Expion360 reported second-quarter financial results showing increased revenue from a year earlier.
The battery supplier said its net loss improved, falling to $1.5 million in the second quarter of 2023 from $2 million in the first quarter and $4.1 million in the second quarter of 2022.
CEO Brian Schaffner said the company grew revenues because of its expanded product line and increased OEM penetration.
“This included the beginning of production shipments to several OEMs who have engaged us as their strategic supply partner since the beginning of the year,” Schaffner said, “including Addax, Imperial Outdoors, Chinook RV, Cube Series and Xtreme Outdoors.”
Schaffner cited Chinook RV’s second-quarter adoption of Expion batteries as another example of the company’s move into the OE market.
On the aftermarket side, Expion expanded its partnership with Meyer Distribution in the second quarter of 2023. Schaffner said the expansion addresses the company’s increased customer base and product lines.
“We are also working on establishing a product training program in collaboration with one of the nation’s largest RV dealer groups,” Schaffner said. “The goal of the program is to educate our distribution partners about our advanced Li-ion technology and its many advantages over standard lead-acid batteries which still comprise a major portion of the market.”
