Among fiscal gains, Expion360 unveiled a temporary leadership shift in its fiscal third quarter report.
Expion360 CEO Brian Schaffner said Paul Shoun, the company’s co-founder, president, chief operating officer (COO) and chairman of the board of directors, will take a temporary leave until February. Carson Heagen, Expion360 vice president of operations, will temporarily take on Shoun’s COO responsibilities. Shoun is expected to continue serving as chairman during this period.
Schaffner said, “Carson has been with the company for almost four years and has significant experience and knowledge of our operations and products. We are confident that the role of Chief Operating Officer will be in very capable hands.”
Shoun’s decision to step back comes nearly two years after his fellow co-founder John Yozamp left his CEO role in 2023. Upon Yozamp’s transition, Schaffner was named CEO and Shoun was named company president.
Expion360 reported sequential revenue growth in its fiscal third quarter that ended Sept. 30. The battery supplier’s third-quarter revenue totaled $1.4 million, an 8.7% increase compared with its previous quarter.
The company’s net sales were down 26.5% from $1.9 million in 2023’s third quarter.
Expion360 welcomed new distributor and OEM partnerships. Manufacturers including Scout Camper, K-Z RV and Alaskan Camper added Expion360’s lithium-ion batteries as original equipment offerings.
Expion360 CEO Brian Schaffner said, “The third quarter of 2024 was highlighted by sequential revenue growth and the addition of three new OEM customers. Additionally, we have secured several other OEM partnerships and a new distributor, which will be officially announced at a later date.”
The company is focused, Schaffner said, on expanding Expion360’s customer base and improving features “to gain traction in the marketplace.”
The company incurred $8.8 million in net loss, a $7 million drop compared with the 2023 third quarter. Expion360 attributed the decrease to higher expenses and lower net sales.
