TRON

MKT CAP:$66M

Tron Inc.

Market Cap

$66M

Consumer Cyclical·Leisure·🇺🇸 United States·NASDAQ

Consumer Cyc.·Leisure·🇺🇸·NASDAQ

Stock Price

$2.38+$1.02 (+75.00%)

Apr 22, 2026

Company Details

Tron Inc. designs, manufactures, and sells toys and souvenirs to theme parks and entertainment venues in the United States, China, Japan, and Europe. The company designs a range of product categories, including figures, plush, accessories, ...

CEO

Richard A. Miller

IPO Date

Aug 15, 2023

Website

www.srmentertainment.com

Key Metrics TTM

Revenue

$4M

-3.0% YoY

Net Income

$12M

EPS (Diluted)

-$0.10

Free Cash Flow

-$2M

Revenue / Share

$0.01

Gross Margin

23.0%

Operating Margin

-67.5%

Net Margin

269.6%

FCF Margin

-49.2%

P/S

14.8x

P/E

5.5x

Earnings Reports

Q4 2025

May 14, 2026

PENDING

FY 2025

Mar 25, 2026

$5M+10.0%EPS -$0.16

Q3 2025

Nov 18, 2025

$1M+26.0%EPS $0.04

Q2 2025

Aug 8, 2025

$1M-10.9%EPS $0.01

Q1 2025

May 8, 2025

$1M+8.3%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$0	$0	-$10.4K
Q2 21	$0	$0	-$76.2K
Q3 21	$0	-$591.0K	-$591.0K
Q2 22	$0	$0	-$1.4K
Q1 23	$1M	$235.8K	-$15.8K
Q2 23	$2M	$508.0K	$249.9K
Q3 23	$1M	$229.3K	-$1M
Q4 23	$1M	$344.3K	-$2M
Q1 24	$1M	$163.5K	-$2M
Q2 24	$2M	$324.7K	-$526.5K
Q3 24	$876.4K	$196.5K	-$1M
Q4 24	$920.7K	$170.5K	-$961.0K
Q1 25	$1M	$266.5K	-$647.4K
Q2 25	$1M	$292.2K	-$744.2K
Q3 25	$1M	$297.9K	-$656.7K

Valuation

Quarter	P/S	P/E
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q2 22	—	33.7x
Q1 23	20.3x	35.2x
Q2 23	6.4x	16.5x
Q3 23	4.5x	—
Q4 23	3.0x	—
Q1 24	2.6x	—
Q2 24	2.5x	—
Q3 24	1.7x	—
Q4 24	1.7x	—
Q1 25	1.1x	—
Q2 25	21.3x	—
Q3 25	10.1x	3.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	-$10.4K	-$10.4K
Q2 21	-$1M	-$1M
Q3 21	-$283.8K	-$283.8K
Q2 22	$0	$0
Q1 23	-$150.7K	-$179.9K
Q2 23	$609.7K	$531.4K
Q3 23	-$294.3K	-$337.1K
Q4 23	-$354.1K	-$354.1K
Q1 24	-$1M	-$1M
Q2 24	-$334.3K	-$357.6K
Q3 24	-$176.4K	-$426.4K
Q4 24	-$1M	-$1M
Q1 25	-$206.5K	-$206.5K
Q2 25	$40.9K	$40.9K
Q3 25	-$850.0K	-$850.0K

Capital Expenditures

Quarter	CapEx
Q1 21	$0
Q2 21	$0
Q3 21	$0
Q2 22	$0
Q1 23	$29.3K
Q2 23	$78.3K
Q3 23	$42.8K
Q4 23	$0
Q1 24	$0
Q2 24	$23.3K
Q3 24	$250.0K
Q4 24	$2
Q1 25	$4
Q2 25	$1
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	—	+10533.1%
Q2 23	—	+2644.8%
Q3 23	—	+342.7%
Q4 23	—	+235748.6%
Q1 24	-7.4%	+146.8%
Q2 24	-35.6%	-2.8%
Q3 24	-22.3%	-23.2%
Q4 24	-23.5%	-41.9%
Q1 25	+8.3%	-36.2%
Q2 25	-10.9%	+2.6%
Q3 25	+26.0%	-12.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$0	—
Q2 21	$0	—
Q3 21	$0	—
Q2 22	$0	—
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$354.0K	29.4%
Q1 24	$536.0K	53.3%
Q2 24	$37.5K	2.5%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 21	—	—	$10.4K
Q2 21	$76.2K	—	—
Q3 21	$591.0K	—	—
Q2 22	$1.4K	—	—
Q1 23	$251.6K	—	—
Q2 23	—	—	$258.1K
Q3 23	$2M	—	—
Q4 23	$1M	$26.9K	—
Q1 24	$2M	—	—
Q2 24	$851.1K	—	—
Q3 24	$1M	—	—
Q4 24	$1M	—	—
Q1 25	$913.9K	—	—
Q2 25	$1M	—	—
Q3 25	$954.6K	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$515.4K	$0	$515.4K
Q1 22	$1M	$0	$1M
Q2 22	$752.0K	$0	$752.0K
Q4 22	$453.5K	$0	$453.5K
Q1 23	$268.5K	$0	$268.5K
Q2 23	$14.9K	$0	$14.9K
Q3 23	$3M	$0	$3M
Q4 23	$3M	$0	$3M
Q1 24	$2M	$0	$2M
Q2 24	$1M	$0	$1M
Q3 24	$1M	$0	$1M
Q4 24	$1M	$0	$1M
Q1 25	$895.9K	$190.5K	$1M
Q2 25	$5M	$190.5K	$5M
Q3 25	$11M	$190.5K	$11M
Q4 25	$10M	$0	$10M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	25M	—	—
Q2 21	24M	-4.0%	—
Q3 21	23M	-4.2%	—
Q2 22	16M	-32.3%	—
Q1 23	10M	-37.7%	-61.2%
Q2 23	10M	0.0%	-59.5%
Q3 23	10M	0.0%	-57.8%
Q4 23	10M	0.0%	-37.7%
Q1 24	10M	+2.8%	+2.8%
Q2 24	10M	+1.4%	+4.3%
Q3 24	11M	+3.9%	+8.4%
Q4 24	11M	+4.9%	+13.7%
Q1 25	12M	+4.7%	+15.7%
Q2 25	224M	+1828.0%	+2099.7%
Q3 25	318M	+41.8%	+2903.0%

Shares Outstanding