TRSG

Total Revenues Increased by 37.0% YoY to $7.4 million Operating Income Increased to $0.3 million from -$0.9 million Net Income Increased to $0.5 million from -$0.8 million SINGAPORE, Sept. 30, 2025 /PRNewswire/ -- Tungray Technologies Inc ("Tungray" or the "Company"), a global Engineer-to-Order (ETO) company, today reported its unaudited financial results for the six months ended June 30, 2025. First Half 202 5 Financial Highlights Total revenues for the six months ended June 30, 2025 increased by 37.0% to $7.4 million, compared to $5.4 million in the same period of 2024. Gross margin for the six months ended June 30, 2025 was 48.6%, compared to 46.7% for the same period in 2024. Operating income for the six months ended June 30, 2025, was $0.3 million, compared to an operating loss of $0.9 million for the same period in 2024. Net income for the six months ended June 30, 2025, was $0.5 million, compared to net loss of $0.8 million for the same period in 2024. Recent Developments and Strategic Highlights: Tungray Drives Revenue Growth and Reduces Costs Revenue Enhancement: To drive sales growth, the Company is exploring potential horizontal strategic partnerships to access new, high-value capabilities. These initiatives include: Introducing new lines of business through potential partnerships with existing companies. Utilizing the "market-for-tech" model to leverage Singapore's hub position for regional business expansion. Exploring technologies and services such as standardized manufacturing of medical components, and contract repair work for aviation components, such as aircraft engine fan blades and turbines. Enhancing sales and market penetration by hiring a dedicated business-focused market and sales manager. This initiative will focus on: Increasing market penetration of non-printer related markets in the Southeast Asia (SEA) region. Focusing primarily on the semiconductor, automotive and non-printer related consumer product sectors. Cost-Cutting Measures: The Company has implemented targeted cost control actions aimed at reducing expenses, enhancing operational efficiency, and renegotiating supplier contracts. These actions include: Identifying and utilizing high-trade volume suppliers. Leveraging volume to negotiate favorable rates for common-use components. Management Commentary Mr. Wanjun Yao, Chairman and Chief Executive Officer of Tungray, commented, "We achieved solid top line growth during the first half of the year with revenue up 37.0% reaching $7.4 million compared to the same period last year. Despite rising raw material and labor costs, our gross margin showed material improvement with gross margin of 48.6% in the first half of the year, compared with 46.7% in the same period last year. This 190 basis points improvement combined with leverage opportunities in our business model helped drive our return to profitability with net income of $0.5 million in the first half of the year, compared with a net loss of $0.8 million in the same period last year." "During the first half of 2025, we invested $0.5 million in R&D, an increase of 6.2% compared to the same period of 2024, demonstrating continued commitment to innovation as we target high-growth areas such as automation equipment, semiconductor-related solutions, and mechatronics. In Singapore, we advanced modularization of equipment components to reduce variance-related costs and rolled out after-sale service initiatives that reinforce our customer-first approach. In addition, we increased R&D in highly automated equipment to meet growing demand. In the mechatronics segment, we benefitted from increased orders linked to rising demand for automotive refrigerators in new energy vehicles (NEVs) during the first half of 2025." "We will continue to allocate resources strategically to ensure long-term product and technology advancement. These initiatives not only support near-term competitiveness but also lay the foundation for sustainable growth. We believe our efforts will enhance Tungray's market presence, create new revenue streams, and deliver greater value for our shareholders as market conditions improve." Mr. Henry Guo, Chief Financial Officer of Tungray, commented, "To remain competitive amidst pricing pressure, we are implementing aggressive cost-cutting measures and pursuing operational efficiencies. At the same time, we are expanding our revenue base by developing higher-margin products, strengthening partnerships, and pursuing new market opportunities." "In the longer term, we believe our business strategies should continue to fuel Tungray's top-line growth and margin expansion." First Half 2025 Financial Results Total Revenues Our total revenues increased by 37.0% to $7.4 million for the six months ended June 30, 2025, compared to $5.4 million for the six months ended June 30, 2024. Revenues from customized products increased by $0.8 million, or 18.4%, compared to the same period in 2024, primarily driven by the sales increase of a major customer during the period. Revenues from standardized products increased by $1.2 million, or 130.6%, compared to the same period in 2024, primarily increased orders driven by rising demand for automotive refrigerators used in new energy vehicles (NEVs) during the first half of 2025. This growth demonstrates the Company's ability to respond to emerging market needs and capitalize on industry trends. Cost of Revenues Total costs increased by 32.0% to $3.8 million for the six months ended June 30, 2025, compared to $2.9 million for the six months ended June 30 2024. The cost of revenues for customized products rose by $0.3 million, or 10.4% compared to the same period ended June 30, 2024, in line with the revenue increase. The cost of revenues for standardized products increased by $0.7 million, or 139.6% compared to the same period ended June 30, 2024, corresponding with the revenue increase. Gross Profit Gross profit was $3.6 million for the six months ended June 30, 2025, up from $2.5 million for the six months ended June 30, 2024. Gross margin was 48.6%, compared to 46.7% for the same period last year. The improvement in gross profit was mainly driven by revenue growth that outpaced cost increases. Gross profit for customized products was $2.7 million for the six months ended June 30, 2025, an increase of 27.7% as compared to $2.1 million for the six months ended June 30, 2024. Gross margin for customized products was 50.4% for the six months ended June 30, 2025, as compared to 46.7% for the six months ended June 30, 2024. Gross profit for standardized products was $0.9 million for the six months ended June 30, 2025, an increase of 120.2% as compared to $0.4 million for the six months ended June 30, 2024. Gross margin for standardized products was 44.3% for the six months ended June 30, 2025, and 46.4% for the six months ended June 30, 2024. Operating Expenses Total operating expenses were $3.3 million for the six months ended June 30, 2025, compared to $3.5 million for the prior year period, representing a 4.1% decrease. Selling expenses increased by 16.3% to $349.0 thousand for the six months ended June 30, 2025, compared to $300.1 thousand for the six months ended June 30, 2024. The increase was mainly due to an increase of salary expenses and travel related expenses for business expansion. General and administrative expenses decreased by 8.0% to $2.5 million from $2.7 million for the six months ended June 30, 2024, reflecting tighter cost management. R&D expenses increased by 6.2% to $475.0 thousand, compared to $447.2 thousand for the same period of last year. The increase was consistent with the R&D plan the Company previously set out. Income (Loss) from operations Income from operations was $0.3 million for the six months ended June 30, 2025, compared to loss from operations of $0.9 million for the six months ended June 30, 2024. Other Income, net Total other income was $0.2 million for the six months ended June 30, 2025 and 2024. Income tax expense Income tax expense decreased by approximately $94.9 thousand, or 75.2%, from $126.2 thousand for the six months ended June 30, 2024 to $31.3 thousand for the six months ended June 30, 2025. Net Income (Loss) Net income was $0.5 million for the six months ended June 30, 2025, compared to net loss of $0.8 million for the six months ended June 30, 2024. About Tungray Technologies Inc Tungray Technologies Inc is an Engineer-to-Order (ETO) company that provides customized industrial manufacturing solutions to original equipment manufacturers (OEMs) in the semiconductors, printers, electronics, and home appliances industries. With research, development and manufacturing bases in Singapore and China, Tungray designs, develops, and delivers a wide range of industrial products ranging from customized manufacturing machineries, direct drive and linear direct current motors, to induction welding equipment. As an ETO company with more than two decades of experience, Tungray takes pride in its ability to deliver quality customized industrial solutions that fulfil its customers' unique needs and specifications. For more information, visit the Company's website at http://tungray.com/. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the SEC. For more information, please contact: Investor Relations: Bill Zima Email: [email protected] View original content:https://www.prnewswire.com/news-releases/tungray-reports-unaudited-2025-first-half-results-revenue-up-37-and-returns-to-profitability-302570552.html

SINGAPORE, Sept. 25, 2025 /PRNewswire/ -- Tungray Technologies Inc (Nasdaq: TRSG) (the "Company" or "TRSG"), a global Engineer-to-Order (ETO) company, today announced the results of the Company's 2025 Annual General Meeting of Shareholders (the "Annual Meeting") held at 10:00 a.m. local time, September 20, 2025 (or 10:00 p.m. Eastern Time, September 19, 2025), at its executive office in Singapore, and virtually by teleconference. At the Annual Meeting, shareholders of the Company: About Tungray Technologies Inc Tungray Technologies Inc is an Engineer-to-Order (ETO) company that provides customized industrial manufacturing solutions to original equipment manufacturers (OEMs) in the semiconductors, printers, electronics, and home appliances industries. With research, development and manufacturing bases in Singapore and China, Tungray designs, develops, and delivers a wide range of industrial products ranging from customized manufacturing machineries, direct drive and linear direct current motors, to induction welding equipment. As an ETO company with more than two decades of experience, Tungray takes pride in its ability to deliver quality customized industrial solutions that fulfil its customers' unique needs and specifications. For more information, visit the Company's website at http://tungray.com/. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the SEC. For more information, please contact: Investor Relations: Bill Zima Email: [email protected] View original content:https://www.prnewswire.com/news-releases/tungray-technologies-inc-announces-results-of-2025-annual-general-meeting-of-shareholders-302566908.html

SINGAPORE, May 14, 2025 /PRNewswire/ -- Tungray Technologies Inc ("Tungray" or the "Company"), a global Engineer-to-Order (ETO) company, today reported its financial results for the twelve months ended December 31, 2024. Full Year 2024 Financial Highlights Total revenues for the year ended December 31, 2024 decreased by 10.8% to $12.8 million, compared to $14.4 million for 2023. Gross margin for the year ended December 31, 2024 was 43.7%, compared to 46.7% for 2023. Operating loss for the year ended December 31, 2024 was $0.7 million, compared to an operating income of $1.1 million for 2023. Net loss for the year ended December 31, 2024 was $0.6 million, compared to net income of $0.8 million for 2023. Recent Developments and Strategic Highlights: Cost-Cutting Measures: The Company has implemented targeted cost control actions aimed at reducing expenses, enhancing operational efficiency, and renegotiating supplier contracts. These actions include: Identifying and utilizing high-trade volume suppliers. Leveraging volume to negotiate favorable rates for common-use components. Revenue Enhancement: To drive sales growth, the Company is exploring potential horizontal strategic partnerships to access new, high-value capabilities. These initiatives include: Introducing new lines of business through potential partnerships with existing companies. Enhancing sales and market penetration by hiring a dedicated business-focused market and sales manager. This initiative will focus on: Increasing market penetration of non-printer related markets in the Southeast Asia (SEA) region. Focusing primarily on the semiconductor, automotive and non-printer related consumer product sectors. Management Commentary Mr. Wanjun Yao, Chairman and Chief Executive Officer of Tungray, commented, "Despite ongoing pressure on revenue and profitability in 2024, we successfully expanded our customer base. This pressure was partly driven by lower revenue per customer, resulting from shifts in sales mix, pricing strategies, order volumes, and broader market conditions. For example, as of year 2024, China and Singapore's manufacturing automation industry was experiencing intense price competition, driven by overcapacity, economic pressures. To address these challenges, we remain focused on strengthening customer retention, enhancing service offerings, and expanding high-value customer relationships to support sustainable revenue growth." "While navigating these market dynamics, we remain committed to delivering sustainable, innovative growth, underscored by a 34.3% increase in R&D year-over-year. In 2024, this investment supported the launch of over a dozen new projects aimed at expanding our product portfolio, accelerating innovation, and strengthening our competitive position. These ongoing efforts are designed to ensure we are well-positioned for long-term success as the market stabilizes." "Looking ahead to 2025 and beyond, we continue to adapt to an evolving market landscape. We are actively exploring 3D metal printing solutions aimed at delivering value-added solutions to both existing and prospective customers in high-end sectors such as commercial aviation, offshore marine, and oil & gas industries. Our focus remains on delivering long-term shareholder value while strategically positioning the company for sustainable growth and success in a dynamic market environment," Mr, Yao added. Fiscal 2024 Financial Results Total Revenues Total revenues decreased by 10.8% to $12.8 million for the year ended December 31, 2024, compared to $14.4 million for the year ended December 31, 2023. Revenues from customized products decreased by $1.6 million or 13.6% for the year ended December 31, 2024, primarily driven by the sales price decrease due to competitive dynamics and strategic decisions to retain market share. Revenues from standardized products increased by $42,000, or 1.6% for the year ended December 31, 2024, mainly due to the increase in sales volume, offset by the reduction in average selling prices across key production lines to retain market share. Cost of Revenues Total costs decreased by 5.7% to $7.2 million for the year ended December 31, 2024, compared to $7.7 million for the year ended December 31, 2023. The cost of revenues for customized products down by $0.5 million, or 9.9% for the year ended December 31, 2024, driven by sales volume decrease. The cost of revenues for standardized products increased by $93,000, or 4.1% for the year ended December 31, 2024, as a result of improved sales volume. Gross Profit Gross profit was $5.6 million for the year ended December 31, 2024, representing a decrease of 16.6% year over year from $6.7 million for the year ended December 31, 2023. Gross margin was 43.7% for the year ended December 31, 2024, compared to 46.7% for 2023. Gross profit for customized products was $5.3 million for the year ended December 31, 2024, a decrease of 16.8% as compared to $6.3 million for the year ended December 31, 2023. Gross margin for customized products was 52.1% for the year ended December 31, 2024, and 54.1% for the year ended December 31, 2023. The decrease was mainly due to the decrease of unit selling prices and the increase of labor costs. Gross profit for standardized products was $0.4 million for the year ended December 31, 2024 compared to $0.4 million for the year ended December 31, 2023. Gross margin for standardized products was 12.0% for the year ended December 31, 2024, and 14.2% for the year ended December 31, 2023. The decrease was due to pricing decrease for retaining the market share. Operating Expenses Total operating expenses were $6.3 million for the year ended December 31, 2024, representing an increase of 11.4% year over year from $5.6 million for the year ended December 31, 2023. Selling expenses increased by $0.2 million or 41.3% from $0.4 million for the year ended December 31, 2023 to $0.6 million for the year ended December 31, 2024. The increase was mainly due to higher advertising, travel, hospitality and compensation expense related to business expansion and efforts to enhance product quality. General and administrative expenses increased by $0.2 million or 4.5% from $4.4 million for the year ended December 31, 2023 to $4.6 million for the year ended December 31, 2024. The increase was mainly due to the increase in (i) professional service fee of approximately $244,000 associated with IPO which are not capitalized, (ii) depreciation expense of approximately $152,000 due to new purchase of machines, and (iii) insurance expenses of approximately $89,000 for Directors and Officers Liability insurance during the year ended December 31, 2024. The increase was offset by the decrease of (i) salaries and wages expenses of approximately $173,000 due to workforce elimination to cut costs during the year ended December 31, 2024, (ii) travel expense, meals and entertainment expense of approximately $72,000 for cost enhancement. R&D expenses increased by 34.3% for the year ended December 31, 2024 as compared with the year ended December 31, 2023. The increase was driven by the previously announced initiatives aimed at strengthening product offerings, advancing innovation, and maintaining market competitiveness. (Loss) Income from operations Loss from operations was $0.7 million for the year ended December 31, 2024, compared to income from operations of $1.1 million for the year ended December 31, 2023. Total Other Income, net Total other income was $0.4 million for the year ended December 31, 2024, compared to total other income of $0.2 for the year ended December 31, 2023. Income tax expense Income tax expense decreased by approximately $0.3 or 48.3%, from $0.5 million for the year ended December 31, 2023 to $0.2 million for the year ended December 31, 2024. Net (Loss) Income Net loss was $0.6 million for the year ended December 31, 2024, compared to net income of $0.8 million for the year ended December 31, 2023. About Tungray Technologies Inc Tungray Technologies Inc is an Engineer-to-Order (ETO) company that provides customized industrial manufacturing solutions to original equipment manufacturers (OEMs) in the semiconductors, printers, electronics, and home appliances industries. With research, development and manufacturing bases in Singapore and China, Tungray designs, develops, and delivers a wide range of industrial products ranging from customized manufacturing machineries, direct drive and linear direct current motors, to induction welding equipment. As an ETO company with more than two decades of experience, Tungray takes pride in its ability to deliver quality customized industrial solutions that fulfil its customers' unique needs and specifications. For more information, visit the Company's website at http://tungray.com/. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's filings with the SEC. For more information, please contact: Investor Relations: Bill Zima Email: [email protected] View original content:https://www.prnewswire.com/news-releases/tungray-technologies-inc-reports-2024-full-year-financial-results-302455834.html SOURCE Tungray Technologies Inc