What is TROOPS INC's earnings per share (EPS)?

TROOPS INC (TROO) reported diluted earnings per share of $-0.23 for fiscal year 2025. This represents a -76.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

TROOPS INC Financials

TROO

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows TROOPS INC (TROO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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 TROO FY2025 2026-04-30

Revenue growth is being overwhelmed by shrinking gross economics and a heavier overhead base, leaving cash only narrowly positive.

Between FY2023 and FY2025, gross margin fell from 21.7% to 9.2% even as revenue expanded, so the extra sales added surprisingly little gross profit. At the same time, SG&A outgrew the gross profit base, reaching $17.9M against only $1.6M of gross profit, which explains why scale produced a larger operating loss instead of fixed-cost absorption.

FY2025 still showed positive operating cash flow of $807K and free cash flow of $690K despite a far larger accounting loss, so earnings and cash are diverging sharply. That usually means noncash charges or working-capital timing are cushioning near-term cash burn, not that the underlying cost structure has turned profitable.

Short-term liquidity tightened as the current ratio fell from 3.3x in FY2024 to 0.9x in FY2025. With total liabilities at $20.0M and cash near $5.2M, the company is relying more on liabilities and financing to support operations and investment.

Financial Health Signals

Financial Profile 34/100

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 TROOPS INC'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

TROOPS INC has an operating margin of -172.8%, meaning the company retains $-173 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -56.9% the prior year.

Growth

100

TROOPS INC's revenue surged 69.7% year-over-year to $17.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

TROOPS INC carries a low D/E ratio of 0.41, meaning only $0.41 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

TROOPS INC's current ratio of 0.92 is below the typical benchmark, resulting in a score of 13/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

TROOPS INC's free cash flow margin of 4.0% results in a low score of 0/100. Capital expenditures of $117K absorb a large share of operating cash flow.

Returns

TROOPS INC generates a -56.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -19.7% the prior year.

Piotroski F-Score Weak

3/9

TROOPS INC passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.03x

For every $1 of reported earnings, TROOPS INC generates $-0.03 in operating cash flow ($807K OCF vs -$27.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-476.4x

TROOPS INC earns $-476.4 in operating income for every $1 of interest expense (-$29.5M vs $62K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$17.1M

YoY+69.7%

5Y CAGR+31.8%

10Y CAGR+24.4%

TROOPS INC generated $17.1M in revenue in fiscal year 2025. This represents an increase of 69.7% from the prior year.

EBITDA

-$27.2M

YoY-673.2%

TROOPS INC's EBITDA was -$27.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 673.2% from the prior year.

Net Income

-$27.9M

YoY-108.0%

TROOPS INC reported -$27.9M in net income in fiscal year 2025. This represents a decrease of 108.0% from the prior year.

EPS (Diluted)

$-0.23

YoY-76.9%

TROOPS INC earned $-0.23 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 76.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$690K

YoY-59.5%

5Y CAGR-49.8%

TROOPS INC generated $690K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 59.5% from the prior year.

Cash & Debt

$4.0M

YoY-22.3%

5Y CAGR+5.8%

10Y CAGR+27.8%

TROOPS INC held $4.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

122M

YoY+8.6%

5Y CAGR+3.8%

10Y CAGR+39.2%

TROOPS INC had 122M shares outstanding in fiscal year 2025. This represents an increase of 8.6% from the prior year.

Margins & Returns

Gross Margin

9.2%

YoY-10.1pp

5Y CAGR+34.0pp

10Y CAGR+4.2pp

TROOPS INC's gross margin was 9.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 10.1 percentage points from the prior year.

Operating Margin

-172.8%

YoY-115.9pp

5Y CAGR+1395.9pp

10Y CAGR-92.9pp

TROOPS INC's operating margin was -172.8% in fiscal year 2025, reflecting core business profitability. This is down 115.9 percentage points from the prior year.

Net Margin

-163.2%

YoY-30.1pp

5Y CAGR+1418.8pp

10Y CAGR-37.4pp

TROOPS INC's net profit margin was -163.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 30.1 percentage points from the prior year.

Return on Equity

-56.9%

YoY-37.3pp

5Y CAGR+39.2pp

10Y CAGR-53.8pp

TROOPS INC's ROE was -56.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 37.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$4.0M

TROOPS INC spent $4.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$117K

YoY-53.4%

5Y CAGR-0.2%

TROOPS INC invested $117K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 53.4% from the prior year.

TROO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$17.1M+69.7%	$10.1M+182.2%	$3.6M-7.9%	$3.9M+5.2%	$3.7M-14.2%	$4.3M
Cost of Revenue	$15.5M+91.0%	$8.1M+191.2%	$2.8M-8.5%	$3.1M-8.1%	$3.3M-38.0%	$5.4M
Gross Profit	$1.6M-19.4%	$1.9M+150.1%	$776K-5.6%	$822K+128.3%	$360K+133.8%	-$1.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$17.9M+353.3%	$4.0M+43.6%	$2.8M+25.8%	$2.2M-20.2%	$2.7M+4.9%	$2.6M
Operating Income	-$29.5M-415.6%	-$5.7M-217.9%	-$1.8M-236.2%	-$536K+93.9%	-$8.8M+86.9%	-$67.3M
Interest Expense	$62K	N/A	$62K+5.1%	$59K-42.7%	$103K-89.9%	$1.0M
Income Tax	-$1.5M-5663.0%	$27K+119.3%	-$140K-150.0%	-$56K+55.6%	-$126K+59.2%	-$309K
Net Income	-$27.9M-108.0%	-$13.4M-680.3%	-$1.7M-396.8%	-$346K+95.9%	-$8.4M+87.6%	-$67.9M
EPS (Diluted)	$-0.23-76.9%	$-0.13-550.0%	$-0.02-100.0%	$-0.01+87.5%	$-0.08+88.4%	$-0.69

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TROO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$69.1M-12.8%	$79.2M+12.6%	$70.3M+0.9%	$69.7M-0.9%	$70.3M-22.0%	$90.1M
Current Assets	$15.3M-21.9%	$19.6M+83.3%	$10.7M-7.5%	$11.5M+85.9%	$6.2M-75.8%	$25.6M
Cash & Equivalents	$4.0M-22.3%	$5.2M+66.2%	$3.1M+5.5%	$3.0M-15.2%	$3.5M+14.9%	$3.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$456K-59.9%	$1.1M+56700.0%	$2K	N/A	$8K0.0%	$8K
Goodwill	$12.3M0.0%	$12.3M+3107.3%	$385K0.0%	$385K0.0%	$385K-92.5%	$5.1M
Total Liabilities	$20.0M+83.3%	$10.9M+12.0%	$9.8M+30.5%	$7.5M-4.3%	$7.8M-59.9%	$19.5M
Current Liabilities	$16.6M+180.6%	$5.9M+25.3%	$4.7M+116.2%	$2.2M-0.2%	$2.2M-70.6%	$7.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$49.0M-28.2%	$68.2M+12.7%	$60.6M-2.6%	$62.2M-0.5%	$62.5M-11.5%	$70.6M
Retained Earnings	-$116.9M-31.4%	-$89.0M-17.7%	-$75.6M-2.3%	-$73.9M-0.5%	-$73.5M-12.9%	-$65.1M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$69.1M-12.8%	$79.2M+12.6%	$70.3M+0.9%	$69.7M-0.9%	$70.3M-22.0%	$90.1M-35.5%	$139.7M-26.8%	$190.8M
Current Assets	$15.3M-21.9%	$19.6M+83.3%	$10.7M-7.5%	$11.5M+85.9%	$6.2M-75.8%	$25.6M-44.7%	$46.4M-39.4%	$76.5M
Cash & Equivalents	$4.0M-22.3%	$5.2M+66.2%	$3.1M+5.5%	$3.0M-15.2%	$3.5M+14.9%	$3.0M-40.9%	$5.1M-64.2%	$14.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$456K-59.9%	$1.1M+56700.0%	$2K	N/A	$8K0.0%	$8K-33.3%	$12K0.0%	$12K
Goodwill	$12.3M0.0%	$12.3M+3107.3%	$385K0.0%	$385K0.0%	$385K-92.5%	$5.1M+30.7%	$3.9M+1475.0%	$248K
Total Liabilities	$20.0M+83.3%	$10.9M+12.0%	$9.8M+30.5%	$7.5M-4.3%	$7.8M-59.9%	$19.5M-2.3%	$20.0M-12.0%	$22.7M
Current Liabilities	$16.6M+180.6%	$5.9M+25.3%	$4.7M+116.2%	$2.2M-0.2%	$2.2M-70.6%	$7.4M+14.7%	$6.5M-35.3%	$10.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$49.0M-28.2%	$68.2M+12.7%	$60.6M-2.6%	$62.2M-0.5%	$62.5M-11.5%	$70.6M-40.9%	$119.6M-13.4%	$138.1M
Retained Earnings	-$116.9M-31.4%	-$89.0M-17.7%	-$75.6M-2.3%	-$73.9M-0.5%	-$73.5M-12.9%	-$65.1M-2911.7%	$2.3M-89.0%	$21.1M

TROO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$807K-58.7%	$2.0M+129.9%	-$6.5M-1676.6%	-$368K-103.0%	$12.3M-43.8%	$21.9M
Capital Expenditures	$117K-53.4%	$251K+13.6%	$221K+41.7%	$156K-61.2%	$402K+240.7%	$118K
Free Cash Flow	$690K-59.5%	$1.7M+125.2%	-$6.8M-1189.9%	-$524K-104.4%	$11.9M-45.3%	$21.7M
Investing Cash Flow	-$9.1M-1951.0%	$492K-89.7%	$4.8M+3163.5%	-$156K+97.2%	-$5.6M+79.6%	-$27.4M
Financing Cash Flow	$7.1M+1961.2%	-$384K-120.0%	$1.9M	N/A	-$6.2M-281.9%	$3.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$4.0M	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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

TROO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	9.2%-10.1pp	19.3%-2.5pp	21.7%+0.5pp	21.2%+11.4pp	9.8%+34.6pp	-24.8%
Operating Margin	-172.8%-115.9pp	-56.9%-6.4pp	-50.5%-36.7pp	-13.8%+225.2pp	-239.1%+1329.6pp	-1568.7%
Net Margin	-163.2%-30.1pp	-133.2%-85.0pp	-48.2%-39.2pp	-8.9%+219.5pp	-228.4%+1353.6pp	-1582.1%
Return on Equity	-56.9%-37.3pp	-19.7%-16.8pp	-2.8%-2.3pp	-0.6%+12.9pp	-13.5%+82.7pp	-96.2%
Return on Assets	-40.4%-23.5pp	-16.9%-14.5pp	-2.4%-1.9pp	-0.5%+11.5pp	-12.0%+63.4pp	-75.4%
Current Ratio	0.92-2.4	3.30+1.0	2.26-3.0	5.28+2.4	2.83-0.6	3.44
Debt-to-Equity	0.41+0.2	0.160.0	0.16+0.0	0.120.0	0.13-0.2	0.28
FCF Margin	4.0%-12.9pp	16.9%+206.3pp	-189.4%-175.9pp	-13.5%-336.3pp	322.8%-183.5pp	506.3%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.92-2.4	3.30+1.0	2.26-3.0	5.28+2.4	2.83-0.6	3.44-3.7	7.14-0.5	7.63
Debt-to-Equity	0.41+0.2	0.160.0	0.16+0.0	0.120.0	0.13-0.2	0.28+0.1	0.170.0	0.16
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.92), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is TROOPS INC's annual revenue?

TROOPS INC (TROO) reported $17.1M in total revenue for fiscal year 2025. This represents a 69.7% 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 TROOPS INC's revenue growing?

TROOPS INC (TROO) revenue grew by 69.7% year-over-year, from $10.1M to $17.1M in fiscal year 2025.

Is TROOPS INC profitable?

No, TROOPS INC (TROO) reported a net income of -$27.9M in fiscal year 2025, with a net profit margin of -163.2%.

What is TROOPS INC's EBITDA?

TROOPS INC (TROO) had EBITDA of -$27.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is TROOPS INC's gross margin?

TROOPS INC (TROO) had a gross margin of 9.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is TROOPS INC's operating margin?

TROOPS INC (TROO) had an operating margin of -172.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is TROOPS INC's net profit margin?

TROOPS INC (TROO) had a net profit margin of -163.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is TROOPS INC's return on equity (ROE)?

TROOPS INC (TROO) has a return on equity of -56.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is TROOPS INC's free cash flow?

TROOPS INC (TROO) generated $690K in free cash flow during fiscal year 2025. This represents a -59.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is TROOPS INC's operating cash flow?

TROOPS INC (TROO) generated $807K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are TROOPS INC's total assets?

TROOPS INC (TROO) had $69.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are TROOPS INC's capital expenditures?

TROOPS INC (TROO) invested $117K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does TROOPS INC buy back shares?

Yes, TROOPS INC (TROO) spent $4.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does TROOPS INC have outstanding?

TROOPS INC (TROO) had 122M shares outstanding as of fiscal year 2025.

What is TROOPS INC's current ratio?

TROOPS INC (TROO) had a current ratio of 0.92 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is TROOPS INC's debt-to-equity ratio?

TROOPS INC (TROO) had a debt-to-equity ratio of 0.41 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is TROOPS INC's return on assets (ROA)?

TROOPS INC (TROO) had a return on assets of -40.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is TROOPS INC's Piotroski F-Score?

TROOPS INC (TROO) has a Piotroski F-Score of 3 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 TROOPS INC's earnings high quality?

TROOPS INC (TROO) has an earnings quality ratio of -0.03x, considered mixed quality. 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 TROOPS INC cover its interest payments?

TROOPS INC (TROO) has an interest coverage ratio of -476.4x, meaning it can struggle to 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 TROOPS INC?

TROOPS INC (TROO) scores 34 out of 100 on our Financial Profile, indicating weak 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.