SINGAPORE, Aug. 14, 2025 /PRNewswire/ -- Tungray Technologies Inc (Nasdaq: TRSG, "Tungray" or the "Company"), a global Engineer-to-Order (ETO) company, today announced the appointment of Mr. Qi (Henry) Guo as Chief Financial Officer, effective immediately. Mr. Guo succeeds Ms. Nina Hangyu Qian, who will continue to serve the Company as Senior Director of Finance. Mr. Guo brings to Tungray more than 20 years of corporate finance, investment banking, equity research, and investment management experience, alon ...

Core Insights - Tungray Technologies Inc reported a decrease in total revenues by 10.8% to $12.8 million for the year ended December 31, 2024, compared to $14.4 million in 2023 [4][7] - The company faced challenges in revenue and profitability due to lower revenue per customer and intense price competition in the manufacturing automation industry, particularly in China and Singapore [3][4] - Despite the revenue decline, the company increased its R&D investment by 34.3% year-over-year, supporting the launch of over a dozen new projects aimed at expanding its product portfolio [3][13] Financial Performance - Total revenues decreased by 10.8% to $12.8 million for the year ended December 31, 2024, compared to $14.4 million for 2023 [4][7] - Gross margin decreased to 43.7% in 2024 from 46.7% in 2023, with gross profit declining by 16.6% to $5.6 million [9][4] - Operating loss was $0.7 million for 2024, a significant decline from an operating income of $1.1 million in 2023 [14][4] - Net loss for 2024 was $0.6 million, compared to a net income of $0.8 million in 2023 [17][4] Cost Management and Strategic Initiatives - The company implemented targeted cost control measures to reduce expenses and enhance operational efficiency [3] - Efforts to enhance revenue include exploring horizontal strategic partnerships and introducing new lines of business [5][3] - Selling expenses increased by 41.3% to $0.6 million, primarily due to higher advertising and compensation expenses related to business expansion [11][10] Market Dynamics and Future Outlook - The company is adapting to evolving market conditions and is exploring 3D metal printing solutions for high-end sectors such as commercial aviation and oil & gas [6] - Management emphasized the importance of strengthening customer retention and enhancing service offerings to support sustainable revenue growth [3][6] - The focus remains on delivering long-term shareholder value while strategically positioning the company for sustainable growth [6]