Expion360 Issues Stockholder Letter and Provides Corporate Update
Dear Stockholders,
2023 was a year of diversification and expansion for
AURA Powercap 600W Inverter (left) and E360 All in One Home ESS (Energy Storage System) (right)
Innovative New Products & Accessories Drive Growth
We continued to build upon our growing customer base by attracting new customers with the introduction of new products, expanding our reach into high-growth industry verticals. For example, in
We entered new markets in 2023 with the introduction of new battery solutions for LEV and new home energy systems. Our exclusive e360 SmartTalk™ battery was our first foray into both the smart battery market and LEV market, a 48 Volt GC2 LiFePO4 battery engineered for LEVs, combining intelligent wireless mobile management capabilities and outstanding capacity with superior construction and durability. In late 2023, we entered the home energy storage market with the introduction of two premium LiFePO4 battery storage systems, which enable residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages. As a result of increasing power interruptions, brownouts and outages in many parts of the
Strong Partnerships & Marketing Expand Market Opportunity
New partnerships, agreements with OEM strategic suppliers, and expanded sales and distribution partnerships further broadened our market opportunities in new and existing verticals last year. During 2023, we became a strategic supplier of high-energy lithium-ion batteries and power system components for Cube Series’ new ultra-lightweight, hard-sided foldable camper, designed for light duty trucks. In addition, Chinook RV, a top name in the RV industry and a recognized leader in quality and innovation, chose us as a strategic supplier of lithium-ion batteries for its off-grid power systems. Our sales and distribution partnership with
Throughout the year, we garnered interest in our LiFePO4 battery lineup at some of the largest conferences and events in
Operational & Financial Improvements Fuel 2024 Strategy
We made operational improvements to support our continued growth, including the expansion of our sales team with the hiring of two additional sales representatives, including a dedicated sales representative for the new LEV vertical. In addition, we strengthened our corporate governance with the appointment of tech industry veteran, innovator and business leader,
In
2024 Outlook
As we look ahead, we believe we are well-positioned for another exceptional year. Although we anticipate the current lower rate of sales in the broader RV market to continue in the short term, we expect to continue capturing market share in this segment. While we expect to report a year-over-year mid-teens percentage decline in 2023 revenue, our goal is to recapture growth through multiple initiatives and new products as the RV segment recovers. We increased R&D activity to focus on innovation and expansion of our product line. We will continue to work towards additional OEM market penetration with new major partners, as well as growing demand from customers looking to achieve greater power density, better reliability and superior quality for their energy storage needs. We will continue to prioritize increasing consumer sales, as demonstrated by our Shopify e-commerce sales that increased 300% in 2023 over the prior year, and our busy schedule of trade shows that we plan to attend throughout the year.
In addition, we are highly focused on expanding into other verticals and channels, such as marine, overland and light electric vehicles, and introducing products for home energy and commercial applications. We expect golf cart battery sales to continue to progress with upward momentum as more installers test and begin using our newly introduced 48v GC2 battery design. We anticipate strong growth from the launch of our energy storage systems and partnership with REPM and other similar solar companies, based on these new initiatives and our growing pipeline, and expect to see an acceleration of our sales from new and existing product lines commencing in the first half of 2024 as our product innovations, partnerships and sales gain more traction.
Lastly, we began the year by engaging with international investor relations specialists
Thank you to our stockholders, partners, and team for their support on our journey. We look forward to providing future updates on our business and hope you will join our fourth quarter and full year 2023 financial results conference call that we plan to host in
Sincerely,
Chief Executive Officer
About
The Company’s lithium-ion batteries feature half the weight of standard lead-acid batteries while delivering three times the power and ten times the number of charging cycles.
The Company is headquartered in
VHC, Vertical Heat Conduction and SmartTalk are trademarks of
© 2024
Forward-Looking Statements and Safe Harbor Notice
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release, including statements about our beliefs and expectations, are "forward-looking statements" and should be evaluated as such. Examples of such forward-looking statements include statements that use forward-looking words such as "projected," "expect," "possibility,” “believe,” “aim,” “goal,” “plan,” and "anticipate," or similar expressions. Forward-looking statements included in this press release include, but are not limited to, statements relating to the Company’s product features and capabilities, expectations regarding the scale, demand and benefits for the Company’s products, including the ability to attract new customers and enter into new markets, the Company’s product development strategy and product distribution, trends in the Company’s markets and the continuation of such trends, and future growth in the Company’s business and products, as well as the Company’s ability to drive such growth, including the Company’s growth strategy, expansion plans, and opportunities. Forward-looking statements are subject to and involve risks, uncertainties, and assumptions that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by such forward-looking statements.
Company Contact:
541-797-6714
Email Contact
External Investor Relations:
949-491-8235
XPON@mzgroup.us
www.mzgroup.us
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e7072154-a125-4a86-8060-267586c85446
https://www.globenewswire.com/NewsRoom/AttachmentNg/d01a44fd-4565-4a42-ae03-35ea22a1b4e8
Source: Expion360