Erayak Power Solution Group Inc.
RAYA · Motors & Generators · EDGAR filings ↗
Grade
D47Small China power-electronics/generator maker with declining revenue and negative margins and returns.
Strengths
- Net income improved off a low base (+25%, 67th pct); adequate current ratio (2.1x)
- Diversified export footprint and ISO/CE/UL certifications
Risks
- Revenue down 25% (9th pct), negative net (-6%) and operating margins, negative ROE/ROA
- Negative FCF, ~2.5-quarter cash runway, and China micro-cap/PRC-listing risk
Notable findings
- Net lossNet loss (net margin -6.1%)
- Cash burnNegative free cash flow (-8.4M)
- Customer concentration~96% of revenue from one customer/distributor — 96%, of our total revenue for the fiscal years ended December 31, 2025, 2024 and 2023, respectively
- Revenue declineRevenue -24.6% YoY
Key metrics
Gross margin
21.3%
Operating margin
-7.2%
Net margin
-6.1%
Return on equity
-3.9%
Return on assets
-2.3%
ROIC
-3.4%
Revenue growth (QoQ)
-24.6%
Debt / equity
0.1×
Current ratio
2.1×
Free cash flow
-$8M
EBITDA
-$1M
Tangible book value
$33M
Cash & investments
$5M
Cash runway
2q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-29 | 2025-12-31 | 0001185185-26-001594 ↗ |
| 20-F | 2025-04-23 | 2024-12-31 | 0001213900-25-034605 ↗ |
| 20-F | 2024-04-16 | 2023-12-31 | 0001213900-24-033441 ↗ |
| 20-F | 2023-05-15 | 2022-12-31 | 0001213900-23-039841 ↗ |