Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Expion360 Inc. reported three months ended March 31, 2023 results: revenue $1.5 million, net income $2.0 million, EPS $(0.29) per share.
- Period
- three months ended March 31, 2023
- Revenue
- $1.5 million
- Net income
- $2.0 million
- EPS
- $(0.29) per share
- Result
- reported results
Exact text from the filing
Revenue in the first quarter of 2023 totaled $1.5 million, up 6% sequentially and down 30% from a record $2.2 million in the same year-ago quarter. The sequential increase was primarily due to increased sales of lithium-ion batteries and accessories to dealerships, wholesalers, and OEMs. The year over year decrease was primarily attributable to a large initial stocking order for one of the company’s resellers that was placed in 2022. Gross profit totaled $443,000 or 29.4% of revenue as compared to $862,000 or 40.0% of revenue in the same year-ago quarter. The decrease in gross profit was primarily attributable to increased facility costs and labor as the company expanded its operations. The decrease was also due to discount levels related to specific customer groups, and supplier and shipping costs which the company is currently monitoring. Selling, general and administrative expenses increased to $2.1 million compared to $1.2 million in the same year-ago quarter. The increase was prim
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