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鈥檚 innovative product line includes the Next Gen Group 27 and GC2 Series Batteries featuring proprietary Vertical Heat Conduction鈩� 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鈥檚 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 (Nasdaq: XPON) has closed a $2.6 million registered direct offering and concurrent private placement with institutional investors. The transaction, priced at market under Nasdaq rules, included:
- Sale of 1,048,386 shares of Common Stock or Pre-Funded Warrants at $2.48 per Share (or $2.479 for Pre-Funded Warrants)
- Warrants to purchase Common Stock at $2.36 exercise price
- Pre-Funded Warrants are immediately exercisable
The company plans to use the net proceeds for general corporate purposes and working capital, with $500,000 allocated to satisfy amounts owed to Series A warrant holders. Aegis Capital Corp. served as the exclusive placement agent for the offerings.
Expion360 (Nasdaq: XPON), a lithium-ion battery power storage solutions company, has announced definitive agreements for a $2.6 million fundraising through registered direct and private placements. The transaction includes:
- Sale of 1,048,386 shares of common stock (or pre-funded warrants) at $2.48 per share
- Each share/warrant bundled with one warrant to purchase common stock at $2.36 exercise price
- Pre-funded warrants priced at $2.479 with $0.001 exercise price
The transaction is expected to close around January 3, 2025. Aegis Capital Corp. serves as the exclusive placement agent. The company plans to use proceeds for general corporate purposes and working capital. The offering is made under an effective shelf registration statement, with the private placement to accredited investors.
Expion360 (XPON) announced preliminary Q4 2024 financial results, reporting revenue between $1.8 to $2.0 million, up from $1.4 million in Q3 2024. Expected gross profit ranges from $350,000 to $450,000, improving from $205,000 in the prior year period.
The company anticipates a Q4 2024 net loss between $450,000 to $350,000, significantly reduced from a $2.2 million loss in Q4 2023. Operational net loss is expected between $1.3 to $1.2 million.
The company highlighted expansion of OEM relationships and distribution network, including new customers Scout Campers, Alaskan Campers, and K-Z Recreational Vehicles. Additionally, Expion360 plans to begin shipping Home Energy Storage Solutions to Wellspring Solar in January 2025. Full financial results for Q4 and year-end 2024 are expected in March 2025.
Expion360 (Nasdaq: XPON) has initiated distribution of its e360 Home Energy Storage Solutions (HESS) to integration partner Wellspring Solar. The LiFePO4 battery-based HESS system enables residential and small business customers to create their own stable micro-energy grid to mitigate power fluctuations and outages.
The company is fulfilling purchase orders to Wellspring Solar, which has been instrumental in the HESS pilot program, testing, and system development. The HESS product line is positioned to capitalize on the growing battery energy storage market and may benefit from California's Self-Generation Incentive Program and federal tax credits through the Inflation Reduction Act for home battery systems.
Expion360 (Nasdaq: XPON) announced the resignation of CFO Greg Aydelott, effective December 31, 2024, due to family health concerns. CEO Brian Schaffner will serve as interim CFO, Principal Financial and Accounting Officer while the company conducts a search for a permanent replacement. Aydelott will continue as a consultant to ensure a smooth transition.
Schaffner, who previously served as CFO from March 2021 through January 2023, acknowledged Aydelott's contributions, including managing growth, strengthening the balance sheet, enhancing planning processes, and overseeing technology investments.
NeoVolta (Nasdaq: NEOV) and Expion360 (Nasdaq: XPON) have signed a non-binding letter of intent (LOI) to potentially collaborate on developing a state-of-the-art battery manufacturing facility and innovative lithium-ion battery designs. Expion360 would contribute design and engineering expertise, while NeoVolta would provide capital and manpower.
NeoVolta has completed phase one of its $250 million U.S. Department of Energy Title 17 Loan Program application and received approval for phase two technical due diligence. The planned facility would employ over 150 workers to meet domestic content requirements established in the 2022 Inflation Reduction Act for Battery Electric Storage Systems (BESS).
Expion360 (Nasdaq: XPON) announced significant expansion of its OEM and distribution network, projecting $5.0 million in incremental revenue for fiscal year 2025 and increased sales for Q4 2024. Following the Elkhart RV Dealer Open House and ongoing sales efforts, the company secured several new OEM customers, including Scout Campers, Alaskan Campers, and K-Z Recreational Vehicles, plus one new distributor. The anticipated revenue growth is expected to increase gross profits by $1.4 million for fiscal year 2025. The expansion strengthens Expion360's presence in RV, off-grid, and surveillance industries.
Expion360 (XPON) reported Q3 2024 revenue of $1.4 million, up 8.7% sequentially from Q2, but down 26.5% year-over-year. The company recorded a net loss of $8.8 million compared to $1.8 million in the prior year. Key developments include new partnerships with Scout Campers, Alaskan Campers, and K-Z RV for lithium-ion battery integration, and closing a $10 million public offering. Gross profit margin decreased to 12.1% from 25% year-over-year. The company is developing home energy storage solutions and expanding its OEM relationships despite RV market challenges due to high interest rates.
Expion360 Inc. (Nasdaq: XPON), a leader in lithium-ion battery power storage solutions, is set to participate in the LD Micro Main Event XVII Conference on October 29-30, 2024 in Los Angeles. CEO Brian Schaffner will conduct one-on-one meetings and deliver a presentation on October 29 at 3:00 pm PT.
The presentation will focus on Expion360's new products, technologies, and expanding partnerships with Recreational Vehicle OEMs. It will also highlight the company's Home Energy Storage Solutions. Investors can view the presentation live or via replay through a webcast link, which will also be available on Expion360's investor relations website.
For those interested in scheduling meetings with Expion360 management or attending the presentation, contact information and registration details are provided in the press release.
Expion360 Inc. (Nasdaq: XPON), a leader in lithium-ion battery power storage solutions, has announced a 1-for-100 reverse stock split of its common stock. The split will be effective on October 8, 2024, at 5:00 p.m. Pacific Time, with post-split trading beginning on October 9, 2024. This move aims to regain compliance with Nasdaq's minimum bid price requirement for continued listing.
Key points:
- Every 100 shares will be combined into one share
- No fractional shares will be issued; holders will receive one whole share instead
- The stock will continue trading under the symbol 'XPON' with a new CUSIP number
- The split affects equity awards, warrants, and non-plan options, adjusting their issuable shares and prices
- Pacific Stock Transfer Company is acting as the transfer and exchange agent
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