Author: RV News Staff | View Article
Battery manufacturer Expion360 Inc. said the company’s new product lines and distribution changes have increased revenue 4% during the third quarter.
Revenue increased $1.4 million during quarter three, however gross profit decreased 25% to $403,000, due to expansion initiatives, the company said.
“In Q3, our top-line grew as a result of our expanded product offerings and nationwide distribution network,” CEO John Yozamp said. “Since the beginning of the year, we have greatly expanded our national presence with sales to several large retail customers.”
The company recently began shipping its Expion360 Lithium Power Bundle to RV dealers nationwide. The bundle controls electrical power flowing from an RV roof solar panel down through an Expion360 battery to the inverter.
“During the third quarter, we received and began the installation of new assembly line equipment at our pack assembly facility in Redmond, Oregon. These state-of-the-art systems will help us transition certain manual processes to automated, which we expect to become operational before the end of the year,” Yozamp said. “Due to the success of our new Expion360 Lithium Power Bundle in the third quarter, we are expanding the types of power bundles we offer and plan to roll those out to the rest of our distribution channels in the coming quarters.”
While many companies continue to report supply chain issues, he said Expion has successfully navigated the challenges and avoided any supply constraints.
“In Q3, we were able to opportunistically increase our component inventory levels in anticipation of a strong fourth quarter and key growth initiatives for next year,” he said. “We believe our lithium-ion batteries offer far greater capacity and space savings compared to lead-acid batteries.”
The company plans to launch new products in early 2023.