Erayak Power Solution Group Incorporation Class A (RAYA) has released an update.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Erayak Power Solution Group reported a notable 26.39% rise in revenues to $11.94 million for the first half of 2024, driven by increased trade sales from its subsidiary. However, the company faced a significant drop in gross profit by 59.45% due to higher raw material costs for new products. Despite the revenue growth, Erayak ended the period with a net loss of $1.06 million, highlighting the challenges in balancing increased sales with rising operational costs.
For further insights into RAYA stock, check out TipRanks’ Stock Analysis page.
