Troops, Inc. /Cayman Islands/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Troops, Inc. /Cayman Islands/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5.07	0.05	1.57	5.12	4.29	3.68	3.88	3.57	10.1	17.1
Cost of revenue	4.87	1.34	1.26	2.38	5.36	3.32	3.05	2.79	8.13	15.5
Gross profit	0.2	-1.29	0.31	2.73	-1.07	0.36	0.82	0.78	1.94	1.56
General and administrative	4.12	1.96	2.23	4.19	2.62	2.74	2.19	2.75	3.96	17.9
Operating expenses	4.17	7.83	2.77	3.47	66.3	9.17	1.36	2.58	7.67	31.1
Operating income	-3.97	-9.13	-2.46	-0.73	-67.3	-8.81	-0.54	-1.8	-5.73	-29.5
Interest expense	0.02	0.01	0.06	0	1.02	0.1	0.06	0.06
Interest income	0.12	0.13	0	0	0	0	0	0.01	0.01	0.06
Other non-operating income	-1.39	-0.03	0.6	0.2	-0.89	0.27	0.13	-0.06	-7.66	0.13
Pre-tax income	-5.36	-9.15	-1.87	-0.53	-68.2	-8.54	-0.4	-1.86	-13.4	-29.4
Income tax	-0.32	-0.35	0.02	0.41	-0.31	-0.13	-0.06	-0.14	0.03	-1.5
Income from continuing operations	-5.05	-8.8	-1.88	-0.94	-67.9	-8.41	-0.35
Net income	-5.05	-11.2	-12.4	-19.4	-67.9	-8.41	-0.35	-1.72	-13.4	-27.9
EBITDA	-2.7	-7.72	-1.39	1.35	-62.5	-6.67	1.43	0.31	-3.52	-27.2
EPS, basic	-0.68	-0.99	-0.35	-0.24	-0.69	-0.08	-0.01	-0.02	-0.13	-0.23
EPS, diluted	-0.68	-0.99	-0.35	-0.24	-0.69	-0.08	-0.01	-0.02	-0.13	-0.23
Shares, basic (weighted)	7.42	11.3	35.1	79.2	98.1	102	102	102	102	121
Shares, diluted (weighted)	7.42	11.3	35.1	79.2	98.1	102	102	102	102	121

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.03	4.75	14.3	5.13	3.03	3.48	2.95	3.11	5.17	4.02
Receivables	0.12	0	0.01	0.01	0.01	0.01		0	1.14	0.46
Other current assets	6.46	0.03	1.86	5.9	0.23	0.22	0.21	0.32	0.47	4.06
Total current assets	6.61	5.71	76.5	46.4	25.7	6.21	11.5	10.7	19.6	15.3
Property, plant and equipment	0.01	0.51	58.3	55.1	52.1	50.6	48.7	46.8	44.9	29.4
Lease right-of-use assets			0	0	0.2	0.04	0.03	0	0.03	0
Goodwill	36.5	31.1	0.25	3.91	5.11	0.39	0.39	0.39	12.3	12.3
Intangible assets	25.3	23.9	22.6	0	0.45	0.06	0.04	0.03	1.37	1.24
Total assets	100	98.5	191	140	90.1	70.3	69.7	70.3	79.2	69.1
Accounts payable	0.22	0.24	0	0	0				1.63	1.23
Deferred revenue								0	0.09	0
Total current liabilities	7.27	3.39	10	6.49	7.45	2.19	2.19	4.72	5.92	16.6
Lease liabilities			0	0	0.04	0	0		0
Total liabilities	13.6	14.6	22.7	20	19.5	7.82	7.48	9.77	10.9	20
Paid-in capital	42.2	50.2	117	117	135	136	136	136	157	165
Retained earnings	52.1	40.9	21.1	2.32	-65.1	-73.5	-73.9	-75.6	-89	-117
Other comprehensive income	-7.7	-7.33	-0.01	-0.01	-0.01	0.01	0	0	-0.01	-0.01
Shareholders' equity	86.7	83.8	138	120	70.6	62.5	62.2	60.6	68.2	49
Minority interests		0	30.1	0.2
Total equity	86.7	83.8	167	120	70.6	62.5	62.2	60.6	68.2	49
Total liabilities and equity	100	98.5	191	140	90.1	70.3	69.7	70.3	79.2	69.1
Shares outstanding	9.39	16.2	75.5	80	101	102	102	102	113	122

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5.05	-11.2	-21.1	-37.1	-67.9	-8.41	-0.35	-1.72	-13.4	-27.9
Depreciation and amortization	1.26	1.4	1.07	2.08	4.8	2.13	1.97	2.12	2.21	2.29
Stock-based compensation	1.57	0.74	0.53	0.6	0.68	0.26
Deferred income tax	-0.32	-0.35	-0.13	-0.12	-1.05	-0.31	-0.25	-0.25	-0.26	-1.57
Change in receivables	-0.1	0.12	-0.01	0	0		0.01	-0	-0.5	0.74
Change in inventory	0.03	0	0
Change in payables									0.28	-0.41
Cash from operations	-1.08	-7.98	-36.2	3.12	21.9	12.3	-0.37	-6.54	1.96	0.81
Capital expenditures	0	0	0	-0.26	-0.12	-0.4	-0.16	-0.22	-0.25	-0.12
Acquisitions	-11	-11	-11
Cash from investing	-6.75	7.4	-10.4	-19.3	-27.4	-5.59	-0.16	4.78	0.49	-9.11
Stock issued	7	3.09	50	0	3.6			1.92		12.6
Share buybacks										-3.96
Cash from financing	7.52	5.33	56.1	6.96	3.43	-6.24		1.92	-0.38	7.15
Exchange rate effect	-0.01	0	0			-0
Net change in cash	-0.32	4.75	9.57	-9.19	-2.13	0.45	-0.53	0.16	2.06	-1.15
Free cash flow	-1.08	-7.98	-36.2	2.86	21.7	11.9	-0.52	-6.76	1.7	0.69
Interest paid	0.01	0	0	0.11	0.21	0		0.06
Income taxes paid	0	6.41	0	0.13	1.16	0.34		0.32	0.04	0.09

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	9.1%	Gross profit / revenue.
Operating margin	-172.8%	Operating income / revenue.
EBITDA margin	-159.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-172.0%	Pre-tax income / revenue.
Net margin	-163.2%	Net income / revenue.
FCF margin	4.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.7%	Cash from operations / revenue.
Return on equity (ROE)	-47.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-37.6%	Net income / average total assets.
Return on invested capital (ROIC)	-43.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	13.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	69.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	64.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	31.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-19.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	23.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-58.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-48.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-59.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-49.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-28.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-7.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-12.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	18.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.92x	Current assets / current liabilities.
Quick ratio	0.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	29.0%	Total liabilities / total assets.
Working capital	-$1.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	19.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$35.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.23x	Revenue / average total assets.
Fixed asset turnover	0.46x	Revenue / average property, plant and equipment.
Receivables turnover	21.5x	Revenue / average receivables.
Days sales outstanding	17 days	365 x average receivables / revenue.
Days payables	34 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	14.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.23	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.23	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.14	Revenue / diluted weighted shares.
FCF per share	$0.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.01	Cash from operations / diluted weighted shares.
Book value per share	$0.40	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.29	Tangible book value / shares outstanding.
Cash per share	$0.03	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	573.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$216.2M	Share price x shares outstanding.
Enterprise value	$212.2M	Market cap + total debt - cash - short-term investments.
P/S	12.6x	Market cap / revenue.
P/B	4.41x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.10x	Market cap / tangible book value, when positive.
P/FCF	313x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	268x	Market cap / cash from operations, when positive.
EV/Sales	12.4x	Enterprise value / revenue.
EV/FCF	308x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.3%	Free cash flow / market cap.
Earnings yield	-12.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.8%	(Dividends paid + share buybacks) / market cap.

What was Troops, Inc. /Cayman Islands/'s revenue in fiscal 2025?

Troops, Inc. /Cayman Islands/ reported revenue of $17.1M for fiscal 2025, 69.7% higher than the year before.

Was Troops, Inc. /Cayman Islands/ profitable in fiscal 2025?

No. It reported a net loss of $27.9M.

How much free cash flow did Troops, Inc. /Cayman Islands/ generate in fiscal 2025?

Cash from operations of $807.0K minus capital expenditures of $117.0K left free cash flow of $690.0K.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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