Despite product reveals and new partnerships, Expion360 experienced declines in its fiscal second quarter.
The battery supplier’s revenue dropped by 26% compared with its 2023 second quarter. Revenue totaled $1.3 million in the second quarter compared with $1.7 million in the same quarter the year before. Expion360 said the company’s declines came as it continued to invest in new product development and launches.
Expion360 CEO Brian Schaffner said the supplier will continue to add new product features to serve the OEM market.
“Looking ahead, as the RV market recovers, we are well positioned for new orders with our expanding portfolio of advanced batteries, supported by strong marketing initiatives,” Schaffner said. “We are working to secure additional partnerships to expand our list of major resellers and enhance our market penetration.”
Gross profit in the second quarter totaled $300,000 compared with $500,000 in the 2023 second quarter.
The supplier’s first six months of 2024 net sales dropped by 30.4% compared with 2023. Net sales totaled $2.2 million this year compared with $3.2 million in the first six months of 2023.
Among Expion’s various updates this quarter include shipping its Group 27 and GC2 series batteries in May, launching the Edge battery and partnering with KZ RV.
