Core Viewpoint - Nova LifeStyle, Inc. has undergone significant changes in operations and product offerings to adapt to market challenges and improve long-term strategy [2] Financial Performance - Net sales for the year ended December 31, 2024, were $9.69 million, a decrease of 13% from $11.09 million in 2023, primarily due to a 39% decrease in sales volume, partially offset by a 43% increase in average selling price [7] - Gross profit for the year was $4.25 million, an increase of $0.08 million compared to $4.17 million in 2023, with a gross profit margin of 44% in 2024, up from 38% in 2023 [7] - The net loss for the year was $5.56 million, an improvement from a net loss of $7.72 million in 2023 [7] Company Overview - Nova LifeStyle, Inc. is a designer and distributor of modern lifestyle furniture, including sofas, dining room furniture, cabinets, and office furniture, targeting middle and upper middle-income consumers in various regions [4]
Nova LifeStyle Announces Fiscal 2024 Financial Results