TRT

Microcap semi back-end burn-in test services pivoting into AI GPU + auto-semiconductor reliability testing. Q2 FY2026 +82% YoY revenue (Feb 13), $5.3M burn-in board order for a next-gen AI GPU platform (Mar 17), $10M registered direct closed at ~$9.50 funds capacity expansion (~12% dilution).

• •2026-02-13 — Q2 FY2026 reported +82% YoY revenue, attributed to AI + EV semi reliability test demand
• •2026-03-04 — $2.5M production burn-in order from a leading automotive IDM (customer not disclosed)
• •2026-03-17 — $5.3M burn-in board order for a "next-generation AI GPU platform" — narrative-defining catalyst on a small revenue base
• •2026-04-24/27 — Registered direct offering priced + closed: $10M, 1,052,632 shares at ~$9.50, ~12% dilution on the ~9M-share base. Proceeds earmarked for AI + auto semi capacity expansion.
• •2026-04-15/17/21 — Insider Form 4 filings; direction not yet pulled — material to the read on whether management treated the spike as distribution
• •Snapshot 2026-05-05: price ~$12.54, mcap ~$126M, TTM revenue ~$36.5M, P/S ~3.5x, PE ~100x. Net cash ~$26.5M post-raise vs ~$3M debt. Gross margin 19.7%, slightly negative TTM net margin.
• •Setup tension: real customer wins + clean balance sheet, but the $10M raise priced INTO the parabola (companies raise *because* the stock is hot) and multiples are 2 quarters ahead of the fundamentals.