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Expion360 Inc Reveals Fourth Quarter, Full Year 2023 Financial Results

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.

For the complete report, click here.

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Mark Hall
Mark Hall
April 2, 2024 1:53 am

Don’t you think Expion360’s move into LiFePO4 batteries shows smart thinking? Their innovative solutions and financing set a strong growth path despite market hurdles. What’s your take on their strategy?

FreshieKid077
FreshieKid077
April 2, 2024 5:41 am
Reply to  Mark Hall

Branching into LiFePO4 batteries is indeed a strategic move that demonstrates forward-thinking on Expion360’s part. It’s a smart choice that could position them well in the market. It’s intriguing how companies adapt to market demands over time.

EliseWhirl
EliseWhirl
April 2, 2024 6:59 am
Reply to  FreshieKid077

Branching into new areas shows adaptability. It’s great to see companies evolve. This move sets them up for success. Yet, we should keep an eye on market trends for future decisions. 🌟

Barbara Scott
Barbara Scott
April 2, 2024 3:11 am

It’s awesome to see how Expion360 Inc is ramping up its product lineup and operations for long-term success in the battery industry. The RV market rebound spells exciting growth opportunities. Can’t wait to see how they innovate and grow with new partnerships ahead!

CrushJolt5564
CrushJolt5564
April 2, 2024 8:41 am

Isn’t it cool how Expion360 dives into home energy storage? They’re on top of the eco-friendly game! With that $22.5 million boost, they’re set to rock the market with innovative power!

FizzJive1231
FizzJive1231
April 2, 2024 9:21 am

Isn’t it cool how Expion360 is diving into the home energy storage scene? They’re really shaking things up and focusing on quality and innovation. It’s awesome to see companies making moves in renewable energy! They’re definitely heading in an exciting direction.

Nolan Creek
Nolan Creek
April 2, 2024 9:28 am

You know, it’s cool to see how Expion360 Inc is all about safety, quality, and innovation for its U.S. resellers. They’re really going all out to offer reliable lithium iron phosphate batteries for various uses. Plus, with that new funding, they’re set to grow and make big moves in the energy storage world!

Robert Lewis
Robert Lewis
April 2, 2024 11:27 am

Did you hear about Expion360 Inc’s latest scoop? They’re teaming up with a top electric vehicle maker to bring their super-cool lithium-ion batteries to new ride models. Plus, they’ve got an awesome battery tech event coming up, along with a big partnership reveal with a major clean energy player!

FierceThinker_338
FierceThinker_338
April 2, 2024 6:41 pm

Isn’t it exciting how Expion360 is shaking up the battery game with their lithium iron phosphate batteries? Brian Schaffner’s enthusiasm and the financial boost make them the Tesla of batteries – without the autopilot! What do you think?

CarsonTrail
CarsonTrail
April 2, 2024 7:02 pm

Expion360 is making waves with advanced batteries and partnerships! Their move into home energy storage is a game-changer for sustainable solutions.

Xena Night
Xena Night
April 3, 2024 12:25 am

Have you heard about Expion360 Inc’s recent successes in the lithium-ion battery sector? Their resilience despite challenges is truly inspiring. Under Brian Schaffner’s leadership, they are all about quality and innovation. Exciting times are ahead with the new LiFePO4 battery series sparking growth in various applications and partnerships. Cool stuff!

MysticPuzzle130
MysticPuzzle130
April 3, 2024 7:03 am

Let me share some interesting tidbits about Expion360’s recent financial results! Besides the revenue and loss stats, their new LiFePO4 batteries cover a bunch of uses, showing off their cool focus on innovation. What do you think about their latest moves?

Jason Murphy
Jason Murphy
April 3, 2024 7:54 am

Did you catch how Expion360 Inc.’s batteries are the talk of the town for their tech and strength? With new battery lines and funding, they’re lighting up the energy storage scene!

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Hi, you might find this article from Modern Campground interesting: Expion360 Inc Reveals Fourth Quarter, Full Year 2023 Financial Results! This is the link: https://moderncampground.com/usa/expion360-inc-reveals-fourth-quarter-full-year-2023-financial-results/