Welcome to our dedicated page for Expion360 news (Ticker: XPON), a resource for investors and traders seeking the latest updates and insights on Expion360 stock.
Expion360 Inc. (Symbol: XPON) specializes in the design, assembly, manufacturing, and sales of advanced lithium iron phosphate (LiFePO4) batteries, along with supporting accessories. The company's primary focus is on recreational vehicles (RVs) and marine applications. They are renowned for their minimal-footprint batteries, providing more power for their size compared to other market alternatives.
Expion360’s innovative product line includes the Next Gen Group 27 and GC2 Series Batteries featuring proprietary Vertical Heat Conduction™ Technology, which meets the diverse needs of customers. Notably, these batteries offer exceptional flexibility and enhanced heating efficiency.
With plans to expand into the home energy storage and industrial sectors, Expion360 is poised to capture a broader market share. The company is committed to delivering high-quality and reliable energy storage solutions, which has earned them a solid reputation in the industry.
In recent developments, Expion360’s revenue for the year ended December 31, 2023, totaled $6.0 million, a 16.5% decrease from the previous year. This decline was primarily due to reduced demand in the consumer market, affecting OEM sales. Despite this, the company remains optimistic about future growth driven by continuous innovation and customer demand.
Expion360 has also announced new strategic initiatives and partnerships to enhance product availability. Their lithium batteries and accessories are now available online to customers across 49 states, broadening their market reach.
For more information, contact Brian Schaffner, CEO, at 541-797-6714 or via email. External investor relations are managed by Chris Tyson, Executive Vice President, MZ Group - MZ North America, reachable at 949-491-8235 or XPON@mzgroup.us.
Expion360, Inc. (NASDAQ:XPON) has launched its new Lithium Power Bundle, a clean energy solution tailored for recreational vehicles (RVs) and other applications. This integrated system, available at select Camping World Performance Centers, allows efficient management of energy from solar power through Expion360's lithium iron phosphate batteries. The batteries boast a lifespan of up to 12 years and offer three times the power of traditional lead-acid batteries while being lighter. Expion360 aims to enhance customer service quality in collaboration with Camping World.
Expion360 (NASDAQ:XPON) has signed a non-binding letter of intent with an Asian producer to procure lithium battery manufacturing equipment, aiming to establish a large-scale lithium cell manufacturing facility in Redmond, Oregon. This facility is designed to produce up to 250,000 Type 26650 lithium battery cells per day, supporting the U.S. transition to clean energy. The projected cost for the facility is approximately $450 million, funded through a mix of equity, debt, and federal grants. Expion360 anticipates starting engineering and site planning before year-end.
Expion360, Inc. (NASDAQ: XPON) has promoted Greg Aydelott to Chief Accounting Officer, overseeing day-to-day accounting alongside the CFO. Aydelott, who has two decades of experience in financial management, previously served as the company’s controller. CEO John Yozamp stated Aydelott will enhance financial management and support the company's growth strategies. Aydelott expressed enthusiasm for supporting Expion360's growth in the lithium-ion battery market for RVs and marine applications.
Expion360, Inc. (NASDAQ:XPON) announced impressive results for Q1 2022, with revenue soaring 144% to $2.2 million and gross profit increasing 213% to $862,000, reflecting a gross margin rise to 40.0%. The company achieved its first positive cash flow from operations and secured significant customers, including leading RV dealers and battery distributors. Expion360 is enhancing its production capabilities with new facilities in Oregon and Indiana to meet growing demand. Following its IPO on April 1, 2022, the company raised approximately $15.7 million to support expansion efforts.
Expion360 (NASDAQ:XPON) has begun distributing its lithium batteries through a major U.S. battery distribution network, enhancing access to thousands of retail locations, including RV and Marine dealerships. This partnership may increase sales and expand applications for their products, including potential uses in golf carts. The initial rollout involves 20 distribution points, with plans for a nationwide launch over the next year. Expion360's lithium solutions, which outpace traditional lead-acid batteries in performance, align with a growing lithium-ion market projected to reach $73 billion by 2025.
Expion360, Inc. (NASDAQ:XPON) has secured a $300,000 credit line from GM Financial aimed at expanding its fleet of mobile product demonstration vehicles and sales force. The funding will initially be used to acquire new GM trucks for regional sales across Utah, Arizona, Texas, Indiana, and the Southeast. The company plans to increase its fleet to over 100 vehicles in North America over two years, enhancing its direct sales presence and service capabilities. Expion360 has established over 175 B2B customers, contributing to strong growth in sales and gross margins.
Expion360, Inc. (NASDAQ:XPON) is enhancing its market presence by initiating shipments of over 500 high-capacity e360 lithium batteries to AIM Wholesale, a leading distributor for RV parts. The company shipped its first batch of 192 units in March and plans to deliver an additional 320 units over the next six months, driven by increasing demand for its 120 Ah batteries. This partnership aims to capitalize on the growing shift from lead-acid to lithium batteries in the RV sector, potentially boosting sales and expanding distribution channels.
Expion360, Inc. (NASDAQ:XPON) has achieved UL 1973 compliance for its 60-120 amp hour lithium batteries, affirming their safety for energy storage systems. This certification confirms that Expion360's products meet low voltage system standards for thermal runaway and other safety measures. The compliance is expected to enhance market adoption of its innovative battery solutions, allowing users to replace conventional gas or propane generators with cleaner battery technology. CEO John Yozamp emphasizes this achievement as a critical milestone for the company's future growth.
Expion360, Inc. (NASDAQ:XPON) announced that underwriters of its recent initial public offering fully exercised their over-allotment option, purchasing an additional 321,750 shares at $7.00 each, generating gross proceeds of $2,252,250. This brings the total shares sold in the offering to 2,466,750, with total gross proceeds reaching $17,267,250 before discounts and commissions. Alexander Capital led the offering, with legal representation from Rowland Day and others. The company specializes in lithium batteries for various applications, emphasizing product capacity and unique design.
Expion360, Inc. (NASDAQ:XPON) has successfully closed its initial public offering of 2,145,000 shares at a price of $7.00 per share. The offering, which commenced trading on April 1, 2022, allows underwriters a 45-day option to purchase up to 321,750 additional shares. Alexander Capital, LP serves as the sole book-running manager. The initial public offering is designed to support Expion360's position as a leader in lithium batteries for various applications. The company emphasizes its commitment to innovation in the lithium battery market.
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