TROO on Nasdaq
Troops, Inc. /Cayman Islands/
Troops, Inc. /Cayman Islands/ is a miscellaneous business credit institution company in the Cayman Islands.1
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Last updated Oct 20, 2026.
Overview
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- TickerTROO on Nasdaq1
- IndustryMiscellaneous Business Credit Institution1
- HeadquartersE91
- Incorporated inCayman Islands3
- Business addressUnit A, 18/F, 8 Fui Yiu Kok Street,, Tsuen Wan, New Territories Hong Kong3
- Filer categoryAccelerated filer3
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TROOPS, Inc. was incorporated as an exempted company in the Cayman Islands on July 18, 2007. It was previously named SGOCO Group, Ltd. and before that, SGOCO Technology, Ltd., and prior to the Acquisition was named Hambrecht Asia Acquisition Corp. The Company was formed as a blank check company to acquire one or more operating businesses in the PRC through a merger, stock exchange, asset acquisition or similar business combination or control through contractual agreements. The Company completed its initial public offering (“IPO”) of units consisting of one ordinary share and one warrant to purchase one ordinary share on March 12, 2008.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Insurance Consultancy Services brought in 75% of the revenue Troops, Inc. /Cayman Islands/ broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Insurance Consultancy Services | $4.5M | $12.9M | |
| Interest On Loans | $2.3M | $3.3M | $2.2M |
| Property lease and management | $1.1M | $1.8M | $1.4M |
| Technology Service | $187.0K | $151.0K | $549.0K |
| Advisory And Referral Services | $356.0K | $137.0K |
Business segments
Insurance Consultancy Services brought in 75% of the revenue Troops, Inc. /Cayman Islands/ broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Insurance Consultancy Services | $4.5M | $12.9M | |
| Money lending services | $2.3M | $3.3M | $2.2M |
| Property lease and management | $1.1M | $1.8M | $1.4M |
| Advisory And Referral Services | $356.0K | $549.0K | |
| Applications Technology And Services | $151.0K | $137.0K |
Regions
HKMember brought in 98% of the revenue Troops, Inc. /Cayman Islands/ broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| HKMember | $3.4M | $10.0M | $16.8M |
| China | $26.0K | $198.0K | |
| Australia | $127.0K | $115.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue91¢$15.5M
- Income tax9¢$1.5M
Out of $17.1M in revenue.2 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Share buybacks100¢$4.0M
Out of $807.0K of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| REVENUES | $17.1M | $10.1M | $3.6M |
| COST OF REVENUES | -$15.5M | -$8.1M | -$2.8M |
| GROSS PROFIT | $1.6M | $1.9M | $776.0K |
| Selling expenses | -$317.0K | ||
| General and administrative expenses | -$17.9M | -$4.0M | -$2.8M |
| Reversal of impairment loss (impairment loss) of trade receivables | $241.0K | -$243.0K | |
| Reversal of impairment loss (impairment loss) of loan and interest receivables | $453.0K | -$3.5M | $49.0K |
| (Impairment loss) reversal of impairment loss of other receivables, prepayments and deposits | -$99.0K | -$2.0K | $127.0K |
| Impairment loss of property, plant and equipment | -$13.4M | ||
| Total operating expenses | -$31.1M | -$7.7M | -$2.6M |
| OPERATING LOSS | -$29.5M | -$5.7M | -$1.8M |
| Interest income | $62.0K | $10.0K | $14.0K |
| Interest expense | -$62.0K | ||
| Other income (expense), net | $65.0K | $22.0K | -$9.0K |
| Loss on change in fair value of convertible note | -$7.7M | ||
| Total other income (expenses), net | $127.0K | -$7.7M | -$57.0K |
| LOSS BEFORE PROVISION FOR INCOME TAXES | -$29.4M | -$13.4M | -$1.9M |
| INCOME TAX BENEFIT (EXPENSE) | $1.5M | -$27.0K | $140.0K |
| NET LOSS | -$27.9M | -$13.4M | -$1.7M |
| Foreign currency translation adjustment | -$5.0K | -$8.0K | |
| COMPREHENSIVE LOSS | -$27.9M | -$13.4M | -$1.7M |
| Basic | -$0.23 | -$0.13 | -$0.02 |
| Diluted | -$0.23 | -$0.13 | -$0.02 |
| Basic | 120.7M shares | 102.2M shares | 101.6M shares |
| Diluted | 120.7M shares | 102.2M shares | 101.6M shares |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 7 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2018-06-30 |
|---|---|---|---|---|---|
| Cash | $4.0M | $5.2M | |||
| Trade receivables, net | $456.0K | $1.1M | |||
| Loan receivables, net | $5.9M | $12.6M | |||
| Interest receivables | $847.0K | $162.0K | |||
| Other receivables, prepayments and deposits, net | $4.1M | $471.0K | |||
| Total current assets | $15.3M | $19.6M | |||
| Property, plant and equipment, net | $29.4M | $44.9M | |||
| Operating lease right-of-use assets, net | $4.0K | $26.0K | |||
| Intangible assets, net | $1.2M | $1.4M | |||
| Long-term loan receivables, net | $1.8M | $977.0K | |||
| Long-term investments, net | $9.0M | ||||
| Goodwill | $12.3M | $12.3M | $385.0K | $385.0K | |
| Total non-current assets | $53.8M | $59.6M | |||
| Total assets | $69.1M | $79.2M | $70.3M | ||
| Amount due to a shareholder | $1.5M | ||||
| Accounts payable | $1.2M | $1.6M | |||
| Other payables and accrued liabilities | $15.0M | $1.9M | |||
| Deferred Revenue | $0 | $87.0K | |||
| Operating lease liability, current | $4.0K | $22.0K | |||
| Customer deposits | $5.0K | $5.0K | |||
| Taxes payable | $385.0K | $769.0K | |||
| Total current liabilities | $16.6M | $5.9M | |||
| Operating lease liability, non-current | $4.0K | ||||
| Non-current Deferred tax liabilities | $3.4M | $5.0M | |||
| Total non-current liabilities | $3.4M | $5.0M | |||
| Total liabilities | $20.0M | $10.9M | |||
| Ordinary shares, $0.004 par value, 500,000,000 shares authorized, 122,160,166 and 112,510,166 issued and outstanding as of December 31, 2025 and 2024, respectively | $488.0K | $450.0K | |||
| Additional paid-in-capital | $165.5M | $156.8M | |||
| Accumulated deficit | -$116.9M | -$89.0M | |||
| Accumulated other comprehensive loss | -$10.0K | -$5.0K | |||
| Total shareholders' equity | $49.0M | $68.2M | $60.6M | $62.2M | |
| Total liabilities and shareholders' equity | $69.1M | $79.2M | |||
| Preferred stock, par value | $0.00 | $0.00 | |||
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | 10.0M shares | ||
| Preferred stock, shares issued | 0 shares | 0 shares | |||
| Preferred stock, shares outstanding | 0 shares | 0 shares | |||
| Ordinary shares, par value | $0.00 | $0.00 | |||
| Ordinary shares, shares authorized | 500.0M shares | 500.0M shares | |||
| Ordinary shares, shares issued | 122.2M shares | 112.5M shares | |||
| Ordinary shares, shares outstanding | 122.2M shares | 112.5M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2018-06-30 | 2010-02-28 | 2008-01-31 |
|---|---|---|---|---|---|---|---|
| Cash | $4.0M | $5.2M | |||||
| Trade receivables, net | $456.0K | $1.1M | |||||
| Loan receivables, net | $5.9M | $12.6M | |||||
| Interest receivables | $847.0K | $162.0K | |||||
| Other receivables, prepayments and deposits, net | $4.1M | $471.0K | |||||
| Total current assets | $15.3M | $19.6M | |||||
| Property, plant and equipment, net | $29.4M | $44.9M | |||||
| Operating lease right-of-use assets, net | $4.0K | $26.0K | |||||
| Intangible assets, net | $1.2M | $1.4M | |||||
| Long-term loan receivables, net | $1.8M | $977.0K | |||||
| Long-term investments, net | $9.0M | ||||||
| Goodwill | $12.3M | $12.3M | $385.0K | $385.0K | |||
| Total non-current assets | $53.8M | $59.6M | |||||
| Total assets | $69.1M | $79.2M | $70.3M | ||||
| Amount due to a shareholder | $1.5M | ||||||
| Accounts payable | $1.2M | $1.6M | |||||
| Other payables and accrued liabilities | $15.0M | $1.9M | |||||
| Deferred Revenue | $0 | $87.0K | |||||
| Operating lease liability, current | $4.0K | $22.0K | |||||
| Customer deposits | $5.0K | $5.0K | |||||
| Taxes payable | $385.0K | $769.0K | |||||
| Total current liabilities | $16.6M | $5.9M | |||||
| Operating lease liability, non-current | $4.0K | ||||||
| Non-current Deferred tax liabilities | $3.4M | $5.0M | |||||
| Total non-current liabilities | $3.4M | $5.0M | |||||
| Total liabilities | $20.0M | $10.9M | |||||
| Ordinary shares, $0.004 par value, 500,000,000 shares authorized, 122,160,166 and 112,510,166 issued and outstanding as of December 31, 2025 and 2024, respectively | $488.0K | $450.0K | |||||
| Additional paid-in-capital | $165.5M | $156.8M | |||||
| Accumulated deficit | -$116.9M | -$89.0M | |||||
| Accumulated other comprehensive loss | -$10.0K | -$5.0K | |||||
| Total shareholders' equity | $49.0M | $68.2M | $60.6M | $62.2M | |||
| Total liabilities and shareholders' equity | $69.1M | $79.2M | |||||
| Preferred stock, par value | $0.00 | $0.00 | |||||
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | 10.0M shares | 1.0M shares | |||
| Preferred stock, shares issued | 0 shares | 0 shares | |||||
| Preferred stock, shares outstanding | 0 shares | 0 shares | |||||
| Ordinary shares, par value | $0.00 | $0.00 | |||||
| Ordinary shares, shares authorized | 500.0M shares | 500.0M shares | |||||
| Ordinary shares, shares issued | 122.2M shares | 112.5M shares | |||||
| Ordinary shares, shares outstanding | 122.2M shares | 112.5M shares | 4.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$27.9M | -$13.4M | -$1.7M |
| Depreciation and amortization | $2.3M | $2.2M | $2.1M |
| Bad debt written-off | $184.0K | $0 | $0 |
| Impairment loss of property, plant and equipment | $13.4M | ||
| Deferred income taxes | -$1.6M | -$261.0K | -$250.0K |
| (Reversal of impairment loss) impairment loss of trade receivables | -$241.0K | $243.0K | |
| (Reversal of impairment loss) impairment loss of loan and interest receivables | -$453.0K | $3.5M | -$49.0K |
| Impairment loss (reversal of impairment loss) of other receivables, prepayments and deposits | $99.0K | $2.0K | -$131.0K |
| Loss on change in fair value of convertible notes | $7.7M | ||
| Trade receivables | $737.0K | -$501.0K | -$2.0K |
| Loan receivables | $6.3M | $2.6M | -$7.1M |
| Other receivables and prepayments | -$3.7M | $4.0K | -$113.0K |
| Interest receivables | -$685.0K | -$121.0K | -$37.0K |
| Accounts payable | -$408.0K | $278.0K | |
| Customer deposits | -$83.0K | ||
| Other payables and accrued liabilities | $13.0M | -$616.0K | $1.0M |
| Deferred Revenue | $87.0K | ||
| Taxes payable | -$384.0K | $268.0K | -$208.0K |
| Net cash provided by (used in) operating activities | $807.0K | $2.0M | -$6.5M |
| Purchase of property and equipment | -$117.0K | -$251.0K | -$221.0K |
| Proceeds from acquisition of subsidiaries, net of cash acquired | $743.0K | ||
| Payment on long-term investments | -$9.0M | ||
| Proceeds from refund of deposit for acquisition of a subsidiary | $5.0M | ||
| Net cash (used in) provided by investing activities | -$9.1M | $492.0K | $4.8M |
| Proceeds from short-term loan | $1.3M | ||
| Repayment of short-term loan | -$1.3M | ||
| Proceeds from loan due to a shareholder | $385.0K | $1.9M | |
| Repayment of loan due to a shareholder | -$1.5M | -$769.0K | |
| Proceeds from shares issuance | $12.6M | ||
| Payments on repurchase of shares | -$4.0M | ||
| Net cash provided by (used in) financing activities | $7.1M | -$384.0K | $1.9M |
| EFFECT OF EXCHANGE RATE ON CASH | -$1.0K | -$3.0K | -$1.0K |
| (DECREASE) INCREASE IN CASH | -$1.2M | $2.1M | $163.0K |
| Cash paid for interest | $62.0K | ||
| Cash paid for income taxes | $94.0K | $35.0K | $318.0K |
| Convertible note issued for acquisition of subsidiaries | $13.4M |
No quarter-by-quarter statement was filed.
Corporate structure
Troops, Inc. /Cayman Islands/ sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Troops, Inc. /Cayman Islands/
- Prime Ocean Holdings Ltd Filed SCHEDULE 13D on Troops, Inc. /Cayman Islands/, latest Oct 14, 2026
- Lianteng Ltd Filed SCHEDULE 13D on Troops, Inc. /Cayman Islands/, latest Sep 24, 2026
- WANG & LEE Holdings, Inc. Filed SCHEDULE 13D on Troops, Inc. /Cayman Islands/, latest Sep 24, 2026
- JMD CORPORATE SERVICES Ltd Filed SCHEDULE 13D on Troops, Inc. /Cayman Islands/, latest Sep 18, 2026
- Troops, Inc. /Cayman Islands/ E9
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Troops, Inc. /Cayman Islands/ reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $59.8M2 Dec 31, 2025 | $59.9M2 Dec 31, 2024 | −0.2% |
| Accumulated depreciation | $15.4M2 Dec 31, 2025 | $13.5M2 Dec 31, 2024 | +14.5% |
| Property and equipment, net | $29.4M2 Dec 31, 2025 | $44.9M2 Dec 31, 2024 | −34.5% |
| Operating-lease assets (leased space) | $4.0K2 Dec 31, 2025 | $26.0K2 Dec 31, 2024 | −84.6% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $12.3M2 Dec 31, 2025 | $12.3M2 Dec 31, 2024 | 0% |
| Intangible assets, net (excluding goodwill) | $1.2M2 Dec 31, 2025 | $1.4M2 Dec 31, 2024 | −9.1% |
| Indefinite-lived intangibles (excluding goodwill) | $37.0K2 Dec 31, 2025 | ||
| Accumulated amortization | $3.2M2 Dec 31, 2025 | $3.1M2 Dec 31, 2024 | +5.3% |
Leadership
Who has led Troops, Inc. /Cayman Islands/, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chair
President
Chief financial officer
- Chief executive officerJohn Wang Mar 7, 2008 to Mar 7, 200811
- ChairRobert J. Eu Mar 7, 2008 to Mar 7, 200812
- PresidentJohn Wang Mar 7, 2008 to Mar 7, 200811
- Chief financial officerHao Wu Sep 4, 2009 to Sep 4, 200913
- Chief financial officerRobert J. Eu Mar 7, 2008 to Mar 7, 200812
Board members and other officers (4)
- Vice President of AcquisitionsStephen N. Cannon Mar 7, 2008 to Mar 7, 200814
- Board memberHao Wu Sep 4, 2009 to Sep 4, 200913
- Board memberJohn Wang Mar 7, 2008 to Mar 7, 200811
- Board memberLee S. Ting Mar 7, 2008 to Mar 7, 200815
Former names
Timeline
- Mar 7, 2008New chief executive John Wang becomes CEO11
Filings
75 filings to the SEC since October 2021: 7 annual reports, 4 large holders, 64 other. The latest 20:
- Oct 15, 20266-K EDGAR
- Oct 14, 2026SCHEDULE 13D EDGAR
- Oct 13, 20266-K EDGAR
- Sep 24, 2026SCHEDULE 13D EDGAR
- Sep 24, 2026SCHEDULE 13D EDGAR
- Sep 18, 2026SCHEDULE 13D EDGAR
- Apr 30, 202620-F EDGAR
- Mar 27, 20266-K EDGAR
- Mar 27, 20266-K EDGAR
- Jan 20, 20266-K EDGAR
- Jan 9, 20266-K EDGAR
- Dec 23, 20256-K EDGAR
- Dec 11, 20256-K EDGAR
- Nov 28, 20256-K EDGAR
- Nov 12, 20256-K EDGAR
- Nov 6, 20256-K EDGAR
- Oct 17, 20256-K EDGAR
- Oct 10, 20256-K EDGAR
- Oct 10, 20256-K EDGAR
- Oct 3, 20256-K EDGAR
The 75 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Prime Ocean Holdings LtdSCHEDULE 13D, 1 filing Oct 14, 202616
- Lianteng LtdSCHEDULE 13D, 1 filing Sep 24, 202617
- WANG & LEE Holdings, Inc.SCHEDULE 13D, 1 filing Sep 24, 202618
- JMD CORPORATE SERVICES LtdSCHEDULE 13D, 1 filing Sep 18, 202619
SEC filer profile
How Troops, Inc. /Cayman Islands/ is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARTroops, Inc. /Cayman Islands/1
- CIK0001412095
- Filer statusAccelerated filer not an emerging growth company; not a shell company4
- Incorporated inCayman Islands4
- Fiscal year endsDecember 311
- Industry code (SIC)6159 Miscellaneous Business Credit Institution1
- SEC reviewing officeOffice of Finance, Division of Corporation Finance1
- Business addressUnit A, 18/F, 8 Fui Yiu Kok Street,, Tsuen Wan, New Territories Hong Kong, China1
- Phone852 2153 39571
- Shares outstanding122,160,166 shares as of Dec 31, 20254
- AuditorAssentSure PAC, Singapore PCAOB ID 6783; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceSep 18, 20071
- Filings340 in all: 6-K (160), SC 13G/A (23), 20-F (18), UPLOAD (16), CORRESP (12), SC 13G (12), F-1/A (9), 3 (8)1
All 32 form types
NT 20-F (8), SC 13D (8), 6-K/A (7), EFFECT (7), 10-Q (6), POS AM (6), 20-F/A (5), 8-K (4), F-1 (4), SCHEDULE 13D (4), F-3 (3), S-1/A (3), 10-K (2), 424B4 (2), 424B5 (2), F-3/A (2), S-8 (2), 424B1 (1), 424B3 (1), 8-A12B (1), 8-A12G (1), CERTNAS (1), RW (1), SC 13D/A (1)
- Latest filingsAnnual report (20-F) Apr 30, 2026
Quarterly report (10-Q) Nov 13, 2009
Latest 8-K (8-K) Dec 11, 2009
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Ordinary shares, par value $0.004 per share | TROO | NASDAQ |
From the cover page of the 20-F filed Apr 30, 2026 (Section 12(b) of the Exchange Act).4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11SEC EDGARJohn Wang, Chief executive officer
- 12SEC EDGARRobert J. Eu, Chair
- 13SEC EDGARHao Wu, Chief financial officer
- 14
- 15SEC EDGARLee S. Ting, Board member
- 16
- 17
- 18
- 19