Expion360, maker of lithium-ion battery power storage solutions, reported financial results for the third quarter ended Sept. 30.
All third quarter 2023 comparisons are to the same year-ago period unless otherwise noted.
Q3 2023 highlights:
- Revenues totaled $1.9 million, up 10% sequentially and up 37% from the same year-ago period.
- Gross profit increased 17% to $473,000.
- Net loss totaled $1.8 million compared to a loss of $1.3 million in the same year-ago quarter as the company continued to invest in new product development and launches.
- Expanded sales and distribution partnership with Meyer Distributing. Meyer’s distribution network includes more than 90 warehousing facilities across the U.S. and Canada that service thousands of customers and hundreds of dealers.
- Expion360 Li-ion batteries are now available through more than 300 dealers, wholesalers, private-label customers and OEMs nationwide, up from 213 at the end 2022.
- Advanced the company’s industry leadership and competitiveness with introduction of new 12 Volt 450 Ah e360 SmartTalk lithium iron phosphate (LiFePO4) battery based on breakthrough cell technology that increases energy density by more than 32% versus traditional 3.4 Ah 26650 cells.
View the full financial report here.