Expion360 Reports First Quarter 2025 Financial Results
Q1 2025 Revenue Growth of 111% Driven by New Products and Technologies
5th Consecutive Quarter of Robust Revenue Growth
First Quarter 2025 & Subsequent Financial & Operational Highlights
- Q1 2025 revenue totaled
$2.0 million , up 111% from Q1 2024, and 3% sequentially from Q4 2024. - 5th consecutive quarter of sequential revenue growth.
- Began fulfilling purchase orders for our e360 Home Energy Storage Solutions (“HESS”).
- Closed a
$2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.
Management Commentary
"The first quarter of 2025 was underscored by continued strong revenue momentum, margin expansion and a strengthened balance sheet as we focus on entering into new OEM partnerships and distributor relationships and building our Home Energy Storage Solutions vertical,” said
“In January, we began production shipments for our
“Operationally during the quarter, we took the opportunity to prepare for continued growth and tariff mitigation by adding 6-12 months of inventory early in the quarter, before new tariffs were introduced. We are also working to diversify our supply chain with potential sourcing from additional countries and have undertaken several initiatives to increase margins and reduce costs within our current line of batteries. Our long-term goal is to onshore to the
“Looking ahead, we are successfully executing on our efforts to expand sales across our product portfolio and new Home Energy Storage Solutions vertical. With a strengthened balance sheet from a recent
First Quarter 2025 Financial Summary
Revenue in the first quarter of 2025 totaled
Gross profit in the first quarter of 2025 totaled
Selling, general and administrative expenses in the first quarter of 2025 decreased 25% to
Net loss in the first quarter of 2025 totaled
Cash and cash equivalents totaled
Net cash used in operating activities totaled
First Quarter 2025 Results Conference Call
To access the call, please use the following information:
| Date: | |
| Time: | |
| Dial-in: | 1-844-825-9789 |
| International Dial-in: | 1-412-317-5180 |
| Conference Code: | 10199138 |
| Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1716448&tp_key=0cfcd7be75 |
A telephone replay will be available approximately three hours after the call and will remain available through
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
Forward-Looking Statements
The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements included in this press release include, but are not limited to, statements relating to the Company’s beliefs, plans, and expectations about its operations, product development and pipeline, growth prospects, market expectations and opportunity, the availability of incentives and tax credits, potential partnership with NeoVolta, and growth expectations. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of
Company Contact:
541-797-6714
Email Contact
External Investor Relations:
949-491-8235
XPON@mzgroup.us
www.mzgroup.us
| BALANCE SHEETS |
||||||||
| As of March 31, 2025 (Unaudited) |
As of 2024 |
|||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 1,092,607 | $ | 547,565 | ||||
| Accounts receivable, net | 592,625 | 613,022 | ||||||
| Inventory | 6,036,033 | 4,831,461 | ||||||
| Prepaid/in-transit inventory | 149,541 | 1,612,686 | ||||||
| Prepaid expenses and other current assets | 208,373 | 236,461 | ||||||
| Total current assets | 8,079,179 | 7,841,195 | ||||||
| Property and equipment | 909,603 | 914,081 | ||||||
| Accumulated depreciation | (460,866 | ) | (430,191 | ) | ||||
| Property and equipment, net | 448,737 | 483,890 | ||||||
| Other Assets | ||||||||
| Operating leases – right-of-use asset | 689,046 | 754,832 | ||||||
| Deposits | 25,471 | 27,471 | ||||||
| Total other assets | 714,517 | 782,303 | ||||||
| Total assets | $ | 9,242,433 | $ | 9,107,388 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 367,457 | $ | 338,091 | ||||
| Customer deposits | 41,920 | 48,474 | ||||||
| Accrued expenses and other current liabilities | 196,874 | 187,464 | ||||||
| Current portion of operating lease liability | 255,676 | 256,153 | ||||||
| Current portion of long-term debt | 31,275 | 31,758 | ||||||
| Suspended Liability | 4,485,948 | 4,985,948 | ||||||
| Total current liabilities | 5,379,150 | 5,847,888 | ||||||
| Long-term debt, net of current portion and discount | 190,564 | 198,412 | ||||||
| Operating lease liability, net of current portion | 476,115 | 542,764 | ||||||
| Total liabilities | $ | 6,045,829 | $ | 6,589,064 | ||||
| Stockholders’ equity | ||||||||
| Preferred stock, par value |
— | — | ||||||
| Common stock, par value |
3,144 | 2,096 | ||||||
| Additional paid-in capital | 38,920,698 | 37,091,468 | ||||||
| Accumulated deficit | (35,727,238 | ) | (34,575,240 | ) | ||||
| Total stockholders’ equity | 3,196,604 | 2,518,324 | ||||||
| Total liabilities and stockholders’ equity | $ | 9,242,433 | $ | 9,107,388 | ||||
STATEMENTS OF OPERATIONS (UNAUDITED) |
||||||||
| For the Three Months Ended |
||||||||
| 2025 | 2024 | |||||||
| Net sales | $ | 2,049,331 | $ | 971,859 | ||||
| Cost of sales | 1,547,764 | 749,337 | ||||||
| Gross profit | 501,567 | 222,522 | ||||||
| Selling, general and administrative | 1,649,435 | 2,189,475 | ||||||
| Loss from operations | (1,147,868 | ) | (1,966,953 | ) | ||||
| Other (income) / expense: | ||||||||
| Interest income | (1 | ) | (26,865 | ) | ||||
| Interest expense | 5,668 | 253,286 | ||||||
| (Gain) / Loss on sale of property and equipment | (1,625 | ) | 306 | |||||
| Other (income) / expense | 50 | (1,200 | ) | |||||
| Total other expense | 4,092 | 225,527 | ||||||
| Loss before taxes | (1,151,960 | ) | (2,192,480 | ) | ||||
| Franchise taxes | 38 | 460 | ||||||
| Net loss | $ | (1,151,998 | ) | $ | (2,192,940 | ) | ||
| Net loss per share (basic and diluted) | $ | (0.37 | ) | $ | (31.30 | ) | ||
| Weighted-average number of common shares outstanding | 3,109,522 | 70,057 | ||||||
STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||||||
| For the Three Months Ended |
||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (1,151,998 | ) | $ | (2,192,940 | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Depreciation | 34,028 | 49,444 | ||||||
| Amortization of convertible note costs | — | 166,786 | ||||||
| (Gain) / Loss on sale of property and equipment | (1,625 | ) | 306 | |||||
| Stock-based compensation | 50,721 | 315,853 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| (Increase) / Decrease in accounts receivable | 20,397 | (83,986 | ) | |||||
| (Increase) / Decrease in inventory | (1,204,572 | ) | 44,773 | |||||
| Decrease in prepaid/in-transit inventory | 1,463,145 | 45,137 | ||||||
| (Increase) / Decrease in prepaid expenses and other current assets | 28,088 | (43,753 | ) | |||||
| Decrease in deposits | 2,000 | — | ||||||
| Increase / (Decrease) in accounts payable | 29,366 | (4,565 | ) | |||||
| Decrease in customer deposits | (6,554 | ) | (6,497 | ) | ||||
| Increase in accrued expenses and other current liabilities | 9,410 | 33,669 | ||||||
| Increase / (Decrease) in right-of-use assets and lease liabilities | (1,340 | ) | 3,855 | |||||
| Decrease in suspended liability | (500,000 | ) | — | |||||
| Net cash used in operating activities | (1,228,934 | ) | (1,671,918 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchases of property and equipment | — | (10,550 | ) | |||||
| Net proceeds from sale of property and equipment | 2,750 | 87,684 | ||||||
| Net cash provided by investing activities | 2,750 | 77,134 | ||||||
| Cash flows from financing activities | ||||||||
| Principal payments on convertible note | — | (43,575 | ) | |||||
| Principal payments on long-term debt | (8,331 | ) | (93,855 | ) | ||||
| Principal payments on stockholder promissory notes | — | (62,500 | ) | |||||
| Net proceeds from exercise of warrants | — | (4 | ) | |||||
| Net proceeds from issuance of common stock | 1,779,557 | 125,153 | ||||||
| Net cash provided by / (used in) financing activities | 1,771,226 | (74,781 | ) | |||||
| Net change in cash and cash equivalents | 545,042 | (1,669,565 | ) | |||||
| Cash and cash equivalents, beginning | 547,565 | 3,932,698 | ||||||
| Cash and cash equivalents, ending | 1,092,607 | 2,263,133 | ||||||
Source: Expion360