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RAYA on Nasdaq

Erayak Power Solution Group Inc.

Erayak Power Solution Group Inc. is a wholly owned subsidiary of Erayak HK.1 It is headquartered in Zhejiang, China.1

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Last updated Oct 21, 2026.

Overview

$22.9MRevenue, fiscal 20252
-$1.4MNet income, fiscal 20252

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  • TickerRAYA on Nasdaq1
  • IndustryMotors & Generators1
  • HeadquartersZhejiang, China1
  • Incorporated inCayman Islands3
  • Business addressNo.528, 4Th Avenue, Binhai Industrial Park, Wenzhou, Zhejiang, F4 3250253
  • Filer categoryNon-accelerated filer, Emerging growth company3

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Wenjie was incorporated on December 11, 2019 in the PRC, and is a wholly owned subsidiary of Erayak HK.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

21.3%Gross margin2
-7.2%Operating margin2
-6.1%Net margin2
-24.6%Revenue growth, 20252
-3.9%Return on equity2
0.10×Debt to equity2
-$8.4MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Inverters brought in 48% of the revenue Erayak Power Solution Group Inc. broke down this way in fiscal 2025.

  1. Inverters$10.9M248%down 23% from 2024
  2. Gasoline Generators$9.7M242%down 3% from 2024
  3. Power Bank$1.7M27%down 65% from 2024
  4. Other Products$332.5K21%down 54% from 2024
  5. Chargers$278.3K21%down 49% from 2024
Products and services by year
Products and services202320242025
Inverters$11.9M$14.1M$10.9M
Gasoline Generators$6.6M$10.0M$9.7M
Power Bank$804.3K$5.0M$1.7M
Other Products$504.8K$726.2K$332.5K
Chargers$544.7K$550.9K$278.3K

Regions

China brought in 80% of the revenue Erayak Power Solution Group Inc. broke down this way in fiscal 2025.

  1. China$13.8M280%down 30% from 2024
  2. United Kingdoms$1.3M27%up 65% from 2024
  3. Mexico$867.5K25%
  4. PL$773.1K24%
  5. PT$573.9K23%
Regions by year
Regions202320242025
China$11.0M$19.6M$13.8M
United Kingdoms$1.1M$781.6K$1.3M
Mexico$867.5K
PL$1.3M$773.1K
PT$573.9K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue79¢$18.0M
  • Research and development7¢$1.6M
  • Other costs14¢$3.2M
  • Income tax0¢$28.9K

Out of $22.9M in revenue.2 The company lost money this year.

Financial statements

Revenue5672$22.9M in 2025+62% since 2020
0$10.0M$20.0M$30.0M$40.0M2020: $14.1M$14.1M20202021: $18.6M$18.6M2021+32%2022: $26.9M$26.9M2022+44%2023: $20.3M$20.3M2023−24%2024: $30.3M$30.3M2024+49%2025: $22.9M$22.9M2025−25%
Gross profit5672$4.9M in 2025+28% since 2020
0$2.0M$4.0M$6.0M$8.0M2020: $3.8M$3.8M20202021: $5.7M$5.7M2021+51%2022: $6.6M$6.6M2022+16%2023: $5.0M$5.0M2023−24%2024: $4.0M$4.0M2024−21%2025: $4.9M$4.9M2025+22%
Operating income5672-$1.6M in 2025
-$2.0M0$2.0M$4.0M$6.0M2020: $2.3M$2.3M20202021: $3.5M$3.5M2021+51%2022: $4.1M$4.1M2022+17%2023: $741.2K$741.2K2023−82%2024: -$1.6M-$1.6M20242025: -$1.6M-$1.6M2025+5%
Net income5672-$1.4M in 2025
-$2.0M0$2.0M$4.0M2020: $2.2M$2.2M20202021: $3.4M$3.4M2021+53%2022: $3.5M$3.5M2022+2%2023: $1.2M$1.2M2023−65%2024: -$1.1M-$1.1M20242025: -$1.4M-$1.4M2025+25%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Sales$22.9M$30.3M$20.3M
Cost of sales-$18.0M-$26.3M-$15.3M
Gross profit$4.9M$4.0M$5.0M
General and administrative-$4.0M-$2.3M-$2.0M
Selling and marketing-$771.2K-$946.3K-$962.5K
Research and development-$1.6M-$1.7M-$1.2M
Bad debt expense-$122.8K-$224.5K-$37.0K
Inventory allowance (provision) / reversal$368.7K-$295.9K-$81.6K
Impairment provision of advance to suppliers-$379.5K-$111.9K$0
Total operating expenses-$6.5M-$5.6M-$4.3M
Operating (loss) income-$1.6M-$1.6M$741.2K
Interest income (expenses), net$48.0K-$139.4K-$402.7K
Rental income, net$153.8K$154.5K$195.3K
Investment loss-$229.2K
Other income, net$308.0K$362.4K$878.1K
Total other income, net$280.8K$377.4K$670.8K
(Loss) income before income taxes-$1.4M-$1.2M$1.4M
Income tax provision-$28.9K$66.3K-$193.2K
Net (loss) income-$1.4M-$1.1M$1.2M
Foreign currency translation adjustment$859.3K-$500.4K-$360.7K
Total comprehensive (loss) income-$530.7K-$1.6M$858.0K
Shares (in Shares)89,497.00 shares22,995.00 shares5,455.00 shares
(Loss) earnings per share (in Dollars per share)-$27.28-$98.34$223.43
Basic (in Shares)51.0K shares11.3K shares5.5K shares
Diluted (in Shares)51.0K shares11.3K shares5.5K shares

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Corporate structure

Erayak Power Solution Group 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 Erayak Power Solution Group Inc.

  • Wang-Ngai Mak Filed SC 13G on Erayak Power Solution Group Inc., latest Jan 24, 2024
  • Erayak Power Solution Group Inc. Zhejiang, China

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Erayak Power Solution Group 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

ItemLatestA year beforeChange
Property and equipment, before depreciation$9.4M2 Dec 31, 2025$3.9M2 Dec 31, 2024+143.0%
Accumulated depreciation$2.3M2 Dec 31, 2025$1.7M2 Dec 31, 2024+35.1%
Property and equipment, net$7.1M2 Dec 31, 2025$2.2M2 Dec 31, 2024+229.2%
Operating-lease assets (leased space)$6.0M2 Dec 31, 2025$6.5M2 Dec 31, 2024−6.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$436.8K2 Dec 31, 2025$1.3M2 Dec 31, 2024−67.0%
Marketable securities, current$4.5M2 Dec 31, 2025$02 Dec 31, 2024
Long-term investments$193.5K2 Dec 31, 2025$411.0K2 Dec 31, 2024−52.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$2.7M2 Dec 31, 2025$62.0K2 Dec 31, 2024+4222.0%
Finite-lived intangibles, gross$77.1K2 Dec 31, 2025$37.3K2 Dec 31, 2024+106.6%
Accumulated amortization$12.4K2 Dec 31, 2025$6.3K2 Dec 31, 2024+95.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$9.7M2 Dec 31, 2025$8.8M2 Dec 31, 2024+10.1%
Raw materials$7.3M2 Dec 31, 2025$7.1M2 Dec 31, 2024+2.9%
Work in process$1.9M2 Dec 31, 2025$1.5M2 Dec 31, 2024+27.8%
Finished goods$520.1K2 Dec 31, 2025$611.0K2 Dec 31, 2024−14.9%

Filings

104 filings to the SEC since October 2021: 5 annual reports, 1 large holders, 98 other. The latest 20:

  1. Oct 14, 20266-K EDGAR
  2. Jul 10, 20266-K EDGAR
  3. Jul 6, 202620-F/A FORM 20-F/A1 EDGAR
  4. Jun 16, 20266-K EDGAR
  5. Jun 5, 20266-K EDGAR
  6. Apr 29, 202620-F EDGAR
  7. Apr 16, 20266-K EDGAR
  8. Apr 9, 20266-K EDGAR
  9. Apr 2, 20266-K EDGAR
  10. Mar 18, 20266-K EDGAR
  11. Mar 18, 2026424B5 EDGAR
  12. Mar 17, 2026424B5 EDGAR
  13. Mar 17, 2026424B3 EDGAR
  14. Mar 5, 20266-K EDGAR
  15. Feb 27, 20266-K/A EDGAR
  16. Feb 6, 20266-K/A EDGAR
  17. Feb 6, 20266-K EDGAR
  18. Jan 23, 20266-K EDGAR
  19. Jan 21, 20266-K EDGAR
  20. Jan 8, 20266-K EDGAR

The 104 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.

  • Wang-Ngai MakSC 13G, 1 filing Jan 24, 20248

SEC filer profile

How Erayak Power Solution Group Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARErayak Power Solution Group Inc.1
  • CIK0001825875
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Industry code (SIC)3621 Motors & Generators1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business addressNo.528, 4Th Avenue, Binhai Industrial Park, Wenzhou, Zhejiang, F4 3250251
  • Phone86-577-868299991
  • Shares outstanding854,094 Common Class A shares; 40,910 Common Class B shares as of Dec 31, 20254
  • AuditorTang Qian & Associates, PLLC, Dallas, Texas PCAOB ID 7080; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 2, 20211
  • Filings106 in all: 6-K (43), CORRESP (11), UPLOAD (9), F-1/A (8), 6-K/A (7), 424B5 (5), 20-F (4), EFFECT (3)1
    All 22 form types

    DRS/A (2), F-3 (2), 20-F/A (1), 424B3 (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRSLTR (1), F-1 (1), F-3/A (1), FWP (1), NT 20-F (1), SC 13G (1)

  • Latest filingsAnnual report (20-F) Apr 29, 2026

Securities registered for trading

ClassSymbolExchange
class A ordinary shares, par value $0.22 per shareRAYANasdaq

From the cover page of the 20-F filed Apr 29, 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.

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