Expion360, Inc. achieved its first quarterly positive cash flow from operations in the first quarter of 2022. The company reported Q1 2022 revenues up 144% from the first quarter of 2021 to $2.2 million.
“In Q1, we achieved record revenue and our first quarter of positive cash flow from operations,” said John Yozamp, Expion360 CEO. “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.”
Increase revenue was primarily due to increased sales of lithium-ion batteries, the company said, and accessories to dealerships, wholesalers and OEMs.
Gross profit totaled $862,000 or 40.0% of revenue, compared with $275,000, or 31.1% of revenue, in the first quarter of 2021. The increase was due primarily to product price adjustments and increased sales of higher-margin products primarily to dealerships.
“While many companies are reporting supply-chain issues, we believe we have been able to successfully navigate these challenges,” Yozamp said. “We have been leveraging our strong cash position and positive cash flow to opportunistically increase our inventory levels in anticipation of future needs. As a result, we have not experienced supply constraints in fulfilling the orders in our growing sales pipeline. In fact, in April, we began shipments of more than 500 e360 lithium batteries to another new major customer, Aim Wholesale, who provides premium wholesale RV parts and accessories to hundreds of dealers, distribution chain partners and retailers nationwide.”
Expion360 established a new 10,000-square-foot sales and distribution warehouse in Elkhart, Indiana, to support the company’s planned nationwide market expansion. The company strengthened its global supply chain by securing a secondary source for lithium-ion phosphate cells from a Denmark- based supplier
“Looking ahead, we expect our momentum to continue,” Yozamp said. “The progress we have made expanding our customer base and distribution channels over the last year has set the stage for what we anticipate will be the best year yet for Expion360.”
Expion360 provides lithium batteries and accessories for recreational vehicles and the marine industry, with planned expansion into residential and industrial applications. The company sources, assembles and white-labels components and finished products. Expion360 designs and engineers its batteries out of its Redmond, Oregon, headquarters. Learn more about the company.
