AG真人官方

Expion360 Reports Fourth Quarter and Full Year 2024 Financial Results

Q4 Sequential Revenue Growth of 43% Driven by New Products and Technologies, and 131% Year over Year

New OEM and Distributor Relationships to Equip New Campers and RVs with Advanced Lithium-Ion Batteries

Began Shipping e360 Home Energy Storage Solutions

REDMOND, Ore., March 31, 2025 (GLOBE NEWSWIRE) -- 听(狈补蝉诲补辩: XPON) (鈥淓xpion360鈥� or the 鈥淐ompany鈥�), an industry leader in lithium-ion battery power storage solutions, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 & Subsequent Financial & Operational Highlights

• Q4 2024 revenue totaled $2.0 million, up 131% from Q4 2023, and 43% sequentially from Q3 2024.
• Began fulfilling purchase orders for its Home Energy Storage Solutions (鈥淗ESS鈥�).
• Signed a non-binding letter of intent with NeoVolta Inc. (鈥淣eoVolta鈥�), a leading innovator in energy storage solutions, providing the framework for a potential collaboration that aims to engineer a state-of-the-art 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鈥檚 advanced lithium-ion batteries as a standard option, enhancing the energy efficiency and reliability of Scout Campers鈥� products.
• Added several new original equipment manufacturers (鈥淥EMs鈥�) 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,鈥� said Brian Schaffner, Chief Executive Officer and Interim Chief Financial Officer of Expion360. 鈥淩evenue 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.

鈥淲e 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.

鈥淲e are working with NeoVolta to combine our strengths toward a potential collaboration that aims to engineer a US-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.

鈥淲e have continued our progress in our Home Energy Storage Solutions vertical, with production shipments听听 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.

鈥淟ooking ahead, we anticipate our new OEM partnerships and distributors to generate incremental revenue of approximately $5.0 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,鈥� concluded Mr. Schaffner.

Fourth Quarter 2024 Financial Summary

Revenue in the fourth quarter of 2024 totaled $2.0 million, an increase of 131% from $0.9 million in the prior year period. The increase was primarily due to increased OEM sales with existing and new customers.

Gross profit in the fourth quarter of 2024 totaled $438,552 or 22.1% of revenue, as compared to $205,114 or 23.9% of revenue in the prior year period. The decrease in gross profit was primarily due to OEM customer discounts issued in connection with higher-volume purchases.

Selling, general and administrative expenses in the fourth quarter of 2024 decreased to $1.6 million compared to $2.4 million in the prior year period. The decrease was primarily due to reductions in salaries related to a lower employee headcount and lower stock-based compensation.

Net loss in the fourth quarter of 2024 totaled $251,647, an 88% improvement from a net loss of $2.2 million in the prior year period. The decrease in net loss was primarily due to our sales growth.

Full Year 2024 Financial Summary

For the year ended December 31, 2024, revenue totaled $5.6 million, decreasing 6.0% from $6.0 million in the prior year. The decrease was primarily attributable to softness in the recreational market during the first two quarters, driving decreases in OEM sales during those same two periods.

Gross profit for the full year of 2024 totaled $1.2 million, a 20.5% gross margin as compared to $1.6 million or 26.3% of revenue in the same year-ago period. The decrease in gross profit was primarily attributable to lower sales volumes due to the slowdown in the RV industry resulting in lower economies of scale on fixed costs, as well as the liquidation of non-core product increasing cost of sales above what they would have been without the liquidation.

Selling, general and administrative expenses for the full year of 2024 decreased 9.6% to $7.9 million compared to $8.7 million in the prior year period. The decrease was primarily due to decreases in legal and professional fees, as well as salaries and benefits, which was partially offset by an increase in license and fee cash premiums paid when making repayment on our convertible note, as well as fees incurred in connection with our termination of our warehouse lease.

Net loss for the year ended December 31, 2024, totaled $13.5 million or $(21.03) per share, compared to net loss of $7.5 million or $(108.25) per share in the prior year. The net loss was primarily the result of $5.0 million in suspended liability expense due to our reverse stock split cash true-up payment provision in the Series A Warrants issued and sold in a public offering we consummated in August 2024, as well as increased interest incurred under our convertible note, and increased settlement expenses.

Cash and cash equivalents totaled $0.5 million as of December 31, 2024, compared to $3.9 million as of December 31, 2023. On January 3, 2025, the Company closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

Net cash used in operating activities totaled $9.6 million for the year ended December 31, 2024, compared to $5.5 million in the prior year period.

The share, per share, and resulting financial amounts in this press release, including prior period metrics, have been adjusted to reflect the reverse stock split of the Company鈥檚 common stock, par value $0.001 per share, which was effective on October 8, 2024.

Fourth Quarter & Full Year 2024 Results Conference Call

Brian Schaffner, Chief Executive Officer of Expion360, will host the conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company鈥檚 website .

To access the call, please use the following information:

A telephone replay will be available approximately three hours after the call and will remain available through April 14, 2025, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 10196334. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available via the investor relations section of the Company鈥檚 website .

About Expion360

Expion360 is an industry leader in premium lithium iron phosphate (LiFePO4) batteries and accessories for recreational vehicles, marine applications, Light EV and residential energy storage.

The Company鈥檚 lithium-ion batteries feature half the weight of standard lead-acid batteries while delivering three times the power and ten times the number of charging cycles. Expion360 batteries also feature better construction and reliability compared to other lithium-ion batteries on the market due to their superior design and quality materials. Specially reinforced, fiberglass-infused, premium ABS and solid mechanical connections help provide top performance and safety. With Expion360 batteries, adventurers can enjoy the most beautiful and remote places on Earth even longer.

The Company is headquartered in Redmond, Oregon. Expion360 lithium-ion batteries are available today through more than 300 dealers, wholesalers, private-label customers, and OEMs across the country. To learn more about the Company, visit .

Forward-Looking Statements

The foregoing material may contain 鈥渇orward-looking statements鈥� within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company鈥檚 business prospects, and can be identified by the use of words such as 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渆xpect,鈥� 鈥減roject,鈥� 鈥渆stimate,鈥� 鈥渁nticipate,鈥� 鈥減lan,鈥� 鈥渂elieve,鈥� 鈥減otential,鈥� 鈥渟hould,鈥� 鈥渃ontinue鈥� or the negative versions of those words or other comparable words. Forward-looking statements included in this press release include, but are not limited to, statements relating to the Company鈥檚 beliefs, plans, and expectations about its operations, product development and pipeline, growth prospects, market opportunity, potential partnership with NeoVolta, the anticipated incremental revenue to be generated from new OEM partnerships and distributors, and the expected timing of the Company鈥檚 next conference call to discuss the Company鈥檚 financial results. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Company Contact:
Brian Schaffner, CEO and Interim CFO
541-797-6714

External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235