Expion360 Reports Fourth Quarter and Full Year 2024 Financial Results
Q4 Sequential Revenue Growth of 43% Driven by New Products and Technologies, and 131% Year over Year
New OEM and Distributor Relationships to Equip New Campers and RVs with Advanced Lithium-Ion Batteries
Fourth Quarter 2024 & Subsequent Financial & Operational Highlights
- Q4 2024 revenue totaled
$2.0 million , up 131% from Q4 2023, and 43% sequentially from Q3 2024. - Began fulfilling purchase orders for its Home Energy Storage Solutions (“HESS”).
- Signed a non-binding letter of intent with NeoVolta Inc. (“NeoVolta”), a leading innovator in energy storage solutions, providing the framework for a potential collaboration that aims to engineer a state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs, marking a significant milestone in the production of American-made batteries.
- Partnered with Scout Campers, a subsidiary of
Adventurer Manufacturing, Inc. , to equip its high-quality campers with Expion360’s advanced lithium-ion batteries as a standard option, enhancing the energy efficiency and reliability of Scout Campers’ products. - Added several new original equipment manufacturers (“OEMs”) and one new distributor reflecting successful ongoing sales efforts to expand customer base across
the United States . - Closed a
$2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.
Management Commentary
"The fourth quarter of 2024 and early 2025 was highlighted by robust sequential revenue growth, a strengthened balance sheet, and the addition of new OEM customers,” said
“We are making significant progress against our goals with the ongoing expansion of our OEM relationships and acquisition of several new OEM partnerships. New customers, including Scout Campers, Alaskan Campers, and K-Z Recreational Vehicles, are driving demand for high-quality lithium battery technology for their premium campers and vehicles.
“We are working with NeoVolta to combine our strengths toward a potential collaboration that aims to engineer a US-based state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs. A formal engagement would enable us to contribute our expertise in design and engineering, while NeoVolta plans to provide the necessary capital and manpower. Together we expect to bring high-performance, sustainable energy storage solutions to the market to address the growing demand for efficient energy management in both residential and commercial applications.
“We have continued our progress in our Home Energy Storage Solutions vertical, with production shipments beginning in
“Looking ahead, we anticipate our new OEM partnerships and distributors to generate incremental revenue of approximately
Fourth Quarter 2024 Financial Summary
Revenue in the fourth quarter of 2024 totaled
Gross profit in the fourth quarter of 2024 totaled
Selling, general and administrative expenses in the fourth quarter of 2024 decreased to
Net loss in the fourth quarter of 2024 totaled
Full Year 2024 Financial Summary
For the year ended
Gross profit for the full year of 2024 totaled
Selling, general and administrative expenses for the full year of 2024 decreased 9.6% to
Net loss for the year ended
Cash and cash equivalents totaled
Net cash used in operating activities totaled
The share, per share, and resulting financial amounts in this press release, including prior period metrics, have been adjusted to reflect the reverse stock split of the Company’s common stock, par value
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: | 10196334 |
| Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1705725&tp_key=ca73831ad8 |
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 opportunity, potential partnership with NeoVolta, the anticipated incremental revenue to be generated from new OEM partnerships and distributors, and the expected timing of the Company’s next conference call to discuss the Company’s financial results. 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 |
As of |
|||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 547,565 | $ | 3,932,698 | ||||
| Accounts receivable, net | 613,022 | 154,935 | ||||||
| Inventory | 4,831,461 | 3,825,390 | ||||||
| Prepaid/in-transit inventory | 1,612,686 | 163,948 | ||||||
| Prepaid expenses and other current assets | 236,461 | 189,418 | ||||||
| Total current assets | 7,841,195 | 8,266,389 | ||||||
| Property and equipment | 914,081 | 1,348,326 | ||||||
| Accumulated depreciation | (430,191 | ) | (430,295 | ) | ||||
| Property and equipment, net | 483,890 | 918,031 | ||||||
| Other Assets | ||||||||
| Operating leases – right-of-use asset | 754,832 | 2,662,015 | ||||||
| Deposits | 27,471 | 58,896 | ||||||
| Total other assets | 782,303 | 2,720,911 | ||||||
| Total assets | $ | 9,107,388 | $ | 11,905,331 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 338,091 | $ | 286,985 | ||||
| Customer deposits | 48,474 | 17,423 | ||||||
| Accrued expenses and other current liabilities | 187,464 | 292,515 | ||||||
| Convertible note | — | 2,082,856 | ||||||
| Current portion of operating lease liability | 256,153 | 522,764 | ||||||
| Current portion of stockholder promissory notes | — | 762,500 | ||||||
| Current portion of long-term debt | 31,758 | 50,839 | ||||||
| Suspended Liability | 4,985,948 | — | ||||||
| Total current liabilities | 5,847,888 | 4,015,882 | ||||||
| Long-term debt, net of current portion and discount | 198,412 | 298,442 | ||||||
| Operating lease liability, net of current portion | 542,764 | 2,241,325 | ||||||
| Total liabilities | $ | 6,589,064 | $ | 6,555,649 | ||||
| Stockholders’ equity | ||||||||
| Preferred stock, par value |
— | — | ||||||
| Common stock, par value |
2,096 | 69 | ||||||
| Additional paid-in capital | 37,091,468 | 26,445,378 | ||||||
| Accumulated deficit | (34,575,240 | ) | (21,095,765 | ) | ||||
| Total stockholders’ equity | 2,518,324 | 5,349,682 | ||||||
| Total liabilities and stockholders’ equity | $ | 9,107,388 | $ | 11,905,331 | ||||
Statements of Operations |
||||||||
| For the Years Ended |
||||||||
| 2024 | 2023 | |||||||
| Net sales | $ | 5,624,939 | $ | 5,981,134 | ||||
| Cost of sales | 4,469,711 | 4,405,611 | ||||||
| Gross profit | 1,155,228 | 1,575,523 | ||||||
| Selling, general and administrative | 7,909,219 | 8,745,135 | ||||||
| Loss from operations | (6,753,991 | ) | (7,169,612 | ) | ||||
| Other (Income) / Expense | ||||||||
| Interest income | (86,121 | ) | (125,854 | ) | ||||
| Interest expense | 976,618 | 124,511 | ||||||
| Loss on sale of property and equipment | 146,760 | 3,426 | ||||||
| Settlement expense | 709,900 | 281,680 | ||||||
| Suspended liability expense | 4,985,948 | — | ||||||
| Other income | (6,073 | ) | (394 | ) | ||||
| Total other expense | 6,727,032 | 283,369 | ||||||
| Loss before taxes | (13,481,023 | ) | (7,452,981 | ) | ||||
| Tax (income) / expense | (1,548 | ) | 3,293 | |||||
| Net loss | $ | (13,479,475 | ) | $ | (7,456,274 | ) | ||
| Net loss per share (basic and diluted) | $ | (21.03 | ) | $ | (108.25 | ) | ||
| Weighted-average number of common shares outstanding | 641,011 | 68,882 | ||||||
Statements of Cash Flows |
||||||||
| For the Years Ended |
||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (13,479,475 | ) | $ | (7,456,274 | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Depreciation | 173,973 | 205,723 | ||||||
| Amortization of convertible note costs | 667,144 | — | ||||||
| Loss on sale of property and equipment | 146,760 | 3,426 | ||||||
| Decrease in allowance for doubtful accounts | — | (18,804 | ) | |||||
| Stock-based settlement | 209,000 | 251,680 | ||||||
| Stock-based compensation | 616,632 | 560,365 | ||||||
| Decrease in right-of-use assets and lease liabilities | (67,778 | ) | — | |||||
| Increase in suspended liability | 4,985,948 | — | ||||||
| Changes in operating assets and liabilities: | ||||||||
| (Increase) / Decrease in accounts receivable | (458,087 | ) | 161,904 | |||||
| (Increase) / Decrease in inventory | (1,006,071 | ) | 704,746 | |||||
| Increase in prepaid/in-transit inventory | (1,448,738 | ) | (22,338 | ) | ||||
| Increase in prepaid expenses and other current assets | (47,043 | ) | (17,626 | ) | ||||
| Decrease in deposits | 31,425 | 5,005 | ||||||
| Increase in accounts payable | 51,106 | 56,735 | ||||||
| Increase in customer deposits | 31,051 | 17,365 | ||||||
| Increase / (Decrease) in accrued expenses and other current liabilities | 21,819 | (13,649 | ) | |||||
| Increase in right-of-use assets and lease liabilities | 9,789 | 30,510 | ||||||
| Net cash used in operating activities | (9,562,545 | ) | (5,531,232 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchases of property and equipment | (19,203 | ) | (20,170 | ) | ||||
| Net proceeds from sale of property and equipment | 132,611 | 36,748 | ||||||
| Net cash provided by investing activities | 113,408 | 16,578 | ||||||
| Cash flows from financing activities | ||||||||
| Proceed from / (Principal payment on) convertible note | (2,750,000 | ) | 2,420,025 | |||||
| Principal payments on long-term debt | (119,111 | ) | (161,194 | ) | ||||
| Principal payments on stockholder promissory notes | (762,500 | ) | (62,500 | ) | ||||
| Proceeds from exercise of warrants | 185,434 | 49,800 | ||||||
| Settlement of fractional shares for cashless warrant exercise | — | (23 | ) | |||||
| Net proceeds from issuance of common stock | 9,510,181 | — | ||||||
| Net cash provided by financing activities | 6,064,004 | 2,246,108 | ||||||
| Net change in cash and cash equivalents | (3,385,133 | ) | (3,268,546 | ) | ||||
| Cash and cash equivalents, beginning | 3,932,698 | 7,201,244 | ||||||
| Cash and cash equivalents, ending | 547,565 | 3,932,698 | ||||||
Source: Expion360