Expion360 Inc., known for its work in lithium-ion battery power storage solutions, revealed its financial and operational results for the fourth quarter and the full year of 2023.
Expion360’s expertise in premium lithium iron phosphate (LiFePO4) batteries extends across recreational vehicles, and marine, residential, and industrial applications.
“The fourth quarter and full year 2023 was highlighted by continued momentum for our existing product line, new product development and launches, and additional operating liquidity,” Brian Schaffner, chief executive officer of Expion360, said in a press release.
For the fourth quarter, Expion360 reported revenues of $0.9 million. This marks a decrease from the $1.4 million recorded in the prior year period. The Q4 net loss for the quarter reached $2.2 million compared to a loss of $1.5 million in the prior year.
“We continued to leverage our superior capacity and flexibility to lead acid competitors with a strong focus on safety, quality, service, and innovation for our more than 300 resellers across the U.S. consisting of dealers, wholesalers, private-label customers and original equipment manufacturers (“OEMs”) who then sell our products to end consumers,” Schaffner said.
Financially, Expion360 has fortified its position by securing financing commitments amounting to up to $22.5 million from 3i, LP, and Tumim Stone Capital, LLC. This infusion of funds will bolster operating liquidity and financial flexibility, supporting ongoing intellectual property and product development initiatives.
Further enhancing its product suite, Expion360 launched next-generation GC2 and Group 27 series LiFePO4 batteries. These batteries are tailored for a wide array of applications, including use in recreational vehicles (RVs), overland vehicles, van builds, marine vessels, and off-grid systems.
“Fourth quarter sales continued to be impacted by the battery business for RVs and the lower sales of such vehicles industry-wide. We anticipate additional orders and new OEM partnerships as the RV market recovers given our marketing initiatives and expanding product line,” Schaffner added.
The company ventured into the home energy storage market, unveiling two premium lithium iron phosphate (LiFePO4) battery storage solutions. These innovations are designed to empower residential and small business customers by facilitating the creation of stable micro-energy grids. Additionally, the company’s 450Ah EX1 batteries have met UL 1973 compliance standards.
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