US EditionTungray Technologies Inc Reports 2024 Full Year Financial Results
- Tungray Technologies Inc, a global Engineer-to-Order firm, announced a net loss and a decline in total revenue for the fiscal year concluding on December 31, 2024, in its Singapore report released on May 14, 2025.
- Revenue declined by 10.8% to $12.8 million due to intense price competition and strategic price cuts to maintain market share amid challenging market conditions.
- The company adopted focused measures to manage expenses, renegotiated agreements with suppliers, and pursued strategic partnerships, while boosting R&D spending by 34.3% to foster long-term sustainable growth.
- Chairman and CEO Wanjun Yao emphasized that even with challenges affecting revenue and profits in 2024, the company managed to grow its customer base, reinforcing its commitment to enhancing services and broadening market reach.
- Tungray seeks to enhance long-term shareholder value by leveraging 3D metal printing and high-value sectors such as commercial aviation, while strategically positioning for sustainable growth in a dynamic market.
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Tungray Technologies Inc Reports 2024 Full Year Financial Results
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.
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