RaySharp IPOs, 2020 Financials Examined

By Isabella Cheng, Published Aug 05, 2021, 07:41am EDT

RaySharp has gone public driven by its manufacturing for partners such as Hanwha, Huawei, Lorex, and Swann. However, its financials were mixed as one of these customers declined sharply and another ramped up.

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In this report, IPVM examines RaySharp’s most recent financials including:

  • 2020 revenue up but profits down
  • Q1 2021 performance projections
  • Future financial performance
  • Gross margin concerns
  • Key customer significant sales decline
  • Contrasting sales to different key customers
  • Domestic v. overseas sales
  • First day of trading

For previous coverage on RaySharp, see RaySharp Revealed - Major China OEM For Western Consumer Video Surveillance and RaySharp 4th IPO Run Approved.

Executive *******

********'* ****** ************** **~$*** ******* ***, ~** times *** **** ******* of ~$*** *******, ** 12% ***, ********* ***** *******’***** ****** ***+ **** prospectus*****:

  • ******* **** **% ** $12 ******* *** ** 2020
  • ******* ********************** ** ** **** as *** ******** *****.
  • ***** ******* **** ****** 2 ********** ****** (~** to ~**)
  • ******* **** ****** *** sales **** **% **** 2019 ** ****.

*** ******* ************ *** low ***** ******* (***-***%) compared ** ********* *** Dahua, ***** ********* **** gross ******* ** *** mid-40s%.

Hanwha **** *****, ***** ******* ****

*******, ******'* ********* **** RaySharp ********* ***** ***** bounced **** **** * weaker ****.

2020 ******* ** **%, ******* **** **%

**** ******* **** **% to ~$*** ******* ***, but ******* ****** **% to ~$** ******* ***. Revenue ****** **% ** 2019 *** *** *** returned ** **** ******.

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******** *** * ****** H2 ****, ****** ~$** million ***, ~** ** 2020's *******. ** **** profits **** ~$*.* ******* USD, ~*.** **** ** H1 ****:

IPVM Image********’* ***** ******* “********* significantly” ** ** *** Q4 **** ******* *** pandemic *** “******* ***** control,” ** *******, ********’* General *******, **** ******* **** **** ****** Q&A *******.

No ******** ***** ****** *****

** **** *** ***** any ******** ** ******** selling ***** ******* *** did *** ******* ******* such ***** ** *** IPO *********. **** ** atypical *** *** ***** in **** ***** ***** profited ******* ** **** by ******** **** *******.

Rebound **** *****

********’* ********* ** **** revenue ** ~$** ******* to ** ******* ***, which ***** ** ** ~23-30% **** ** ****. Profits *** ******** ** ~$1.3 ******* ** $*.* million ***, ** ~**-**% from ** ****. ******** the ******* ******** ** impressive, ******** ** ****** off * ******* **** from * **** *** when ***** ***** ***** out:

*** *******'* ********* ****** and *** ****** ********* more ****-**-**** **** ******* to ***** ****. **** is ****** *** ** the ******** ** *** COVID ******** ** *** first ******* ** ****, which ******** ** * larger ******** ** *** Company's ******* *** *** profit; ** *** ***** quarter ** ****, *** domestic ******** ** ***** good ******* *** *** sales ****** ** ******** to ******** ** *** first *******, ***** *** increase ** ********* *******.

Future ********* *********** *********

*** *******'* ******* ****** was ****** ******* **** and ****, ******* ~** from $** ******* ** 2014 ** $*** ******* in ****. *******, ****** has ****** ************* ***** 2018. ******* ** **** has ******** ** **** levels, ***** $*** *******, but ** ** ******* how **** ******** *** grow *** ******* ***** forward.

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*** **** ******** ****** for ********’* *******, ***** shrank **** $** ******* USD ** **** ** $12 ******* *** ** 2020, **** ****** ******* grew.

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Gross ******* ****** *.** ******, *** ******* ***** * *******

********’* ***** ******* ********* 1.83 ****** **** **.**% to **.**% ** ****, due ** * ****** in ******* ***:

*** ******** ** ***** profit ****** ** ****** affected ** *** ********** fluctuation ** ***** ** products **** ********* ***** profit *******.

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******, ******** **** **** low ****** ****** **** in **** **** ** 2019. *******, ****** *** margins ******* * ********** points **** **** ** 2020:

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********’* ***** ******* ******** to ** ** *** low ***-***%, ******** ** industry *********** **** ********* (48%) *** ***** (**%).

Main *********: ***** ********* ** ********

********’* *** ********* ** 2020 ****:

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***** ********* ** ******** as ********’* *** ********, contributing ** **** **** 40% ** *** *******’* revenue. ******** ** *****’* largest ********, **********:

********* ** *****'* ************, the *******'* [********’*] ***** of ******** ** ***** account *** **** **** 60% ** *****'* ******** purchases.

******** ***** **** ***** has "********** ******" *** that *****'* ****-**** ****** do *** ********* ********** impact ********:

*****'* ********** ****** *** mainly *** ** *** investment ** ******** *** development ** ***** **** products *** ******* ********* as **** ** *** increase ** ******* ******* by *** ****** ******, and ***** *** ******* achieved ************* ** **** and *** ********* ********** are *********. *****'* ****-**** losses ** *** ********** a ******** ******* ****** on *** ******'* ********** operations. *******, ** ***** continues ** ***** ****** in *** ****** *** cannot ** ********, ** will **** * ******** adverse ****** ** *** Issuer's ********** **********.

Huawei/RaySharp *********** ******* ****** ** #* ********

** ****, ****** ****** a *** ******** *** RaySharp ******* * *** partnership *** ******* ****** the *******’* #* ******** in ***** ** *****. For ****** ******** ** the ********/****** ***********, ********* ******* ******** *** Surveillance ****** *************.

Lorex ** ********, *** *** **** ** **** ******

***** ************ ** **** a *** ********. ** 2019, **** ***** ** Swann *** ***** ********* 13% *** **%, ************, but ** ****, ***** to **** ********* *** back **. ***** ***** are ** * ****, but ***** ***** *** still ***** *** **** level.

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******** *** **** ***** is ************* *****’* ***-******** battery ********, ********* ** declining ***** ***** *** RaySharp:

*** *******’* ******** *****’* controlling *********** ***** ****** internal ********* ***********. ***** and *** ******* ******** to ******** ****** *********** on ******** ******* ********, but ****** *** ***-******** battery ******** *** *********** to *** ****** ******* Dahua, ********* ** ********* sales *** ********.

2020 ****** ***** *****

******** ****** ******* *** been * ********** *** customer, ** *** *** in *** *** * in ****. ******** **** sold ~$*.* ******* *** in ******* ** ****** in ****, ******** ** $14 ******* ** ****, citing **** ****** ******* Hanwha *** ***’* **** as *** ****** *** this ******** ****:

****** ******* *** ****** to **** *** ************ of *** ******* ***** and *** *** ******* a **** *********** ********* with ***'* ****, * major ******* ** *** U.S. ******. *** *******'* sales ** ****** ** 2020 ******** ** ~$*.* million ***, ***** *** a ******** ******* ****** on ********’* ***** ** Hanwha.

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Domestic ***** ******** *** ** ****** ***********

******** ***** ********* ****** 4x **** ~$*.* ******* USD ** **** ** $13.5 ******* ** **** because ****** ****** * partner:

** ****, *** ******* received * *** ******** strategic ******** ******, ***** caused *** *******'* ******** sales ** ******** ** a % ** *** total *****.

*******, ** ** ******* whether ****** ********** ***** these ******* ************ ** overseas. ************, ********’* ******** sales ********* ********* *** just *-*% ** ***** revenue, *** ** ****, domestic ***** **** ** almost **% ** ***** revenue.

***** ******* ** ***** by *** ********’* ******* market, ********** *** **% of *** ******* ** $88 ******* ***. ******, RaySharp ******** **** *** North ******** ****** *** the ******** ********* *** development, ********* ** ******* Chairman ** ***** * **** **** online *&*.

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Covering ***** *******

*** **** ******** ** publicly ******, **** ***** to ***** ***** ********* results ** * ******* basis ** ****** ********** the ******* *** ***** partner's ***********.

Comments (4)

**** ***** ** ******* that ****** *** ** dropping ******** **********. ** that ***'* *** ****, I ***** ***** **** it ***** * **** idea ** *********** *** expand ***** *** *************. Raysharp *****'* **** ** havet **** ******* *** their ******* **** ******* line ** ***. ***** Owl, *****, *** ***** retail *** ****** ********* have **** ******** *** ages. *** ***** *** is **** *** ***** is ********* ** ***** volume. ** ****** ***** to **** *** ****** product *****, **** ****** probably **** **** ****** control ** **** ********. They **** ** ** a *********** ******* **** when **** ******* *** Samsung **** *** * was ******* ** ***'*. SmartThings *********** *** ********** well ******** ** ****.

*** **** ******, *****, and ********* *** ***** made (** ***** ** are ******** ***** ** the ***'* ****** **********) to **** *** ** market, ** ***** ** prime **** *** ******* Life **** ****** *****.

Agree
Disagree
Informative
Unhelpful
Funny

** *** ******* *** from ******** **** **** it *** ******* *****?

Agree
Disagree
Informative
Unhelpful
Funny

*'* ****** **** **** did. **** ** ***** on ** ********** ***** scanning ***** *** ***** Owl **** **** ** Raysharp ********* **** **** found ** *** ******* retail ***** *** ** site ** ****. ****** way, ** ***** **** slapping **** **** ** cheaply ************ *********** ** only * ******* ******* for *************.

Agree
Disagree
Informative
Unhelpful
Funny

* ******** ****** ******* Techwin (*** ******* - not ********) ******* * long **** ***, *** was ********* **** **** Made ** *****. ****** I ***** * *******’* have **** :)

Agree
Disagree
Informative
Unhelpful
Funny
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