Expion360 Inc., an industry leader in lithium-ion battery power storage solutions, reported its financial and operational results for the fourth quarter and full year ended Dec. 31, 2024.
Fourth Quarter 2024 & Subsequent Financial & Operational Highlights
- Q4 2024 revenue totaled $2 million, up 131% from Q4 2023, and 43% sequentially from Q3 2024.
- Began fulfilling purchase orders for its Home Energy Storage Solutions (HESS).
- Signed a non-binding letter of intent with NeoVolta Inc., a leading innovator in energy storage solutions, providing the framework for a potential collaboration that aims to engineer a battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs, marking a significant milestone in the production of American-made batteries.
- Partnered with Scout Campers, a subsidiary of Adventurer Manufacturing, Inc., to equip its high-quality campers with Expion360’s advanced lithium-ion batteries as a standard option, enhancing the energy efficiency and reliability of Scout Campers’ products.
- Added several new original equipment manufacturers and one new distributor reflecting successful ongoing sales efforts to expand customer base across the United States.
- Closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.
Management Commentary
“The fourth quarter of 2024 and early 2025 was highlighted by robust sequential revenue growth, a strengthened balance sheet, and the addition of new OEM customers,” said Brian Schaffner, CEO and interim chief financial officer of Expion360. “Revenue grew sequentially for a fourth consecutive quarter, improving 43% from Q3 2024, demonstrating the successful execution of our efforts to expand sales with our more than 300 resellers across the United States, consisting of dealers, wholesalers, private-label customers and OEMs who then sell our products to end consumers. Year-over-year sales continued to be impacted by the downturn in the RV market with the persistence of high interest rates. We believe the RV market will continue to gain ground through 2025, with shipments remaining steady in the short term and increasing traction heading into next year. In January we took the opportunity to strengthen our balance sheet with the close of a $2.6 million registered direct offering and private placement.
“We are making significant progress against our goals with the ongoing expansion of our OEM relationships and acquisition of several new OEM partnerships. New customers, including Scout Campers, Alaskan Campers and K-Z Recreational Vehicles, are driving demand for high-quality lithium battery technology for their premium campers and vehicles.
“We are working with NeoVolta to combine our strengths toward a potential collaboration that aims to engineer a U.S.-based state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs. A formal engagement would enable us to contribute our expertise in design and engineering, while NeoVolta plans to provide the necessary capital and manpower. Together we expect to bring high-performance, sustainable energy storage solutions to the market to address the growing demand for efficient energy management in both residential and commercial applications.
“We have continued our progress in our Home Energy Storage Solutions vertical, with production shipments beginning in January 2025. We believe the HESS product line will benefit from a fast-growing battery energy storage market, and consumer uptake can rapidly scale with the introduction of products that improve price, flexibility, and integration. We also anticipate HESS will benefit from incentives available through California’s Self-Generation Incentive Program and federal tax credits available through the Inflation Reduction Act for home battery systems.
“Looking ahead, we anticipate our new OEM partnerships and distributors to generate incremental revenue of approximately $5 million for fiscal year 2025, with additional new customers expressing interest across our product line, including our next generation GC2, Group 27, and new Edge batteries. The anticipated revenue growth is expected to increase gross profits by an estimated $1.4 million for fiscal year 2025. We are also highly focused on further development of HESS and the introduction of new technologies and batteries. We look forward to announcements of additional wins and milestones in the months ahead,” concluded Schaffner.
