Expion360 Inc., maker of in lithium-ion battery power storage solutions, reported its financial and operational results for the second quarter ended June 30.
“The second quarter of 2024 was highlighted by an important new partnership, the launch of our next generation battery products and continued sequential revenue growth,” said Brian Schaffner, CEO of Expion360. “Taken together, we are successfully scaling our efforts through the introduction of new technologies, entering new retail markets and expanding into complementary verticals with a portfolio servicing marine, overland and light electric vehicles. We also have two energy storage products currently under development, which includes undergoing the process to obtain UL safety certifications, in addition to other requirements for various Authorities Having Jurisdiction.”
Highlights include:
- Q2 2024 revenue totaled $1.3 million, up 32% sequentially from Q1 2024.
- Q2 2024 net loss totaled $2.2 million compared to a net loss of $1.5 million in the prior year period as the company continued to invest in new product development and launches.
- Closed a firm commitment underwritten public offering with gross proceeds to the company of approximately $10 million, before deducting underwriting discounts and other estimated expenses payable by the company.
- Announced e-commerce retail partnership with Tractor Supply Company (“Tractor Supply”), the largest rural lifestyle retailer in the U.S., to offer Expion360 products online for shipment to customers in 49 states.
- Announced partnership with K-Z Recreational Vehicles (“K-Z RV”), a subsidiary of Thor Industries, Inc., for integration of Expion360’s 51.2V 60Ah Edge Vertical Heat Conduction™ (“VHC™”) heated batteries and new Group 27 12.8V 100Ah VHC™ heated batteries into K-Z RV’s premium offerings.
- Launched the Edge™ battery available in both 12.8V and 51.2V configurations, featuring a slim profile that maximizes available space without compromising performance and is now available for preorder with shipments expected to commence in Q3 2024.
- Received substantial preorders of next generation Group 27 and GC2 series lithium iron phosphate (“LiFePO4″) batteries, which now include our proprietary VHC™ internal heating technology, a patent-pending innovation. Expion360 began taking pre-orders of the new Group 27 and GC2 batteries in Q1 2024 and commenced deliveries in May 2024.
- Released specifications for Home Energy Storage Solutions.
“Sales grew sequentially for a second consecutive quarter, improving 32% from Q1 2024, while year over year sales continued to be impacted by the downturn in the RV market. However, the RV market is now gaining increased momentum, with RV shipments in June 2024 up 8.4% compared to June 2023 according to the RV Industry Association. We are leveraging our products’ superior capacity and flexibility to lead acid competitors and introducing new batteries and improved technologies, to capture market share as RV industry demand returns,” Schaffner said.
“These new products and technologies include our next generation Group 27 and GC2 batteries, which started being delivered to customers in the second quarter of 2024.
“Our products can be found at more than 300 resellers across the United States, consisting of dealers, wholesalers, private-label customers and original equipment manufacturers (OEMs) who then sell our products to end consumers. We recently announced a partnership with KZ RV for integration of Expion360’s 51.2V 60Ah Edge VHC heated batteries and new Group 27 12.8-volt 100Ah VHC heated batteries into KZ RV’s premium offerings, and a new e-commerce retail partnership with Tractor Supply, the largest rural lifestyle retailer in the United States, to offer Expion360 products online for shipment to customers in 49 states.
“Looking ahead, as the RV market recovers, we are well positioned for new orders with our expanding portfolio of advanced batteries, supported by strong marketing initiatives. We are working to secure additional partnerships to expand our list of major resellers and enhance our market penetration,” Schaffner said.