What drove TRON's expense fluctuations since 2022?

TRON's expense fluctuations since 2022 can be attributed to several factors: 1. **Strategic Focus on Long-Duration Program-Centric Business**: TRON has been focusing on securing long-duration program-centric business, which has impacted its backlog. The backlog at the end of Q4 2024 was $47.2 million, compared to $47.8 million for the year prior. This slight decrease reflects the company's continued strategy to prioritize large orders. 2. **Revenue Growth and Margin Improvement**: Despite the slight decrease in backlog, TRON has seen an increase in total revenues, which were $49.0 million for the fiscal year 2024, a 19.1% increase over the previous year. Gross margins improved by 550 basis points to 46.2%, driven by higher revenues and an improved product mix. 3. **Investment in Research and Development**: The increase in revenue was driven by investments in manufacturing processes and an improved product mix. However, this was offset by higher engineering expenses related to R&D and higher sales commissions due to the increase in revenue. 4. **Organic and Inorganic Growth Strategies**: TRON is executing on a strategy of organic growth through design wins with both established and emerging vendors. The company is also emphasizing inorganic growth through partnerships and acquisitions to complement its organic efforts. 5. **Financial Position and Future Prospects**: TRON's financial position is strengthened by its focus on large orders and program-centric business, which provides visibility into future revenues. The company's backlog and revenue growth indicate a positive outlook, despite the fluctuations in expenses. In conclusion, TRON's expense fluctuations since 2022 are primarily driven by its strategic focus on long-duration program-centric business, revenue growth, and investment in R&D, as well as its organic and inorganic growth strategies. These factors have impacted the company's financial performance and future prospects.