Expion360, a lithium battery supplier, reported record full-year revenues in 2022 and losses grew related to initial public offerings and post-IPO expansion.
The company recorded $7.2 million in 2022 revenues, up 59% from 2021. Fourth-quarter revenue reached a record $1.45 million, up 8% from the fourth quarter of 2021.
Net losses in the fourth quarter declined to $1.5 million from $4 million in the fourth quarter of 2021. Full-year losses increased to $7.5 million from $4.7 million in 2021. Expion360 said $3.3 million of the 2022 losses were related to the company’s IPO.
“Given the tremendous momentum we have experienced coming into the new year and the many great opportunities ahead being pursued by our highly capable sales team,” CEO Brian Schaffner said, “we see 2023 shaping up to be another strong year.”
Schaffner said the company expanded its sales team in the fourth quarter of 2022, adding dedicated sales staff for the overland camping and marine segments. The supplier also sees upsell opportunities with partner OEMs’ dealership networks.
“To be sure, none of this we expect to happen overnight,” Schaffner said, “and we do not anticipate shipments under these major wins to begin ramping up until the second and third quarter of this year. … We plan to continue to focus on our sales and distribution channels which will support continued expansion of our distribution network and growing family of OEM partners.”
