Erayak Power Solution Group Inc. (RAYA) Income Statement
RAYA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsRAYA revenue and net income
Where RAYA's revenue goes
2025Each bar shows an amount and its share of revenue. RAYA kept −6.1% of revenue as net income.
RAYA profit margins
RAYA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −24.6% | −5.3% | +10.1% | — |
| Gross profit | +22.0% | −9.7% | +5.1% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RAYA quarterly EPS vs estimates
Erayak Power Solution beat the analyst EPS estimate in 0 of the last 3 quarters.
RAYA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $22.9M | $30.3M | $20.3M | $26.9M | $18.6M | $14.1M | $8.9M |
| Cost of revenue | $18.0M | $26.3M | $15.4M | $20.3M | $12.9M | $10.3M | $6.7M |
| Gross profit | $4.9M | $4.0M | $4.9M | $6.6M | $5.7M | $3.8M | $2.3M |
| Research & development | $1.6M | $1.7M | $1.2M | $932,268 | $986,885 | $605,115 | $508,855 |
| Sales, general & admin | $4.7M | $3.1M | $2.8M | $1.5M | $1.1M | $824,869 | $837,231 |
| Total operating expenses | $6.3M | $5.6M | $4.2M | $2.6M | $2.2M | $1.5M | $1.4M |
| Operating income | −$1.5M | −$1.6M | $746,766 | $4.1M | $3.5M | $2.3M | $892,678 |
| Interest income | $389,725 | $10,719 | $88,109 | $26,658 | $34,051 | $15,936 | — |
| Interest expense | $341,685 | $150,160 | $492,104 | $511,143 | $425,868 | $262,600 | $52,927 |
| Income before taxes | −$1.4M | −$1.2M | $1.4M | $3.9M | $3.7M | $2.6M | $1.1M |
| Income taxes | $28,931 | −$66,338 | $193,246 | $437,771 | $301,916 | $385,741 | $158,068 |
| Net income | −$1.4M | −$1.1M | $1.2M | $3.5M | $3.4M | $2.2M | $951,183 |
| EBITDA | $244,000 | $89,688 | $2.8M | $4.9M | $3.7M | $3.0M | $1.3M |
| EPS (diluted) | −$15.53 | −$7.01 | $0.10 | $0.37 | $0.06 | $0.18 | $0.08 |
| Gross margin | 21.3% | 13.2% | 24.3% | 24.6% | 30.4% | 26.9% | 25.2% |
| Operating margin | −6.4% | −5.2% | 3.7% | 15.1% | 18.7% | 16.3% | 10.0% |
| Net margin | −6.1% | −3.7% | 6.0% | 12.9% | 18.2% | 15.7% | 10.6% |
| Mar '26 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.1M | $8.7M | $9.2M | $18.4M | $9.2M | $11.9M | $6.0M | $10.9M | $5.4M | $9.4M | $4.7M | $15.4M |
| Cost of revenue | $11.6M | $7.1M | $7.9M | $15.8M | $7.9M | $10.9M | $5.4M | $8.7M | $4.3M | $6.7M | $3.4M | $12.7M |
| Gross profit | $2.5M | $1.6M | $1.3M | $2.5M | $1.3M | $1.1M | $573,802 | $2.2M | $1.1M | $2.7M | $1.4M | $2.8M |
| Research & development | $319,313 | $769,813 | $421,328 | $842,656 | $421,328 | $817,383 | $414,007 | $695,242 | $347,621 | $468,819 | $240,851 | $372,250 |
| Sales, general & admin | — | — | $818,501 | $1.9M | $818,501 | $799,880 | $799,880 | $1.4M | $404,599 | $1.5M | $566,008 | $530,224 |
| Total operating expenses | $3.5M | $2.3M | $1.4M | $2.8M | $1.4M | $2.4M | $1.2M | $2.1M | $573,642 | $2.1M | $989,555 | $1.1M |
| Operating income | −$1.0M | −$631,468 | −$138,366 | −$276,732 | −$138,366 | −$1.3M | −$644,158 | $86,558 | $43,279 | $660,210 | $330,104 | $1.4M |
| Interest expense | $198,560 | $143,125 | $73,551 | $147,102 | $76,609 | $76,609 | $247,187 | $494,374 | — | $244,917 | $112,922 | $112,922 |
| Income before taxes | −$838,144 | −$522,862 | −$84,812 | −$169,624 | −$42,406 | −$1.1M | −$548,752 | $844,080 | $422,040 | $567,879 | $283,940 | $1.4M |
| Income taxes | $35,138 | −$6,207 | −$27,375 | −$54,750 | $13,687 | −$38,963 | $19,482 | $100,538 | $50,269 | $92,707 | $46,354 | $145,890 |
| Net income | −$873,282 | −$516,655 | −$28,719 | −$57,438 | −$28,719 | −$1.1M | −$529,270 | $743,542 | $371,771 | $475,172 | $237,586 | $1.3M |
| EBITDA | −$355,424 | −$21,483 | $30,457 | $461,303 | $30,457 | −$525,279 | −$541,079 | $287,254 | $143,627 | $1.0M | $423,757 | $1.6M |
| EPS (diluted) | — | −$0.01 | −$0.36 | — | −$0.07 | — | — | — | — | — | — | — |
| Gross margin | 17.8% | 18.7% | 13.9% | 13.9% | 13.9% | 8.9% | 9.6% | 20.2% | 20.2% | 29.0% | 29.1% | 18.0% |
| Operating margin | −7.2% | −7.2% | −1.5% | −1.5% | −1.5% | −10.8% | −10.8% | 0.8% | 0.8% | 7.0% | 7.0% | 9.4% |
| Net margin | −6.2% | −5.9% | −0.3% | −0.3% | −0.3% | −8.9% | −8.9% | 6.8% | 6.8% | 5.0% | 5.0% | 8.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RAYA's financial statements (latest annual report filed April 29, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RAYA financial results
In fiscal year 2025 (ended December 31, 2025), Erayak Power Solution reported revenue of $22.9 million, down 24.6% from the year before. It had a net loss of $1.4 million, a net profit margin of −6.1%. Diluted earnings per share came to −$15.53. Over five years revenue grew at an average rate of 10.1% a year.
See the RAYA stock overview for the latest quote and news, or the RAYA chart for price history and technical indicators.
RAYA income statement FAQ
What is Erayak Power Solution's annual revenue?
Erayak Power Solution reported total revenue of $22.9 million for fiscal year 2025, which ended on December 31, 2025. That was down 24.6% from $30.3 million the previous year.
Is Erayak Power Solution profitable?
No. Erayak Power Solution reported a net loss of $1.4 million in fiscal 2025, a net profit margin of −6.1%; its operating margin was −6.4%.
What is Erayak Power Solution's gross margin?
Erayak Power Solution's gross margin was 21.3% in fiscal 2025: for every $100 of revenue, Erayak Power Solution kept $21 after the direct cost of its products and services.
How much does Erayak Power Solution spend on research and development?
Erayak Power Solution spent $1.6 million on research and development in fiscal 2025, 7.0% of revenue.
How fast is Erayak Power Solution growing?
Revenue grew 10.1% a year on average over the last five fiscal years, from $14.1 million to $22.9 million.
What are Erayak Power Solution's earnings per share?
Erayak Power Solution earned $-15.53 per diluted share in fiscal 2025, compared with $-7.01 a year earlier.
When does Erayak Power Solution's fiscal year end?
Erayak Power Solution's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 29, 2026.