Trio-Tech International Files 2024 Annual Report

TL;DR

TRIO filed its 2024 10-K. All good.

AI Summary

Trio-Tech International filed its 10-K for the fiscal year ending June 30, 2024. The company, incorporated in California, operates in the Special Industry Machinery sector. Its principal business address is in Van Nuys, CA. The filing covers the period from July 1, 2023, to June 30, 2024.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Trio-Tech International's financial performance and business operations for the fiscal year 2024.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance details or forward-looking statements that would indicate a high-risk level.

Key Players & Entities

• TRIO-TECH INTERNATIONAL (company) — Filer
• 20240630 (date) — Conformed Period of Report
• 20240923 (date) — Filed as of Date
• 0000732026 (company) — Central Index Key
• 3559 (industry_code) — Standard Industrial Classification
• CA (state) — State of Incorporation
• 16139 WYANDOTTE ST. (address) — Business Street 1
• VAN NUYS (city) — Business City
• 91406 (zip_code) — Business Zip
• 818-787-7000 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $5.07 — strant, based upon the closing price of $5.07 for shares of the registrant's common s
• $392 — e. Research and development expense was $392 and $397 for the years ended June 30, 2
• $397 — ch and development expense was $392 and $397 for the years ended June 30, 2024 and 2
• $8,700 — our total net revenue. Of those sales, $8,700 (20.6%) and $14,595 (33.7%) of our tota
• $14,595 — nue. Of those sales, $8,700 (20.6%) and $14,595 (33.7%) of our total net revenue were f

Filing Documents

• trt20240630_10k.htm (10-K) — 1939KB
• ex_719281.htm (EX-4.1) — 5KB
• ex_726329.htm (EX-10.3) — 3KB
• ex_719282.htm (EX-21.1) — 11KB
• ex_719283.htm (EX-23.1) — 3KB
• ex_719284.htm (EX-31.1) — 10KB
• ex_719285.htm (EX-31.2) — 10KB
• ex_719286.htm (EX-32) — 6KB
• ex_719287.htm (EX-97.1) — 28KB
• 0001437749-24-029817.txt ( ) — 11480KB
• trt-20240630.xsd (EX-101.SCH) — 109KB
• trt-20240630_cal.xml (EX-101.CAL) — 100KB
• trt-20240630_def.xml (EX-101.DEF) — 633KB
• trt-20240630_lab.xml (EX-101.LAB) — 565KB
• trt-20240630_pre.xml (EX-101.PRE) — 711KB
• trt20240630_10k_htm.xml (XML) — 2176KB

Business

Business 1 Item 1A

Risk factors

Risk factors 5 Item 1B Unresolved staff comments 5 Item 1C Cybersecurity 5 Item 2

Properties

Properties 6 Item 3

Legal proceedings

Legal proceedings 6 Item 4 Mine safety disclosures 6 Part II Item 5 Market for registrant's common equity, related stockholder matters and issuer purchases of equity securities 7 Item 6 [Reserved] 7 Item 7

Management's discussion and analysis of financial condition and results of operations

Management's discussion and analysis of financial condition and results of operations 7 Item 7A

Quantitative and qualitative disclosures about market risk

Quantitative and qualitative disclosures about market risk 20 Item 8

Financial statements and supplementary data

Financial statements and supplementary data 20 Item 9 Changes in and disagreements with accountants on accounting and financial disclosure 20 Item 9A

Controls and procedures

Controls and procedures 20 Item 9B Other information 21 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 21 Part III Item 10 Directors, executive officers and corporate governance 21 Item 11

Executive compensation

Executive compensation 21 Item 12

Security ownership of certain beneficial owners and management and related stockholder matters

Security ownership of certain beneficial owners and management and related stockholder matters 21 Item 13 Certain relationships and related transactions, and director independence 21 Item 14 Principal accountant fees and services 21 Part IV Item 15 Exhibits and financial statement schedules 21 Item 16 Form 10-K summary 22 Exhibits 23

Signatures

Signatures 24 Report of independent registered public accounting firm F-1 Consolidated Balance Sheets as of June 30, 2024 and 2023 F-2 Consolidated Statements of Operations and Comprehensive Income for the Years Ended June 30, 2024 and 2023 F-3 Consolidated Statements of Shareholders' Equity for the Years Ended June 30, 2024 and 2023 F-5 Consolidated Statements of Cash Flows for the Years Ended June 30, 2024 and 2023 F-6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements F-7 Table of Contents TRIO-TECH INTERNATIONAL PART I

– BUSINESS

ITEM 1 – BUSINESS Cautionary Statement Regarding Forward-Looking Statements The business and activities of Trio-Tech International, a California corporation (the " Company ") discussed in this Annual Report on Form 10-K (the " Annual Report ") and in other past and future reports and announcements by the Company may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the " Exchange Act "), and assumptions regarding future activities and results of operations of the Company. In light of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the following factors, among others, could cause actual results to differ materially from those reflected in any forward-looking statements made by or on behalf of the Company: market acceptance of Company's products and services; changing business conditions or technologies and volatility in the semiconductor industry, which could affect demand for the Company's products and services; the impact of competition; problems with technology, product development schedules or delivery schedules; changes in military or commercial testing specifications which could affect the market for the Company's products and services; difficulties in profitably integrating acquired businesses, if any, into the Company; risks associated with conducting business internationally and particularly in Asia, including currency fluctuations and devaluation, currency restrictions, local laws and restrictions and possible social, political and economic instability; credit risks in the Chinese real estate industry; changes in macroeconomic conditions and credit market conditions; and other economic, financial and regulatory factors beyond the Company's control. In some cases, you can identify forward-looking statements by the use of terminology such as "may," "will," "expects," "plans," "an

– RISK FACTORS

ITEM 1A – RISK FACTORS As a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, we are not required to provide the information required by this item.

– UNRESOLVED STAFF COMMENTS

ITEM 1B – UNRESOLVED STAFF COMMENTS Not applicable.

– CYBERSECURITY

ITEM 1C – CYBERSECURITY Risk Management and Strategy We recognize the critical importance of developing, implementing, and maintaining cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity and availability of our data. We have a comprehensive cybersecurity policy hosted on our intranet for all employees, established to govern, guide and mitigate in the event of a cyber-attack. As a result, cybersecurity and data protection are key components of our long-term strategy. Risks from Cybersecurity Threats We have not encountered any cybersecurity challenges that have materially impaired our operations or financial standing in Fiscal 2024. Governance Our Board of Directors oversees our risk management, including our information technology and cybersecurity policies, procedures, and risk assessments. Management reports to our Board of Directors on information security matters as necessary, regarding any significant cybersecurity incidents, as well as any incidents with lesser impact potential. 5 Table of Contents

– PROPERTIES

ITEM 2 – PROPERTIES As of the date of filing of this Form 10-K, we believe that our existing facilities are adequate and suitable to cover any sudden increase in our needs in the foreseeable future. The following table presents the relevant information regarding the location and general character of our principal manufacturing and testing facilities: Location Segment Approx. Sq. Ft. Occupied Owned (O) or Leased (L) & Expiration Date 16139 Wyandotte Street, Van Nuys, CA 91406, United States of America Corporate, Testing Services / Manufacturing 5,200 (L) Mar 2026 1004, Toa Payoh North, Singapore Unit No. HEX 07-01/07 Testing Services 6,864 (L) Sep 2025 Unit No. HEX 07-01/07, (ancillary site) Testing Services 2,532 (L) Sep 2025 Unit No. HEX 03-01/02/03 Testing Services / Manufacturing 2,959 (L) Sep 2025 Unit No. HEX 01-08/15 Testing Services / Manufacturing / Logistics Store 6,864 (L) Jan 2026 Unit No. HEX 01-08/15, (ancillary site) Testing Services / Manufacturing 449 (L) Jan 2026 Unit No. HEX 07-10/11 Testing Services / Manufacturing 1,953 (L) Dec 2024 1008, Toa Payoh North, Singapore Unit No. HEX 03-09/17 Manufacturing 6,099 (L) Jan 2026 Unit No. HEX 03-09/17, (ancillary site) Manufacturing 70 (L) Jan 2026 Unit No. HEX 01-09/10/11 Manufacturing 2,202 (L) Nov 2026 Unit No. HEX 01-15/16 Manufacturing 1,400 (L) Sep 2026 Unit No. HEX 01-08 Manufacturing 603 (L) Sep 2026 Unit No. HEX 01-12/14 Manufacturing 1,664 (L) Jul 2025 Lot No. 11A, Jalan SS8/2, Sungai Way Free Industrial Zone, 47300 Petaling Jaya, Selangor Darul Ehsan, Malaysia Testing Services 78,706 (O) 12A-21 Suntech @ Penang Cybercity, Lintang Mayang Pasir 3, 11950 Bayan Lepas, Penang Branch Office 408 (L) Dec 2024 327, Chalongkrung Road, Lamplathew, Lat Krabang, Bangkok 10520, Thailand Testing Services 34,433 (O) No. 5, Xing Han Street, Block A #04-15/16, Suzhou Industrial Park Chin

– LEGAL PROCEEDINGS

ITEM 3 – LEGAL PROCEEDINGS The Company is, from time to time, the subject of litigation claims and assessments arising out of matters occurring in its normal business operations. In the opinion of management, resolution of these matters will not have a material adverse effect on our consolidated financial statements. There are no material proceedings to which any director, officer or affiliate of the Company, any beneficial owner of more than five percent of the Company's common stock, or any associate of such person, is a party that is adverse to the Company or its properties.

– MINE SAFETY DISCLOSURES

ITEM 4 – MINE SAFETY DISCLOSURES Not applicable. 6 Table of Contents PART II

– MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5 – MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Shares of the Company's common stock, no par value (" Common Stock "), are traded on the NYSE American exchange under the symbol "TRT." As of September 1, 2024, there were 4,250,305 shares of our Common Stock issued and outstanding, and the Company had approximately 53 record holders of Common Stock. The number of record holders does not include the number of persons whose stock is in nominee or "street name" accounts through brokers. Dividend Policy We did not declare any cash dividends during the years ended June 30, 2024 or June 30, 2023. The determination as to whether to pay any future cash dividends will depend upon our earnings and financial position at that time and other factors as the Board of Directors may deem appropriate. In general, California law prohibits the payment of dividends unless the corporation's retained earnings prior to the dividend equals or exceeds the dividend or, immediately after payment of the dividends, the corporation's assets would equal or exceed its total liabilities. There is no assurance that dividends will be paid to holders of Common Stock in

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View this 10-K filing on SEC EDGAR