Los Angeles, March 31, 2025 (Globe Newswire) – Nova Lifestyle, Inc. (Nasdaq: NVFY) (“Nova lifestyle” or “Company”) announced today the financial results for the year ended December 31, 2024.
Tawny Lam, president and chief executive officer of Nova Lifestyle, said: “The company has changed considerably in recent years. We have improved our daily operations to ensure that we have a long -term strategy in place to resist many storms, including the implementation of prices, the global economy and uncertainty in the real estate sector. We are in the process of spanning our product line and will continue to seek products for new products. Work to advance the business and I want to recognize the dedication of our employees who adopted these changes to make us succeed. “”
Financial results for the year ended December 31, 2024:
- Net sales for the year ended on December 31, 2024 were $ 9.69 million, a drop of 13% compared to $ 11.09 million for 2023. This drop in net sales led mainly a 39% drop in sales volume, while being partially counterbalanced by a 43% increase in average sale.
- The gross profit was $ 4.25 million for the financial year ended on December 31, 2024, compared to $ 4.17 million for the same year of 2023, which represents an increase in gross profit of $ 0.08 million. Our gross beneficiary margin was 44% for the year ended on December 31, 2024, against 38% for the same year of 2023. The increase in gross profit and the gross profit margin was mainly the result of the liquidation sales of the jade carpets in Malaysia which came with a low beneficiary margin during the year ended December 31, 2023.
- The net loss was $ 5.56 million for the year ended on December 31, 2024, compared to $ 7.72 million for 2023.
About Nova Lifestyle
Nova Lifestyle, Inc. is a well -established and innovative designer and distributor of modern lifestyle furniture; Mainly sofas, dining room furniture, cabinets, office furniture and related components, bedroom furniture and various accessories, in matching collections. Nova lifestyle products ranges include Nova brands and the diamond sofa (www.diamondsofa.com). Nova products present urban contemporary styles that integrate comfort and features, incorporating high-end luxury drawings that appeal to medium-sized and higher income consumers, in the Middle East, Southeast Asia and elsewhere in the world.
Visit the Nova Lifestyle website to www.novaltifestyle.com.
Prospective declarations
This document includes prospective declarations within the meaning of article 27a of the Securities Act of 1933, as modified, and article 21st of the EXCHANGE ACT SECURITIES of 1934, as modified, in particular, among other things, our expected future growth prospects, our ability to capitalize on future market opportunities and our exploration of acquisition opportunities. All declarations other than historical facts are, or can be considered prospective declarations. In some Cases, Forward-Looking Statements can be identified by the use of Forward-Looking Terms Such as “anticipate,” estimate, “” Believe, “” continuous, “” Inndend, “” May, “” Plan, “” Potential, “” predict, “” Should, “” Will, “” Expect “Objective,“ “Projection,” “Forecast,” “Goal,” “Guidance,” “Outlook,” “Promised,” ““ Target ”,“ trajectory ”or negative of these terms or other comparable terms. However, the absence of these words does not mean that the declarations are not turned forward. These prospective declarations are based on certain hypotheses and analyzes made by us in the light of our experience and our perception of historical tendencies, current conditions and expected future developments, as well as other factors which, in our view, are appropriate in circumstances. All the prospective declarations attributable to us are expressly qualified in their entirety by this notice of warning, including, without limitation, these risks and uncertainties described in our annual report on form 10-K for the year ended December 31, 2024 and our other reports and deposits with dry.
Contact on investors relations
Andrew Barwicki
516-662-9461
Andrew@barwicki.com
ir@novaletifestyle.com
