Expion360 issues letter to its stockholders

Expion360 issued a letter to its stockholders from Brian Schaffner, Chief Executive Officer. “2023 was a year of diversification and expansion for Expion360, underscored by exciting new products, market categories and technology innovation… 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… 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… 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… 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… 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… 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. “