Business
Expion360 Reports 2022 Revenue up 59% to Record $7.2 Million
REDMOND, OR / ACCESSWIRE / March 30, 2023 / Expion360, Inc. (NASDAQ:XPON), an industry leader in lithium-ion battery power storage solutions, reported results
About this update from Expion360 Inc.
[{"type":"text","content":"REDMOND, OR / ACCESSWIRE / March 30, 2023 / Expion360, Inc. (NASDAQ:XPON), an industry leader in lithium-ion battery power storage solutions, reported results for the three- and 12-months ended December 31, 2022. All comparisons are to the same year-ago period unless otherwise noted.Financial HighlightsRevenue increased 8% in the fourth quarter to a record $1.45 million, with full year revenue up 59% to a record $7.2 million.Gross profit increased 39% to $2.3 million for fiscal year 2022.Net loss totaled $1.5 million in Q4, improving from a loss of $4.0 million in the same year-ago period. For the full year, net loss totaled $7.5 million versus $4.7 million in 2021.Approximately $3.3 million of the loss in 2022 was due to non-cash expenses, including stock-based compensation, interest expense, and other one-time costs associated with the company's IPO and new public listing on Nasdaq. Cash and cash equivalents totaled $7.2 million at December 31, 2022, as compared to $8.1 million at September 30, 2022. Inventory on-hand December 31, 2022 totaled $4.5 million, $2.4 million higher than December 31, 2021.Q4 2022 Operational HighlightsSelected as the exclusive strategic supplier of high-capacity lithium-ion batteries for an overland RV trailer to be branded and sold by a top U.S. sports utility vehicle (SUV) manufacturer. Began shipping e360 batteries to the trailer OEM in Q1 2023. Several pre-configured models of the overland trailer with the e360-equipped solar power system are now available for pre-order online and through more than 5,000 SUV dealerships across North America. Pre-orders for a global edition are also being accepted.In December, began shipping battery prototypes to Cube Series, a manufacturer of \"next generation\" RV campers and trailers. Subsequent to the quarter, Cube Series selected Expion360 as its exclusive strategic supplier of high-energy lithium-ion batteries and power system components for its new ultra-lightweight, hard sided foldable camper designed for light duty trucks. Expion360 anticipates production shipments to begin in the second quarter of 2023.Also in December, selected as the exclusive strategic supplier of high-energy lithium-ion batteries for Imperial Outdoors' new line off-grid, extreme overland RV campers. The win built upon a multi-year supplier relationship with the manufacturer. The e36...