Revenue Performance - Total revenue decreased by $167, or 1.7%, to $9,799 in the first quarter of Fiscal 2025, compared to $9,966 for the same period in Fiscal 2024[147] - Semiconductor Back-end Solutions segment revenue decreased by $297, or 4.1%, to $6,879 for the first quarter of Fiscal 2025, compared to $7,176 for the same period in Fiscal 2024[147] - Industrial Electronics segment revenue increased by $131, or 4.7%, to $2,914 for the first quarter of Fiscal 2025, compared to $2,783 for the same period in Fiscal 2024[147] - Revenue in the SBS segment as a percentage of total revenue was 70.2% for the three months ended September 30, 2024, a decrease from 72.0% in the same period of Fiscal 2024[150] - Revenue in the IE segment as a percentage of total revenue was 29.7% for the three months ended September 30, 2024, an increase from 27.9% in the same period in Fiscal 2024[156] - Revenue for the three months ended September 30, 2024, was $6,879 million, a decrease from $7,176 million in the same period of Fiscal 2024[183] Profitability and Income - Overall gross profit margin decreased by 1.6% to 23.7% for the first quarter of Fiscal 2025, from 25.3% for the same period in Fiscal 2024[147] - Income from operations was $133 for the first quarter of Fiscal 2025, an increase of $134 compared to a loss from operations of $1 for the same period in Fiscal 2024[147] - Basic loss per share for the first quarter of Fiscal 2025 was $0.06, compared to earnings per share of $0.06 in the same period in Fiscal 2024[147] - Overall gross margin decreased by 1.6% to 23.7% for the three months ended September 30, 2024, from 25.3% for the same period in Fiscal 2024[163] - Income from operations increased to $133 million for the three months ended September 30, 2024, compared to a loss of $1 million for the same period in Fiscal 2024[170] - Net loss attributable to common shareholders was $236 million for the three months ended September 30, 2024, a change of $466 million from a net income of $230 million for the same period in Fiscal 2024[178] Assets and Liabilities - Total assets increased by $400 to $42,940 as of September 30, 2024, compared to $42,540 as of June 30, 2024[147] - Total liabilities decreased by $1,462 to $9,500 as of September 30, 2024, compared to $10,962 as of June 30, 2024[147] - Trade accounts receivable increased by $1,433 million to $12,094 million as of September 30, 2024, from $10,661 million as of June 30, 2024[189] - Inventories decreased by $290 million to $2,872 million as of September 30, 2024, compared to $3,162 million as of June 30, 2024[191] - Accounts payable decreased by $800 million to $2,375 million as of September 30, 2024, compared to $3,175 million as of June 30, 2024, due to payments made to suppliers[193] - Accrued expenses decreased by $374 million to $3,260 million as of September 30, 2024, compared to $3,634 million as of June 30, 2024[194] - Contract liabilities increased by $73 million to $827 million as of September 30, 2024, compared to $754 million as of June 30, 2024, due to an increase in customer deposits received[194] Cash Flow and Expenses - Cash and cash equivalents decreased by $1,087 million to $8,948 million as of September 30, 2024, from $10,035 million as of June 30, 2024[188] - Net cash used in operating activities increased to an outflow of $1,857 million for the three months ended September 30, 2024, compared to an outflow of $24 million for the same period in Fiscal 2024[197] - Net cash provided by investing activities decreased by $733 million to $81 million for the three months ended September 30, 2024, compared to the same period in Fiscal 2024[198] - Net cash used in financing activities was $93 million for the three months ended September 30, 2024, a decrease of $237 million compared to cash inflow of $144 million during the same period in 2023[199] - General and administrative expenses decreased by $194 million, or 9.0%, from $2,158 million to $1,964 million for the three months ended September 30, 2024[168] - Interest expense decreased by $11 million, or 45.8%, to $13 million for the three months ended September 30, 2024, compared to $24 million for the same period in Fiscal 2024[171] Government Grants and Investments - The company received government grants amounting to $66 million for the three months ended September 30, 2024, compared to $73 million for the same period in Fiscal 2024[173] - Investment properties' net in China decreased to $404 million as of September 30, 2024, from $407 million as of June 30, 2024, primarily due to foreign currency exchange movements[192] - Property, plant and equipment increased by $336 million to $6,273 million as of September 30, 2024, from $5,937 million as of June 30, 2024, mainly due to foreign currency exchange movements[192] Capital Raising - The company filed a shelf registration statement to raise capital of up to $10,000 million for expansion of testing capacity and working capital purposes[200]

Revenue Performance - Fourth quarter revenue increased by 7% to $9,746,000, driven by a 60% increase in manufacturing revenue and a 30% increase in distribution revenue[3] - For fiscal year 2024, distribution revenue increased by 32% to $8,297,000, while manufacturing revenue rose by 16% to $16,057,000[4] - Total revenue for fiscal 2024 decreased by 2% to $42,312,000, down from $43,250,000 in fiscal 2023[4] - Revenue for the three months ended June 30, 2024, was $9,746,000, a 7.4% increase from $9,079,000 in the same period of 2023[10] Profitability - Gross margin for the fourth quarter improved by 17% to $2,685,000, representing 28% of revenue, compared to 25% in the same quarter last year[3] - Net income for the fourth quarter rose to $243,000, or $0.06 per diluted share, up from $162,000, or $0.04 per diluted share, in the prior year[3] - Net income attributable to shareholders for fiscal 2024 was $1,050,000, or $0.24 per diluted share, compared to $1,544,000, or $0.37 per diluted share, for fiscal 2023[5] - Gross margin for fiscal 2024 slightly decreased to 25% of revenue, down from 27% in fiscal 2023[5] - Net income attributable to Trio-Tech International for the three months ended June 30, 2024, was $243,000, up from $162,000 in the same period of 2023, representing a 50% increase[10] - Basic earnings per share for continuing operations was $0.06 for the three months ended June 30, 2024, compared to $0.04 in the same period of 2023, a 50% increase[10] Expenses and Losses - Total operating expenses for the three months ended June 30, 2024, were $2,327,000, an increase from $2,161,000 in the same period of 2023, reflecting a 7.7% rise[10] - Comprehensive loss attributable to Trio-Tech International for the three months ended June 30, 2024, was $(77,000), compared to a loss of $(886,000) in the same period of 2023[11] - The company reported a foreign currency translation loss of $(328,000) for the three months ended June 30, 2024, compared to a loss of $(1,137,000) in the same period of 2023[11] - Research and development expenses for the three months ended June 30, 2024, were $87,000, slightly up from $86,000 in the same period of 2023[10] Assets and Liabilities - Total current assets increased to $32,182,000 from $28,827,000, a growth of 4.5% year-over-year[12] - Cash and cash equivalents increased to $10,035,000 at June 30, 2024, compared to $7,583,000 a year earlier[7] - Total liabilities decreased to $10,962,000 from $12,615,000, a reduction of 13.1% year-over-year[12] - Total equity increased to $31,578,000 from $29,571,000, reflecting a growth of 6.8%[13] - Total non-current assets decreased to $10,358,000 from $13,359,000, a decline of 22.4%[12] - Operating lease right-of-use assets decreased to $1,887,000 from $2,609,000, a drop of 27.6%[12] - Total assets slightly increased to $42,540,000 from $42,186,000, a growth of 0.8%[13] Backlog and Future Outlook - Backlog at June 30, 2024, was $14,422,000, down from a record backlog of $17,437,000 at June 30, 2023[6] - The company is focusing on growth opportunities in manufacturing and distribution, evaluating potential acquisitions, and increasing sales efforts[4]

Revenue and Customer Base - Revenue from the Manufacturing, Testing, and Distribution segments accounted for 99.9% of total revenue for the years ended June 30, 2024, and 2023[12]. - Combined sales to the three largest customers represented approximately 49.5% of total net revenue for the year ended June 30, 2024, down from 59.4% in 2023[21]. - The major customer contributed $8,700 million (20.6%) to total net revenue in 2024, compared to $14,595 million (33.7%) in 2023[21]. - The backlog for Manufacturing was $8,056 million, Testing services was $5,402 million, Distribution was $3,882 million, and Real estate was $97 million as of June 30, 2024[22]. - The backlog as of June 30, 2024, was $17,437 million, with manufacturing backlog at $8,056 million, testing services backlog at $5,402 million, and distribution backlog at $3,882 million[22]. Research and Development - Research and development expenses were $392 million and $397 million for the years ended June 30, 2024, and 2023, respectively[20]. - Research and development expenses were $392 million and $397 million for the years ended June 30, 2024, and 2023, respectively, showing a slight decrease of 1.3%[20]. Employee Growth and Structure - As of June 30, 2024, the company had approximately 673 full-time employees, an increase from 573 full-time employees as of June 30, 2023, representing a growth of 17.5%[31]. - The testing services segment employed approximately 582 employees as of June 30, 2024, compared to 481 employees in the same segment as of June 30, 2023, indicating a growth of approximately 21%[32]. - As of June 30, 2024, the company had approximately 59 employees in the manufacturing segment, a slight increase from 56 employees in the previous year[31][32]. - The company has three part-time employees as of June 30, 2024, indicating a shift in workforce structure compared to the previous year when there were no part-time employees[31]. - The company has no employees represented by a labor union, which may affect labor relations and operational flexibility[31]. Competitive Position and Market Strategy - The company operates in the U.S., Singapore, Malaysia, Thailand, and China, focusing on the semiconductor industry[12]. - The company plans to expand its geographic reach and develop new products and technologies to capture additional market share[14]. - The company is actively pursuing new business opportunities in the semiconductor industry to enhance its competitive position and maximize shareholder value[15]. - The principal competitive factors include product performance, reliability, service, and technical support, where the company believes it competes favorably[26]. - The distribution segment offers a one-stop service alternative, enhancing customer value through design consultancy and other services, despite the competitive nature of the semiconductor equipment industry[28]. - The company believes that its reputation, long service history, and strong customer relationships are key factors in maintaining market position despite competition[27]. Supply Chain and Strategic Relationships - The company has no written contracts with key suppliers, believing that the loss of any one supplier would not materially affect operations[24]. - The company has no written contracts with key suppliers, indicating a flexible supply chain management approach[24]. - The company continues to assess opportunities for strategic relationships, including acquisitions and joint development projects[14]. Risks and Challenges - The company faces potential threats to its testing services revenue from competing laboratories and semiconductor manufacturers, which could impact future earnings[27]. - The company did not register any patents in the U.S. during the years ended June 30, 2024 and 2023, which may impact its competitive position in the semiconductor industry[29]. - The company is not currently facing any patent infringement claims, but potential litigation could materially affect its business and financial condition[29].

Revenue Performance - Total revenue for Q3 2024 increased by 6% to $10,398,000 compared to $9,842,000 in Q3 2023[3] - Manufacturing segment revenue surged by 62% to $4,813,000, while Distribution segment revenue rose by 51% to $1,783,000[3] - Testing Services segment revenue decreased by 33% to $3,796,000, reflecting ongoing weakness in global semiconductor demand[3][8] - For the first nine months of fiscal 2024, total revenue decreased by 5% to $32,566,000 compared to $34,171,000 in the same period last year[9] - Manufacturing revenue for the first nine months increased by 8% to $12,488,000, while Distribution revenue rose by 33% to $6,453,000[9] Profitability - Gross margin for Q3 2024 improved to $2,703,000, representing 26% of revenue, up from 25% in the same quarter last year[4] - Net income attributable to common shareholders for Q3 2024 was $70,000, or $0.02 per diluted share, compared to a net loss of $7,000 in Q3 2023[6] - Net income for the three months ended March 31, 2024, was $163,000, compared to $54,000 for the same period in 2023, representing a significant increase[19] - Comprehensive loss attributable to Trio-Tech International for the three months ended March 31, 2024, was $(683,000), compared to a comprehensive income of $305,000 for the same period in 2023[19] Financial Position - Cash, cash equivalents, and short-term deposits increased to $17,025,000, or $4.04 per outstanding share, as of March 31, 2024[13] - Shareholders' equity increased to $31,452,000, or $7.47 per outstanding share, compared to $29,571,000 at June 30, 2023[13] - Total current assets increased to $32,270,000 as of March 31, 2024, from $28,827,000 as of June 30, 2023, reflecting a growth of approximately 15.9%[21] - Cash and cash equivalents rose to $10,716,000 as of March 31, 2024, compared to $7,583,000 as of June 30, 2023, indicating an increase of about 41.9%[21] - Total liabilities decreased to $11,635,000 as of March 31, 2024, from $12,615,000 as of June 30, 2023, showing a reduction of approximately 7.8%[21] - Shareholders' equity for Trio-Tech International increased to $31,242,000 as of March 31, 2024, up from $29,406,000 as of June 30, 2023, representing an increase of about 6.3%[21] - The company’s accumulated retained earnings increased to $11,570,000 as of March 31, 2024, from $10,763,000 as of June 30, 2023, showing a growth of approximately 7.5%[21] Currency and Asset Changes - The company reported a foreign currency translation loss of $(753,000) for the three months ended March 31, 2024, compared to a gain of $166,000 for the same period in 2023[19] - Total non-current assets decreased to $10,817,000 as of March 31, 2024, from $13,359,000 as of June 30, 2023, reflecting a decline of approximately 19.0%[21] - Accounts payable increased to $2,406,000 as of March 31, 2024, compared to $1,660,000 as of June 30, 2023, indicating a rise of about 45.0%[21] Management Outlook - The CEO expressed cautious optimism regarding continued favorable trends in revenue and profitability for the Manufacturing and Distribution segments[7]

Revenue Performance - Total revenue increased by $556, or 5.6%, to $10,398 in Q3 Fiscal 2024, compared to $9,842 in Q3 Fiscal 2023[143] - Manufacturing segment revenue increased by $1,850, or 62.4%, to $4,813 in Q3 Fiscal 2024, compared to $2,963 in Q3 Fiscal 2023[143] - Testing segment revenue decreased by $1,901, or 33.4%, to $3,796 in Q3 Fiscal 2024, compared to $5,697 in Q3 Fiscal 2023[143] - Distribution segment revenue increased by $604, or 51.2%, to $1,783 in Q3 Fiscal 2024, compared to $1,179 in Q3 Fiscal 2023[143] - Revenue in the Manufacturing segment accounted for 46.3% of total revenue in Q3 Fiscal 2024, up from 30.1% in Q3 Fiscal 2023[145] - Revenue in the Testing segment accounted for 36.5% of total revenue in Q3 Fiscal 2024, down from 57.9% in Q3 Fiscal 2023[145] - Distribution segment revenue increased to $1,783 million for the three months ended March 31, 2024, up from $1,179 million in 2023, with income from operations rising to $222 million from $151 million[183] - Manufacturing segment revenue increased to $12,488 million for the nine months ended March 31, 2024, up from $11,592 million in 2023, with income from operations rising to $447 million from $373 million[206] - Testing segment revenue decreased to $13,606 million for the nine months ended March 31, 2024, down from $17,709 million in 2023, resulting in a loss from operations of $463 million compared to an income of $1,445 million[207] - Distribution segment revenue for the nine months ended March 31, 2024, was $6,453 million, an increase of 33% from $4,855 million in the same period of 2023[208] Profitability and Margins - Overall gross profit margin increased by 1.0% to 26.0% in Q3 Fiscal 2024, from 25.0% in Q3 Fiscal 2023[143] - For the three months ended March 31, 2024, overall gross margin increased by 1.0% to 26.0%, with gross profits rising by $245 to $2,703 compared to $2,458 in the same period of Fiscal 2023[162] - Manufacturing segment revenue increased to $4,813, with gross margin rising to 25.3% from 17.3%, resulting in income from operations of $298 compared to a loss of $104 in the same period of Fiscal 2023[181] - Testing segment revenue decreased to $3,796, with a gross margin of 31.5%, resulting in a loss from operations of $183, down from income of $37 in the same period of Fiscal 2023[182] - Distribution segment gross profit increased by $97 to $301, despite a marginal decrease in gross profit margin to 16.9% from 17.3%[165] - Overall gross margin decreased by 2.8% to 24.8% for the nine months ended March 31, 2024, down from 27.6% in the same period of 2023, with gross profits decreasing by $1,338 million to $8,077 million[188] - Gross margin for the Distribution segment improved to 17.6% in 2024 from 16.3% in 2023[208] Operating Income and Expenses - Income from operations was $59 in Q3 Fiscal 2024, an increase of $96 compared to a loss of $37 in Q3 Fiscal 2023[143] - General and administrative expenses increased by $103, or 4.6%, to $2,351, primarily due to higher professional fees and remuneration expenses[169] - Selling expenses increased by $44, or 27.5%, to $204, mainly due to increased travel costs associated with business travel[170] - Corporate operating loss increased to $255 million for the three months ended March 31, 2024, compared to a loss of $87 million in the same period in 2023, primarily due to higher stock compensation and professional fees[186] - Corporate loss from operations decreased to $41 million in 2024 from $276 million in 2023[210] Net Income and Earnings Per Share - Net income attributable to common shareholders was $39 for the three months ended March 31, 2024, a change of $46 from a net loss of $7 in the same period of Fiscal 2023[177] - Basic earnings per share from continuing operations were $0.02 for the three months ended March 31, 2024, compared to $nil for the same period in Fiscal 2023[178] - Net income attributable to common shareholders decreased to $776 million for the nine months ended March 31, 2024, down from $1,382 million in 2023, primarily due to decreased revenue and gross margin[202] - Basic earnings per share from continuing operations was $0.19 for the nine months ended March 31, 2024, compared to $0.34 for the same period in 2023[203] Assets and Liabilities - Total assets increased by $901 to $43,087 as of March 31, 2024, compared to $42,186 as of June 30, 2023[143] - Total liabilities decreased by $980 to $11,635 as of March 31, 2024, compared to $12,615 as of June 30, 2023[143] - Cash and cash equivalents rose by $3,133 million to $10,716 million as of March 31, 2024, attributed to cash generated from operations[212] - Trade accounts receivable increased by $279 million to $10,083 million as of March 31, 2024, primarily due to longer credit terms in Singapore operations[214] Other Income and Expenses - Interest expense decreased by $12, or 41.4%, to $17 for the three months ended March 31, 2024, due to lower utilization of credit facilities[172] - Interest expense decreased by $20 to $63 million for the nine months ended March 31, 2024, from $83 million in the same period of 2023 due to lower utilization of credit facilities[197] - Other income increased by $212 to $252, primarily driven by favorable foreign currency impacts and increased interest income[173] - Other income increased to $366 million for the nine months ended March 31, 2024, compared to an expense of $49 million in 2023, driven by favorable foreign currency impacts and increased interest income[198] Real Estate Segment - Real Estate segment revenue was $6 million for the three months ended March 31, 2024, compared to $3 million in 2023, with a loss from operations of $23 million, improved from a loss of $34 million[184] - Real Estate segment revenue was $19 million for the nine months ended March 31, 2024, up from $15 million in 2023[209] Financing Activities - The company filed a shelf registration statement to raise up to $10,000 million for expansion and working capital purposes[227]

Financial Performance - Revenue for the three months ended December 31, 2023, was $12,202,000, a slight decrease of 1.5% compared to $12,390,000 for the same period in 2022[12] - Net income attributable to Trio-Tech International common shareholders for the six months ended December 31, 2023, was $737,000, down from $1,389,000 in the same period of 2022, reflecting a decline of 47%[12] - Comprehensive income attributable to Trio-Tech International common shareholders for the six months ended December 31, 2023, was $1,742,000, compared to $1,686,000 in the same period of 2022, showing an increase of 3.3%[15] - Net income for the six months ended December 31, 2023, was $693, a decrease of 55.1% compared to $1,543 for the same period in 2022[20] - For the six months ended December 31, 2023, total company net revenue was $22,168 million, down from $24,329 million in the same period of 2022, representing a decline of approximately 8.9%[68] - The company recorded an operating income of $676 million for the six months ended December 31, 2023, down from $2,136 million in the same period of 2022, a decrease of approximately 68.4%[68] Assets and Liabilities - Total assets increased to $46,598,000 as of December 31, 2023, up from $42,186,000 on June 30, 2023, representing a growth of 10.7%[10] - Total current liabilities increased to $12,875,000 as of December 31, 2023, from $9,326,000 on June 30, 2023, marking a rise of 38.5%[10] - Total equity increased to $31,528,000 as of December 31, 2023, from $29,571,000 on June 30, 2023, reflecting a growth of 6.6%[11] - Total cash, cash equivalents, and restricted cash at the end of the period was $13,506, an increase of 52.5% from $8,868 at the end of December 2022[21] - The company’s total liabilities decreased by $1,136 in cash flow from investing activities for the six months ended December 31, 2023, compared to a cash outflow of $3,428 in the same period of 2022[20] Revenue by Segment - The manufacturing segment reported net revenue of $7,675 million for the six months ended December 31, 2023, compared to $8,629 million in 2022, a decrease of 11.1%[68] - The testing services segment generated net revenue of $9,810 million for the six months ended December 31, 2023, down from $12,012 million in 2022, reflecting a decline of 18.3%[68] - The distribution segment achieved net revenue of $4,670 million for the six months ended December 31, 2023, an increase of 27.1% compared to $3,676 million in 2022[68] Expenses and Income - Operating expenses for the three months ended December 31, 2023, were $2,177,000, a decrease of 3.9% compared to $2,266,000 for the same period in 2022[12] - Interest expense increased by $12, or 120.0%, to $22 for the three months ended December 31, 2023, due to utilization of credit facilities[171] - General and administrative expenses decreased by $102, or 5.3%, to $1,817 for the three months ended December 31, 2023[168] - Selling expenses increased by $55, or 28.5%, to $248 for the three months ended December 31, 2023, primarily due to increased commission costs[169] Cash Flow and Investments - Cash provided by operating activities for the six months ended December 31, 2023, was $1,276, down from $3,779 in the prior year, representing a decline of 66.2%[20] - The company recognized stock option expenses of $90 for the six months ended December 31, 2023, compared to $54 in the same period of 2022, marking a 66.7% increase[20] - The company’s cash paid for interest during the period was $21, down from $53 in the same period last year, indicating a decrease of 60.4%[20] Government Grants and Tax - In the three months ended December 31, 2023, the Company received government grants amounting to $4, a decrease from $21 in the same period of 2022[73] - For the six months ended December 31, 2023, the Company received total government grants of $77, compared to $42 in the same period of 2022, with $57 from the U.S. government related to Employee Retention Credit[74] - The Company's income tax expense was $95 for the three months ended December 31, 2023, down from $241 in the same period of 2022, reflecting a decrease in the effective tax rate from 29.5% to 16.5%[77] Stock Options and Compensation - In the first two quarters of Fiscal 2024, 48,000 stock options were granted under the 2017 Employee Plan, with 63,875 stock options exercised, resulting in a stock-based compensation expense of $90[103] - As of December 31, 2023, there were 197,000 outstanding stock options under the 2017 Employee Plan, with a weighted-average exercise price of $5.48 and a weighted average remaining contractual term of 3.51 years[106] - The total vested stock options under the 2017 Employee Plan as of December 31, 2023, covered 88,250 shares with a weighted-average exercise price of $5.59[105] Market and Business Strategy - Management is evaluating the potential divestiture of one or more business segments, including the testing segment, to focus on areas with anticipated revenue growth opportunities[71] - The company is exploring new markets and products while upgrading burn-in technology and improving testing methods for higher technology chips[156]

Revenue Performance - Total revenue decreased by $1,973, or 16.5%, to $9,966 in the first quarter of Fiscal 2024, compared to $11,939 for the same period in Fiscal 2023[137] - Manufacturing segment revenue decreased by $700, or 19.5%, to $2,885 for the first quarter of Fiscal 2024, compared to $3,585 for the same period in Fiscal 2023[137] - Testing segment revenue decreased by $1,200, or 18.9%, to $5,164 for the first quarter of Fiscal 2024, compared to $6,364 for the same period in Fiscal 2023[137] - Distribution segment revenue decreased by $72, or 3.6%, to $1,910 for the first quarter of Fiscal 2024, compared to $1,982 for the same period in Fiscal 2023[137] - Revenue in the Testing segment from one customer accounted for 40.4% of revenue in the Testing segment for the three months ended September 30, 2023[145] - Revenue for the three months ended September 30, 2023, was $2,885 million, a decrease from $3,585 million in the same period in Fiscal 2023[175] Profitability Metrics - Overall gross profit margin decreased by 5% to 25.3% for the first quarter of Fiscal 2024, from 30.3% for the same period in Fiscal 2023[137] - Basic earnings per share for the first quarter of Fiscal 2024 was $0.06, compared to earnings per share of $0.22 for the same period in Fiscal 2023[137] - Net income attributable to common shareholders for the three months ended September 30, 2023, was $230 million, down from $882 million in the same period in Fiscal 2023[171] - Basic earnings per share from continuing operations were $0.06 for the three months ended September 30, 2023, compared to $0.22 for the same period in Fiscal 2023[172] - Overall gross margin decreased by 5.0% to 25.3% for the three months ended September 30, 2023, compared to 30.3% for the same period in Fiscal 2023[154] - Gross profit in the Manufacturing segment decreased by $224 to $836 million for the three months ended September 30, 2023, from $1,060 million for the same period in Fiscal 2023[155] - Gross profit margin in the Testing segment decreased by 8.5% to 26.7% for the three months ended September 30, 2023, compared to 35.2% in the same period in Fiscal 2023[156] Expenses and Liabilities - Total operating expense for the three months ended September 30, 2023, was $2,521 million, a slight decrease from $2,555 million in the same period in Fiscal 2023[160] - Total liabilities increased by $2,429 to $15,044 as of September 30, 2023, compared to $12,615 as of June 30, 2023[137] - Interest expense decreased by $20, or 45.4%, to $24 for the three months ended September 30, 2023, from $44 in the same period of Fiscal 2023[163] - The share of non-controlling interest in the net loss from subsidiaries for the three months ended September 30, 2023, was $23, a decrease of $119 compared to the net income of $96 for the same period in the previous fiscal year[170] Asset Management - Total assets increased by $2,513 to $44,699 as of September 30, 2023, compared to $42,186 as of June 30, 2023[181] - Cash and cash equivalents rose by $750 to $8,333 at September 30, 2023, primarily due to the maturity of short-term deposits[182] - Trade accounts receivable increased by $1,169 to $10,973, attributed to higher revenue from customers with longer credit terms in Singapore and China[184] - Inventories increased by $1,872 to $4,023, driven by a backlog in the Manufacturing segment related to Singapore operations[186] - Accounts payable increased by $896 to $2,556, consistent with the rise in inventories[189] - Accrued expenses rose by $1,939 to $7,507, mainly due to increased accrued purchases and contract liabilities in Singapore operations[189] Cash Flow - Net cash used in operating activities increased by $1,618 to an outflow of $57 for the three months ended September 30, 2023[192] - Net cash provided by investing activities decreased by $516 to an inflow of $814, primarily due to a decrease in unrestricted deposit withdrawals[193] - Net cash inflow from financing activities was $144, an increase of $558 compared to cash outflow of $414 during the same period in 2022[194] Strategic Initiatives - The company filed a shelf registration statement to raise up to $10,000,000 for expansion of testing capacity and working capital[195] Real Estate Performance - The Real Estate segment saw a decrease in rental income due to low occupancy rates, generating $7 in revenue for the first quarter of Fiscal 2024, down from $8 in the same period of Fiscal 2023[148]

Revenue and Profitability - For the fiscal year ended June 30, 2023, revenue from the semiconductor industry accounted for 99.9% of total revenue, consistent with the previous year[23]. - Total revenue decreased by $815, or 1.8%, to $43,250 in Fiscal 2023, compared to $44,065 in Fiscal 2022[70]. - Revenue from the Testing segment increased by $3,653, or 18.8%, to $23,130 in Fiscal 2023, compared to $19,477 in Fiscal 2022[70]. - Revenue from the Distribution segment decreased by $4,767, or 43.2%, to $6,270 in Fiscal 2023, compared to $11,037 in Fiscal 2022[70]. - Net profit attributable to Trio-Tech International for Fiscal 2023 was $1,544, compared to net profit of $2,395 in Fiscal 2022[70]. - Basic earnings per share from continuing operations was $0.38 in Fiscal 2023, compared to $0.61 in Fiscal 2022[144]. - Net income attributable to Trio-Tech International common shareholders for the year ended June 30, 2023, was $1,544,000, down 35.6% from $2,395,000 in 2022[199]. Expenses and Liabilities - Research and development expenses were $397,000 for the year ended June 30, 2023, compared to $375,000 for the previous year, reflecting a 5.9% increase[33]. - Operating expenses for Fiscal 2023 totaled $9,477 million, an increase of $97 million or 1.0% compared to $9,380 million in Fiscal 2022[132]. - Total liabilities as of June 30, 2023, were $12,615, a decrease of $2,804, or 18.2%, compared to $15,419 as of June 30, 2022[72]. - Interest expense decreased by $17 to $105 million in Fiscal 2023, compared to $122 million in Fiscal 2022[136]. - Cash paid for income taxes increased to $558,000 in 2023 from $403,000 in 2022, representing a 38.5% increase[206]. Backlog and Market Position - The combined sales of equipment and services to the three largest customers accounted for approximately 59.4% of total net revenue in 2023, down from 65.9% in 2022[35]. - The manufacturing backlog as of June 30, 2023, was $8,056,000, an increase from $6,977,000 in 2022, representing a 15.5% growth[36]. - The testing services backlog decreased to $5,402,000 in 2023 from $5,698,000 in 2022, a decline of 5.2%[36]. - The distribution backlog also decreased to $3,882,000 in 2023 from $4,687,000 in 2022, a drop of 17.2%[36]. - The company continues to assess opportunities for strategic relationships, including acquisitions and joint development projects, to expand its markets[25]. - The company focuses on expanding geographic reach and developing new products and technologies to serve new markets[29]. Cash Flow and Assets - Cash and cash equivalents as of June 30, 2023, were $7,583, a decrease of $115, or 1.5%, compared to $7,698 at June 30, 2022[65]. - Total assets as of June 30, 2023, were $42,186, a decrease of $1,235, or 2.8%, compared to $43,421 as of June 30, 2022[64]. - Working capital increased by $2,228, or 12.9%, to $19,501 as of June 30, 2023, compared to $17,273 as of June 30, 2022[70]. - Net cash provided by operating activities increased significantly to $8,110,000 in 2023 from $2,123,000 in 2022, marking a 282.5% increase[206]. - Cash flow from investing activities showed a net outflow of $6,074,000 in 2023, compared to a smaller outflow of $444,000 in 2022[206]. Operational Insights - The company may continue to experience supply shortages and inflationary cost pressures in the near term, which could negatively impact revenue and gross margin[80]. - The company is exploring new markets and products, seeking new customers, and upgrading burn-in technology while improving testing methods for higher technology chips[78]. - The company maintains higher inventories to meet manufacturing customers' demands upon short notice, while working closely with customers to avoid stockpiling[78]. - The company’s primary exposure to foreign currency exchange rate movements relates to non-U.S. dollar-denominated sales, which could adversely affect sales and earnings[79]. Financial Reporting and Controls - The Company concluded that its disclosure controls and procedures were effective as of June 30, 2023[166]. - The Company assessed the effectiveness of its internal controls over financial reporting as of June 30, 2023, and found them to be effective[170]. - There were no changes in the Company's internal control over financial reporting during the fourth quarter of Fiscal 2023 that materially affected its effectiveness[171]. - The consolidated financial statements present fairly the financial position of the Company as of June 30, 2023, in conformity with U.S. generally accepted accounting principles[190]. - The independent auditors have served as the Company's auditors since 2009, indicating a long-standing relationship[196].

Revenue Performance - Total revenue for the three months ended March 31, 2023, was $9,842, a decrease of $1,296 or 11.6% compared to $11,138 for the same period in Fiscal 2022[145] - Revenue from the Testing segment increased by $1,280 or 29.0% to $5,697 for the three months ended March 31, 2023, compared to $4,417 for the same period in Fiscal 2022[145] - Revenue in the Manufacturing segment decreased by $134 or 4.3% to $2,963 for the three months ended March 31, 2023, compared to $3,097 for the same period in Fiscal 2022[145] - Distribution segment revenue decreased by $2,441 or 67.4% to $1,179 for the three months ended March 31, 2023, compared to $3,620 for the same period in Fiscal 2022[145] - Real estate segment revenue decreased to $3 for the three months ended March 31, 2023, compared to $4 for the same period in Fiscal 2022[156] - Testing segment revenue increased to $5,697 million in Q1 2023 from $4,417 million in Q1 2022, with a gross margin of 30.8% compared to 28.3%[183] - Distribution segment revenue decreased to $1,179 million in Q1 2023 from $3,620 million in Q1 2022, with a gross margin of 17.3% down from 18.6%[184] - Manufacturing segment revenue increased to $11,592 million for the nine months ended March 31, 2023, with income from operations rising to $373 million from $107 million in the same period of 2022[208] - Testing segment revenue increased to $17,709 million for the nine months ended March 31, 2023, up from $13,983 million in 2022, with income from operations rising to $1,445 million from $999 million[209] - Distribution segment revenue decreased to $4,855 million for the nine months ended March 31, 2023, down from $8,038 million in 2022, with income from operations falling to $633 million from $1,107 million[211] - Real Estate segment revenue was $15 million for the nine months ended March 31, 2023, down from $23 million in 2022, with a loss from operations of $76 million, an improvement from a loss of $86 million[212] Financial Position - Total assets increased by $1,953 to $45,374 as of March 31, 2023, compared to $43,421 as of June 30, 2022[145] - Total liabilities decreased by $521 to $14,898 as of March 31, 2023, compared to $15,419 as of June 30, 2022[145] - Cash and cash equivalents rose to $8,430 million as of March 31, 2023, an increase of $732 million from $7,698 million as of June 30, 2022[215] - Property, plant and equipment increased by $1,506 million to $9,987 million as of March 31, 2023, from $8,481 million as of June 30, 2022, mainly due to acquisitions in China operations[219] Profitability and Expenses - For the three months ended March 31, 2023, overall gross margin increased by 2.8% to 25.0% from 22.2% in the same period of Fiscal 2022[165] - Gross profit in the Testing segment increased by $519 to $1,757 for the three months ended March 31, 2023, compared to $1,248 for the same period in Fiscal 2022, with a gross profit margin increase of 2.5% to 30.8%[167] - The Company experienced a gross profit margin decrease of 1.0% to 17.3% in the Manufacturing segment for the three months ended March 31, 2023, compared to 18.3% in the same period of Fiscal 2022[166] - General and administrative expenses decreased by $130 or 5.5% to $2,248 for the three months ended March 31, 2023, compared to $2,378 in the same period of Fiscal 2022[171] - Interest expense decreased by $2 or 6.4% to $29 for the three months ended March 31, 2023, compared to $31 for the same period in Fiscal 2022[174] - Total operating expenses for the three months ended March 31, 2023, were $2,495, a decrease from $2,604 in the same period of Fiscal 2022[170] - Corporate operating loss reduced to $87 million in Q1 2023 from $402 million in Q1 2022[186] Net Income and Loss - Net loss attributable to common shareholders for the three months ended March 31, 2023, was $7, a change of $160 from a net loss of $167 in the same period of Fiscal 2022[178] - The share of non-controlling interest in net profit from subsidiaries for the three months ended March 31, 2023, was $61, an increase of $98 compared to a net loss of $37 for the same period in Fiscal 2022[177] - Net income attributable to common shareholders was $1,382 million for the nine months ended March 31, 2023, a decrease from $1,605 million in the same period of 2022[204] - Basic earnings per share from continuing operations was $0.34 for the nine months ended March 31, 2023, compared to $0.40 for the same period in 2022[205] Cash Flow - Net cash provided by operating activities increased to $6,411 million for the nine months ended March 31, 2023, up from $579 million in the same period of Fiscal 2022[225] - Net cash outflow from financing activities was $1,078 million for the nine months ended March 31, 2023, a decrease of $1,588 million compared to cash inflow of $510 million in the same period of 2022[227] Operational Challenges - The Company continues to face uncertainties related to supply shortages and inflationary cost pressures, which may impact revenue and gross margin in the near term[159] - The number of days' sales outstanding in accounts receivable increased to 87 days as of March 31, 2023, compared to 81 days at the end of Fiscal 2022[216] - Operating expenses in the Testing segment increased to $4,730 million for the nine months ended March 31, 2023, from $3,843 million in 2022, primarily due to increased corporate overheads[209]

Revenue Performance - Total revenue increased by $1,468, or 13.4%, to $12,390 in the second quarter of Fiscal 2023 compared to $10,922 for the same period in Fiscal 2022[144] - Manufacturing segment revenue increased by $1,516, or 43%, to $5,044 in the second quarter of Fiscal 2023 compared to $3,528 for the same period in Fiscal 2022[144] - Testing segment revenue increased by $682, or 13.7%, to $5,648 in the second quarter of Fiscal 2023 compared to $4,966 for the same period in Fiscal 2022[144] - Distribution segment revenue decreased by $726, or 30%, to $1,694 in the second quarter of Fiscal 2023 compared to $2,420 for the same period in Fiscal 2022[144] - Revenue in the Manufacturing segment accounted for 40.7% of total revenue for the three months ended December 31, 2022, an increase from 32.3% in the same period of Fiscal 2022[151] - Revenue in the Testing segment was 45.6% for the three months ended December 31, 2022, representing a marginal increase from 45.4% for the same period of Fiscal 2022[153] - Manufacturing segment revenue increased to $8,629 million for the six months ended December 31, 2022, from $7,090 million in the same period of 2021, with a gross margin of 26.1%[213] - Testing segment revenue rose to $12,012 million for the six months ended December 31, 2022, compared to $9,566 million in the same period of 2021, with a gross margin of 34.5%[215] - Distribution segment revenue decreased to $3,676 million for the six months ended December 31, 2022, down from $4,418 million in the same period of 2021, with a gross margin of 16.0%[217] Profitability Metrics - Overall gross profit margin increased by 0.4% to 26.9% in the second quarter of Fiscal 2023 from 26.5% for the same period in Fiscal 2022[144] - Income from operations was $1,069 for the second quarter of Fiscal 2023, an increase of $413 compared to $656 for the same period in Fiscal 2022[144] - For the three months ended December 31, 2022, the overall gross margin increased by 0.4% to 26.9%, with gross profits rising by $445 to $3,335 compared to the same period in Fiscal 2022[167] - Revenue for the Manufacturing segment increased to $5,044, with a gross margin of 23.7%, up from 18.5% in the same period of Fiscal 2022, resulting in income from operations of $301 compared to a loss of $48[185] - The Testing segment reported revenue of $5,648, with a gross margin of 33.7%, down from 37.8% in the same period of Fiscal 2022, leading to income from operations of $547, a decrease from $588[186] - Overall gross margin for the six months ended December 31, 2022, was 28.6%, a slight decrease from 28.8% in the same period of 2021, with gross profit increasing by $888 million to $6,957 million[192] - Corporate operating profit improved to $32 million in Q4 2022 from a loss of $133 million in Q4 2021[189] Income and Expenses - Net income attributable to common shareholders was $507 for the three months ended December 31, 2022, a decrease of $348 compared to $855 for the same period in Fiscal 2022[181] - Basic earnings per share from continuing operations were $0.12 for the three months ended December 31, 2022, down from $0.22 in the same period of Fiscal 2022[182] - The income tax expense increased to $241 for the three months ended December 31, 2022, up from $153 in the same period of Fiscal 2022, primarily due to increased taxable income[179] - Total operating expenses for the six months ended December 31, 2022, increased to $4,821 million from $4,443 million in the same period of 2021, driven by higher general and administrative expenses[198] - Interest expense significantly decreased by 64.3% to $10 for the three months ended December 31, 2022, compared to $28 for the same period in Fiscal 2022[176] - Interest expense decreased to $54 million for the six months ended December 31, 2022, from $56 million in the same period of 2021[201] Assets and Liabilities - Total assets increased by $2,775 to $46,196 as of December 31, 2022, compared to $43,421 as of June 30, 2022[144] - Total liabilities increased by $804 to $16,223 as of December 31, 2022, compared to $15,419 as of June 30, 2022[144] - Cash and cash equivalents decreased by $1,319 million to $6,379 million as of December 31, 2022, primarily due to additional term deposits and repayment of lines of credit[222] - Trade accounts receivable increased by $1,740 million to $13,332 million as of December 31, 2022, reflecting an increase in overall revenue[224] - Inventories rose by $961 million to $3,219 million as of December 31, 2022, in line with the backlog in manufacturing and distribution segments[225] Cash Flow - Net cash provided by operating activities increased by $2,942 million to an inflow of $3,779 million for the six months ended December 31, 2022[234] - Net cash outflow from financing activities was $1,032 million for the six months ended December 31, 2022, a decrease of $1,105 million compared to cash inflow of $73 million in the same period of 2021[236] Other Information - The Company experienced a negative foreign currency impact, which adversely affected net income due to the strengthening of the Singapore dollar against the U.S. dollar[178] - The share of non-controlling interest in net profit from subsidiaries increased to $58 for the three months ended December 31, 2022, compared to $1 for the same period in Fiscal 2022, attributed to improved performance in the China operation[180] - Real Estate segment revenue was $4 million in Q4 2022, down from $8 million in Q4 2021, with a gross margin of -350.0%[188] - Real Estate segment revenue was $12 million for the six months ended December 31, 2022, compared to $19 million in 2021, with a gross loss margin of 200.0%[219] - The company may raise capital of $10,000,000 USD for expansion of testing capacity and working capital purposes as per the effective Registration Statement on Form S-3[237]