REDMOND, Ore., Oct. 15, 2024 (GLOBE NEWSWIRE) -- Expion360 Inc. (Nasdaq: XPON) ("Expion360" or the "Company"), an industry leader in lithium-ion battery power storage solutions, will attend the LD Micro Main Event XVII Conference being held at the Luxe Sunset Blvd Hotel in Los Angeles, CA October 29 - 30, 2024. Expion360 Chief Executive Officer Brian Schaffner will conduct in-person one-on-one meetings during the conference to discuss its new products and technologies initiatives, including its Home Energy ...

REDMOND, Ore., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Expion360 Inc. (Nasdaq: XPON) ("Expion360" or the "Company"), a lithium-ion battery power storage solutions company, today announced the closing of a firm commitment underwritten public offering ("Offering") with gross proceeds to the Company expected to be approximately $10.0 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The base Offering consists of 50,000,000 Common Units or Pre-Funded Units, each Uni ...

REDMOND, Ore., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Expion360 Inc. (Nasdaq: XPON) ("Expion360" or the "Company"), a lithium-ion battery power storage solutions company, today announced the pricing of a firm commitment underwritten public offering ("Offering") with gross proceeds to the Company expected to be approximately $10.0 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The base Offering consists of 50,000,000 Common Units or Pre-Funded Units, each Uni ...

REDMOND, Ore., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Expion360 Inc. (Nasdaq: XPON) ("Expion360" or the "Company"), a lithium-ion battery power storage solutions company, today announced the pricing of a firm commitment underwritten public offering ("Offering") with gross proceeds to the Company expected to be approximately $10.0 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The base Offering consists of 50,000,000 Common Units or Pre-Funded Units, each Uni ...

REDMOND, Ore., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Expion360 Inc. (NASDAQ:XPON) ("Expion360" or the "Company"), an industry leader in lithium-ion battery power storage solutions, today announced a partnership with K-Z Recreational Vehicles ("K-Z RV"), a subsidiary of Thor Industries, Inc. This collaboration will integrate Expion360's cutting-edge battery technology into K-Z RV's premium offerings, enhancing the offgrid capabilities of their vehicles. K-Z RV's Boondocker package, renowned for its exceptional o ...

Start Time: 16:30 End Time: 16:58 January 1, 0000 ET Q1 2024 Earnings Conference Call May 14, 2024, 00:00 AM ET Company Participants Brian Schaffner - Chief Executive Officer Greg Aydelott - Chief Financial Officer Larry Holub - MZ Group, IR Conference Call Participants Brian Lantier - Zacks Small-Cap Research Operator Greetings, and welcome to the Expion360 First Quarter 2024 Financial Results Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______. Commission File Number 001-41347 EXPION360 INC. (Exact name of registrant as specified in its charter) Nevada (state or other jurisdiction o ...

Exhibit 99.1 Expion360 Reports First Quarter 2024 Financial Results Positioned for Increased Market Share & Revenue Growth with New Products and Technologies Substantial Preorders of Next Generation Group 27 and GC2 Batteries that Now Include Proprietary Vertical Heat Conduction™ Internal Heating Technology 2024 Anticipated Milestones Include: New Strategic Partnerships, OEM Expansion and Disruptive Product Launches Across Multiple Market Segments REDMOND, OR -- May 14, 2024 -- Expion360 Inc. (Nasdaq: XPON) ...

Expion360 Inc. (NASDAQ:XPON) Q4 2023 Results Conference Call March 28, 2024 4:30 PM ET Company Participants Brian Schaffner - Chief Executive Officer Paul Shoun - Co-Founder, President & Chief Operating Officer Greg Aydelott - Chief Financial Officer Conference Call Participants Brian Lantier - Zacks Small-Cap Research Roy Smith - New River Capital Operator Greetings, and welcome to the Expion360 Fourth Quarter and Fiscal Year 2023 Financial Results Conference Call. At this time, all participants are in a l ...

Part I [Business](index=7&type=section&id=Item%201.%20Business) Expion360 designs and sells LiFePO4 batteries for RV, marine, and home energy markets, aiming to onshore production and capitalize on the shift to lithium - The company focuses on designing, assembling, and selling LiFePO4 batteries and accessories for RVs, marine applications, and home energy storage, with plans to enter industrial markets[21](index=21&type=chunk) - Expion360 aims to capitalize on the market conversion from lead-acid to lithium batteries and is expanding into the home energy storage market with its e360 Home Energy Storage System[23](index=23&type=chunk)[24](index=24&type=chunk) - The company's competitive strengths include superior battery capacity compared to lead-acid competitors (**3-4 times the lifespan**, **10 times the charging cycles**), flexible battery pack design, and expansion into new product areas like the AURA POWERCAP™ and e360 SmartTalk mobile app[34](index=34&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - Expion360 relies on third-party manufacturers in Asia for its batteries and cells but has a long-term goal to onshore manufacturing to its Redmond, Oregon headquarters[22](index=22&type=chunk)[44](index=44&type=chunk) - The company has significant customer concentration, with two customers accounting for approximately **21% of total sales in the year ended December 31, 2023**[49](index=49&type=chunk) - To protect its technology, the company has filed **11 patent applications** (**7 design**, **4 utility**) and owns **15 trademark registrations** in the United States[50](index=50&type=chunk)[51](index=51&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) The company faces intense competition, recurring net losses, a "going concern" warning, customer concentration, supply chain dependence, and product liability risks - The company has a history of net losses, reporting a net loss of **$7.5 million** for both the years ended December 31, 2023, and 2022[65](index=65&type=chunk) - The company's audited financial statements include a "going concern" explanatory paragraph, indicating substantial doubt about its ability to continue operations over the next twelve months due to recurring losses and negative cash flows[68](index=68&type=chunk) - Significant customer concentration risk exists, with two customers accounting for **21% of total sales in 2023** and three customers accounting for **41% in 2022**[70](index=70&type=chunk) - The company is heavily dependent on third-party manufacturers in Asia, with approximately **70% and 85% of inventory purchases** made from foreign suppliers in 2023 and 2022, respectively[82](index=82&type=chunk) - The company's co-founder and former CEO, John Yozamp, along with his brother, beneficially own approximately **21.5% and 7.1%** of the outstanding common stock, respectively, giving them substantial influence over stockholder matters[134](index=134&type=chunk) - As an "emerging growth company," Expion360 takes advantage of reduced reporting requirements, which could make its securities less attractive to some investors[125](index=125&type=chunk) [Unresolved Staff Comments](index=31&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company has no unresolved comments from the Securities and Exchange Commission staff - None[138](index=138&type=chunk) [Cybersecurity](index=31&type=section&id=Item%201C.%20Cybersecurity) Expion360 maintains a cybersecurity risk management program overseen by its COO and Board, with no material incidents reported despite increasing threats - The company has a cybersecurity risk management program, overseen by the Chief Operating Officer, which is integrated into its overall risk management systems and involves third-party consultants[141](index=141&type=chunk) - The Board of Directors and the Audit Committee actively oversee cybersecurity threats, with the Audit Committee receiving regular updates from management on data protection, cybersecurity risks, and incident response plans[144](index=144&type=chunk)[145](index=145&type=chunk) - While no material adverse effects from cybersecurity incidents have been reported, the company acknowledges that threats are pervasive and increasing[143](index=143&type=chunk) [Properties](index=32&type=section&id=Item%202.%20Properties) The company leases its corporate headquarters, a large warehouse for future assembly, and a distribution facility, all deemed sufficient for near-term needs Leased Facilities | Location | Size (sq. ft.) | Purpose | Monthly Rent (as of early 2023) | | :--- | :--- | :--- | :--- | | Redmond, OR | ~15,000 | Corporate HQ, Engineering, Sales, Warehouse | ~$19,000 | | Redmond, OR | ~31,400 | Warehousing, Future Assembly Plant | ~$32,400 | | Elkhart, IN | ~7,000 | Office Space, Local Warehousing/Distribution | $4,900 | [Legal Proceedings](index=32&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings expected to adversely affect its financial condition - The company is not currently party to any material pending legal proceedings[151](index=151&type=chunk) [Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This disclosure item is not applicable to the company's operations - Not applicable[153](index=153&type=chunk) Part II [Market for Common Equity and Related Matters](index=34&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Expion360's common stock trades on Nasdaq, has never paid dividends, and retains IPO proceeds for business growth - The company's common stock began trading on the Nasdaq Capital Market under the symbol "XPON" on April 1, 2022[155](index=155&type=chunk) - The company has never declared or paid cash dividends and does not intend to in the foreseeable future, retaining funds for operations and growth[156](index=156&type=chunk) - The company completed its IPO on April 5, 2022, raising net proceeds of **$14,772,487**. The use of these proceeds remains consistent with the plans disclosed in the final prospectus[159](index=159&type=chunk)[160](index=160&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=35&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A covers decreased net sales, lower gross profit, increased SG&A, flat net loss, tightened liquidity, recent financing, and a "going concern" warning [Recent Developments](index=35&type=section&id=MD%26A_Recent_Developments) Recent developments include executive changes, securing a $2.75 million convertible note and a $20 million equity line, and introducing new battery products - In December 2023, the company entered into a securities purchase agreement for a **$2.75 million** senior unsecured convertible note and a common stock purchase agreement for a **$20 million** equity line of credit[169](index=169&type=chunk)[170](index=170&type=chunk) - In January 2024, the company introduced its next-generation GC2 and Group 27 series LiFePO4 batteries, featuring higher amp-hour options and advanced technology like internal heating and Bluetooth communication[171](index=171&type=chunk) - In early 2024, the company paid off a **$62,500** stockholder note and sold three trucks, paying off approximately **$86,300** in related vehicle loans[172](index=172&type=chunk) [Results of Operations (FY 2023 vs. FY 2022)](index=40&type=section&id=MD%26A_Results_of_Operations) Fiscal year 2023 saw a 16.5% decrease in net sales, a 31.2% drop in gross profit, a 6.1% rise in SG&A, and a flat net loss of $7.5 million Fiscal Year Operating Results Comparison | | 2023 | 2022 | | :--- | :--- | :--- | | **Net Sales** | $5,981,134 | $7,162,837 | | **Gross Profit** | $1,575,523 | $2,288,445 | | *Gross Margin* | *26.3%* | *31.9%* | | **Loss from Operations** | ($7,169,612) | ($5,953,414) | | **Net Loss** | ($7,456,274) | ($7,536,540) | - Net sales decreased by **$1.2 million** (**16.5%**) year-over-year, primarily due to a decrease in OEM sales driven by a slowdown in the consumer market[194](index=194&type=chunk) - Gross profit margin decreased by **5.6 percentage points to 26.3% in 2023**, attributed to lower sales volumes which reduced economies of scale on fixed costs[196](index=196&type=chunk) - SG&A expenses increased by **$503,000** (**6.1%**) due to higher legal and professional fees (**$2.0M vs $0.9M**), sales and marketing (**$0.9M vs $0.7M**), and R&D (**$0.4M vs $0.3M**), which offset a significant decrease in salaries and benefits[197](index=197&type=chunk)[198](index=198&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=MD%26A_Liquidity_and_Capital_Resources) Liquidity tightened with cash decreasing to $3.9 million, leading to a "going concern" warning, prompting new financing through a convertible note and equity line Cash Flow Summary | | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | ($5,531,232) | ($5,468,572) | | **Net cash provided by / (used in) investing activities** | $16,578 | ($515,692) | | **Net cash provided by financing activities** | $2,246,108 | $12,412,270 | - Cash and cash equivalents decreased from **$7.2 million** at year-end 2022 to **$3.9 million** at year-end 2023[202](index=202&type=chunk) - Recurring losses and negative cash flows have raised substantial doubt about the company's ability to continue as a going concern[206](index=206&type=chunk) - As of December 31, 2023, the company had outstanding debt including a **$2.8 million** short-term convertible note, **$762,500** in stockholder loans, and **$349,000** in other long-term debt[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk) [Critical Accounting Policies and Estimates](index=44&type=section&id=MD%26A_Critical_Accounting_Policies) Critical accounting policies involve inventory valuation, property and equipment, lease accounting (ASC 842), and revenue recognition upon transfer of control - Inventory is stated at the lower of cost (first-in, first-out) or net realizable value. As of Dec 31, 2023, inventory consisted of **$2.97M** in finished goods and **$0.86M** in raw materials[226](index=226&type=chunk) - Leases are accounted for by recognizing a right-of-use (ROU) asset and a lease liability based on the present value of future lease payments, using the company's incremental borrowing rate[229](index=229&type=chunk)[230](index=230&type=chunk) - Revenue is recognized upon shipment or delivery to the customer, which is when the performance obligation is satisfied and control transfers[232](index=232&type=chunk) - Research and development costs are expensed as incurred and amounted to **$391,148 in 2023**, up from **$270,100 in 2022**[234](index=234&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Expion360 is exempt from providing quantitative and qualitative market risk disclosures - The company is not required to provide this information as it qualifies as a smaller reporting company[238](index=238&type=chunk) [Financial Statements and Supplementary Data](index=47&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section refers to the consolidated financial statements and notes, located starting on page F-1 of the report - The company's financial statements are located in the 'Index to Financial Statements' starting on page F-1 of the report[239](index=239&type=chunk) [Changes in and Disagreements with Accountants](index=47&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting principles or financial disclosure - None[240](index=240&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with no material changes - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[241](index=241&type=chunk) - Based on the COSO framework, management concluded that internal control over financial reporting was effective as of December 31, 2023[243](index=243&type=chunk) - As an emerging growth company, this annual report does not include an attestation report from the company's registered public accounting firm on internal controls[244](index=244&type=chunk) [Other Information](index=47&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[246](index=246&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspection](index=48&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspection) This disclosure item is not applicable to the company - Not applicable[248](index=248&type=chunk) Part III [Directors, Executive Compensation, Security Ownership, and Related Matters](index=49&type=section&id=Item%2010,%2011,%2012,%2013,%2014) Information for Items 10-14, covering directors, executive compensation, and security ownership, is incorporated by reference from the 2024 Proxy Statement - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the registrant's 2024 definitive Proxy Statement[250](index=250&type=chunk)[251](index=251&type=chunk)[252](index=252&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=50&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists exhibits filed with the Annual Report and notes the omission of financial statement schedules due to inclusion elsewhere or non-applicability - The company's financial statements are listed in the 'Index to the Financial Statements' on page F-1[256](index=256&type=chunk) - All financial statement schedules are omitted as the information is not required or is already present in the financial statements or notes[257](index=257&type=chunk) [Form 10-K Summary](index=51&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has not provided a summary for this item - None[262](index=262&type=chunk) Consolidated Financial Statements [Report of Independent Registered Public Accounting Firm](index=54&type=section&id=Report_of_Independent_Registered_Public_Accounting_Firm) The auditor's report provides a fair presentation opinion but includes a "Going Concern" paragraph due to recurring losses and negative cash flows - The auditor's report includes a "Going Concern" paragraph, noting that the company's recurring losses and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern[273](index=273&type=chunk) - The critical audit matter identified was related to Equity Transactions, specifically the valuation of options and warrants, which requires significant management judgment[279](index=279&type=chunk) [Financial Statements Data](index=56&type=section&id=Financial_Statements_Data) Financial statements show decreased assets, increased liabilities, a flat net loss of $7.5 million, and $5.5 million net cash used in operations Balance Sheet Highlights (As of Dec 31) | | 2023 | 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $8,266,389 | $12,342,817 | | **Total Assets** | $11,905,331 | $16,698,931 | | **Total Current Liabilities** | $4,015,882 | $1,572,953 | | **Total Liabilities** | $6,555,649 | $5,091,966 | | **Total Stockholders' Equity** | $5,349,682 | $11,606,965 | Statement of Operations Highlights (For the Year Ended Dec 31) | | 2023 | 2022 | | :--- | :--- | :--- | | **Sales, net** | $5,981,134 | $7,162,837 | | **Gross Profit** | $1,575,523 | $2,288,445 | | **Loss from Operations** | ($7,169,612) | ($5,953,414) | | **Net Loss** | ($7,456,274) | ($7,536,540) | | **Net Loss Per Share** | ($1.08) | ($1.23) | Statement of Cash Flows Highlights (For the Year Ended Dec 31) | | 2023 | 2022 | | :--- | :--- | :--- | | **Cash flows from operating activities** | ($5,531,232) | ($5,468,572) | | **Cash flows from investing activities** | $16,578 | ($515,692) | | **Cash flows from financing activities** | $2,246,108 | $12,412,270 | | **Net change in cash** | ($3,268,546) | $6,428,006 | | **Cash at end of period** | $3,932,698 | $7,201,244 | [Notes to the Financial Statements](index=61&type=section&id=Notes_to_the_Financial_Statements) Notes reiterate the "going concern" issue, detail customer concentration, debt structure, stock-based compensation, deferred tax assets, and subsequent events - Note 2 reiterates that recurring losses and negative cash flows raise substantial doubt about the company's ability to continue as a going concern[301](index=301&type=chunk) - During 2023, sales to two customers totaled **$1.2 million**, or **21% of total sales**. Four other customers represented **90% of total accounts receivable** at year-end[323](index=323&type=chunk) - In December 2023, the company entered into a **$2.75 million** convertible note financing agreement with a **10% original issue discount** and a **9.0% interest rate**, maturing in December 2024[358](index=358&type=chunk) - Under its 2021 Incentive Award Plan, the company granted **245,500 stock options** and **48,780 RSUs** during 2023. Total stock-based compensation expense for 2023 was **$495,320**[384](index=384&type=chunk) - The company maintains a full valuation allowance against its net deferred tax assets of **$3.8 million**, as it is more likely than not that these assets will not be realized[394](index=394&type=chunk)[399](index=399&type=chunk) - Subsequent to year-end, in January 2024, the company paid executive bonuses for 2023 performance in cash and RSUs and repaid a **$62,500** stockholder note[403](index=403&type=chunk)[406](index=406&type=chunk)