Nova LifeStyle, Inc. reported its financial results for the fiscal year ended December 31, 2024, with revenue reaching US$9.69 million. This figure represents a 13% decrease from the revenue reported in fiscal year 2023. The company's sales were impacted by various factors, including the implementation of tariffs and broader economic uncertainties.
Despite the decline in revenue, Nova LifeStyle significantly narrowed its net loss for the year, reporting a US$1.48 loss per share. This marks a substantial improvement compared to the US$4.96 loss per share recorded in fiscal year 2023. The reduction in net loss indicates progress in the company's efforts to improve profitability and operational efficiency.
Chairperson and CEO Tawny Lam highlighted the substantial changes within the company over the past few years, emphasizing improved day-to-day operations and a long-term strategy. The company is actively revamping its product line and seeking new products to complement its existing offerings. These initiatives are designed to position the business for future success amidst challenging market conditions.
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