Erayak Power Solution Group Inc. Reports 437% Increase in Generator Sales in the First Half of 2022

Rhea-AI Summary

Erayak Power Solution Group (Nasdaq: RAYA) reported a substantial increase in generator sales, achieving US$3.65 million in the first half of 2022, a 437% rise from US$835 thousand in the same period of 2021. Driven by the ongoing Russia-Ukraine crisis, 65% of sales target Europe. The company has received orders for over 30,000 generators in three months and added production lines to meet demand. Erayak plans to launch hybrid inverters and dual-fuel generators to address the growing energy needs.

Positive

• Sales surged by 437% in H1 2022 compared to H1 2021.
• Received orders for over 30,000 generators in three months.
• 65% of generator sales are directed towards Europe.
• Three new production lines added to increase capacity.
• Plans to launch new hybrid and dual-fuel generator products.

Negative

• None.

Wenzhou, China, Dec. 28, 2022 (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, is pleased to provide the following information concerning the Company’s generator sales in 2022.

For the first half of 2022, sales of the Company’s generators were US$3.65 million, a 437% increase compared to US$835 thousand in the first half of 2021. Generator sales in the second half of 2021 were US$720 thousand and the generator sales in the second half of 2022 are expected to continue similar growth rate as seen in the first half of 2022.  The increase in generator sales is due to the continuous impact of the Russia-Ukraine situation this year, resulting in an unprecedented energy crisis that has significantly increased demand for the Company's generators. 65% of generator sales are ultimately distributed to Europe.

Erayak Chairman & CEO, Mr. Lingyi Kong stated, “EU countries have publicly stated that they will adopt diversified energy supply solutions to end their dependence on Russian natural gas. Erayak is well positioned in this growing industry and will launch hybrid inverters, dual-fuel generators, and upgraded gasoline generators in the coming months to meet this rapidly increasing demand coming from Europe.” The Company has received new orders for more than 30,000 generators in the past three months. In order to increase production capacity, the Company has added three generator production lines in total this year.

About Erayak Power Solution Group Inc.

Erayak specializes in the manufacturing, research and development, and wholesale and retail of power solution products. Erayak’s product portfolio includes sine wave and off-grid inverters, inverter and gasoline generators, battery and smart chargers, and custom-designed products. Our products are used principally in agricultural and industrial vehicles, recreational vehicles, electrical appliances, and outdoor living products. Our goal is to be the premier power solutions brand and a solution for mobile life and outdoor living. For more information, visit www.erayakpower.com.   

Safe Harbor Statement

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us.  We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Investor Relations Contact:
Skyline Corporate Communications Group, LLC
Lisa Gray, Senior Account Manager
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835

Email: lisa@skylineccg.com

FAQ

What were Erayak's generator sales figures for 2022?

Erayak reported generator sales of US$3.65 million in the first half of 2022, a 437% increase from US$835 thousand in the first half of 2021.

How has the Russia-Ukraine crisis impacted Erayak's sales?

The Russia-Ukraine crisis has significantly increased demand for Erayak's generators, leading to a surge in sales.

What percentage of Erayak's generator sales are for Europe?

Approximately 65% of Erayak's generator sales are distributed to Europe.

How many new generator orders did Erayak receive recently?

Erayak received over 30,000 new orders for generators in the past three months.

What new products will Erayak launch to meet increasing demand?

Erayak plans to launch hybrid inverters, dual-fuel generators, and upgraded gasoline generators.