Business
Erayak Power Solution Group Inc. Reports 44.5% Increase in Revenue, 15.7% Increase in Gross Profit in Fiscal Year 2022
Wenzhou, China, May 18, 2023 (GLOBE NEWSWIRE) -- Erayak Power Solution Group Inc. (“Erayak” or the “Company”) (Nasdaq: RAYA), a leading manufacturer,
About this update from Erayak Power Solution Group Inc.
[{"type":"text","content":"Wenzhou, China, May 18, 2023 (GLOBE NEWSWIRE) -- Erayak Power Solution Group Inc. (“Erayak” or the “Company”) (Nasdaq: RAYA), a leading manufacturer, designer, and exporter of high-quality products in the power supply industry, announced financial results for the fiscal year ended December 31, 2022. Erayak Chairman & CEO, Mr. Lingyi Kong stated, \"We are pleased to report our first earnings report as a public company. Our financial results represent continued momentum in our power solution products, particularly our generator products, which delivered a strong sales result in Europe. This bodes well in our pursuit of expanding our markets globally. We will continue to execute our strategy and capitalize on the positive demand trends for quality and reliable power solution products, and further invest in our research and development efforts to bring new and innovative products to the market.” 2022 Fiscal Year Financial Highlights: Revenues increased by approximately $8.3 million, or 44.5%, to approximately $26.9 million.Gross profit increased by approximately $0.9 million, or 15.7%, to approximately $6.6 million.Net income increased by approximately 2.4% to $3.5 million, or 12.9% of revenue. Operations Summary: Revenues increased by approximately $8.3 million, or 44.5%, to approximately $26.9 million for the year ended December 31, 2022, from approximately $18.6 million for the year ended December 31, 2021. The increase in revenues was primarily driven by the continuous impact of the energy crisis that has significantly increased demand for generators, especially in Europe. For the year ended December 31, 2022, sales to domestic customers increased by approximately $7.4 million, representing a 9.9% growth compared to the previous fiscal year.Gross profit increased by approximately $0.9 million, or 15.7%, to approximately $6.6 million for the year ended December 31, 2022, from approximately $5.7 million for the year ended December 31, 2021. Gross profit margin was 24.6% for the year ended December 31, 2022, compared to 30.7% for the year ended December 31, 2021. The decrease in gross margin was primarily due to the small profit but quick turnover sales policy on generators, which accounted for about 43.8% of total sales.General and administrative expenses increased by approximately $0.2 million, or 34.6% to approximately $0.9 mill...