Expion360, Inc., an RV lithium-ion phosphate batteries and supporting accessories supplier, reported results for the second quarter ended June 30, 2022.
All comparisons are to the same year-ago period unless otherwise noted.
Q2 2022 Financial Highlights
Expion360’s revenue increased 122% to a record $2.2 million due to the company’s expanded product offerings and increased distribution network.
“Our premium battery brand is considered a top choice for higher energy density, dependability, longevity and safety,” said John Yozamp, Expion360 CEO. “They provide the ability to power anything, anywhere. During Q2, we continued to build the foundation to become a large player in the lithium battery industry.”
The company’s gross profit increased 88% to $706,000. Total assets increased to $19.9 million, including a cash balance of $10.4 million.
“We have significantly strengthened our distribution channels and expanded our customer base of dealers, wholesalers and OEMs over the past year,” Yozamp said.
Total liabilities were $5.6 million, a result of paying down debt. Net loss increased to $4.1 million from $130,000. The overwhelming majority (approximately $3.1 million) of the loss was due to non-cash events (stock-based compensation, amortization of debt discount and interest expense) and other one-time costs associated with the recent IPO.
“Our Q2 losses are not indicative of future trends as we had many one-time costs associated with our IPO. As we grow, we expect to drive efficiencies and economies of scale that should improve margins further,” Yozamp said.
First Half 2022 Financial Highlights
Expion360’s revenue increased 132% to a record $4.4 million, approximately equaling full-year 2021 revenue. Gross profit increased 141% to $1.6 million, primarily due to the introduction of six new battery lines.
“We are on track to meet or exceed our 2022 goals and are setting the stage for major expansion in the coming months as demand for our products continues to accelerate,” Yozamp said.
