Business
Expion360 Reports Results for the First Quarter of 2023
REDMOND, OR / ACCESSWIRE / May 11, 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 / May 11, 2023 / Expion360, Inc. (NASDAQ:XPON), an industry leader in lithium-ion battery power storage solutions, reported results for the three months ended March 31, 2023. All comparisons are to the same year-ago period unless otherwise noted.Financial HighlightsRevenue up 6% sequentially to $1.5 million in the first quarter.Gross profit increased 40% sequentially to $443,000 in Q1.Net loss totaled $2.0 million, versus a loss of $697,000 in the same year-ago period. Approximately $552,000 of the loss in the first quarter was due to settlement expense plus one-time costs associated with management reorganization, legal and professional.Cash and cash equivalents totaled $5.7 million at March 31, 2023, as compared to $7.2 million at December 31, 2022.Inventory on hand combined with pre-paid/in-transit inventory totaled $5.2 million at March 31, 2023, an increase of $483,000 versus at year end.Q1 2023 Operational HighlightChosen by Xtreme Outdoors pursuant to an exclusive arrangement as a strategic supplier of high-energy lithium-ion batteries and power system components for all of its Little Guy lightweight camper trailers.Selected by Cube Series pursuant to an exclusive arrangement as a strategic supplier of high-energy lithium-ion batteries and power system components for a new ultra-lightweight, hard sided foldable camper designed for light duty trucks. The lightweight camper is available to order today through more than 30 Cube Series dealerships in the U.S. and Canada.Introduced AURA POWERCAP 600™ and AURA POWERCAP 800™, the first accessories that can transform Expion360 Li-ion batteries into a portable 600-watt or 800-watt powerpack.Management Commentary\"In Q1, we generated sequential revenue growth largely due to our expanded product offerings and distribution network, as well as increased OEM market penetration,\" stated Brian Schaffner, CEO of Expion360. \"The revenue decrease from the year-ago quarter was primarily due to an exceptionally large initial stocking order from one of our largest resellers in that year-ago quarter.\"In January, we expanded our product portfolio with the introduction of our AURA POWERCAP battery accessory. It is a great value-add to our existing line of state-of-the-art Li-ion batteries, expanding their usefulness as a mobile power source. The POWERCAP enables overla...