Erayak Power Solution Group Incorporation Class A (RAYA) has released an update.
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.
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