Expion360 Inc., an industry supplier of lithium-ion battery power storage solutions, announced select preliminary, unaudited financial results for the fourth quarter ended Dec. 31, 2024.
Key Financial Highlights for the fourth quarter of 2024:
- Preliminary, unaudited revenue for Q4 2024 in the range of approximately $1.8 to $2 million, up sequentially from $1.4 million in Q3 2024.
- Preliminary, unaudited gross profit for Q4 2024 is expected to be in the range of approximately $350,000 to $450,000, compared to gross profit of $205,000 in the prior year period.
- Preliminary, unaudited net loss for Q4 2024 is expected to be in the range of approximately $450,000 to $350,000, compared to a net loss of $2.2 million in the prior year period as the company continued to invest in new product development and launches. Preliminary, unaudited net loss from operations1 for Q4 2024 is expected to be in the range of approximately $1.3 to $1.2 million.
“In the fourth quarter of 2024, we achieved preliminary unaudited revenue of $1.8 to $2 million, representing strong sequential growth from the third quarter in both the top and bottom lines,” said Brian Schaffner, chief executive officer of Expion360. “We believe we are making significant progress against our goals with the ongoing expansion of our OEM relationships and distribution network to meet the increasing demand for high-quality lithium battery technology from existing and recent new customers including Scout Campers, Alaskan Campers and K-Z Recreational Vehicles. Our progress also expands beyond this vertical, having just announced that we will begin shipping our Home Energy Storage Solutions to our key integration partner, Wellspring Solar, in January 2025. We look forward to providing additional updates regarding the timing of our next conference call and to discussing our financial results for the quarter and year ended Dec. 31, 2024, which are expected to be announced in March 2025.”
1 Net loss from operations reflects the company’s net loss for Q4 2024 less approximately $5.8 million in a change in fair value of the Series A and Series B warrants issued by the company in the quarter ended September 30, 2024, offset by a $5 million contingent liability arising in connection with the warrant issuance, the aggregate of which resulted in a gain in net income of approximately $887,000.
In late December 2024, Expion360 also announced the resignation of Greg Aydelott, chief financial officer of the company, effective December 31, 2024, due to family health concerns. Aydelott intends to remain available to the company on an ongoing basis as a consultant to ensure a smooth transition, Expion360 said in a release.
The company’s board of directors has appointed the company’s chief executive officer, Brian Schaffner, as interim chief financial officer, and principal financial and accounting officer, effective Dec. 31, 2024, and is conducting a search process to identify a new CFO. Schaffner previously served as the CFO of Expion360 from March 2021 through January 2023.
“On behalf of our board of directors, leadership team and employees, I would like to thank Greg for his outstanding service and commitment over the past three years,” said Schaffner. “He has made significant contributions to Expion360’s success, including managing our growth, strengthening our balance sheet, enhancing our planning and budgeting process, and overseeing investments in new technologies and batteries.”
“This has been an incredible journey with talented people, and it has been a privilege to help lead this passionate team,” said Aydelott. “I look forward to following the success of Expion360 for years to come.”
