Troops, Inc. /Cayman Islands/
TROO · Miscellaneous Business Credit Institution · EDGAR filings ↗
Grade
D43Small Cayman/PRC business-credit firm posting deep operating losses and a large PP&E impairment despite fast revenue growth.
Strengths
- Revenue grew ~70% (91st pct) and operating cash margin is modestly positive (43rd pct)
- Still solvent — ~$49M equity against $20M liabilities, with a small income-tax benefit
Risks
- Operating margin -173% and a $13.4M impairment drove a $27.9M net loss; gross margin only 10th pct
- China/VIE governance and data-regulation exposure plus thin (9%) gross margins on a low-quality book
Notable findings
- Net lossNet loss (net margin -163.2%)
- Weak liquidityCurrent ratio 0.92 (<1)
Key metrics
Gross margin
9.1%
Operating margin
-172.8%
Net margin
-163.2%
Return on equity
-56.9%
Return on assets
-40.4%
Revenue growth (QoQ)
69.7%
Current ratio
0.9×
EBITDA
-$27M
Tangible book value
$35M
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-30 | 2025-12-31 | 0001104659-26-052000 ↗ |
| 20-F | 2025-04-30 | 2024-12-31 | 0001410578-25-001051 ↗ |
| 20-F | 2024-04-29 | 2023-12-31 | 0001104659-24-054103 ↗ |
| 20-F | 2023-05-01 | 2022-12-31 | 0001410578-23-000853 ↗ |
| 20-F | 2022-05-10 | 2021-12-31 | 0001410578-22-001260 ↗ |
| 20-F | 2021-07-07 | 2020-12-31 | 0001104659-21-089803 ↗ |
| 20-F | 2020-06-15 | 2019-12-31 | 0001104659-20-073409 ↗ |
| 20-F | 2019-05-14 | 2018-12-31 | 0001144204-19-025920 ↗ |
| 20-F | 2018-05-14 | 2017-12-31 | 0001144204-18-028109 ↗ |
| 20-F | 2017-05-15 | 2016-12-31 | 0001144204-17-027317 ↗ |
| 20-F | 2016-05-16 | 2015-12-31 | 0001144204-16-102222 ↗ |
| 20-F | 2015-05-15 | 2014-12-31 | 0001144204-15-031402 ↗ |