Tungray Technologies Inc(TRSG) - 2023 Q4 - Annual Report

Financial Performance - Total revenues for the six months ended June 30, 2024, increased by 1.5% to $5.4 million, compared to$5.3 million for the same period in 2023[10] - Operating loss for the six months ended June 30, 2024, was $0.9 million, compared to operating income of$0.1 million for the same period in 2023[16] - Net loss for the six months ended June 30, 2024, was $0.8 million, compared to net income of$0.2 million for the same period in 2023[19] - The net loss attributable to Tungray Technologies Inc for the six months ended June 30, 2024, was $814,007, compared to a net income of$203,162 in 2023[26] - The company reported a comprehensive loss of $1,474,158 for the six months ended June 30, 2024, compared to a comprehensive loss of$128,476 in 2023[26] Cost and Expense Analysis - Gross margin for the six months ended June 30, 2024, was 46.7%, down from 53.5% for the same period in 2023[13] - Total costs increased by 16.2% to $2.9 million for the six months ended June 30, 2024, compared to$2.5 million for the same period in 2023[11] - Selling expenses increased by $0.1 million or 38.8$0.2 million for the six months ended June 30, 2023, to $0.3 million for the same period in 2024[15] - Operating expenses increased to$3,483,191 for the six months ended June 30, 2024, up from $2,753,929 in 2023, primarily due to higher general and administrative expenses[26] - Research and development expenses increased to$447,234 for the six months ended June 30, 2024, compared to $430,809 in 2023, indicating continued investment in innovation[26] Revenue Breakdown - Revenues from customized products increased by$0.5 million or 11.6% for the six months ended June 30, 2024[10] - Total revenues for the six months ended June 30, 2024, were $5,435,786, a slight increase from$5,356,424 in the same period of 2023[26] Asset and Liability Overview - Total current assets decreased to $17,978,518 as of June 30, 2024, from$18,528,704 as of December 31, 2023[24] - Total liabilities decreased slightly to $11,011,438 as of June 30, 2024, from$11,335,904 as of December 31, 2023[25] - Cash reserves decreased to $9,965,474 as of June 30, 2024, down from$10,802,405 as of December 31, 2023[24] - Total shareholders' equity increased to $17,092,967 as of June 30, 2024, from$15,714,440 as of December 31, 2023, reflecting improved capital structure[25] Strategic Initiatives - The company is exploring 3D metal printing solutions for high-end sectors such as commercial aviation and oil & gas industries[9] - The company anticipates that current strategic initiatives will help return to a sustained growth trajectory in the upcoming years[9]