Revenue contracted by 14.0% in 2025Q4, while operating margins deteriorated to -6.4% as high SG&A expenses of $3.6M eroded gross profits.
| Sales/Revenue | 11.96M | 12.81M | 14.36M | 11.85M | 13M | 6.89M |
| Revenue Growth % | -6.66% | -10.81% | 21.25% | -8.87% | 88.59% | - |
| Cost of Goods Sold | 6.47M | 7.21M | 7.65M | 5.18M | 6.25M | 3.57M |
| COGS % of Revenue | 54.09% | 56.3% | 53.27% | 43.7% | 48.09% | 51.73% |
| Gross Profit | 5.49M | 5.6M | 6.71M | 6.67M | 6.75M | 3.33M |
| Gross Margin % | 45.91% | 43.7% | 46.73% | 56.3% | 51.91% | 48.27% |
| Gross Profit Growth % | -1.92% | -16.59% | 0.63% | -1.17% | 102.81% | - |
| Operating Expenses | 5.68M | 6.25M | 5.61M | 4.34M | 3.26M | 2.18M |
| OpEx % of Revenue | 47.46% | 48.82% | 39.07% | 36.63% | 25.06% | 31.67% |
| Selling, General & Admin | 6.44M | 5.19M | 4.82M | 5.15M | 3.71M | 2.7M |
| SG&A % of Revenue | 53.86% | 40.52% | 33.56% | 43.52% | 28.53% | 39.13% |
| Research & Development | 746.26K | 1.06M | 791.76K | 601.32K | 498.08K | 227.39K |
| R&D % of Revenue | 6.24% | 8.3% | 5.51% | 5.08% | 3.83% | 3.3% |
| Other Operating Expenses | -1.51M | 0 | 0 | 222.42K | 315.34K | 253.37K |
| Operating Income | -185.07K | -656.1K | 1.12M | 2.33M | 3.49M | 1.14M |
| Operating Margin % | -1.55% | -5.12% | 7.83% | 19.67% | 26.85% | 16.6% |
| Operating Income Growth % | 71.79% | -158.33% | -51.72% | -33.24% | 204.93% | - |
| EBITDA | 400.06K | -6.76K | 1.36M | 2.59M | 3.9M | 1.35M |
| EBITDA Margin % | 3.35% | -0.05% | 9.46% | 21.86% | 30.01% | 19.57% |
| EBITDA Growth % | 6017.99% | -100.5% | -47.56% | -33.62% | 189.27% | - |
| D&A (Non-Cash Add-back) | 585.12K | 649.34K | 233.27K | 259.94K | 411.51K | 204.23K |
| EBIT | -185.07K | -656.1K | 1.12M | 3.21M | 4.69M | 1.58M |
| Net Interest Income | -63.51K | 122.23K | -160.74K | -35.7K | -189.97K | -295.11K |
| Interest Income | 0 | 122.23K | 0 | 0 | 0 | 0 |
| Interest Expense | 63.51K | 0 | 160.74K | 35.7K | 189.97K | 295.11K |
| Other Income/Expense | 155.1K | 362.46K | 194.97K | -747.55K | -1.11M | -41.75K |
| Pretax Income | -29.97K | -293.63K | 1.32M | 2.47M | 3.58M | 1.11M |
| Pretax Margin % | -0.25% | -2.29% | 9.19% | 20.81% | 27.57% | 16.17% |
| Income Tax | 100.35K | 278.08K | 504.18K | 375.12K | -525.89K | 227.61K |
| Effective Tax Rate % | -334.85% | -94.7% | 38.2% | 15.22% | -14.68% | 20.43% |
| Net Income | -10.27K | -480.02K | 856.54K | 2.1M | 3.06M | 886.57K |
| Net Margin % | -0.09% | -3.75% | 5.96% | 17.71% | 23.53% | 12.86% |
| Net Income Growth % | 97.86% | -156.04% | -59.16% | -31.41% | 244.94% | - |
| Net Income (Continuing) | -130.32K | -571.72K | 815.65K | 2.88M | 4.11M | 886.57K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -260.33K | -163.6K | -86.81K | -10.76K | -868 | 0 |
| EPS (Diluted) | 0.00 | -0.02 | 0.05 | 0.13 | 0.19 | 0.05 |
| EPS Growth % | 102.73% | -148.46% | -65.08% | -31.58% | 247.99% | - |
| EPS (Basic) | 0.00 | -0.02 | 0.05 | 0.13 | 0.19 | 0.05 |
| Diluted Shares Outstanding | 16.35M | 16.35M | 16.35M | 16.25M | 16.25M | 16.25M |
| Basic Shares Outstanding | 16.35M | 16.35M | 16.35M | 16.25M | 16.25M | 16.25M |
| Dividend Payout Ratio | - | - | 148.96% | 57.2% | - | - |
Cyclical Revenue Volatility
As reported in recent financial filings, Tungray Technologies experienced a 14.0% year-over-year revenue decline in 2025Q4, signaling a persistent struggle to maintain top-line momentum amidst the broader semiconductor and electronics manufacturing downturn that has plagued the company's project-based order book throughout the recent fiscal periods.
The erratic revenue performance, characterized by alternating periods of growth and sharp contraction, suggests that the company's engineer-to-order model is highly sensitive to the capital expenditure cycles of its regional OEM client base. Investors should monitor whether this volatility represents a structural loss of market share or merely the inherent lumpiness of bespoke industrial project cycles.
Based on the provided income statement data, Tungray Technologies has maintained a robust gross margin profile, peaking at 54.2% in 2022Q4 and holding at 43.4% in 2025Q4, which suggests the company retains significant pricing power due to the specialized nature of its precision engineering solutions.
The ability to sustain gross margins above 40% despite revenue fluctuations indicates that the company's proprietary motor and tooling technology provides a defensible niche. However, the inability to translate these high gross margins into consistent operating profitability suggests that the current revenue base is insufficient to cover the fixed costs of its specialized engineering workforce.
According to the company's historical income statements, operating margins have swung from a positive 16.9% in 2022Q4 to a negative 6.4% in 2025Q4, illustrating a lack of operating leverage as administrative and selling expenses fail to scale efficiently with the company's fluctuating project-based revenue streams.
The negative operating income reported in recent quarters implies that the company's fixed cost structure, particularly its R&D and SG&A burden, is currently too heavy for its current throughput. Without a significant increase in standardized product sales, the company may continue to struggle with achieving consistent operating profitability regardless of its gross margin performance.
As evidenced by the income statement, Tungray Technologies' SG&A expenses have remained stubbornly high relative to revenue, reaching $3.6M in 2025Q4, which effectively eroded the $2.8M gross profit and resulted in a net loss for the period, highlighting a critical need for improved expense discipline.
The company's cost structure appears heavily weighted toward fixed engineering and administrative overhead, which does not adjust downward in proportion to revenue declines. This rigidity in the cost base warrants further investigation into management's ability to optimize its operational footprint during periods of reduced demand in the semiconductor and electronics sectors.
Quick answers to the most common questions about buying TRSG stock.
For fiscal year 2025, Tungray Technologies Inc Class A Ordinary Shares (TRSG) reported total revenue of $12.0M. This represents a 73.5% increase compared to $6.9M in 2020.
Tungray Technologies Inc Class A Ordinary Shares (TRSG) reported a net loss of $0.0M for the fiscal year ending 2025.
Tungray Technologies Inc Class A Ordinary Shares (TRSG) reported an operating income of $-0.2M, resulting in an operating profit margin of -1.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Tungray Technologies Inc Class A Ordinary Shares (TRSG) generated $5.5M in gross profit for the year, representing a gross profit margin of 45.9%. This demonstrates the company's core pricing power and production efficiency.