Expion360, Inc. said revenue increased in the first quarter of 2023 from the first quarter of 2022. The company posted a wider loss due in part to settlement expenses and costs associated with management reorganization, legal and professional costs.
The company said revenue rose 6% compared with the same period last year to $1.5 million. Gross profit increased 40% compared with last year’s first quarter, to $443,000.
The company’s net loss totaled $2.0 million, versus a loss of $697,000 in the same quarter last year.
“In Q1, we generated sequential revenue growth largely due to our expanded product offerings and distribution network, as well as increased OEM market penetration,” said Brian Schaffner, Expion360 CEO. “The revenue decrease from the year-ago quarter was primarily due to an exceptionally large initial stocking order from one of our largest resellers.”
The company was chosen by Xtreme Outdoors to be the exclusive supplier of high-energy lithium-ion batteries and power system components for all Little Guy camper trailers. This quarter, Expion360 was selected to supply Cube Series’ hard-sided foldable campers with lithium-ion batteries and power system components. The company expects production shipments to begin in the second quarter of this year.
“We continue to see many upsell opportunities across (Little Guy’s) large dealership network,” Schaffner said. “At the beginning of the year, we began initial shipments of lithium batteries for an overland trailer to be branded and sold by a top U.S. sports utility vehicle manufacturer. We continue to actively make shipments to the customer under the company’s previously announced exclusive supplier arrangement.”
According to Schaffner, Expion360 plans to continue expanding its distribution network and OEM partners.
Expion360 started the second quarter strong, Schaffner said, putting the company on track for additional sequential growth fueled by continued OEM sales.
“In all, the stronger foundation we have laid over the past year in terms of expanding our customer base and distribution channels,” Schaffner said, “as well as broadening our product portfolio and strengthening our sales force, has set the stage for what we anticipate being the best year yet for Expion360.”
