Business
Expion360 Reports Second Quarter 2024 Financial Results
Q2 Sequential Revenue Growth of 32% with New Products and Technologies Substantial Preorders of Next Generation Group 27 & GC2 Batteries and Modular Design
About this update from Expion360 Inc.
[{"type":"text","content":"Q2 Sequential Revenue Growth of 32% with New Products and Technologies Substantial Preorders of Next Generation Group 27 & GC2 Batteries and Modular Design Edge™ Battery New Retail E-Commerce Partnership with Tractor Supply Company Closed $10 Million Underwritten Public Offering to Advance Commercialization of Home Energy Storage Solutions and Pursue Key Growth Initiatives REDMOND, Ore., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”), an industry leader in lithium-ion battery power storage solutions, today reported its financial and operational results for the second quarter ended June 30, 2024. Second Quarter & Subsequent 2024 Financial & Operational Highlights Q2 2024 revenue totaled $1.3 million, up 32% sequentially from Q1 2024.Q2 2024 net loss totaled $2.2 million compared to a net loss of $1.5 million in the prior year period as the Company continued to invest in new product development and launches.Closed a firm commitment underwritten public offering with gross proceeds to the Company of approximately $10.0 million, before deducting underwriting discounts and other estimated expenses payable by the Company.Announced e-commerce retail partnership with Tractor Supply Company (“Tractor Supply”), the largest rural lifestyle retailer in the U.S., to offer Expion360 products online for shipment to customers in 49 states.Announced partnership with K-Z Recreational Vehicles (“K-Z RV”), a subsidiary of Thor Industries, Inc., for integration of Expion360’s 51.2V 60Ah Edge Vertical Heat Conduction™ (“VHC™”) heated batteries and new Group 27 12.8V 100Ah VHC™ heated batteries into K-Z RV's premium offerings.Launched the Edge™ battery available in both 12.8V and 51.2V configurations, featuring a slim profile that maximizes available space without compromising performance and is now available for preorder with shipments expected to commence in Q3 2024.Received substantial preorders of next generation Group 27 and GC2 series lithium iron phosphate (“LiFePO4\") batteries, which now include our proprietary VHC™ internal heating technology, a patent-pending innovation. Expion360 began taking pre-orders of the new Group 27 and GC2 batteries in Q1 2024 and commenced deliveries in May 2024.Released specifications for Home Energy Storage Solutions. Management Commentary \"The second quarter of 20...