Significant Revenue Growth
Revenue in the first quarter of 2025 totaled $2.0 million, an increase of 111% from $1 million in the prior year period.
Improved Gross Profit and Net Loss Reduction
Gross profit in the first quarter of 2025 totaled $0.5 million or 24.5% of revenue compared to $0.2 million or 22.9% revenue in the prior year period. Net loss in the first quarter of 2025 totaled $1.2 million, a 47.5% improvement from a net loss of $2.2 million in the prior year period.
Expansion in Home Energy Storage Market
Shipments for the Home Energy Storage Solutions (HESS) began in January 2025, targeting a fast-growing battery energy storage market expected to surpass $123 billion globally by 2029.
New OEM Partnerships
Announced new OEM customers including Scout Campers, Alaskan Campers, and K-Z Recreational Vehicles, with ongoing efforts to strengthen relationships with existing partners.
Successful Capital Raising
Closed a registered direct offering and concurrent private placement with institutional investors in January 2025, raising approximately $2.6 million.