TROO

MKT CAP:$325M

TROOPS, Inc.

Market Cap

$325M

Technology·Software - Application·🇭🇰 Hong Kong·NASDAQ

Technology·Software App·🇭🇰·NASDAQ

Stock Price

$3.00-$0.55 (-15.49%)

Apr 21, 2026

Company Details

TROOPS, Inc., together with its subsidiaries, engages in the money lending business in Hong Kong and Australia. The company provides mortgage, personal, and corporate loans. It also develops, operates, and manages an online financial market...

CEO

Damian Thurnheer

IPO Date

Apr 9, 2008

Website

www.troops.co

Key Metrics TTM

Revenue

$19M

+133.5% YoY

Net Income

-$15M

EPS (Diluted)

-$0.15

Free Cash Flow

$0

Revenue / Share

$0.17

Gross Margin

17.9%

Operating Margin

-39.6%

Net Margin

-77.5%

FCF Margin

0.0%

P/S

16.7x

P/E

—

Earnings Reports

Q3 2025

Apr 29, 2026

PENDING

Q2 2025

Jun 29, 2025

$8M+192.1%EPS -$0.01

FY 2024

Apr 30, 2025

$10M+182.2%EPS -$0.13

Q4 2024

Dec 31, 2024

$7M+330.2%EPS -$0.12

Q2 2024

Jun 30, 2024

$3M+42.3%EPS -$0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 10	$155M	$23M	$19M
Q2 12	$77M	$7M	$4M
Q4 12	$89M	$6M	$3M
Q2 13	$114M	$9M	$7M
Q4 13	$87M	$7M	$4M
Q2 14	$34M	$2M	-$2M
Q4 14	$9M	$272.0K	$587.0K
Q2 15	$504.0K	$24.0K	-$841.0K
Q4 15	$1M	$71.0K	-$693.0K
Q2 16	$5M	$189.0K	-$1M
Q4 16	$391.0K	$13.0K	-$3M
Q2 23	$2M	$410.0K	-$1M
Q4 23	$2M	$415.0K	-$743.0K
Q2 24	$3M	$698.0K	-$3M
Q4 24	$7M	$1M	-$3M
Q2 25	$8M	$1M	-$1M

Valuation

Quarter	P/S	P/E
Q4 10	—	—
Q2 12	1.1x	14.7x
Q4 12	0.8x	13.5x
Q2 13	0.7x	13.1x
Q4 13	0.9x	25.7x
Q2 14	1.0x	36.7x
Q4 14	1.3x	52.9x
Q2 15	2.5x	—
Q4 15	7.2x	—
Q2 16	20.7x	—
Q4 16	46.6x	—
Q2 23	39.1x	—
Q4 23	37.7x	—
Q2 24	49.5x	—
Q4 24	23.9x	—
Q2 25	16.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 10	-$7M	-$9M
Q4 10	$15M	$14M
Q2 12	-$19M	-$19M
Q4 12	$5M	$5M
Q2 13	$2M	$2M
Q4 13	-$227.0K	-$244.0K
Q2 14	-$10M	-$10M
Q4 14	-$999.0K	-$999.0K
Q2 15	$190.0K	$190.0K
Q4 15	-$952.0K	-$952.0K
Q2 16	-$360.0K	-$360.0K
Q4 16	-$719.0K	-$719.0K
Q2 23	$0	$0
Q4 23	$0	$0
Q2 24	$0	$0
Q4 24	$0	$0

Capital Expenditures

Quarter	CapEx
Q2 10	$2M
Q4 10	$1M
Q2 12	$69.0K
Q4 12	$37.0K
Q2 13	$15.0K
Q4 13	$17.0K
Q2 14	$0
Q4 14	$0
Q2 15	$0
Q4 15	$0
Q2 16	$0
Q4 16	$0
Q2 23	$0
Q4 23	$0
Q2 24	$0
Q4 24	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 12	—	+64746.4%
Q2 13	+82.5%	+93.5%
Q4 13	-43.7%	-39.3%
Q2 14	-55.8%	-50.9%
Q4 14	-89.8%	-90.2%
Q2 15	-99.6%	-98.7%
Q4 15	-98.4%	-97.5%
Q2 16	-86.3%	-83.5%
Q4 16	-95.7%	-63.8%
Q2 23	+263.9%	+115.1%
Q4 23	+22.4%	+17.4%
Q2 24	-44.2%	-6.4%
Q4 24	+1809.0%	+232.3%
Q2 25	+315.5%	+206.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 10	$0	0.0%
Q4 10	$0	0.0%
Q2 12	$273.0K	0.4%
Q4 12	$0	0.0%
Q2 13	$224.0K	0.2%
Q4 13	$1.0K	0.0%
Q2 14	$537.6K	1.6%
Q4 14	$400	0.0%
Q2 15	$126.0K	25.0%
Q4 15	$113.0K	8.0%
Q2 16	$469.0K	10.0%
Q4 16	$1M	280.6%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 10	—	$4M	$516.7K	—
Q2 12	—	$3M	$248.0K	—
Q4 12	$244.0K	$3M	$422.8K	—
Q2 13	—	$2M	$556.0K	—
Q4 13	$175.0K	$2M	$517.0K	—
Q2 14	—	$3M	$240.0K	—
Q4 14	$100.0K	$372.0K	$57.0K	—
Q2 15	—	$823.0K	$42.0K	—
Q4 15	$100.0K	$675.0K	$89.0K	—
Q2 16	—	$1M	$39.0K	—
Q4 16	—	$3M	$16.0K	—
Q2 23	—	$1M	—	—
Q4 23	—	$1M	—	—
Q2 24	—	$2M	—	—
Q4 24	—	$2M	—	—
Q2 25	—	—	—	$2M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 10	—	12.9%	—
Q2 12	—	4.8%	—
Q4 12	—	3.1%	—
Q2 13	82.5%	5.9%	88.4
Q4 13	-43.7%	5.3%	-38.4
Q2 14	-55.8%	-5.6%	-61.3
Q4 14	-89.8%	6.6%	-83.2
Q2 15	-99.6%	-166.7%	-266.2
Q4 15	-98.4%	-48.8%	-147.1
Q2 16	-86.3%	-18.4%	-104.7
Q4 16	-95.7%	-471.6%	-567.3
Q2 23	263.9%	-4.0%	259.9
Q4 23	22.4%	16.1%	38.5
Q2 24	-44.2%	-16.4%	-60.6
Q4 24	1809.0%	-144.1%	1664.9
Q2 25	315.5%	-14.5%	301.0

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 17	$4M	$0	$4M
Q2 18	$6M	$0	$6M
Q4 18	$14M	$0	$14M
Q2 19	$8M	$0	$8M
Q4 19	$5M	$0	$5M
Q2 20	$4M	$0	$4M
Q4 20	$3M	$0	$3M
Q2 21	$10M	$0	$10M
Q4 21	$3M	$0	$3M
Q2 22	$3M	$0	$3M
Q4 22	$3M	$0	$3M
Q2 23	$3M	$0	$3M
Q4 23	$3M	$0	$3M
Q2 24	$2M	$0	$2M
Q4 24	$5M	$0	$5M
Q2 25	$5M	$0	$5M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 10	4M	+56.7%	—
Q2 12	4M	+13.8%	—
Q4 12	4M	-0.0%	+323.6%
Q2 13	4M	+0.7%	+79.5%
Q4 13	4M	+0.5%	+15.1%
Q2 14	4M	+0.8%	+2.0%
Q4 14	4M	+0.1%	+2.1%
Q2 15	4M	+0.7%	+2.1%
Q4 15	4M	+0.8%	+2.4%
Q2 16	6M	+46.6%	+48.9%
Q4 16	8M	+29.2%	+92.2%
Q2 23	102M	+1114.1%	+2218.0%
Q4 23	102M	0.0%	+2199.8%
Q2 24	102M	0.0%	+1468.7%
Q4 24	102M	+0.6%	+1121.8%
Q2 25	115M	+12.6%	+13.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 10	$246.0K	630
Q2 12	$122.6K	630
Q4 12	$142.0K	630
Q2 13	$180.6K	630
Q4 13	$138.4K	630
Q2 14	$54.2K	630
Q4 14	$14.4K	630
Q2 15	$800	630
Q4 15	$2.2K	630
Q2 16	$7.4K	630
Q4 16	$621	630
Q2 23	$96.5K	19
Q4 23	$91.3K	19
Q2 24	$137.3K	19
Q4 24	$177.7K	42
Q2 25	$181.4K	42

Revenue / Employee