Expion360 is promoting various products in the second quarter after reporting a slow start to 2024. The battery supplier’s first-quarter 2024 revenue fell 35.5% from the first quarter of 2023.
The company totaled $1 million in first-quarter 2024 revenue. Expion360 attributed the decrease to the RV market downturn and limited orders. First-quarter revenue was 13% greater than the previous quarter. Fourth-quarter 2023 revenue totaled $1.4 million.
The company’s first-quarter 2024 gross profit margin was $200,000, or 23% of revenue. The first-quarter 2023 gross profit margin totaled $400,000, or nearly 30% of revenue. The company attributed the decrease to lower sales.
In its financial report, Expion360 promoted 2024 first-quarter innovation. The company opened preorders for the next generation Group 27 and GC2 series batteries during the quarter.
Expion360 CEO Brian Schaffner said, “We continue to innovate and expand our product line and have received substantial preorders of our next generation Group 27 and GC2 batteries, with shipments beginning now.”
The supplier recently detailed its new Edge battery.
Schaffner said, “Looking ahead, we anticipate additional orders as the RV market recovers given our marketing initiatives and expanding product line.”
