Expion360, maker of lithium-ion battery power storage solutions, reported financial results for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter & Subsequent 2024 Financial & Operational Highlights
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- Q4 revenues totaled $0.9 million, compared to $1.4 million in the prior year period.
- Q4 net loss totaled $2.2 million compared to a loss of $1.5 million in the prior year period as the company continued to invest in new product development and launches.
- Entered the home energy storage market with the introduction of two premium lithium iron phosphate (“LiFePO4”) battery storage solutions that enable residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages.
- Launched next generation GC2 and Group 27 series LiFePO4 batteries designed for use in a variety of applications, including RVs, overland vehicles, van builds, marine vessels and off-grid systems.
- Achieved UL 1973 compliance for 450Ah EX1 batteries, reaffirming commitment to safety and innovation in the rapidly growing lithium battery industry.
- John Yozamp, chief business development officer, co-founder and former chief executive officer, retired.
- Received financing commitments of up to $22.5 million from 3i, LP and Tumim Stone Capital, providing additional operating liquidity and financial flexibility to support IP and product development, and newly launched home energy storage solutions.
“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,” said Brian Schaffner, chief executive officer of Expion360. “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 who then sell our products to end consumers.”
View the full financial report here.
