Tungray Technologies Inc. announced its financial results for the twelve months ended December 31, 2024, on May 14, 2025. The company reported a total revenue decrease of 10.8% to $12.8 million for the year, down from $14.4 million in 2023. This revenue contraction led to a net loss of $0.6 million for the fiscal year 2024, compared to a net income of $0.8 million in 2023.
Gross profit for the year decreased by 16.6% to $5.6 million, with the gross margin falling to 43.7% from 46.7% in 2023. Operating expenses increased by 11.4% to $6.3 million, resulting in a loss from operations of $0.7 million, a reversal from the $1.1 million income from operations in 2023. Net loss attributable to Tungray Technologies Inc. was $480,019, compared to a net income of $856,536 in the prior year.
The company's research and development expenses increased by 34.3% year-over-year in 2024, supporting the launch of over a dozen new projects. Management indicated ongoing cost-cutting measures and continued exploration of 3D metal printing solutions for high-end sectors like commercial aviation, offshore marine, and oil & gas industries. Diluted earnings per share were a loss of $0.03 for FY 2024, compared to earnings of $0.06 for FY 2023.
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