Tungray Technologies Inc. reported its unaudited financial results for the six months ended June 30, 2024, on December 31, 2024. The company experienced a net loss of $0.8 million for the period, a significant decline from the net income of $0.2 million reported in the first half of 2023. Total revenues saw a slight increase of 1.5% to $5.4 million, up from $5.3 million in the prior year.
Gross profit decreased by 11.4% to $2.5 million, down from $2.9 million in the first half of 2023, with gross margin falling to 46.7% from 53.5%. Operating expenses increased by 26.5% to $3.5 million, contributing to a loss from operations of $0.9 million compared to an income from operations of $0.1 million in the same period last year. Diluted earnings per common share were a loss of $0.05 for H1 2024, compared to earnings of $0.01 for H1 2023.
The company also announced a restatement of its previously issued consolidated financial statements for the six months ended June 30, 2023. This restatement was due to improper identification of non-deductible expenses and incorrect useful life used for asset amortization, impacting income tax expense, net income, and foreign currency translation adjustment. Management stated that cost-cutting measures and exploration of 3D metal printing solutions are underway to address challenges.
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