RAYANasdaqMotors & GeneratorsUS GAAP · USD

Erayak Power Solution Group Inc.

Erayak Power Solution Group Inc. develops, manufactures, and sells power solution products such as inverters, generators, battery chargers, and related custom products. The company serves mobile, outdoor, agricultural, industrial, and household backup power use cases, with operations centered in China and sales efforts directed toward North America and other export markets.

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Revenue22.9m USD
−24.6 %y/y
Operating profit (EBIT)-1.6m USD
−5.3 %y/y
EBIT margin-7.2%
−2.0 ppy/y
Net income-1.4m USD
−24.5 %y/y
Free cash flow-8.4m USD
+48.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-10010203040m USD2020: 14 m USD2020: EBIT 2.3 m USD20202021: 19 m USD2021: EBIT 3.5 m USD20212022: 27 m USD2022: EBIT 4.1 m USD20222023: 20 m USD2023: EBIT 0.74 m USD20232024: 30 m USD2024: EBIT -1.6 m USD20242025: 23 m USD2025: EBIT -1.6 m USD202523-1.6
RevenueOperating profit (EBIT)
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Business

Share of revenue
Inverters30 %

Power conversion products including sine wave and off-grid inverters for backup and mobile power applications.

Generators30 %

Inverter and gasoline generators used for portable, emergency, and outdoor power needs.

Battery and smart chargers15 %

Charging equipment for batteries and electrical systems in mobile and stationary uses.

Custom-designed products10 %

Tailored power solution products designed to customer specifications or niche applications.

Accessories and related power solutions15 %

Other power solution products and supporting items sold through wholesale and retail channels.

Products

Reported · share of revenue
47.5%42.3%FY2025100 %
  • Inverters47.5 %
  • Gasoline Generators42.3 %
  • Power Bank7.5 %
  • Other Products1.5 %
  • Chargers1.2 %

Source: 20-F/A FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Erayak sells to end users and channel partners that need portable or backup power, including households, RV owners, and outdoor-living customers. Its products are also used in agricultural and industrial vehicles and in electrical appliances, which broadens the customer base beyond consumer backup power. The business model depends on wholesale and retail distribution, so demand is influenced by dealer inventory cycles, seasonal weather events, and adoption in export markets.

Home emergency power buyers

Buy portable generators and inverters for outage backup and storm preparedness.

RV and outdoor consumers

Buy portable power products for travel, camping, and outdoor living use cases.

Agricultural and industrial vehicle users

Buy inverters, chargers, and custom power solutions for mobile equipment.

Wholesale distributors and retailers

Purchase inventory for resale across online and offline channels.

Strategy

Erayak is focused on expanding its product range for North America while strengthening manufacturing and supply-chain resilience. It is also investing in go-to-market and service infrastructure, which suggests a push toward better channel support and more reliable after-sales execution. These priorities are aimed at scaling the business beyond a narrow product set and improving its competitiveness in portable and emergency power categories.

North American product expansionShort term

Broader products increase addressable demand and improve channel relevance in export markets.

Manufacturing localization and supply resilienceMedium term

Shorter, more resilient supply lines reduce disruption risk and improve fulfillment reliability.

Regulatory and safety complianceShort term

Power products must meet market-specific safety rules to enter and remain in key channels.

Go-to-market and service infrastructureMedium term

Distribution and support capabilities are important for wholesale, retail, and end-user adoption.

Geography

2025

Erayak is organized around manufacturing in Wenzhou, Zhejiang Province, China, while its commercial strategy targets North America and other export markets. The company has specifically highlighted North America as a focus for product expansion, manufacturing localization, and service infrastructure, which makes that region strategically important. Its geography therefore combines China-based production capability with overseas demand exposure and compliance requirements in destination markets.

China60 %
Australia6.7 %
France6.6 %
United Kingdom5.6 %
Germany4.4 %
Israel3.9 %
Mexico3.8 %
Nigeria3.6 %
Poland3.3 %
Portugal2.5 %

Share of the revenue the company reports by geography.

Risks

Erayak’s business is exposed to demand volatility in portable power products, where weather events and seasonal buying patterns can create abrupt swings in orders. The company also faces execution risk as it expands manufacturing, compliance, and distribution capabilities in North America, alongside typical small-manufacturer risks such as channel dependence, supply-chain disruption, and product-safety exposure.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Seasonal and storm-driven demand volatility1North America market execution risk2Product safety and warranty claims3Supply-chain and manufacturing disruption4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Seasonal and storm-driven demand volatilityImpact: HighLikelihood: High

    Portable generators and emergency power products can spike with weather events and then normalize quickly.

    Exposure: Home emergency power solutions

  2. North America market execution riskImpact: HighLikelihood: Medium

    Expansion depends on product fit, compliance, channel acceptance, and service capability.

    Exposure: North American strategy

  3. Product safety and warranty claimsImpact: HighLikelihood: Medium

    Electrical and fuel-powered equipment can generate defects, recalls, or customer claims.

    Exposure: Inverters and generators

  4. Supply-chain and manufacturing disruptionImpact: MediumLikelihood: Medium

    The company relies on manufacturing and component availability to fulfill export demand.

    Exposure: Production and logistics

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Accounting

Judgemental items
Revenue recognition timing

Wholesale and retail sales may be recognized at shipment or delivery depending on contract terms.

Impact: Affects quarter-to-quarter comparability

Inventory valuation

Seasonal demand and product mix can create excess or obsolete inventory risk.

Impact: Can drive write-downs and margin volatility

Warranty and return accruals

Power products can generate post-sale obligations and customer claims.

Impact: Affects operating expense and liabilities

Depreciation and asset impairment

Manufacturing expansion and new facilities increase fixed assets that must be depreciated and tested.

Impact: Affects operating profit and book value

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Last updated: 28/09/2026

Erayak Power Solution Group Inc. (RAYA) Revenue, Earnings & Financials 2025 – Clarifo