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Expion360 Inc. (XPON-2.22%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a decrease in net sales to $5.6 million from $6.0 million in 2023, attributed to a slowdown in the RV market.
Cost of sales increased slightly to $4.5 million, resulting in a gross profit of $1.2 million, down from $1.6 million in the previous year.
Selling, general, and administrative expenses decreased to $7.9 million from $8.7 million, primarily due to reduced legal and professional fees.
The company reported a net loss of $13.5 million, compared to a net loss of $7.5 million in 2023, impacted by a $5.0 million suspended liability expense.
Cash used in operating activities was $9.6 million, compared to $5.5 million in the prior year.
Expion360 raised net proceeds of $9.5 million from issuance of common stock and $185,000 from warrant exercises during the year.
As of December 31, 2024, the company had cash and cash equivalents of $548,000, down from $3.9 million at the end of 2023.
The company continues to focus on expanding its presence in the RV, marine, and home energy storage markets.
Expion360's management is addressing cash flow challenges by raising additional capital, managing inventory levels, and identifying alternative supply chain resources.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Expion360 Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.