TROOPS, Inc. (TROO) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 18, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TROO SEC filings page.
TROOPS, Inc. (TROO) reported $17.1M in revenue for fiscal year 2025, up 69.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Revenue expansion is being absorbed by collapsing gross margin and front-loaded overhead, leaving growth disconnected from operating profitability.
Revenue expanded70.0% from FY2024 to FY2025, but gross margin compressed to9.2% , showing that scale did not preserve unit economics. Over the same span, SG&A climbed from$4.0M to$17.9M , linking the weaker economics to a much heavier cost structure rather than merely to volume.
The cash-conversion gap is unusually wide: FY2025 net income was
Liquidity tightened sharply, with the current ratio falling from 3.3x to 0.9x. Current liabilities exceeded current assets, while financing cash flow was positive and investing cash flow negative; that combination indicates investment was supported externally as short-term flexibility narrowed.
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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.
TROOPS, Inc. held $4.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $807K of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and TROOPS, Inc. scores 85/100 among other emerging companies.
TROOPS, Inc. had 122M shares outstanding at the end of fiscal year 2025, against 113M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and TROOPS, Inc. scores 48/100 among other emerging companies.
Not available for TROOPS, Inc., and counted as zero in the overall score.
TROOPS, Inc. reported revenue of $17.1M in fiscal year 2025, against $10.1M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and TROOPS, Inc. scores 88/100 among other emerging companies.
TROOPS, Inc.'s operations generated $807K of cash in fiscal year 2025, against $2.0M generated in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and TROOPS, Inc. scores 89/100 among other emerging companies.
TROOPS, Inc.'s cash, cash equivalents and investments came to $4.0M at the end of fiscal year 2025, against $20.0M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and TROOPS, Inc. scores 26/100 among other emerging companies.
TROOPS, Inc. scores 4.27, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($261.4M) relative to total liabilities ($20.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
TROOPS, Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
TROOPS, Inc. reported a net loss of $27.9M while generating $807K in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
TROOPS, Inc. held $4.0M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
TROO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
TROO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2420-F | Q4'2320-F | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K | Q4'1810-K |
|---|---|---|---|---|---|---|---|---|
| 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+93.8% |
| 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+1241.3% |
| 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+201.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $456K-59.9% | $1.1M+56700.0% | $2K | N/A | $8K0.0% | $8K-33.3% | $12K0.0% | $12K |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $12.3M0.0% | $12.3M+3107.3% | $385K0.0% | $385K0.0% | $385K-92.5% | $5.1M+30.7% | $3.9M+1475.0% | $248K-99.2% |
| 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+54.9% |
| 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+196.4% |
| Non-Current Liabilities | $3.4M-31.4% | $5.0M-0.5% | $5.0M-4.8% | $5.3M-5.9% | $5.6M-53.3% | $12.1M-10.4% | $13.5M+6.5% | $12.6M+12.3% |
| 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+64.7% |
| 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-48.4% |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
TROO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
TROO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Note: The current ratio is below 1.0 (0.92), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| TROOPS, Inc. TROO | FY2025 | $17.1M | -$27.9M | N/A | $261.4M | 56/100 |
| CPI Card Group Inc. PMTS | FY2025 | $543.5M | $14.9M | 2.8% | $280.3M | 61/100 |
| Consumer Portfolio Services CPSS | FY2025 | $434.5M | $19.3M | 4.5% | $207.8M | 29/100 |
| Medallion Financial Corp MFIN | FY2025 | $254.9M | $43.0M | 16.9% | $272.8M | 22/100 |
| Oportun Financial Corporation OPRT | FY2025 | $405.8M | $25.2M | 6.2% | $370.2M | 15/100 |
| Open Lending Corporation LPRO | FY2025 | $93.2M | -$4.2M | -4.5% | $371.5M | 45/100 |
Where TROOPS, Inc. Ranks
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.
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 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.
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 P/E ratio?
TROOPS, Inc. (TROO) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $261.4M as of Sep 18, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is TROOPS, Inc.'s price-to-sales ratio?
TROOPS, Inc. (TROO) trades at 15.3x sales, its market capitalization divided by revenue of $17.1M revenue, FY2025. The market capitalization is $261.4M as of Sep 18, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is TROOPS, Inc.'s Altman Z-Score?
TROOPS, Inc. (TROO) has an Altman Z-Score of 4.27, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is TROOPS, Inc.'s Piotroski F-Score?
TROOPS, Inc. (TROO) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $27.9M while generating $807K in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
How financially healthy is TROOPS, Inc.?
TROOPS, Inc. (TROO) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.