Tungray Technologies Inc. has released its consolidated results of operations for the year ended December 31, 2024. The company reported revenues of $12.81 million, a decrease from $14.36 million in 2023 and $16.33 million in 2022. The gross profit for 2024 was $5.60 million, down from $6.71 million in 2023 and $9.27 million in 2022. The company has emphasized its focus on enhancing customer retention strategies and expanding high-value customer relationships, as the average revenue per customer decreased significantly to approximately $70,000 in 2024, compared to $101,000 in 2023 and $124,000 in 2022. Tungray has not entered into any hedging transactions to manage foreign exchange risk, despite having multiple operating entities with different functional currencies, which may affect its financial results due to fluctuations in exchange rates. Overall, Tungray remains committed to investing in technology to drive sustainable revenue growth amid these challenges.
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