TRIN

MKT CAP:$1B

Trinity Capital Inc.

Market Cap

$1B

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$16.04+$0.99 (+6.58%)

Apr 22, 2026

Company Details

Trinity Capital Inc. is a business development company. It is a venture capital firm specializing in venture debt to growth stage companies looking for loans and/or equipment financing. Trinity Capital Inc. was founded in 2019 is based in P...

CEO

Kyle Steven Brown

IPO Date

Jan 29, 2021

Website

www.trincapinvestment.com

Key Metrics TTM

Revenue

$285M

+45.3% YoY

Net Income

$142M

EPS (Diluted)

$2.19

Free Cash Flow

$86M

Revenue / Share

$3.98

Gross Margin

73.4%

Operating Margin

50.8%

Net Margin

49.9%

FCF Margin

30.2%

P/S

3.8x

P/E

7.7x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

Q3 2025

Nov 5, 2025

$66M+16.6%EPS $0.39

Q2 2025

Aug 6, 2025

$76M+29.6%EPS $0.63

Q1 2025

May 7, 2025

$60M+51.0%EPS $0.43

FY 2024

Feb 26, 2025

$237M+35.8%EPS $2.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$68M	$62M	$55M
Q1 22	$7M	$373.0K	-$8M
Q2 22	$10M	$2M	-$7M
Q3 22	$8M	-$1M	-$11M
Q4 22	$18M	$8M	-$1M
Q1 23	$45M	$34M	$23M
Q2 23	$44M	$32M	$21M
Q3 23	$40M	$29M	$17M
Q4 23	$40M	$30M	$18M
Q1 24	$40M	$28M	$15M
Q2 24	$59M	$45M	$31M
Q3 24	$57M	$40M	$25M
Q4 24	$82M	$63M	$47M
Q1 25	$60M	$42M	$28M
Q2 25	$76M	$58M	$42M
Q3 25	$66M	$45M	$28M

Valuation

Quarter	P/S	P/E
Q4 21	6.2x	8.3x
Q1 22	7.4x	11.2x
Q2 22	8.9x	16.7x
Q3 22	11.7x	41.5x
Q4 22	25.1x	—
Q1 23	13.5x	930.5x
Q2 23	9.5x	38.0x
Q3 23	7.4x	19.0x
Q4 23	6.5x	14.2x
Q1 24	6.7x	15.9x
Q2 24	6.1x	13.7x
Q3 24	5.6x	12.5x
Q4 24	4.6x	9.5x
Q1 25	4.2x	8.5x
Q2 25	4.0x	7.9x
Q3 25	3.8x	7.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$137M	-$137M
Q1 22	-$52M	-$52M
Q2 22	-$143M	-$143M
Q3 22	$11M	$11M
Q4 22	-$51M	-$51M
Q1 23	$21M	$20M
Q2 23	$14M	$13M
Q3 23	$22M	$21M
Q4 23	-$136M	-$137M
Q1 24	-$81M	-$81M
Q2 24	-$22M	-$22M
Q3 24	-$232M	-$232M
Q4 24	$18M	$18M
Q1 25	-$2M	-$2M
Q2 25	$43M	$43M
Q3 25	$27M	$27M

Capital Expenditures

Quarter	CapEx
Q4 21	$47.0K
Q1 22	$0
Q2 22	$0
Q3 22	$106.0K
Q4 22	$88.0K
Q1 23	$343.0K
Q2 23	$1M
Q3 23	$749.0K
Q4 23	$525.0K
Q1 24	$33.0K
Q2 24	$126.0K
Q3 24	$125.0K
Q4 24	$136.0K
Q1 25	$106.0K
Q2 25	$180.0K
Q3 25	$71.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+252.9%	+36.0%
Q1 22	-79.7%	+55.5%
Q2 22	-70.6%	+81.9%
Q3 22	-78.7%	+81.9%
Q4 22	-73.2%	+49.5%
Q1 23	+523.2%	+38.9%
Q2 23	+337.4%	+36.3%
Q3 23	+394.5%	+15.5%
Q4 23	+121.3%	+13.4%
Q1 24	-10.9%	+14.1%
Q2 24	+34.0%	+17.0%
Q3 24	+42.5%	+41.9%
Q4 24	+102.9%	+60.6%
Q1 25	+51.0%	+31.3%
Q2 25	+29.6%	+24.9%
Q3 25	+16.6%	+19.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$917.0K	1.3%
Q1 22	$911.0K	12.7%
Q2 22	$2M	17.6%
Q3 22	$2M	20.5%
Q4 22	$2M	9.5%
Q1 23	$2M	3.9%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$2M	5.9%
Q1 24	$2M	6.2%
Q2 24	$3M	4.9%
Q3 24	$3M	5.0%
Q4 24	$2M	2.9%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 21	$2M
Q1 22	$2M
Q2 22	$2M
Q3 22	$3M
Q4 22	$3M
Q1 23	$3M
Q2 23	$3M
Q3 23	$3M
Q4 23	$3M
Q1 24	$3M
Q2 24	$3M
Q3 24	$4M
Q4 24	$5M
Q1 25	$4M
Q2 25	$4M
Q3 25	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$29M	$0	$29M
Q2 22	$13M	$0	$13M
Q3 22	$34M	$0	$34M
Q4 22	$11M	$0	$11M
Q1 23	$8M	$0	$8M
Q2 23	$12M	$0	$12M
Q3 23	$7M	$0	$7M
Q4 23	$5M	$0	$5M
Q1 24	$12M	$0	$12M
Q2 24	$46M	$0	$46M
Q3 24	$9M	$0	$9M
Q4 24	$10M	$0	$10M
Q1 25	$8M	$0	$8M
Q2 25	$26M	$0	$26M
Q3 25	$9M	$0	$9M
Q4 25	$19M	$0	$19M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	31M	+1.9%	+20.7%
Q1 22	27M	-10.2%	+16.4%
Q2 22	34M	+25.2%	+29.7%
Q3 22	37M	+6.4%	+21.9%
Q4 22	35M	-3.8%	+15.0%
Q1 23	39M	+10.3%	+41.3%
Q2 23	40M	+2.5%	+15.6%
Q3 23	44M	+10.5%	+20.0%
Q4 23	48M	+9.7%	+36.9%
Q1 24	51M	+5.2%	+30.6%
Q2 24	54M	+6.9%	+36.2%
Q3 24	58M	+8.0%	+33.1%
Q4 24	63M	+8.7%	+31.9%
Q1 25	63M	-1.4%	+23.6%
Q2 25	66M	+5.4%	+21.9%
Q3 25	71M	+8.4%	+22.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$2M	34
Q1 22	$210.9K	34
Q2 22	$294.7K	34
Q3 22	$237.0K	34
Q4 22	$36.6K	500
Q1 23	$89.4K	500
Q2 23	$87.7K	500
Q3 23	$79.7K	500
Q4 23	$80.9K	500
Q1 24	$79.6K	500
Q2 24	$117.5K	500
Q3 24	$113.6K	500
Q4 24	$164.2K	500
Q1 25	$120.2K	500
Q2 25	$152.2K	500
Q3 25	$132.5K	500

Revenue / Employee