TRSG on Nasdaq
Tungray Technologies Inc
Exempted company1
In its 2026 annual report (Form 20-F) the company says: “The Company is a holding company and is currently not actively engaging in any business.”4 Its shares trade on Nasdaq under the symbol TRSG.1
Price unavailable
Last updated Oct 20, 2026.
Overview
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- TickerTRSG on Nasdaq1
- IndustryConstruction, Mining & Materials Handling Machinery & Equip1
- HeadquartersE91
- Incorporated inCayman Islands3
- Business address#02-01, 31 Mandai Estate, Innovation Place Tower 4, Singapore, U0 7299333
- Filer categoryNon-accelerated filer, Emerging growth company3
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Tungray is an exempted company incorporated with limited liability under the laws of the Cayman Islands on June 1, 2022 with operations conducted primarily through its Singapore Subsidiaries and PRC Subsidiaries. The Company is a holding company and is currently not actively engaging in any business.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
45.9%Gross margin2
-1.5%Operating margin2
-1.1%Net margin2
22.0%Revenue growth, 20252
-0.9%Return on equity2
-$3.8MFree cash flow2
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue54¢$8.5M
- Research and development6¢$975.1K
- Other costs39¢$6.1M
- Income tax1¢$131.1K
Out of $15.6M in revenue.2 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue - products | $15.6M | $12.8M | $14.0M |
| Revenue - related party | $4.8K | $39.3K | $319.5K |
| Total revenues | $15.6M | $12.8M | $14.4M |
| Cost of revenue - products | $8.4M | $7.2M | $7.4M |
| Cost of revenue - related party | $7.1K | $25.3K | $273.1K |
| Total cost of revenues | $8.5M | $7.2M | $7.7M |
| Gross profit | $7.2M | $5.6M | $6.7M |
| Selling expenses | $957.6K | $596.0K | $421.9K |
| General and administrative expenses | $5.5M | $4.6M | $4.4M |
| Research and development expenses | $975.1K | $1.1M | $791.8K |
| Total operating expenses | $7.4M | $6.3M | $5.6M |
| (Loss) Income from operations | -$241.8K | -$656.1K | $1.1M |
| Other income, net | $268.4K | $220.5K | $336.6K |
| Lease income - related party | $17.2K | $19.8K | $19.1K |
| Financial (expense) income, net | -$83.0K | $122.2K | -$160.7K |
| Total other income, net | $202.7K | $362.5K | $195.0K |
| (Loss) Income before income taxes | -$39.2K | -$293.6K | $1.3M |
| Income tax expense | -$131.1K | -$278.1K | -$537.9K |
| Net (loss) income | -$170.3K | -$571.7K | $756.8K |
| Less: net loss attributable to noncontrolling interests | -$156.9K | -$91.7K | -$99.8K |
| Net (loss) income attributable to Tungray Technologies Inc | -$13.4K | -$480.0K | $856.5K |
| Foreign currency translation adjustment | $996.1K | -$735.1K | $114.0K |
| Comprehensive income (loss) | $825.8K | -$1.3M | $870.8K |
| Less: comprehensive loss attributable to noncontrolling interests | -$150.9K | -$99.1K | -$100.1K |
| Total comprehensive income (loss) attributable to Tungray Technologies Inc | $976.8K | -$1.2M | $970.8K |
| Weighted average number of common shares outstanding - basic and diluted | 16.4M shares | 15.9M shares | 15.0M shares |
| Earnings (Loss) per common share - basic and diluted | $0 | -$0 | $0 |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash | $6.6M | $9.0M | ||
| Restricted cash | $19.1K | $503.5K | $0 | |
| Accounts and notes receivable, net | $3.5M | $2.4M | ||
| Accounts receivable - related parties | $82.5K | $327.6K | ||
| Inventories, net | $3.4M | $2.2M | ||
| Prepayments, net | $594.7K | $727.0K | ||
| Prepayments - related parties, net | $3.0M | $3.8M | ||
| Other receivables and other current assets, net | $345.4K | $507.5K | ||
| Other receivables - related parties | $1.2M | $320.4K | ||
| Total current assets | $18.7M | $19.8M | ||
| Prepaid expenses and deposits | $29.2K | $79.1K | ||
| Prepayment for land use right | $0 | $2.0M | ||
| Long-term investment | $2.3M | $205.5K | ||
| Operating right-of-use assets and land use rights | $1.1M | $1.4M | ||
| Finance right-of-use assets | $0 | $221.8K | ||
| Intangible assets, net | $241.8K | $59.1K | ||
| Property and equipment, net | $7.1M | $6.2M | ||
| Total non-current assets | $10.8M | $10.1M | ||
| Total assets | $29.5M | $29.9M | ||
| Accounts payable | $1.9M | $1.4M | ||
| Accounts payable - related parties | $230.7K | $80.0K | ||
| Contract liabilities | $3.2M | $6.1M | ||
| Accrued expenses and other payables | $1.9M | $1.5M | ||
| Other payables - related parties | $791.9K | $338.5K | ||
| Current portion of banking facilities | $93.4K | $80.6K | ||
| Short-term loans - banks | $715.0K | $0 | ||
| Current portion of operating lease liabilities | $218.2K | $184.2K | ||
| Current portion of operating lease liabilities - related party | $118.1K | $168.6K | ||
| Current portion of finance lease liabilities | $0 | $123.8K | ||
| Taxes payable | $557.2K | $703.3K | ||
| Total current liabilities | $9.6M | $10.6M | ||
| Banking facilities | $1.2M | $1.2M | ||
| Operating lease liabilities | $551.9K | $692.3K | ||
| Operating lease liabilities - related party | $38.9K | $190.8K | ||
| Deferred revenue | $57.2K | $0 | ||
| Total non-current liabilities | $1.8M | $2.0M | ||
| Total liabilities | $11.5M | $12.6M | ||
| Additional paid-in capital | $3.1M | $3.1M | ||
| Retained earnings | $15.0M | $15.1M | ||
| Statutory reserves | $248.8K | $248.8K | ||
| Accumulated other comprehensive loss | -$22.0K | -$1.0M | ||
| Total Tungray Technologies Inc shareholders' equity | $18.4M | $17.4M | ||
| NONCONTROLLING INTERESTS | -$334.8K | -$163.6K | ||
| TOTAL EQUITY | $18.0M | $17.3M | $15.7M | $14.8M |
| Total liabilities and equity | $29.5M | $29.9M |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash | $6.6M | $9.0M | ||
| Restricted cash | $19.1K | $503.5K | $0 | |
| Accounts and notes receivable, net | $3.5M | $2.4M | ||
| Accounts receivable - related parties | $82.5K | $327.6K | ||
| Inventories, net | $3.4M | $2.2M | ||
| Prepayments, net | $594.7K | $727.0K | ||
| Prepayments - related parties, net | $3.0M | $3.8M | ||
| Other receivables and other current assets, net | $345.4K | $507.5K | ||
| Other receivables - related parties | $1.2M | $320.4K | ||
| Total current assets | $18.7M | $19.8M | ||
| Prepaid expenses and deposits | $29.2K | $79.1K | ||
| Prepayment for land use right | $0 | $2.0M | ||
| Long-term investment | $2.3M | $205.5K | ||
| Operating right-of-use assets and land use rights | $1.1M | $1.4M | ||
| Finance right-of-use assets | $0 | $221.8K | ||
| Intangible assets, net | $241.8K | $59.1K | ||
| Property and equipment, net | $7.1M | $6.2M | ||
| Total non-current assets | $10.8M | $10.1M | ||
| Total assets | $29.5M | $29.9M | ||
| Accounts payable | $1.9M | $1.4M | ||
| Accounts payable - related parties | $230.7K | $80.0K | ||
| Contract liabilities | $3.2M | $6.1M | ||
| Accrued expenses and other payables | $1.9M | $1.5M | ||
| Other payables - related parties | $791.9K | $338.5K | ||
| Current portion of banking facilities | $93.4K | $80.6K | ||
| Short-term loans - banks | $715.0K | $0 | ||
| Current portion of operating lease liabilities | $218.2K | $184.2K | ||
| Current portion of operating lease liabilities - related party | $118.1K | $168.6K | ||
| Current portion of finance lease liabilities | $0 | $123.8K | ||
| Taxes payable | $557.2K | $703.3K | ||
| Total current liabilities | $9.6M | $10.6M | ||
| Banking facilities | $1.2M | $1.2M | ||
| Operating lease liabilities | $551.9K | $692.3K | ||
| Operating lease liabilities - related party | $38.9K | $190.8K | ||
| Deferred revenue | $57.2K | $0 | ||
| Total non-current liabilities | $1.8M | $2.0M | ||
| Total liabilities | $11.5M | $12.6M | ||
| Additional paid-in capital | $3.1M | $3.1M | ||
| Retained earnings | $15.0M | $15.1M | ||
| Statutory reserves | $248.8K | $248.8K | ||
| Accumulated other comprehensive loss | -$22.0K | -$1.0M | ||
| Total Tungray Technologies Inc shareholders' equity | $18.4M | $17.4M | ||
| NONCONTROLLING INTERESTS | -$334.8K | -$163.6K | ||
| TOTAL EQUITY | $18.0M | $17.3M | $15.7M | $14.8M |
| Total liabilities and equity | $29.5M | $29.9M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net (loss) income | -$170.3K | -$571.7K | $756.8K |
| Depreciation expense | $387.1K | $365.4K | $248.1K |
| Amortization expense | $28.0K | $10.3K | $15.1K |
| Provision for credit losses or doubtful accounts | $31.6K | $217.5K | $191.0K |
| Write-down of inventories | -$5.2K | $129.7K | $6.7K |
| Deferred tax expense (benefits) | $0 | $0 | $74.6K |
| Amortization of operating lease right-of-use assets | $325.6K | $261.8K | $154.5K |
| Amortization of finance lease right-of-use assets | $23.8K | $12.0K | $0 |
| Loss from disposal of property and equipment | $0 | $1.0K | $0 |
| Accounts and notes receivable | -$977.8K | $1.0M | -$1.4M |
| Accounts receivable - related parties | -$516 | -$16.9K | -$218.4K |
| Prepayments | $167.1K | -$530.1K | $275.1K |
| Prepayments - related parties | $734.1K | -$2.9M | -$1.0M |
| Inventories | -$1.0M | -$117.2K | -$909.1K |
| Other receivables and other current assets | -$72.1K | -$335.9K | -$52.2K |
| Prepaid expenses and deposits | $304.3K | -$57.4K | -$1.1K |
| Operating lease receivable - related party | -$21.9K | $0 | $0 |
| Accounts payable | $436.1K | $345.5K | -$25.7K |
| Accounts payable - related party | $378.4K | -$411.1K | $392.8K |
| Contract liabilities | -$3.5M | $2.2M | $2.1M |
| Accrued expenses and other payables | $342.5K | $201.6K | $307.4K |
| Operating lease liabilities | -$144.8K | -$132.5K | -$34.7K |
| Operating lease liabilities - related parties | -$303.2K | -$102.8K | -$204.9K |
| Other payables - related parties | -$58.7K | $18.8K | $0 |
| Taxes payable | $86.4K | -$474.5K | -$295.5K |
| Net cash (used in) provided by operating activities | -$3.0M | -$811.9K | $451.0K |
| Purchases of property, plant and equipment | -$799.3K | -$450.6K | -$43.3K |
| Purchase of intangible assets | -$208.9K | -$15.2K | -$38.0K |
| Disposal of property, plant and equipment | $54.1K | $0 | $0 |
| Prepayment for land use right | $0 | -$2.0M | $0 |
| Disposal a subsidiary | -$478 | $0 | $0 |
| Loans to related parties | -$2.7M | -$301.9K | -$677.8K |
| Repayments from related parties | $2.0M | $0 | $677.3K |
| Net cash used in investing activities | -$1.6M | -$2.8M | -$81.7K |
| Borrowings from related parties | $765.0K | $178.9K | $1.6M |
| Repayments to related parties | $0 | $0 | -$1.5M |
| Proceeds from bank loan | $715.0K | $0 | $282.4K |
| Repayments to bank loan | -$43.0K | -$795.4K | -$1.2M |
| Repayments to third party loans | $0 | $0 | -$194.2K |
| Repayments of finance lease liabilities | -$129.2K | -$119.2K | $0 |
| Dividends payments | -$517.1K | -$1.3M | |
| Capital contribution from noncontrolling interest shareholder | $50.0K | $0 | |
| Proceeds from issuance of shares upon IPO | $5.0M | $0 | |
| Proceeds from issuance of shares pursuant to exercise of over-allotment | $413.9K | $413.9K | $0 |
| Payments of initial public offering costs | -$1.4M | -$475.0K | |
| Net cash provided by (used in) financing activities | $1.3M | $2.8M | -$2.8M |
| Effect of exchange rate change on cash and restricted cash | $553.7K | -$526.6K | $108.1K |
| Net change in cash and restricted cash | -$2.8M | -$1.3M | -$2.3M |
| Interest paid | $66.3K | $66.9K | $91.3K |
| Income tax paid | $178.9K | $746.0K | $664.3K |
| Finance lease right-of-use assets obtained in exchange for finance lease liabilities | $0 | $235.6K | $0 |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $43.3K | $993.8K | $377.0K |
| Termination of operating lease right-of-use asset with lease liability | $0 | -$27.7K | $0 |
| Other receivables - related party offset with other payables - related party upon execution of offset agreement | $0 | $0 | $381.7K |
| Deferred IPO costs transfer to additional paid-in capital upon IPO | $0 | -$1.2M | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
Tungray Technologies Inc sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Tungray Technologies Inc
- Wanjun Yao Filed SCHEDULE 13G/A on Tungray Technologies Inc, latest Jul 7, 2025 (2 filings since Nov 14, 2024)
- Demin Han Filed SC 13G on Tungray Technologies Inc, latest Nov 14, 2024
- Jingan Tang Filed SC 13G on Tungray Technologies Inc, latest Nov 14, 2024
- Mingxing Gao Filed SC 13G on Tungray Technologies Inc, latest Nov 14, 2024
- Tungray Technologies Inc E9
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Tungray Technologies Inc reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $10.1M2 Dec 31, 2025 | $8.8M2 Dec 31, 2024 | +15.2% |
| Accumulated depreciation | $3.0M2 Dec 31, 2025 | $2.6M2 Dec 31, 2024 | +14.4% |
| Property and equipment, net | $7.1M2 Dec 31, 2025 | $6.2M2 Dec 31, 2024 | +15.6% |
| Finance-lease assets | $02 Dec 31, 2025 | $221.8K2 Dec 31, 2024 | −100.0% |
| Operating-lease assets (leased space) | $1.1M2 Dec 31, 2025 | $1.4M2 Dec 31, 2024 | −19.6% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $6.6M2 Dec 31, 2025 | $9.0M2 Dec 31, 2024 | −26.1% |
| Long-term investments | $2.3M2 Dec 31, 2025 | $205.5K2 Dec 31, 2024 | +1006.3% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $241.8K2 Dec 31, 2025 | $59.1K2 Dec 31, 2024 | +308.9% |
| Accumulated amortization | -$130.8K2 Dec 31, 2025 | -$97.5K2 Dec 31, 2024 | −34.2% |
| Finite-lived intangibles, net | $241.8K2 Dec 31, 2025 | $59.1K2 Dec 31, 2024 | +308.9% |
Inventory
Leadership
Who has led Tungray Technologies Inc, and when. Pick a name to see everywhere that person has worked.
- Chief executive officerWanjun Yao Mar 19, 2026 to now8
- Chief financial officerQi Guo Mar 18, 2026 to now9
Board members and other officers (5)
- Chief Technology OfficerLei Yao Mar 19, 2026 to now10
- Interim Chief Exec. OfficerLiling Du Sep 28, 2026 to now11
- Board memberWeston Twigg Mar 18, 2026 to now12
- Board memberWanjun Yao Mar 19, 2026 to now8
- Board memberKevin Vassily Mar 31, 2026 to now13
Timeline
- Mar 19, 2026New chief executive Wanjun Yao becomes CEO8
Filings
75 filings to the SEC since October 2021: 5 annual reports, 8 insider forms, 5 large holders, 57 other. The latest 20:
- Sep 28, 20263 PRIMARY DOCUMENT EDGAR
- Sep 18, 20266-K FORM 6-K FILING EDGAR
- Sep 11, 20266-K FORM 6-K FILING EDGAR
- Aug 18, 20266-K FORM 6-K FILING EDGAR
- Aug 18, 20266-K FORM 6-K FILING EDGAR
- Jul 6, 20266-K FORM 6-K FILING EDGAR
- May 28, 20266-K FORM 6-K FILING EDGAR
- Apr 23, 202620-F TUNGRAY TECHNOLOGIES INC - FORM 20-F SEC FILING EDGAR
- Mar 31, 20263 PRIMARY DOCUMENT EDGAR
- Mar 19, 20263 PRIMARY DOCUMENT EDGAR
- Mar 19, 20263 PRIMARY DOCUMENT EDGAR
- Mar 18, 20263 PRIMARY DOCUMENT EDGAR
- Mar 18, 20263 PRIMARY DOCUMENT EDGAR
- Mar 18, 20263 PRIMARY DOCUMENT EDGAR
- Mar 18, 20263 PRIMARY DOCUMENT EDGAR
- Oct 15, 202520-F/A TUNGRAY TECHNOLOGIES INC - FORM 20-F/A SEC FILING EDGAR
- Sep 30, 20256-K FORM 6-K FILING EDGAR
- Sep 25, 20256-K FORM 6-K FILING EDGAR
- Aug 14, 20256-K TUNGRAY TECHNOLOGIES INC - 6-K EDGAR
- Aug 12, 20256-K TUNGRAY TECHNOLOGIES INC - 6-K EDGAR
The 75 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Wanjun YaoSCHEDULE 13G/A, 2 filings Nov 14, 2024 to Jul 7, 202514
- Demin HanSC 13G, 1 filing Nov 14, 202415
- Jingan TangSC 13G, 1 filing Nov 14, 202416
- Mingxing GaoSC 13G, 1 filing Nov 14, 202417
SEC filer profile
How Tungray Technologies Inc is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARTungray Technologies Inc1
- CIK0001943444
- Filer statusNon-accelerated filer an emerging growth company; not a shell company4
- Incorporated inCayman Islands4
- Fiscal year endsDecember 311
- Industry code (SIC)3530 Construction, Mining & Materials Handling Machinery & Equip1
- SEC reviewing officeOffice of Technology, Division of Corporation Finance1
- Business address#02-01, 31 Mandai Estate, Innovation Place Tower 4, Singapore, U0 7299331
- Phone86137643039191
- Shares outstanding11,793,485 shares; 4,560,000 shares4
- AuditorGuangdong Prouden CPAs GP, Guangzhou, China PCAOB ID 72544
- On EDGAR sinceDec 16, 20221
- Filings75 in all: 6-K (17), CORRESP (10), F-1/A (10), UPLOAD (9), 3 (8), SC 13G (4), 20-F (3), 20-F/A (2)1
All 20 form types
424B4 (1), 6-K/A (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), DRSLTR (1), EFFECT (1), F-1 (1), FWP (1), NT 20-F (1), SCHEDULE 13G/A (1)
- Latest filingsAnnual report (20-F) Apr 23, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Ordinary Shares, par value $0.0001 per share | TRSG | The NASDAQ Stock Market LLC |
From the cover page of the 20-F filed Apr 23, 2026 (Section 12(b) of the Exchange Act).4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8SEC EDGARWanjun Yao, Chief executive officer
- 9SEC EDGARQi Guo, Chief financial officer
- 10SEC EDGARLei Yao, Chief Technology Officer
- 11
- 12SEC EDGARWeston Twigg, Board member
- 13SEC EDGARKevin Vassily, Board member
- 14
- 15
- 16
- 17