GPU Texture memory Question

Lets say we have 1024x1024 PNG texture called Texture.png
I Have multiple materials using the same texture, on import the textures were automaticly renamed to .001 .002 .003 etc.
And Im out of GPU memory

Is Texture.png and Texture.001.png just a single texture in the GPU memory or they are occupiing new space with each instance?

if the name of texture is different it loads up to memory as new texture. So using one texture name in different materials should lower the memory usage in your case.