pp	41.0%+5.8pp	35.2%-19.0pp	54.1%-1.8pp	55.9%
Return on Equity	0.0%+0.3pp	-0.3%+3.8pp	-4.0%-4.3pp	0.3%-0.6pp	0.9%+0.0pp	0.9%-0.4pp	1.3%+0.0pp	1.3%
Return on Assets	0.0%+0.3pp	-0.3%+3.7pp	-3.9%-4.2pp	0.3%-0.6pp	0.9%+0.1pp	0.8%-0.4pp	1.3%+0.0pp	1.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.040.0	0.040.0	0.030.0	0.03+0.0	0.020.0	0.020.0	0.010.0	0.02
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Trilinc Global's annual revenue?

Trilinc Global (TRLC) reported $18.5M in total revenue for fiscal year 2025. This represents a -28.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Trilinc Global's revenue growing?

Trilinc Global (TRLC) revenue declined by 28.4% year-over-year, from $25.9M to $18.5M in fiscal year 2025.

Is Trilinc Global profitable?

No, Trilinc Global (TRLC) reported a net income of -$8.5M in fiscal year 2025, with a net profit margin of -45.9%.

What is Trilinc Global's operating margin?

Trilinc Global (TRLC) had an operating margin of 26.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Trilinc Global's net profit margin?

Trilinc Global (TRLC) had a net profit margin of -45.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Trilinc Global's return on equity (ROE)?

Trilinc Global (TRLC) has a return on equity of -3.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Trilinc Global's operating cash flow?

Trilinc Global (TRLC) generated -$44K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Trilinc Global's total assets?

Trilinc Global (TRLC) had $282.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What is Trilinc Global's debt-to-equity ratio?

Trilinc Global (TRLC) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Trilinc Global's return on assets (ROA)?

Trilinc Global (TRLC) had a return on assets of -3.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Trilinc Global's cash runway?

Based on fiscal year 2025 data, Trilinc Global (TRLC) had $55K in cash against an annual operating cash burn of $44K. This gives an estimated cash runway of approximately 15 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Trilinc Global's Piotroski F-Score?

Trilinc Global (TRLC) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Trilinc Global's earnings high quality?

Trilinc Global (TRLC) has an earnings quality ratio of 0.01x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Trilinc Global cover its interest payments?

Trilinc Global (TRLC) has an interest coverage ratio of 9.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Trilinc Global?

Trilinc Global (TRLC) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.