# semiconductor earnings — X 热门讨论 (2026-09-24 19:59 UTC)

## @JonkooTrades (The Trend Sage) · 09-24 17:15 · ♥49 ↻4 💬18 $TRT - Just got off a ~25 minute call with IR/management after earnings.

I wanted to understand one thing above everything else.

Why did Q4 revenue decline from $16.5M → $14.9M when semiconductor demand supposedly remains so strong?

The key takeaway from the conversation is that this does NOT appear to be a demand problem. The sequential decline was discussed in the context of timing/revenue conversion rather than the underlying opportunity disappearing, which makes the backlog much more important.

TRT finished FY26 with $24.2M total backlog vs. $11.0M last year, $19.8M of that is semiconductor backlog.

And of the ~$14.2M of previously announced AI GPU burn-in board orders, only ~$6.3M had been delivered during FY26.

That leaves roughly $7.9M still to be delivered.

So the AI orders haven't disappeared. A significant portion simply hasn't converted into reported revenue yet.

We also discussed margins. - Q3 gross margin: 15.5% - Q4 gross margin: ~19% That sequential recovery matters.

My concern after seeing the FY numbers wasn't demand. It was whether TRT could actually make money from all this new volume.

Based on the discussion, high-teens gross margins appear to be a reasonable way to think about the business going into FY27.

Then there's Penang.

$TRT is adding significant capacity and has already told investors that production volumes are expected to progressively increase beginning in Q2 FY27 as the expansion ramps.

I specifically asked management to quantify how much additional production/revenue capacity the expansion could ultimately provide.

They couldn't give me a number on the call, but they're going to come back to me with a number that we can use.

That number is VERY important. Because if we can estimate the capacity increase, we can start properly modeling what $TRT could look like once the facility is utilized.

So my view after speaking with them.

Q4 revenue decline? Disappointing.

Demand deterioration? I didn't come away from the conversation thinking that's what we're seeing.

Backlog? Strong.

AI orders? Still waiting to convert into revenue.

Margins? Improving QoQ, but profitability still needs work.

Penang? Potentially the biggest piece of the FY27 growth story, but I want actual capacity numbers before putting estimates on it.

The market's question is legitimate.

$TRT just grew annual revenue 72%.

Why isn't that growth producing meaningful operating profit yet? That's what management needs to prove next.

If the backlog converts, Penang ramps and margins continue recovering, FY27 could look considerably different.

If those things happen and profitability STILL doesn't improve? Then we have a much bigger problem.

For now, I think FY27 is about execution. And I am holding my position. https://x.com/JonkooTrades/status/2103171373094862919