Applied Materials for semiconductor testing and quality assurance.

KLA Corporation for semiconductor reliability testing and equipment.

• Semiconductor Testing Services: Provides a range of testing services for semiconductor devices, including environmental, mechanical, electrical, and reliability qualification tests.
• Semiconductor Manufacturing Equipment: Manufactures specialized front-end equipment like artic temperature-controlled wafer chucks and wet process stations, and back-end equipment such as burn-in systems and centrifuges.
• Semiconductor Equipment and Component Distribution: Distributes complementary semiconductor equipment, including environmental chambers and handlers, as well as electronic components like connectors and LCD display panels.
• Real Estate Investment and Rental: Engages in investing in and renting out real estate properties.

Trio-Tech International (TRT) primarily sells to other companies, not individuals. Based on the provided background information, the company's major customers are:

• Semiconductor chip manufacturers
• Testing facilities that purchase testing equipment

The provided company description does not list specific names of customer companies.

Siew Wai Yong, President, Chief Executive Officer, and Chairman of the Board

Mr. Yong joined Trio-Tech International Pte Ltd in Singapore in 1976 and was appointed as its Managing Director in August 1980. He has served as a director, Chief Executive Officer, and President of the Company since September 1990. In September 2023, he was elected Chairman of the Board. Mr. Yong holds a Master's Degree in Business Administration, a Graduate Diploma in Marketing Management, and a Diploma in Industrial Management. He is responsible for the company's strategic vision, overall direction, and operational success, and his leadership is characterized by deep industry knowledge, a commitment to innovation, and a dedication to client satisfaction.

Anitha Srinivasan, Chief Financial Officer

Ms. Srinivasan was appointed Chief Financial Officer of Trio-Tech International, effective July 1, 2022, succeeding Victor Ting Hock Ming. She is a Chartered Accountant and a Certified Internal Auditor, with over twenty years of diversified experience in audit, finance, and corporate consulting. Prior to her appointment as CFO, Ms. Srinivasan served as a consultant to the Company for more than five years and was the Internal Audit Team Leader. In her role, she oversees all financial operations, including financial planning, risk management, record-keeping, and financial reporting.

Hwee Poh Lim, Senior Corporate Vice President & Chief Operating Officer of the Testing Group

Mr. Lim is responsible for the strategic direction and operational execution of Trio-Tech's extensive testing services. He oversees the day-to-day management of the testing divisions, ensuring efficiency, quality, and the delivery of cutting-edge solutions to clients. His extensive experience in the field of testing and operations has been instrumental in driving innovation and optimizing processes within his divisions.

Soon Lee Siew Kuan, Vice-President

Ms. Kuan is a Vice-President at Trio-Tech International, contributing her expertise to the company's strategic leadership and operational management. Her contributions are vital to the execution of various initiatives and the oversight of different departments. She is dedicated to fostering growth and innovation, ensuring Trio-Tech remains at the forefront of its industry.

1. Cyclicality and Rapid Technological Change in the Semiconductor Industry: Trio-Tech International's core business of providing manufacturing, testing, and distribution services is highly sensitive to the inherent cyclicality of the global semiconductor industry. This industry experiences periods of intense growth followed by downturns, which directly impact demand for TRT's equipment and services, as evidenced by revenue declines in fiscal year 2025. Furthermore, the semiconductor sector is characterized by rapid technological advancements, requiring continuous innovation and significant investment in research and development to prevent the obsolescence of Trio-Tech's products and services. If the company cannot keep pace with these changes, it risks falling behind in key technology areas like advanced packaging and high-performance computing (HPC) testing, potentially forcing it to compete primarily on price for legacy or lower-margin services.
2. Geopolitical Tensions and International Trade Policies: Operating in key semiconductor regions including the United States, Singapore, Malaysia, Thailand, and China, Trio-Tech International is highly exposed to geopolitical risks and evolving international trade policies. US-China trade tensions, in particular, are identified as an immediate and unpredictable threat, directly impacting semiconductor supply chains and demand in China. Changes in trade policies, tariffs, export controls (such as the US Foreign Direct Product rules), and other regulatory factors can disrupt manufacturing operations, supply chains, and access to crucial markets and customers, as seen with declining demand in China contributing to revenue drops for TRT.
3. Intense Competition: The markets for semiconductor testing services, manufacturing equipment, and distribution are intensely competitive. Trio-Tech International faces ongoing pressure from various competitors, which could lead to pricing pressures, reduced profit margins, and a potential loss of market share. Its relatively small size may limit its ability to compete effectively on capital spending, potentially hindering investments needed for advanced technology development and market leadership.

Trio-Tech International (TRT) operates in several segments of the semiconductor industry, with addressable markets encompassing semiconductor testing services, various types of semiconductor test equipment, and environmental test chambers.

Testing Services Segment

• The global Semiconductor Testing Services market was valued at approximately USD 10.90 billion in 2025 and is projected to reach USD 21.97 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 9.16% from 2026 to 2033.
• Within this, the testing segment of the global outsourced semiconductor assembly and testing (OSAT) market accounted for USD 5.8 billion in 2024 and is growing at a CAGR of 7.5%.
• The U.S. Semiconductor Testing Services market was valued at USD 2.84 billion in 2025 and is projected to reach USD 5.22 billion by 2033, with a CAGR of 7.89% from 2026 to 2033.

Manufacturing Segment (Semiconductor Test Equipment)

• The overall global semiconductor test equipment market was valued at USD 7.65 billion in 2025 and is projected to grow to USD 14.38 billion by 2034, exhibiting a CAGR of 7.35%.
• The global Semiconductor Burn-In Equipment Market is estimated at USD 1.2 billion in 2025 and is projected to reach USD 2.2 billion by 2033, with a CAGR of 7.5%.
• The global semiconductor wafer used electrostatic chucks (ESC) market size was estimated at USD 1.25 billion in 2023, with projections to reach approximately USD 2.1 billion by 2032, at a CAGR of 6.0%.
• The global semiconductor wet process equipment market was valued at approximately USD 6 billion in 2023 and is projected to reach USD 10 billion by 2032, growing at a CAGR of around 5.5%. Asia Pacific is the predominant market for this equipment.
• The global Semiconductor Test Handler Market size was valued at USD 2.25 billion in 2025 and is projected to reach USD 7.48 billion by 2035, exhibiting a CAGR of 12.4% during the forecast period. Asia Pacific is anticipated to dominate this market, with a projected market size of USD 1.1 billion by 2032.

Distribution Segment (Environmental Chambers)

• The global environmental test chambers market size accounted for USD 1.15 billion in 2024 and is predicted to increase to approximately USD 1.57 billion by 2034, expanding at a CAGR of 3.15% from 2025 to 2034.
• Asia Pacific dominated the Environmental Test Chamber market, accounting for 44% of the revenue share in 2025.

Share Repurchases

• Trio-Tech International authorized a share repurchase program on May 13, 2025, to buy back up to $1.0 million of its common stock over a two-year period.
• As of December 31, 2025, the company had not repurchased any shares under this program.

Share Issuance

• Trio-Tech International implemented a two-for-one forward stock split of its common shares, with trading on a split-adjusted basis beginning January 5, 2026.
• Common shares issued and outstanding increased from 4,250,305 as of June 30, 2024, to 4,312,805 as of June 30, 2025.

Outbound Investments

• On December 3, 2025, Trio-Tech International completed the acquisition of the remaining 50% equity interest in Trio-Tech Malaysia Sdn. Bhd., making it a wholly-owned subsidiary.
• The acquisition price for the remaining 50% equity interest in Trio-Tech Malaysia Sdn. Bhd. was RM14,200 (approximately $3,357) as of June 30, 2025.

Capital Expenditures

• For the trailing twelve months (prior to early 2026), Trio-Tech International reported capital expenditures of approximately $1.05 million.
• The company plans to make investments to deploy its proprietary burn-in systems for high-reliability automotive applications, supported by an initial $2.5 million production order for burn-in services ramping up throughout 2026.