# semiconductor earnings — X 热门讨论 (2026-09-25 09:05 UTC)
## @JonkooTrades (The Trend Sage) · 09-24 14:11 · ♥30 ↻1 💬3 $TRT is down after earnings, but I think people are missing some important details in this report.
Yes, Q4 revenue of $14.9M came in below the ~$17-19M I was looking for.
But look underneath the headline. - Revenue still grew 40% YoY. - Semiconductor Back-End revenue grew 85% YoY. - And importantly, gross margin IMPROVED sequentially. -> Q3: 15.5% -> Q4: ~19%
That is exactly what I wanted to see after margins got crushed by the rapid ramp in high-volume semiconductor testing.
Now look forward.
Backlog: - FY25: $11.0M - FY26: $24.2M +120% growth.
$19.8M of that is semiconductor backlog.
$TRT also revealed that of the ~$14.2M in previously announced AI GPU burn-in board orders, only ~$6.3M was delivered during FY26.
That leaves ~$7.9M still to be delivered.
And they've already received another ~$1.5M AI GPU order in Q1 FY27.
So we have: → Backlog more than DOUBLED → ~$7.9M of existing AI GPU orders remaining → Another ~$1.5M AI GPU order already received → Gross margin improving QoQ → Penang capacity expansion → New 3-year EV semiconductor contract → $4.7M minimum commitment, potentially ~$6M → Continued AI/HPC/automotive demand → ~$28.5M cash and deposits
So yes, I understand some disappointment around the Q4 revenue number. But I'm struggling to look at these results and conclude the underlying story got worse.
Demand didn't disappear. Backlog exploded. AI orders continue coming in. And margins are finally moving in the right direction.
FY26 proved the demand exists. FY27 is about converting that $24.2M backlog and showing the operating leverage.
That's what I'm watching. https://x.com/JonkooTrades/status/2103125079139762231