Tungray Technologies Inc.

What they do

The company designs and builds customised industrial automation solutions, including precision linear stages, motion control and automated equipment for manufacturing customers. It is organised around its Singapore base at Innovation Place Tower 4 with subsidiaries that include PRC operating entities. It sells to industrial customers in construction, mining and materials handling machinery and related manufacturing end-markets.

Revenue drivers

• Customised industrial automation equipment — Primary business: designing and building custom automation systems and precision motion equipment for manufacturing customers; this is the core of reported revenue.
• Precision linear stages and motion control products — Product line within the automation offering, addressing positioning and motion requirements for industrial equipment; contributes to the equipment revenue base.
• PRC and Singapore operations — Revenue is generated through the company's Singapore headquarters and its PRC subsidiaries, with the PRC subsidiaries referenced as a distinct reporting group in the filing.

Recent performance

Annual revenue declined from $17.5M in 2021 to a low of $12.8M in 2024 before recovering to $15.6M in 2025. Net income fell from $4.3M in 2021 to $756,761 in 2023 and then turned negative: a $571,717 net loss in 2024 and a $170,277 net loss in 2025. Operating cash flow swung from $6.0M positive in 2021 to negative $451,021 in 2023, negative $811,889 in 2024, and negative $3.0M in 2025. At December 31, 2025 the company reported total assets of $29.5M, total liabilities of $11.5M, shareholder equity of $18.0M and cash and equivalents of $6.6M.

Strategy

The filing is a Form 20-F annual report for the fiscal year ended December 31, 2025, prepared under U.S. GAAP, with the company reporting as a non-accelerated filer. Stated direction, specific investments and priorities are not detailed in the source material provided, which covers the cover page, table of contents and introductory sections rather than a full business or MD&A discussion. The company operates through a Cayman Islands holding structure with Singapore headquarters and PRC subsidiaries. No forward-looking strategic commitments or capital plans can be cited from the excerpts available.

Risks

• Shrinking profitability — Net income has declined every year since 2021 and has been negative for two consecutive years, with a $170,277 net loss in 2025.
• Negative operating cash flow — Operating cash flow has been negative for three straight years, reaching negative $3.0M in 2025 despite positive revenue growth that year.
• PRC regulatory exposure — The filing references PRC subsidiaries and specific PRC rules including the M&A Rules, MOFCOM, CSRC, CAC and the HFCA Act, indicating regulatory and cross-border compliance risk.
• Emerging-growth and smaller-reporting status — The company is a non-accelerated filer and did not use the extended transition period for new or revised accounting standards, limiting financial reporting flexibility.

Outlook

The excerpts provided do not include a management outlook, guidance or forward-looking statement section. Revenue recovered to $15.6M in 2025 from $12.8M in 2024, but both net income and operating cash flow remained negative. No specific targets, investments or milestones are stated in the source material available.