Trio-Tech International provides reliability testing services and manufactures testing equipment for the semiconductor industry, with operations in Singapore, Malaysia, Thailand, China, and the U.S. The core business is semiconductor back-end testing, where chip manufacturers and fabless designers outsource the testing of integrated circuits to Trio-Tech's Asian labs. Trio-Tech runs electrical, environmental, and burn-in tests — which stress chips under elevated heat and voltage to screen out early failures — before chips reach end products like automotive electronics, data storage, and communications hardware. Trio-Tech also designs and manufactures burn-in systems, burn-in boards, and related reliability test equipment that customers use in their own facilities. The company operates two segments: Semiconductor Back-end Solutions (SBS), which covers testing services, equipment manufacturing, and value-added distribution, and Industrial Electronics (IE), a smaller segment that sells a broader range of test equipment, electronic components, and calibration and maintenance services to industries beyond semiconductors. Revenue comes from three channels: outsourced testing services, equipment sales, and third-party component distribution. Customer concentration is notable — the top three customers account for nearly half of revenue, and a single customer represents about 21%. The semiconductor testing business is cyclical, tracking semiconductor production volumes and new product cycles, and Trio-Tech's stated strategy is to reduce this cyclicality by growing the IE segment.