Business
Expion360 Reports Results for the First Quarter of 2022
REDMOND, OR / ACCESSWIRE / May 13, 2022 / Expion360, Inc. (NASDAQ:XPON), which is focused on the design, assembly, manufacturing and sales of lithium-ion
About this update from Expion360 Inc.
[{"type":"text","content":"REDMOND, OR / ACCESSWIRE / May 13, 2022 / Expion360, Inc. (NASDAQ:XPON), which is focused on the design, assembly, manufacturing and sales of lithium-ion phosphate batteries and supporting accessories for recreational vehicles and marine applications, reported results for the quarter ended March 31, 2022. All comparisons are to the same year-ago period unless otherwise noted.Q1 2022 Financial HighlightsRevenue increased 144% to record $2.2 million.Gross profit increased 213% to $862,000.Gross margin expanded from 31.1% to 40.0%.Achieved first quarterly positive cash flow from operations.Q1 2022 Operational HighlightsOne of the country's largest RV dealer groups became a customer, and initiated the sale and distribution of Expion360's lithium batteries and accessories nationwide.Began selling products to a customer with one of the largest and most well-established battery distribution networks in the U.S.Established a new 10,000 sq. ft. sales and distribution warehouse in Elkhart, Indiana, to support the company's planned nationwide market expansion.Secured a new 30,000 sq. ft. facility in Redmond, Oregon to support a planned new in-house battery pack assembly line and onshoring of this part of the production process.Strengthened company's global supply chain by securing a secondary source for lithium-ion phosphate cells from supplier based in Denmark.Commenced initial public offering (IPO) of common stock. On April 1, the company's common stock commenced trading on the NASDAQ Capital Market, with total net proceeds from the IPO of approximately $15.7 million.Management Commentary\"In Q1, we achieved record revenue and our first quarter of positive cash flow from operations,\" stated John Yozamp, CEO of Expion360. \"This strong performance was the result of the increasing demand for our industry leading lithium-ion batteries and accessories for RV, marine and other mobile and stationary power applications. It also reflects how we have significantly strengthened our distribution channels and expanded our customer base of dealers, wholesalers and OEMs over the past year.\"In February, we took a major step towards onshoring our product assembly by securing a 30,000 sq. ft. facility near our headquarters in Redmond, Oregon. We anticipate this new in-house assembly line will improve our operational efficiencies while creating valuable...