TROOPS Inc
troops.coWhat Do They Do?
Provides consulting and marketing support to insurance and financial-management businesses, and offers loans and property services to borrowers and tenants.
20-F for FY2025, filed Apr 30, 2026Consultancy services for insurance products: We support the insurance and financial management industry of the Greater China with top…View ↗
Money lending: We enhance our brand reputation by providing contactless and online service platform to make business safer and more…View ↗
Property lease and management: We further enhance our group’s reputation as a socially responsible and caring enterprise by setting up…View ↗
How Do They Make Money?
The company earns insurance-referral fees when the cooling-off period ends and the service is complete; migration, education and visa-service fees are earned when applications are approved. Loan interest accrues monthly, rent is generally due monthly, and application services may be project-based or run over a membership term.
20-F for FY2025, filed Apr 30, 2026The Group provides consultancy services primarily in relation to insurance referral to insurance brokers. Revenue is recognized at a point…View ↗
The Group provides services in relation to the application of migration, education and visa renewal to its customers. Revenue is recognized…View ↗
Interest on loan receivables is accrued monthly in accordance with their contractual terms and recorded in accrued interest receivables.…View ↗
Minimum contractual rental income related to property leases are recognized on a straight-line basis over the terms of the respective…View ↗
The Company provides SaaS and app development service to its customers to deploy the Company’s online platform, which may occur over time…View ↗
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20-F for FY2025, filed Apr 30, 2026
FY2025 revenue by product or service ↗
$17.1M
-
20-F for FY2025, filed Apr 30, 2026
$17.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Interest On Loans
Recurring
20-F for FY2025, filed Apr 30, 2026 |
13%
FY2022: 63%
|
Interest On Loans, FY2025
$2.2M Sources
|
Recurring |
|
Property lease and management
Recurring
|
8.1%
FY2022: 29%
|
Property lease and management, FY2025
$1.4M Sources
|
Recurring |
|
Applications, technology & services
|
3.2%
FY2022: 8.2%
|
Applications, technology & services, FY2025
$549K Sources
|
|
|
Consultancy services for insurance products
Sold outright
20-F for FY2025, filed Apr 30, 2026 |
75% |
Consultancy services for insurance products, FY2025
$12.9M Sources
|
Sold outright |
|
Advisory and referral services
Sold outright
|
0.8% |
Advisory and referral services, FY2025
$137K Sources
|
Sold outright |
Who Are Their Customers?
It serves insurance and financial-services businesses with consulting and app or technology services, lends to borrowers, and leases property to tenants. It also provides education, migration and visa application services.
20-F for FY2025, filed Apr 30, 2026Consultancy services for insurance products: We support the insurance and financial management industry of the Greater China with top…View ↗
Applications, technology & services : We build our brand image by assisting our clients by rendering their financial products and services…View ↗
Money lending: We enhance our brand reputation by providing contactless and online service platform to make business safer and more…View ↗
Property lease and management: We further enhance our group’s reputation as a socially responsible and caring enterprise by setting up…View ↗
The Group provides services in relation to the application of migration, education and visa renewal to its customers. Revenue is recognized…View ↗
20-F for FY2025, filed Apr 30, 2026
Do Revenues Turn Into Profits?
Not on paper. It lost $27.9M in FY2025, but brought in more cash than it spent: $690K of free cash flow.
20-F for FY2025, filed Apr 30, 2026
−$29.5MView ↗
20-F for FY2025, filed Apr 30, 2026
−$27.9MView ↗
20-F for FY2025, filed Apr 30, 2026
$690KView ↗
How Are They Changing?
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