Expion360 Inc. reported its financial and operational results for the fourth quarter and full year ended December 31, 2024. Fourth quarter revenue totaled $2.0 million, marking a 131% increase from $0.9 million in the prior year period and a 43% sequential growth from Q3 2024.
The company's net loss for Q4 2024 improved by 88% to $251,647, compared to a net loss of $2.2 million in the prior year. For the full year 2024, revenue was $5.6 million, a 6.0% decrease from $6.0 million in 2023, primarily due to softness in the recreational market during the first two quarters.
Full year 2024 net loss totaled $13.5 million, compared to $7.5 million in the prior year, impacted by a $5.0 million suspended liability expense. Cash and cash equivalents stood at $0.5 million as of December 31, 2024, with net cash used in operating activities totaling $9.6 million for the year.
Expion360 confirmed the closing of its $2.6 million registered direct offering on January 3, 2025, and the commencement of production shipments for its Home Energy Storage Solutions in January 2025. The company anticipates its new OEM partnerships and distributors to generate approximately $5.0 million in incremental revenue and $1.4 million in increased gross profits for fiscal year 2025.
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