Nova LifeStyle Announces Fiscal 2024 Financial Results

LOS ANGELES, March 31, 2025 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ:NVFY) ("Nova LifeStyle" or the "Company") today announced financial results for the fiscal year ended December 31, 2024.

Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, "The Company has substantially changed over the last few years. We have improved our day-to-day operations to ensure we have a long-term strategy in place to weather numerous storms, including the implementation of tariffs, the overall economy and uncertainty in the real estate sector. We are in the process of revamping our product line and will continue to look for new products to complement our existing products. It has been a lot of work to move the Company forward and I want to recognize the dedication of our employees who have embraced these changes to put us in a position to be successful."

Financial Results for the Year Ended December 31, 2024:

Net sales for the year ended December 31, 2024 were $9.69 million, a decrease of 13% from $11.09 million for 2023. This decrease in net sales resulted primarily from 39% decrease in sales volume, while partially offset by 43% increase in ...