Expion360 said revenues increased in its latest quarter for the fourth consecutive quarter. The company reported a larger loss than a year earlier as the lithium battery supplier invests in new product development and launches.
In the third quarter of 2023, Expion360 revenue totaled $1.9 million, up 37% compared to $1.4 million in 2022’s third quarter. Expanded OEM relationships and integrations fueled the increase.
Gross profit was $473,000 in the third quarter, compared with $403,000 in the third quarter of 2022. Expion360 credited the decrease to reduced margins and investments in tooling and molds to develop intellectual property.
The company reported a net loss of $1.8 million compared with a net loss of $1.3 million in 2022’s third quarter.
Expion360 CEO Brian Schaffner said, “As anticipated, our Li-ion battery business for RVs was impacted by the lower sales of such vehicles industry-wide, as increased interest rates slowed the loan market and associated RV activity.”
Expion360 also released new products this year, such as the 12-volt, 450-amp-hour e360 SmartTalk lithium iron phosphate battery. Expion360 said the company has sold its lithium-ion batteries to over 300 dealers, private label, OEM and wholesale customers.
“Our new partnerships, OEM strategic supply agreements and expanded sales and distribution partnerships,” Schaffner said, “have further broadened our market opportunities in new and existing verticals.”
