Tungray Technologies Inc
TRSG · Construction, Mining & Materials Handling Machinery & Equip · EDGAR filings ↗
Grade
D50Small Singapore/China ETO industrial manufacturer with decent revenue growth but a loss year and negative cash generation.
Strengths
- Revenue growth ~22% (76.5th pct) and gross margin 45.9% (57th pct)
- Adequate liquidity: current ratio 1.94, quick ratio 1.59, ~9 quarters cash runway
Risks
- Slightly negative net (-1.1%) and operating (-1.5%) margins with net income down 70% (21st pct); negative FCF margin -24.6%
- Heavy China exposure (68% of ops) plus Cayman/VIE-style governance and PCAOB/HFCAA overhang
Notable findings
- Net lossNet loss (net margin -1.1%)
- Cash burnNegative free cash flow (-3.8M)
- Customer concentration~80% of revenue from one customer/distributor — During the year ended December 31, 2024, 80%, 5%, and 15% of our revenues were generated from these three business lines, respectively
Key metrics
Gross margin
45.9%
Operating margin
-1.5%
Net margin
-1.1%
Return on equity
-0.9%
Return on assets
-0.6%
Revenue growth (QoQ)
22.0%
Current ratio
1.9×
Free cash flow
-$4M
Tangible book value
$18M
Cash & investments
$9M
Cash runway
9q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-23 | 2025-12-31 | 0001096906-26-000600 ↗ |
| 20-F | 2025-05-14 | 2024-12-31 | 0001096906-25-000785 ↗ |
| 20-F | 2024-04-26 | 2023-12-31 | 0001575872-24-000407 ↗ |