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Expion360 Reports Second Quarter 2024 Financial Results

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Expion360 Inc. (XPON) reported Q2 2024 financial results, highlighting 32% sequential revenue growth to $1.3 million. The company launched new products, including the Edge™ battery and next-generation Group 27 & GC2 batteries with VHC™ heating technology. Expion360 announced partnerships with Tractor Supply Company for e-commerce retail and K-Z RV for product integration. The company closed a $10 million public offering to advance home energy storage solutions and growth initiatives. Despite Q2 net loss of $2.2 million, Expion360 is positioned for growth with expanding product portfolio and market recovery in the RV industry. The company is developing two LiFePO4 battery storage solutions for residential and small business customers, targeting a market expected to surpass $123 billion globally by 2029.

Expion360 Inc. (XPON) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando un aumento sequenziale dei ricavi del 32% a 1,3 milioni di dollari. L'azienda ha lanciato nuovi prodotti, tra cui la batteria Edge™ e le batterie di nuova generazione Group 27 e GC2 con tecnologia di riscaldamento VHC™. Expion360 ha annunciato alleanze con Tractor Supply Company per il commercio elettronico e K-Z RV per l'integrazione dei prodotti. L'azienda ha chiuso un offerta pubblica da 10 milioni di dollari per promuovere soluzioni di stoccaggio energetico domestico e iniziative di crescita. Nonostante una perdita netta nel secondo trimestre di 2,2 milioni di dollari, Expion360 è posizionata per la crescita con un portafoglio prodotti in espansione e un recupero del mercato nel settore degli RV. L'azienda sta sviluppando due soluzioni di stoccaggio a batteria LiFePO4 per clienti residenziali e piccole imprese, mirando a un mercato che si prevede supererà i 123 miliardi di dollari a livello globale entro il 2029.

Expion360 Inc. (XPON) reportó los resultados financieros del segundo trimestre de 2024, destacando un crecimiento secuencial de ingresos del 32% hasta 1.3 millones de dólares. La compañía lanzó nuevos productos, incluyendo la batería Edge™ y las baterías de próxima generación Group 27 y GC2 con tecnología de calefacción VHC™. Expion360 anunció colaboraciones con Tractor Supply Company para comercio electrónico y K-Z RV para la integración de productos. La compañía cerró una oferta pública de 10 millones de dólares para avanzar en soluciones de almacenamiento de energía en el hogar y en iniciativas de crecimiento. A pesar de una pérdida neta en el segundo trimestre de 2.2 millones de dólares, Expion360 está posicionada para el crecimiento con un portafolio de productos en expansión y la recuperación del mercado en la industria de los RV. La compañía está desarrollando dos soluciones de almacenamiento de baterías LiFePO4 para clientes residenciales y pequeñas empresas, apuntando a un mercado que se espera supere los 123 mil millones de dólares a nivel global para 2029.

Expion360 Inc. (XPON)는 2024년 2분기 재무 결과를 발표하며 32%의 순차적 매출 증가를 기록해 130만 달러에 이르렀습니다. 이 회사는 Edge™ 배터리와 VHC™ 난방 기술이 적용된 차세대 Group 27 및 GC2 배터리를 포함한 새로운 제품을 출시했습니다. Expion360은 Tractor Supply Company와 전자 상거래 소매를 위해, 그리고 K-Z RV와 제품 통합을 위한 파트너십을 발표했습니다. 이 회사는 주택 에너지 저장 솔루션과 성장 이니셔티브를 추진하기 위해 천만 달러 규모의 공모를 마감했습니다. 2분기에 220만 달러의 순손실에도 불구하고, Expion360은 제품 포트폴리오 확대와 RV 산업의 시장 회복으로 인해 성장할 수 있는 위치에 있습니다. 이 회사는 주거용 및 소규모 기업 고객을 위한 두 가지 LiFePO4 배터리 저장 솔루션을 개발하고 있으며, 2029년까지 글로벌 시장이 1230억 달러를 초과할 것으로 예상됩니다.

Expion360 Inc. (XPON) a annoncé les résultats financiers du deuxième trimestre 2024, mettant en avant une augmentation séquentielle des revenus de 32% pour atteindre 1,3 million de dollars. L'entreprise a lancé de nouveaux produits, dont la batterie Edge™ et des batteries de prochaine génération Group 27 et GC2 avec technologie de chauffage VHC™. Expion360 a annoncé des partenariats avec Tractor Supply Company pour le commerce électronique et K-Z RV pour l'intégration des produits. L'entreprise a clôturé une offre publique de 10 millions de dollars pour faire avancer des solutions de stockage d'énergie domestique et des initiatives de croissance. Malgré une perte nette de 2,2 millions de dollars au deuxième trimestre, Expion360 est en bonne position pour croître grâce à un portefeuille de produits en expansion et à une reprise du marché dans l'industrie des RV. L'entreprise développe deux solutions de stockage de batteries LiFePO4 pour les clients résidentiels et les petites entreprises, visant un marché qui devrait dépasser 123 milliards de dollars au niveau mondial d'ici 2029.

Expion360 Inc. (XPON) hat die finanziellen Ergebnisse des zweiten Quartals 2024 veröffentlicht, die ein sequentielles Umsatzwachstum von 32% auf 1,3 Millionen Dollar zeigen. Das Unternehmen hat neue Produkte eingeführt, darunter die Edge™ Batterie und die nächste Generation der Group 27 und GC2 Batterien mit VHC™ Heiztechnologie. Expion360 kündigte Partnerschaften mit Tractor Supply Company für den E-Commerce-Vertrieb und K-Z RV für die Produktintegration an. Das Unternehmen schloss ein öffentliche Angebot über 10 Millionen Dollar, um Lösungen für die Energiespeicherung zu Hause und Wachstumsinitiativen voranzutreiben. Trotz eines Nettoverlusts von 2,2 Millionen Dollar im zweiten Quartal ist Expion360 mit einem wachsendem Produktportfolio und der Markterholung in der RV Branche auf Wachstumskurs. Das Unternehmen entwickelt zwei LiFePO4-Batteriespeicherlösungen für Privatkunden und kleine Unternehmen, die einen Markt anvisieren, der voraussichtlich 123 Milliarden Dollar weltweit bis 2029 überschreiten wird.

Positive
  • 32% sequential revenue growth in Q2 2024
  • Launched new products: Edge™ battery and next-generation Group 27 & GC2 batteries
  • Secured partnerships with Tractor Supply Company and K-Z RV
  • Closed $10 million public offering for growth initiatives
  • Expanding product portfolio and market presence
Negative
  • Q2 2024 net loss increased to $2.2 million from $1.5 million in prior year
  • 25.9% year-over-year decrease in Q2 net sales
  • Gross profit margin decreased to 25.5% from 26.3% in prior year
  • Cash and cash equivalents decreased to $0.9 million from $3.9 million at end of 2023

Insights

Expion360's Q2 2024 results show mixed signals. The 32% sequential revenue growth to $1.3 million is encouraging, but the 25.9% year-over-year decline is concerning. The $2.2 million net loss, wider than last year's, reflects ongoing investments in product development. The $10 million public offering strengthens their balance sheet, important for funding growth initiatives. However, the gross margin compression to 25.5% from 26.3% last year warrants attention. The company's focus on new products and partnerships, particularly in home energy storage, could drive future growth, but execution risks remain high given the competitive landscape.

Expion360's strategic moves are promising in a challenging market. The partnership with Tractor Supply expands their e-commerce reach significantly. The collaboration with K-Z RV, a Thor Industries subsidiary, could boost OEM sales. Their new Edge™ battery and VHC™ technology demonstrate innovation, potentially differentiating them in the competitive lithium battery market. The RV industry's recovery, with June shipments up 8.4% year-over-year, bodes well for Expion360. However, the company's pivot towards home energy storage solutions is a bold move into a rapidly growing market, projected to reach $123 billion globally by 2029. This diversification could reduce reliance on the cyclical RV market but will face stiff competition from established players.

Expion360's technological advancements are noteworthy. The VHC™ internal heating technology addresses a critical issue in lithium batteries - cold weather performance. This patent-pending innovation could be a significant differentiator. The Edge™ battery's slim profile and Integrated SmartTalk™ Bluetooth feature show a focus on user-centric design and smart functionality. Their move into home energy storage solutions is timely, aligning with the growing demand for residential microgrids. However, the mention of pending UL safety certifications for these products suggests they're not yet market-ready. The company's ability to rapidly commercialize these technologies while maintaining quality and safety standards will be important for capitalizing on their innovations.

Q2 Sequential Revenue Growth of 32% with New Products and Technologies

Substantial Preorders of Next Generation Group 27 & GC2 Batteries and Modular Design Edge™ Battery

New Retail E-Commerce Partnership with Tractor Supply Company

Closed $10 Million Underwritten Public Offering to Advance Commercialization of Home Energy Storage Solutions and Pursue Key Growth Initiatives

REDMOND, Ore., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”), an industry leader in lithium-ion battery power storage solutions, today reported its financial and operational results for the second quarter ended June 30, 2024.

Second Quarter & Subsequent 2024 Financial & Operational Highlights

  • Q2 2024 revenue totaled $1.3 million, up 32% sequentially from Q1 2024.
  • Q2 2024 net loss totaled $2.2 million compared to a net loss of $1.5 million in the prior year period as the Company continued to invest in new product development and launches.
  • Closed a firm commitment underwritten public offering with gross proceeds to the Company of approximately $10.0 million, before deducting underwriting discounts and other estimated expenses payable by the Company.
  • Announced e-commerce retail partnership with Tractor Supply Company (“Tractor Supply”), the largest rural lifestyle retailer in the U.S., to offer Expion360 products online for shipment to customers in 49 states.
  • Announced partnership with K-Z Recreational Vehicles (“K-Z RV”), a subsidiary of Thor Industries, Inc., for integration of Expion360’s 51.2V 60Ah Edge Vertical Heat Conduction™ (“VHC™”) heated batteries and new Group 27 12.8V 100Ah VHC™ heated batteries into K-Z RV's premium offerings.
  • Launched the Edge™ battery available in both 12.8V and 51.2V configurations, featuring a slim profile that maximizes available space without compromising performance and is now available for preorder with shipments expected to commence in Q3 2024.
  • Received substantial preorders of next generation Group 27 and GC2 series lithium iron phosphate (“LiFePO4") batteries, which now include our proprietary VHC™ internal heating technology, a patent-pending innovation. Expion360 began taking pre-orders of the new Group 27 and GC2 batteries in Q1 2024 and commenced deliveries in May 2024.
  • Released specifications for Home Energy Storage Solutions.

Management Commentary

"The second quarter of 2024 was highlighted by an important new partnership, the launch of our next generation battery products, and continued sequential revenue growth,” said Brian Schaffner, Chief Executive Officer of Expion360. “Taken together, we are successfully scaling our efforts through the introduction of new technologies, entering new retail markets, and expanding into complementary verticals with a portfolio servicing marine, overland and light electric vehicles. We also have two energy storage products currently under development, which includes undergoing the process to obtain UL safety certifications, in addition to other requirements for various Authorities Having Jurisdiction.

“Sales grew sequentially for a second consecutive quarter, improving 32% from Q1 2024, while year over year sales continued to be impacted by the downturn in the RV market. However, the RV market is now gaining increased momentum, with RV shipments in June 2024 up 8.4% compared to June 2023 according to the RV Industry Association. We are leveraging our products’ superior capacity and flexibility to lead acid competitors and introducing new batteries and improved technologies, to capture market share as RV industry demand returns.

“These new products and technologies include our next generation Group 27 and GC2 batteries, which started being delivered to customers in the second quarter of 2024. These batteries include our proprietary VHC™ internal heating technology, a patent-pending innovation representing a significant breakthrough in battery performance, particularly in cold climates. We also launched the Edge™ battery, available in both 12.8V and 51.2V configurations, incorporating VHC™ and featuring Integrated SmartTalk™ Bluetooth and controller area network communication, allowing users to monitor battery performance in real-time. The Edge™ features a slim profile with dimensions of just 4.2 inches in height, 17.5 inches in width, and 21.9 inches in length, offering flexibility for installation in a variety of applications and maximizing available space without compromising performance.

“Our products can be found at more than 300 resellers across the United States, consisting of dealers, wholesalers, private-label customers and original equipment manufacturers (“OEMs”) who then sell our products to end consumers. We recently announced a partnership with K-Z RV for integration of Expion360’s 51.2V 60Ah Edge VHC heated batteries and new Group 27 12.8V 100Ah VHC™ heated batteries into K-Z RV's premium offerings, and a new e-commerce retail partnership with Tractor Supply, the largest rural lifestyle retailer in the United States, to offer Expion360 products online for shipment to customers in 49 states. We believe our lithium battery line and accessories will be attractive to Tractor Supply customers shopping online to outfit and upgrade their outdoor lifestyles, and the partnership expands our market presence across the country.

“Looking ahead, as the RV market recovers, we are well positioned for new orders with our expanding portfolio of advanced batteries, supported by strong marketing initiatives. We are working to secure additional partnerships to expand our list of major resellers and enhance our market penetration.

“Most recently, we closed a public offering with gross proceeds to the Company of approximately $10.0 million. The net proceeds from the offering were used, in part, to fully repay the unsecured convertible promissory note issued to 3i, LP. In addition, the Company and Tumim Stone Capital, LLC mutually agreed to terminate the common stock purchase agreement establishing an equity line of credit, effective immediately upon the closing of the public offering. Importantly, we anticipate using proceeds from the offering to provide necessary funding to further develop our new e360 Home Energy Storage Solutions targeting home and small commercial solar users and installers. Our two LiFePO4 battery storage solutions enable residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages. We believe consumer uptake of home energy storage has the potential to scale rapidly with the introduction of products that improve price, flexibility, and integration, while creating an opportunity to generate meaningful recurring revenue streams and enable margin expansion in a market that is expected to surpass $123 billion globally by 2029,” concluded Mr. Schaffner.

Second Quarter 2024 Financial Summary

For the second quarter of 2024, net sales totaled $1.3 million, a decrease of 25.9% from $1.7 million in the prior year period. The decrease was primarily attributable to the lingering effects of the year over year downturn in the RV market, combined with customers limiting orders in anticipation of the availability of our new products with enhanced features.

Gross profit for the second quarter of 2024 totaled $0.3 million or 25.5% as a percentage of sales, as compared to $0.5 million or 26.3% as a percentage of sales in the prior year period. The decrease in gross profit was primarily attributable to decreases in sales which drove higher fixed overhead costs per unit.

Selling, general and administrative expenses were $2.0 million in both the second quarter of 2024 and the second quarter of 2023.

Net loss for the second quarter of 2024 totaled $2.2 million, or $(0.30) per share, and net loss of $1.5 million, or $(0.21) per share in the prior year period.

First Half 2024 Financial Summary

For the six months ended June 30, 2024, net sales totaled $2.2 million, a decrease of 30.4% from $3.2 million in the prior year period.

Gross profit for the six months ended June 30, 2024, totaled $0.5 million or 24.4% as a percentage of sales, compared to $0.9 million or 27.8% as a percentage of sales in the prior year period.

Selling, general and administrative expenses increased to $4.2 million from $4.1 million in the prior year period.

Net loss for the six months ended June 30, 2024, totaled $4.4 million, or $(0.61) per share, compared to a net loss of $3.5 million, or $(0.50) per share in the prior year period.

Cash and cash equivalents totaled $0.9 million at June 30, 2024, compared to $3.9 million at December 31, 2023.

On August 8, 2024, the Company closed a public offering with gross proceeds of approximately $10.0 million. Subsequent to the closing of the public offering, 14,598,000 pre-funded warrants have been exercised for shares.

Second Quarter 2024 Results Conference Call

Brian Schaffner, Chief Executive Officer and Greg Aydelott, Chief Financial Officer of Expion360 will host the conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

  
Date:Wednesday, August 14, 2024
Time:4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
Dial-in:1-844-825-9789
International Dial-in:1-412-317-5180
Conference Code:10191292
Webcast:https://viavid.webcasts.com/starthere.jsp?ei=1681427&tp_key=b45018adfd
  

A telephone replay will be available commencing approximately three hours after the call and will remain available through August 28, 2024, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 10191292. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available via the investor relations section of the Company’s website here.

About Expion360

Expion360 is an industry leader in premium lithium iron phosphate (LiFePO4) batteries and accessories for recreational vehicles and marine applications, with residential and industrial applications under development. On December 19, 2023, the Company announced its entrance into the home energy storage market with the introduction of two premium LiFePO4 battery storage systems that enable residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages. Please find the press release here.

The Company’s lithium-ion batteries feature half the weight of standard lead-acid batteries while delivering three times the power and ten times the number of charging cycles. Expion360 batteries also feature better construction and reliability compared to other lithium-ion batteries on the market due to their superior design and quality materials. Specially reinforced, fiberglass-infused, premium ABS and solid mechanical connections help provide top performance and safety. With Expion360 batteries, adventurers can enjoy the most beautiful and remote places on Earth even longer.

The Company is headquartered in Redmond, Oregon. Expion360 lithium-ion batteries are available today through more than 300 dealers, wholesalers, private-label customers, and OEMs across the country. To learn more about the Company, visit expion360.com.

Edge, VHC, Vertical Heat Conduction and SmartTalk are trademarks of Expion360.

© 2024 Expion360. All rights reserved.

Forward-Looking Statements and Safe Harbor Notice

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release, including statements about our beliefs and expectations, are "forward-looking statements" and should be evaluated as such. Examples of such forward-looking statements include, statements that use forward-looking words such as "projected," "expect," "possibility,” “believe,” “aim,” “goal,” “plan,” and "anticipate," or similar expressions. Forward-looking statements included in this press release include, but are not limited to, statements relating to the Company’s expectations about the Company’s operations, future development plans, growth prospects, product pipeline and development, anticipated timing of commercial availability of its products, beliefs about market size and opportunity, including customer base, and market conditions, and the anticipated use of proceeds from the offering. Forward-looking statements are subject to and involve risks, uncertainties, and assumptions that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by such forward-looking statements.

The Company cautions that forward-looking statements are not historical facts and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management are under no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statements following the date of this press release, whether as a result of new information, future events or otherwise, except as required by law.

Company Contact:
Brian Schaffner, CEO
541-797-6714
Email Contact

External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
XPON@mzgroup.us
www.mzgroup.us

 
Expion360 Inc.
Balance Sheets
 
  June 30, 2024
(unaudited)
  December 31,
2023
Assets   
Current Assets   
Cash and cash equivalents$902,323  $3,932,698 
Accounts receivable, net 353,006   154,935 
Inventory 3,361,832   3,825,390 
Prepaid/in-transit inventory 719,286   163,948 
Prepaid expenses and other current assets 216,660   189,418 
Total current assets 5,553,107   8,266,389 
    
Property and equipment 1,212,984   1,348,326 
Accumulated depreciation (467,259)  (430,295)
Property and equipment, net 745,725   918,031 
    
Other Assets   
Operating leases - right-of-use asset 2,399,736   2,662,015 
Deposits 58,896   58,896 
Total other assets 2,458,632   2,720,911 
Total assets$8,757,464  $11,905,331 
    
Liabilities and stockholders' equity   
Current liabilities   
Accounts payable$432,550  $286,985 
Customer deposits 14,094   17,423 
Accrued expenses and other current liabilities 278,843   292,515 
Convertible note payable 2,050,757   2,082,856 
Current portion of operating lease liability 541,145   522,764 
Current portion of stockholder promissory notes 700,000   762,500 
Current portion of long-term debt 31,990   50,839 
Total current liabilities 4,049,379   4,015,882 
    
Long-term-debt, net of current portion 215,731   298,442 
Operating lease liability, net of current portion 1,967,593   2,241,325 
Total liabilities$6,232,703  $6,555,649 


Stockholders' equity   
Preferred stock, par value $0.001 per share; 20,000,000 authorized; zero shares issued and outstanding -   - 
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 7,559,530 and 6,922,912 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 7,560   6,923 
Additional paid-in capital 28,026,138   26,438,524 
Accumulated deficit (25,508,937)  (21,095,765)
Total stockholders' equity 2,524,761   5,349,682 
Total liabilities and stockholders' equity$8,757,464  $11,905,331 
        


Expion360 Inc.
Statements of Operations (Unaudited)
 
 For the Three Months
Ended June 30,
 For the Six Months Ended
June 30,
 2024 2023 2024 2023
Net sales$1,278,109  $1,725,123  $2,249,967  $3,232,300 
Cost of sales 952,646   1,270,724   1,701,982   2,334,454 
Gross profit 325,463   454,399   547,985   897,846 
Selling, general and administrative 2,004,260   1,951,664   4,193,734   4,072,559 
Loss from operations (1,678,797)  (1,497,265)  (3,645,749)  (3,174,713)
        
Other expense       
Interest income (18,596)  (47,764)  (45,460)  (67,897)
Interest expense 250,560   26,399   503,846   64,576 
Loss on sale of property and equipment -   3,426   306   3,426 
Settlement expense 309,000   -   309,000   281,680 
Other (income) / expense 11   (500)  (1,189)  (394)
Total other (income) / expense 540,975   (18,439)  766,503   281,391 
Loss before income taxes (2,219,772)  (1,478,826)  (4,412,252)  (3,456,104)
        
Franchise taxes / (refund) 460   (38)  920   (38)
Net loss$(2,220,232) $(1,478,788) $(4,413,172) $(3,456,066)
        
Net loss per share (basic and diluted)$(0.30) $(0.21) $(0.61) $(0.50)
Weighted-average number of common shares outstanding 7,357,300   6,910,491   7,182,121   6,862,747 
                


Expion360 Inc.
Statements of Cash Flows (Unaudited)
 
 For the Six Months Ended
June 30,
 2024 2023
Cash flows from operating activities   
    
Net loss$(4,413,172) $(3,456,066)
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation 94,866   101,992 
Amortization of convertible note costs 333,572   - 
Loss on sales of property and equipment 306   3,426 
Decrease in allowance for doubtful accounts -   (18,804)
Stock-based settlement 209,000   251,680 
Stock-based compensation 438,923   - 
    
Changes in operating assets and liabilities:   
Increase in accounts receivable (198,071)  (92,359)
(Increase) / decrease in inventory 463,558   (437,190)
Increase in prepaid/in-transit inventory (555,338)  (19,243)
Increase in prepaid expenses and other current assets (27,242)  (12,178)
Increase in deposits -   (2,795)
Increase / (decrease) in accounts payable 145,566   (10,759)
Increase / (decrease) in customer deposits (3,329)  156,881 
Increase / (decrease) in accrued expenses and other current liabilities 98,166   (589)
Increase in right-of-use assets and lease liabilities 6,929   14,477 
Net cash used in operating activities (3,406,266)  (3,521,527)
    
Cash flows from investing activities   
Purchases of property and equipment (10,550)  (34,250)
Net proceeds from sales of property and equipment 87,684   37,964 
Net cash provided by investing activities 77,134   3,714 
    
Cash flows from financing activities   
Principal payments on convertible note (365,671)  - 
Principal payments on long-term debt (101,560)  (136,965)
Principal payments on stockholder promissory notes (62,500)  - 
Net proceeds from exercise of warrants (4)  49,777 
Net proceeds from issuance of common stock 828,492   - 
Net cash provided by / (used in) financing activities 298,757   (87,188)
    
Net change in cash and cash equivalents (3,030,375)  (3,605,001)
Cash and cash equivalents, beginning 3,932,698   7,201,244 
Cash and cash equivalents, ending$902,323  $3,596,243 
        


 For the Six Months Ended
June 30,
Supplemental disclosure of cash flow information:2024
 2023
Cash paid for interest$67,070  $64,798 
Cash paid / (refunded) for franchise taxes$-  $(39)
     
Non-cash financing activities:    
Acquisition/modification of operating lease right-of-use asset and lease liability$-  $(13,993)
Issuance of common stock for payment on accrued interest$75,811  $- 
Issuance of common stock for payment on accrued compensation$36,029  $- 
Issuance of common stock for settlement shares and vested RSUs$65  $- 
        

FAQ

What was Expion360's (XPON) revenue for Q2 2024?

Expion360's revenue for Q2 2024 was $1.3 million, representing a 32% sequential increase from Q1 2024.

What new products did Expion360 (XPON) launch in Q2 2024?

Expion360 launched the Edge™ battery in both 12.8V and 51.2V configurations, and next-generation Group 27 and GC2 series lithium iron phosphate batteries with VHC™ internal heating technology.

How much did Expion360 (XPON) raise in its recent public offering?

Expion360 closed a firm commitment underwritten public offering with gross proceeds of approximately $10.0 million.

What new partnerships did Expion360 (XPON) announce in Q2 2024?

Expion360 announced an e-commerce retail partnership with Tractor Supply Company and a partnership with K-Z Recreational Vehicles for product integration.

Expion360 Inc.

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Electrical Equipment & Parts
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