TRX (TRX) financial statements
TRX reported revenue of $58M in fiscal 2025, up 56.3% a year over 3 years.
Net income was $687,000.
Free cash flow was $3M.
The diluted share count rose 71% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TRX's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $15M | $38M | $41M | $58M |
| Cost of revenue | — | — | — | $6M | $20M | $23M | $34M |
| Gross profit | — | — | — | $9M | $18M | $18M | $24M |
| Selling, general and admin | $4M | $8M | $9M | $9M | $8M | $7M | $8M |
| Interest expense | -$457,000 | -$2M | — | — | — | — | $968,000 |
| Pre-tax income | $23M | $12M | -$5M | -$2M | $12M | $10M | $14M |
| Income tax | — | — | — | $436,000 | $5M | $7M | $8M |
| Net income | -$23M | -$11M | -$4M | -$2M | $2M | -$470,000 | $687,000 |
| EPS (diluted) | — | — | — | -$0.02 | $0.01 | $0.00 | $0.00 |
| Diluted shares | 136M | 167M | 232M | — | — | — | — |
| Gross margin | — | — | — | 62.1% | 47.5% | 43.6% | 41.5% |
| Net margin | — | — | — | -15.4% | 5.9% | -1.1% | 1.2% |
Balance sheet
Fiscal years, from TRX's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3M | $4M | $13M | $8M | $8M | $8M | $8M |
| Receivables | $470,000 | $547,000 | $460,000 | $3M | $3M | $4M | $4M |
| Inventory | $393,000 | $726,000 | $1M | $4M | $5M | $6M | $13M |
| Total current assets | $4M | $5M | $15M | $16M | $17M | $18M | $26M |
| Property, plant and equipment | $1M | $2M | $2M | $52M | $64M | $78M | $87M |
| Total assets | $29M | $38M | $57M | $72M | $84M | $99M | $117M |
| Total current liabilities | $11M | $11M | $7M | $17M | $18M | $21M | $25M |
| Total liabilities | $15M | $13M | $10M | $21M | $23M | $33M | $43M |
| Shareholders' equity | $14M | $25M | $48M | $49M | $54M | $55M | $57M |
| Net debt | -$3M | -$4M | -$13M | -$8M | -$8M | -$8M | -$8M |
Cash flow
Fiscal years, from TRX's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4M | -$7M | -$8M | $3M | $17M | $15M | $16M |
| Capital spending | $18,000 | $673,000 | $1M | $13M | $16M | $13M | $13M |
| Free cash flow | -$4M | -$7M | -$9M | -$10M | $1M | $2M | $3M |
| Stock-based compensation | — | $0 | $3M | $2M | — | — | — |
| Net borrowing | $216,000 | $223,000 | — | — | — | — | — |
| Free cash flow margin | — | — | — | -64.5% | 3.7% | 5.0% | 6.1% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for TRX.
Open TRX in InvestinglyQuestions
What was TRX's revenue in 2025?
$58M in fiscal 2025, from its 10-K filing.
How much free cash flow does TRX generate?
$3M in fiscal 2025 (operating cash flow minus capital spending).
From TRX's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.