Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”),
an industry leader in lithium-ion battery power storage solutions,
today issued a letter to its stockholders from Brian Schaffner,
Chief Executive Officer.
Expion360 CEO Brian
Schaffner
Dear Stockholders,
2023 was a year of diversification and expansion
for Expion360, underscored by exciting new products, market
categories and technology innovation. Sales for our product
offerings were driven by expanded distribution partnerships and OEM
market penetration. Throughout the year, our focus was on
developing new products, including our new home energy storage
systems (ESS), which launched in late 2023, and several new
products we plan to launch in 2024. We have evolved to capture a
leading position in the premium lithium iron phosphate (“LiFePO4”)
batteries and accessories market by offering products for
recreational vehicles, marine applications, light electric vehicles
(“LEV”), and residential and commercial energy storage systems.
AURA Powercap 600W Inverter (left) and E360
All in One Home ESS (Energy Storage System) (right)
Innovative New Products &
Accessories Drive Growth
We continued to build upon our growing customer
base by attracting new customers with the introduction of new
products, expanding our reach into high-growth industry verticals.
For example, in January 2023 we expanded our product portfolio with
the introduction of our AURA POWERCAP battery accessory, which can
transform Expion360 lithium-ion batteries into a portable 600-watt
portable powerpack. We believe the AURA POWERCAP is a great
value-add to our existing line of state-of-the-art lithium-ion
batteries, expanding our batteries’ usefulness as a mobile power
source. We also launched e360 SmartTalk™, an innovative mobile app
that enables the seamless integration and wireless management of
e360 Bluetooth-enabled LiFePO4 batteries. We advanced our industry
leadership and strengthened our competitive position with the
introduction of our new 12 Volt 450 Ah e360 SmartTalk™ LiFePO4
battery, which utilizes breakthrough cell technology to increase
energy density by up to 32% versus traditional 3.4 Ah 26650
cells.
We entered new markets in 2023 with the
introduction of new battery solutions for LEV and new home energy
systems. Our exclusive e360 SmartTalk™ battery was our first foray
into both the smart battery market and LEV market, a 48 Volt GC2
LiFePO4 battery engineered for LEVs, combining intelligent wireless
mobile management capabilities and outstanding capacity with
superior construction and durability. In late 2023, we entered the
home energy storage market with the introduction of two premium
LiFePO4 battery storage systems, which enable residential and small
business customers to create their own stable micro-energy grid and
lessen the impact of increasing power fluctuations and outages. As
a result of increasing power interruptions, brownouts and outages
in many parts of the U.S., there is a demand for a solution that
can help homeowners maintain their safety, security and comfort
during these periods. Our goal is to help homeowners purchase and
have professionally installed, our home energy storage systems by
providing education on both the practical benefits and the many
programs and incentives, including incentives available through
California's Self-Generation Incentive Program and federal tax
credits available through the Inflation Reduction Act for home
battery systems. In addition, our energy storage systems program
with Renewable Energy Products Manufacturing Corp. (REPM) is an
important first step in introducing our new and innovative
solutions for the renewable energy space. This year, we aim to
deliver home energy storage systems with leading-edge technology
and further our mission of creating a sustainable future, and we
expect that the first installations of our home energy storage
systems will begin in the second half of 2024.
Strong Partnerships & Marketing
Expand Market Opportunity
New partnerships, agreements with OEM strategic
suppliers, and expanded sales and distribution partnerships further
broadened our market opportunities in new and existing verticals
last year. During 2023, we became a strategic supplier of
high-energy lithium-ion batteries and power system components for
Cube Series’ new ultra-lightweight, hard-sided foldable camper,
designed for light duty trucks. In addition, Chinook RV, a top name
in the RV industry and a recognized leader in quality and
innovation, chose us as a strategic supplier of lithium-ion
batteries for its off-grid power systems. Our sales and
distribution partnership with Meyer Distributing, a leading
national marketer and distributor of automotive and RV specialty
products, was expanded to now include more than 90 warehousing
facilities across the U.S. and Canada that service thousands of
customers and hundreds of dealers. As we begin 2024, Expion360
lithium-ion batteries are available through more than 300 dealers,
wholesalers, private-label customers and OEMs nationwide.
Throughout the year, we garnered interest in our
LiFePO4 battery lineup at some of the largest conferences and
events in North America, introducing thousands of attendees to the
benefits of our products and accessories. At the RV Dealer Open
House in Elkhart, Indiana, the world's largest RV dealer show,
demonstrations of our E360 batteries were given at a number of OEM
customer booths, including Chinook RV and Imperial Outdoors. Our
products were also featured on the award-winning automotive
television program, Motorhead Garage, which was broadcast across
the U.S. and Canada.
Operational & Financial Improvements
Fuel 2024 Strategy
We made operational improvements to support our
continued growth, including the expansion of our sales team with
the hiring of two additional sales representatives, including a
dedicated sales representative for the new LEV vertical. In
addition, we strengthened our corporate governance with the
appointment of tech industry veteran, innovator and business
leader, Tien Q. Nguyen, to our board of directors, who brings more
than 30 years of entrepreneurial and senior-level experience
driving innovation in electrical technology, including product
financing, engineering, development, and commercialization.
In December 2023, we received financing
commitments of up to $22.5 million through a senior unsecured
convertible promissory note in an original principal amount of
$2.75 million to 3i, LP, and an equity line of credit with Tumim
Stone Capital, LLC (“Tumim”) under which we will have the right,
but not the obligation, to issue and sell to Tumim up to $20.0
million in shares of common stock from time to time. These
financings provide additional operating liquidity and financial
flexibility which includes IP and product development, and our
newly launched home energy storage systems. During the year, we
were also privileged to join the Russell Microcap® Index, widely
used by investment managers and institutional investors for index
funds and as a benchmark for active investment strategies.
2024 Outlook
As we look ahead, we believe we are
well-positioned for another exceptional year. Although we
anticipate the current lower rate of sales in the broader RV market
to continue in the short term, we expect to continue capturing
market share in this segment. While we expect to report a
year-over-year mid-teens percentage decline in 2023 revenue, our
goal is to recapture growth through multiple initiatives and new
products as the RV segment recovers. We increased R&D activity
to focus on innovation and expansion of our product line. We will
continue to work towards additional OEM market penetration with new
major partners, as well as growing demand from customers looking to
achieve greater power density, better reliability and superior
quality for their energy storage needs. We will continue to
prioritize increasing consumer sales, as demonstrated by our
Shopify e-commerce sales that increased 300% in 2023 over the prior
year, and our busy schedule of trade shows that we plan to attend
throughout the year.
In addition, we are highly focused on expanding
into other verticals and channels, such as marine, overland and
light electric vehicles, and introducing products for home energy
and commercial applications. We expect golf cart battery sales to
continue to progress with upward momentum as more installers test
and begin using our newly introduced 48v GC2 battery design. We
anticipate strong growth from the launch of our energy storage
systems and partnership with REPM and other similar solar
companies, based on these new initiatives and our growing pipeline,
and expect to see an acceleration of our sales from new and
existing product lines commencing in the first half of 2024 as our
product innovations, partnerships and sales gain more traction.
Lastly, we began the year by engaging with
international investor relations specialists MZ Group (MZ) to lead
a comprehensive strategic investor relations and financial
communications program across all key markets to proactively
communicate our technological advancements and growing customer
base, including new major OEM partners and consumer sales, that are
positioning Expion360 to be a global leader in lithium-ion energy
storage solutions across multiple verticals. To schedule a
conference call with management or receive our press releases and
company updates by email, please make your request to
XPON@mzgroup.us or call Chris Tyson at 949-491-8235.
Thank you to our stockholders, partners, and
team for their support on our journey. We look forward to providing
future updates on our business and hope you will join our fourth
quarter and full year 2023 financial results conference call that
we plan to host in March 2024.
Sincerely,
Brian SchaffnerChief Executive Officer
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.
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 product features and capabilities, expectations regarding
the scale, demand and benefits for the Company’s products,
including the ability to attract new customers and enter into new
markets, the Company’s product development strategy and product
distribution, trends in the Company’s markets and the continuation
of such trends, and future growth in the Company’s business and
products, as well as the Company’s ability to drive such growth,
including the Company’s growth strategy, expansion plans, and
opportunities. 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.
Company Contact:Brian Schaffner,
CEO541-797-6714Email Contact
External Investor Relations:Chris Tyson,
Executive Vice PresidentMZ Group - MZ North
America949-491-8235XPON@mzgroup.us www.mzgroup.us
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/e7072154-a125-4a86-8060-267586c85446https://www.globenewswire.com/NewsRoom/AttachmentNg/d01a44fd-4565-4a42-ae03-35ea22a1b4e8
Expion360 (NASDAQ:XPON)
過去 株価チャート
から 5 2024 まで 6 2024
Expion360 (NASDAQ:XPON)
過去 株価チャート
から 6 2023 まで 6 2024