Expion360 leaders announced 2023 financial results Thursday. The company executives said future developments include a new battery release scheduled for the third quarter.
CEO Brian Schaffner said the company is focused on new partnerships in 2024. Other top priorities include OEM strategic supply agreements and expanded sales/distribution partnerships.
“We are growing our portfolio from RVs and marine applications to LEVs and home energy applications,” Schaffner said. “We are working on engaging additional OEM partners as we prepare for the launch of our new products.”
The company reported full-year 2023 revenues down 16.5% from 2022 to $6 million. Gross profit totaled $1.6 million, but the company’s net loss was $7.5 million, which matches 2022’s net loss total.
In the fourth quarter, revenues dropped 40% from the fourth quarter of 2022 to $1.4 million. Expion360 lost $2.2 million in the fourth quarter of 2023, up from a $1.5 million loss in the fourth quarter of 2022.
Paul Shoun, co-founder, president and chief operating officer, said the supplier is nearing the release of a new battery, based on input from several large RV OEMs.
“This custom-form factor includes all of the recent patents and other IP that we have been developing over the past couple of years and we plan to begin shipping this product in q3 of this year,” Shoun said. “We expect to release more information about this product and its functionality in the coming weeks.”
Schaffner found positive signs in the company’s 2023 revenues. Although RV shipments were down 36.5% from 2022 levels, Expion360’s revenues fell just 16.5%.
He said the lithium supply outlook is very positive, helping the company reduce costs in the past six months.
“We believe with our strong reputation in the lithium battery space and exciting new products,” Schaffner said, “we can build our sales and distribution channels to bring value to our stockholders in the years ahead.”
Finally, Expion360 said co-founder and former CEO John Yozamp retired. In January 2023, Yozamp stepped back from his roles as board chairman and CEO. At the time, he said the changes would enable Yozamp to do what he loves best.
“(That is) being fully focused on building customer and partner relationships,” he said, “and selling the absolute best lithium-ion batteries on the market today.”
