Business
Expion360 Reports Second Quarter 2023 Results
REDMOND, OR / ACCESSWIRE / August 10, 2023 / Expion360, Inc. (NASDAQ:XPON), an industry leader in lithium-ion battery power storage solutions, reported
About this update from Expion360 Inc.
[{"type":"text","content":"REDMOND, OR / ACCESSWIRE / August 10, 2023 / Expion360, Inc. (NASDAQ:XPON), an industry leader in lithium-ion battery power storage solutions, reported results for the three months ended June 30, 2023. All comparisons are to the same year-ago period unless otherwise noted.Q2 2023 Financial HighlightsRevenues up 14% sequentially to $1.7 million in the second quarter.Gross profit increased 2% sequentially to $454,000.Net loss totaled $1.5 million, improving from a net loss of $2.0 million in the previous quarter and $4.1 million in the same year-ago quarter.Q2 2023 Operational HighlightsExpion360 Li-ion batteries made available through more than 300 dealers, wholesalers, private-label customers and OEMs nationwide, as compared to 213 at the end of last year.Selected as a strategic supplier of lithium-ion batteries for off-grid power systems by Chinook RV, a top name in the RV industry and a recognized leader in quality and innovation.Launched e360 SmartTalk™, an innovative mobile app which enables the seamless integration and wireless management of e360 Bluetooth-enabled lithium iron phosphate (LiFePO4) batteries.Entered light electric vehicle (LEV) market with introduction of innovative e360 SmartTalk™ lithium-ion battery for golf carts and other LEVs.The LEV market is projected to grow at 9.4% CAGR to reach $122.7 billion by 2027, according to MarketsandMarkets.Began shipping AURA POWERCAP 600™, the first accessories that can transform Expion360 Li-ion batteries into a portable 600-watt powerpack.Expanded sales team with two additional sales reps, including a dedicated sales rep for new LEV vertical.Joined the Russell Microcap® Index. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to FTSE Russell, approximately $12.1 trillion in assets are benchmarked against Russell U.S. indexes.Management Commentary\"In Q2, we generated our third consecutive quarter of 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. \"This included the beginning of production shipments to several OEMs who have engaged us as their strategic supply partner since the beginning of the year, including Addax, Imperial Outdoors,...