Expion360 Inc. (NASDAQ:XPON) shares are trading higher today.
The company disclosed the distribution of its e360 Home Energy Storage Solutions.
The company has started fulfilling purchase orders for its HESS products to Wellspring Solar, a division of Wellspring Components.
Wellspring has been a key partner in the HESS pilot program, offering expertise in system development and testing.
Brian Schaffner, Chief Executive Officer of Expion360, said, “We believe the HESS product line will benefit from a fast-growing battery energy storage market, and consumer uptake can rapidly scale with the introduction of products that improve price, flexibility, and integration.”
”We also anticipate HESS will benefit from incentives available through California’s Self-Generation Incentive Program and federal tax credits available through the Inflation Reduction Act for home battery systems. We look forward to working closely with Wellspring for additional orders in 2025.”
In a separate release, the company reported fourth-quarter preliminary revenues of around $1.8 million—$2.0 million, up from $1.4 million in the third quarter of 2024.
Also, Expion360 sees a preliminary net loss of $450,000 – $350,000, a significant improvement from the $2.2 million loss in the fourth quarter of 2023, reflecting ongoing investments in product development and launches.
Brian Schaffner stated, “We believe we are making significant progress against our goals with the ongoing expansion of our OEM relationships and distribution network to meet the increasing demand for high-quality lithium battery technology from existing and recent new customers including Scout Campers, Alaskan Campers, and K-Z Recreational Vehicles.”
”Our progress also expands beyond this vertical, having just announced that we will begin shipping our Home Energy Storage Solutions to our key integration partner, Wellspring Solar, in January 2025.”
Price Action: XPON shares are up 32.6% at $3.17 at the last check Thursday.
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