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Expion360 Reports Record Revenue and Growth in RV and Camping Industries

Expion360, Inc., a leading provider of lithium-ion battery power storage solutions, has announced its financial results for the three- and 12-month periods ending December 31, 2022. 

The company’s performance was marked by record revenues, strong sales growth, and new partnerships within the recreational vehicle (RV) and camping industries.

In the fourth quarter, Expion360 achieved an 8% increase in revenue, reaching a record $1.45 million, while full-year revenue surged 59% to an all-time high of $7.2 million. The company’s gross profit grew by 39% to $2.3 million for the fiscal year 2022, according to a report by Bloomberg.

Net losses in Q4 totaled $1.5 million, a significant improvement from a $4.0 million loss in the same period the previous year. The full-year net loss amounted to $7.5 million, compared to a $4.7 million loss in 2021.

Of note, approximately $3.3 million of the 2022 loss resulted from non-cash expenses such as stock-based compensation, interest expense, and one-time costs associated with Expion360’s initial public offering (IPO) and new public listing on Nasdaq. 

The company’s cash and cash equivalents totaled $7.2 million as of December 31, 2022, compared to $8.1 million at the end of September 2022. As of December 31, 2022, Expion360 had an inventory on hand worth $4.5 million, $2.4 million higher than the previous year.

Expion360’s operational highlights in Q4 2022 showcase the company’s expanding presence in the RV and camping industries. The company was chosen as the exclusive strategic supplier of high-capacity lithium-ion batteries for an overland RV trailer, branded and sold by a top U.S. sports utility vehicle (SUV) manufacturer. 

Expion360 began shipping e360 batteries to the trailer OEM in Q1 2023, and several pre-configured models of the overland trailer equipped with the e360 solar power system are now available for pre-order online and through more than 5,000 SUV dealerships across North America. Global edition pre-orders are also being accepted.

In December, Expion360 began shipping battery prototypes to Cube Series, a manufacturer of innovative RV campers and trailers. 

Following the quarter, Cube Series chose Expion360 as its exclusive strategic supplier of high-energy lithium-ion batteries and power system components for its new ultra-lightweight, a hard-sided foldable camper designed for light-duty trucks. The company anticipates production shipments to commence in the second quarter of 2023.

Moreover, Expion360 was selected as the exclusive strategic supplier of high-energy lithium-ion batteries for Imperial Outdoors’ new line of off-grid, extreme overland RV campers. 

This partnership builds on a multi-year supplier relationship with the manufacturer. The e360-based system enhances summer camping experiences by powering a built-in DC air conditioning unit that requires 2,000 watts to operate, a power requirement not feasible with traditional lead-acid batteries.

Expion360 also submitted applications for two U.S. patents related to its recently introduced AURA POWERCAP 600 and AURA POWERCAP 800. These innovative accessories can transform a standard Expion360 Li-ion battery into a 600-watt or 800-watt portable powerpack. 

The company continues to develop its proprietary battery and power system technology for industrial applications.

Expion360 CEO Brian Schaffner commented on the company’s achievements in 2022, attributing the record revenue to expanded product offerings, distribution networks, and increased OEM market penetration. 

Schaffner also noted that the company’s major expenses were primarily related to the IPO in April, post-IPO expansion efforts, and strategic inventory purchases in anticipation of increased OEM order flow.

During the quarter, Expion360 expanded its sales team by hiring dedicated salespersons for both marine and overland camping market segments. The company also secured a series of significant OEM partnerships, including exclusive strategic supplier agreements with an iconic American SUV brand, Imperial Outdoors, and Cube Series.

These partnerships have raised brand awareness within the camper community and validated Expion360’s battery technology performance and customer support.

Schaffner further outlined the company’s plans to focus on sales and distribution channels, supporting the continued expansion of its distribution network and growing family of OEM partners. 

Expion360 is also preparing to enter new markets, such as home energy storage, with plans to launch a product in 2024 that addresses the ‘Energy Trilemma’ of energy reliability, affordability, and sustainability.

With significant momentum entering 2023 and numerous opportunities being pursued by Expion360’s highly capable sales team, Schaffner expressed optimism that 2023 will be another strong year for the company, benefiting both the RV and camping industries and investors in these sectors.

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Hi, you might find this article from Modern Campground interesting: Expion360 Reports Record Revenue and Growth in RV and Camping Industries! This is the link: https://moderncampground.com/usa/oregon/expion360-reports-record-revenue-and-growth-in-rv-and-camping-industries/